Document:

EX-10.1

 Exhibit 10.1 
  

 
  

REGISTRATION RIGHTS AGREEMENT 

by and among 

INVITATION HOMES INC. 

and 
 the other parties
hereto 
 Dated as of January 31, 2017 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
		
	 SECTION 1.1 Certain Definitions
	  	 	1	  
		
	 SECTION 1.2 Other Definitional Provisions; Interpretation
	  	 	5	  
		
	 ARTICLE II REGISTRATION RIGHTS
	  	 	6	  
		
	 SECTION 2.1 Piggyback Rights
	  	 	6	  
		
	 SECTION 2.2 Demand Registration
	  	 	8	  
		
	 SECTION 2.3 Registration Procedures
	  	 	12	  
		
	 SECTION 2.4 Other Registration-Related Matters
	  	 	16	  
		
	 ARTICLE III INDEMNIFICATION
	  	 	19	  
		
	 SECTION 3.1 Indemnification by the Company
	  	 	19	  
		
	 SECTION 3.2 Indemnification by the Holders and Underwriters
	  	 	20	  
		
	 SECTION 3.3 Notices of Claims, Etc.
	  	 	20	  
		
	 SECTION 3.4 Contribution
	  	 	21	  
		
	 SECTION 3.5 Other Indemnification
	  	 	22	  
		
	 SECTION 3.6 Non-Exclusivity
	  	 	22	  
		
	 ARTICLE IV OTHER
	  	 	22	  
		
	 SECTION 4.1 Notices
	  	 	22	  
		
	 SECTION 4.2 Assignment
	  	 	22	  
		
	 SECTION 4.3 Amendments; Waiver
	  	 	23	  
		
	 SECTION 4.4 Third Parties
	  	 	23	  
		
	 SECTION 4.5 Governing Law
	  	 	23	  
		
	 SECTION 4.6 CONSENT TO JURISDICTION
	  	 	23	  
		
	 SECTION 4.7 MUTUAL WAIVER OF JURY TRIAL
	  	 	24	  

  
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	 SECTION 4.8 Specific Performance
	  	 	24	  
		
	 SECTION 4.9 Entire Agreement
	  	 	24	  
		
	 SECTION 4.10 Severability
	  	 	24	  
		
	 SECTION 4.11 Counterparts
	  	 	24	  
		
	 SECTION 4.12 Effectiveness
	  	 	24	  
		
	 SECTION 4.13 No Recourse
	  	 	24	  
		
	 SECTION 4.14 Independent Nature of the Rights and Obligations of Holders
	  	 	25	  
		
	 SECTION 4.15 Termination as to a Holder
	  	 	25	  

  
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 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is dated as of January 31, 2017 and is by and among Invitation Homes
Inc. (the “Company”) and the Holders (as defined below) from time to time party hereto. 
 RECITALS 

WHEREAS, the Company is effecting an underwritten initial public offering (“IPO”) of shares of its Common Stock (as defined
below); and 
 WHEREAS, the Company desires to grant registration rights to the Holders on the terms and conditions set out in this
Agreement. 
 NOW, THEREFORE, the parties agree as follows: 

ARTICLE I 
 DEFINITIONS 

SECTION 1.1 Certain Definitions.  As used in this Agreement: 

“Advice” has the meaning set forth in Section 2.4(b). 

“Affiliate” has the meaning ascribed thereto in Rule 12b-2 promulgated under the
Exchange Act, as in effect on the date hereof. 
 “Agreement” has the meaning set forth in the preamble. 

“Board” means the board of directors of the Company. 

“Business Day” means a day other than a Saturday, Sunday, holiday or other day on which commercial banks in New York, New
York are authorized or required by law to close. 
 “Closing Date” means the date of completion of the IPO. 

“Common Stock” means the shares of common stock, par value $0.01 per share, of the Company, and any other capital stock of
the Company into which such common stock is reclassified or reconstituted. 
 “Company” has the meaning set forth in the
preamble. 
 “Control” (including its correlative meanings, “Controlled by” and “under common
Control with”) means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise)
of a Person. 
 “Demand Party” means the Sponsor Holder, or any group of Sponsor Holders collectively, then holding a
majority of the Registrable Securities held by all Sponsor Holders. 

 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder, as the same may be amended from time to time. 
 “Family Group” means,
with respect to any individual, such individual’s spouse and descendants (whether natural or adopted) and any trust, partnership, limited liability company or similar vehicle established and maintained solely for the benefit of (or the sole
members or partners of which are) such individual, such individual’s spouse and/or such individual’s descendants; provided that with respect to any Non-Sponsor Holder listed on Schedule I
hereto, each other Non-Sponsor Holder listed on Schedule I hereto shall be deemed to be a member of such Non-Sponsor Holder’s Family Group. 

“FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, and any entity
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Holder” means each Sponsor Holder and Non-Sponsor Holder. 

“Indemnified Party” and Indemnified Parties” have the meanings set forth in Section 3.1. 

“IPO” has the meaning set forth in the recitals. 

“Law” means any statute, law, regulation, ordinance, rule, injunction, order, decree, governmental approval, directive,
requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority. 

“Lockup Period” has the meaning set forth in Section 2.4(d)(i). 

“Marketed Underwritten Shelf Offering” has the meaning set forth in Section 2.2(f). 

“Non-Sponsor Holder” means each Person listed on the signature pages hereto under the
heading “Non-Sponsor Holders” and any Transferee of such Person to whom registration rights are assigned pursuant to Section 4.2. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, a cooperative, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity under applicable Law, or any Governmental Authority. 

“Proceeding” has the meaning set forth in Section 3.3. 

  
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 “Public Offering” means a public offering of equity securities of the Company or
any successor thereto or any Subsidiary of the Company pursuant to a registration statement declared effective under the Securities Act. 

“Registrable Securities” means all shares of Common Stock and any Securities issued in respect thereof, or in substitution
therefor, in connection with any stock split, dividend or combination, or into which the Common Stock may be converted or exchanged pursuant to any reclassification, recapitalization, merger, consolidation, sale of all or any part of its assets,
corporate conversion or other extraordinary transaction of the Company held by a Holder (whether now held or hereafter acquired), and including any such Securities received by a Holder upon the conversion or exchange of, or pursuant to such a
transaction with respect to, other Securities held by such Holder. As to any Registrable Securities, such Securities shall cease to be Registrable Securities when: 
  

	 	(a)	a registration statement covering such Registrable Securities has been declared effective and such Registrable Securities have been disposed of pursuant to such effective registration statement; 

 

	 	(b)	such Registrable Securities shall have been sold pursuant to Section 4(a)(1), Rule 144 or 145 (or any similar provision then in effect) under the Securities Act; 

 

	 	(c)	such Registrable Securities shall have been Transferred in a private transaction in which the Transferor’s registration rights under this Agreement are not assigned to the Transferee of the Securities;

  

	 	(d)	such Registrable Securities may be sold pursuant to Section 4(a)(1), Rule 144 or 145 (or any similar provision then in effect) under the Securities Act, without limitation thereunder on volume or manner of sale, except,
in the case of Registrable Securities held by the Sponsor Holders, to the extent that the Sponsor Holders collectively own 2% or more of the then outstanding shares of Common Stock; or 

 

	 	(e)	such Registrable Securities cease to be outstanding. 

 “Registration Expenses”
means any and all expenses incurred in connection with the performance of or compliance with this Agreement, including: 
  

	 	(a)	all SEC, stock exchange, or FINRA registration and filing fees (including, if applicable, the fees and expenses of any “qualified independent underwriter,” as such term is defined in Rule 5121 of FINRA, and of
its counsel); 

  

	 	(b)	all fees and expenses of complying with securities or blue sky Laws (including fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities);

  

	 	(c)	all printing, messenger and delivery expenses; 

  
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	 	(d)	all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or FINRA and all rating agency fees; 

 

	 	(e)	the reasonable fees and disbursements of counsel for the Company and of its independent public accountants, including the expenses of any special audits and/or comfort letters required by or incident to such performance
and compliance; 

  

	 	(f)	any fees and disbursements of underwriters customarily paid by the issuers or sellers of Securities, including liability insurance if the Company so desires or if the underwriters so require, and the reasonable fees and
expenses of any special experts retained in connection with the requested registration, but excluding any underwriting discounts and commissions; 

  

	 	(g)	the reasonable fees and out-of-pocket expenses of not more than one law firm together with appropriate local counsel (as selected by the
Sponsor Holders of a majority of the Registrable Securities held by all Sponsor Holders included in such registration) acting as counsel for all the Holders in connection with the registration; 

 

	 	(h)	other reasonable out-of-pocket expenses of the holders of Registrable Securities incurred in connection with the registration;

  

	 	(i)	the costs and expenses of the Company relating to analyst and investor presentations or any “road show” undertaken in connection with the registration and/or marketing of the Registrable Securities (including
the reasonable out-of-pocket expenses of the Holders); and 

  

	 	(j)	any other fees and disbursements customarily paid by the issuers of securities. 

“SEC” means the U.S. Securities and Exchange Commission or any successor agency. 

“Securities” means capital stock, limited partnership interests, limited liability company interests, beneficial interests,
warrants, options, notes, bonds, debentures, and other securities, equity interests, ownership interests and similar obligations of every kind and nature of any Person. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as
the same may be amended from time to time. 
 “Sponsor Holder” means each Person listed on the signature pages hereto under
the heading “Sponsor Holders” and any Transferee of such Person to whom registration rights are assigned pursuant to Section 4.2. 

  
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 “Subsidiary” means, with respect to any Person, any corporation, limited
liability company, partnership, association or other business entity of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election
of directors, representatives or trustees thereof is at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a limited liability
company, partnership, association or other business entity, a majority of the total voting power of stock (or equivalent ownership interest) of the limited liability company, partnership, association or other business entity is at the time owned or
Controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company,
partnership, association or other business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or Control the managing director or
general partner of such limited liability company, partnership, association or other business entity. 
 “Transfer”
(including its correlative meanings, “Transferor”, “Transferee” and “Transferred”) shall mean, with respect to any security, directly or indirectly, to sell, contract to sell, give, assign,
hypothecate, pledge, encumber, grant a security interest in, offer, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any
economic, voting or other rights in or to such security. When used as a noun, “Transfer” shall have such correlative meaning as the context may require. 

SECTION 1.2 Other Definitional Provisions; Interpretation 

(a) The words “hereof,” “herein,” and “hereunder” and words of similar import when used in this Agreement refer
to this Agreement as a whole and not to any particular provision of this Agreement. The word “including” and words of similar import when used in this Agreement mean “including, without limitation,” unless otherwise specified.
References in this Agreement to a designated “Article” or “Section” refer to an Article or Section of this Agreement unless otherwise specified and references to clauses without a cross-reference to a Section or subsection are
references to clauses within the same Section or, if more specific, subsection. The word “extent” in the phrase “to the extent” means the degree to which a subject or other thing extends and such phrase shall not mean simply
“if.” References to “day” means a calendar day unless otherwise indicated as a “Business Day.” 
 (b) The
headings in this Agreement are included for convenience of reference only and do not limit or otherwise affect the meaning or interpretation of this Agreement. 

(c) The meanings given to terms defined herein are equally applicable to both the singular and plural forms of such terms. 

(d) When calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this
Agreement, the date that is the reference date in calculating such period is excluded. If the last day of such period is a non-Business Day, the period in question ends on the next succeeding Business Day.

  
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 ARTICLE II 

REGISTRATION RIGHTS 

SECTION 2.1 Piggyback Rights. 

(a) If at any time following expiration or waiver of the Lockup Period, the Company proposes to register Securities for public sale (whether
proposed to be offered for sale by the Company or by any other Person) under the Securities Act (other than a registration on Form S-4 or S-8, or any successor or other
forms promulgated for similar purposes) in a manner which would permit registration of Registrable Securities for sale to the public under the Securities Act, it will give prompt written notice (which notice shall specify the intended method or
methods of disposition) to the Holders of its intention to do so and of such Holder’s rights under this Section 2.1. For the avoidance of doubt, to the extent such registration is being effected pursuant to the exercise of a demand right
pursuant to Section 2.2(a), the Company shall not be obligated to provide such notice to the Demand Party or its Affiliates. Upon the written request of any Holder made within fifteen (15) days after the receipt of any such notice (which
request shall specify the number of Registrable Securities intended to be disposed of by such Holder), the Company shall use its best efforts to effect the registration under the Securities Act of all Registrable Securities which the Holders have so
requested to be registered; provided that: (i) any Holder shall have the right to withdraw such Holder’s request for inclusion of any of such Holder’s Registrable Securities in any registration statement pursuant to this Section
2.1(a) by giving written notice to the Company of such withdrawal, provided, that, in the case of any underwritten offering, written notice of such withdrawal must be given to the Company prior to the time at which the offering price and
underwriter’s discount is determined with the managing underwriter or underwriters; (ii) if, at any time after giving written notice of its intention to register any Securities and prior to the effective date of the registration statement
filed in connection with such registration, the Company shall determine for any reason not to proceed with the proposed registration of the Securities to be sold by it, the Company may, at its election, give written notice of such determination to
the Holders and, thereupon, the Company shall be relieved of its obligation to register any Registrable Securities in connection with such registration (but not from its obligation to pay the Registration Expenses incurred in connection therewith)
without prejudice to the rights of the Demand Party to request that such registration be effected as a registration under Section 2.2(a); and (iii) subject to clause (i), if such registration involves an underwritten offering, each Holder of
Registrable Securities requesting to be included in the registration must, upon the written request of the Company, sell its Registrable Securities to the underwriters on the same terms and conditions as apply to the other Securities being sold
through underwriters under such registration, with, in the case of a combined primary and secondary offering, only such differences, including any with respect to representations and warranties, indemnification and liability insurance, as may be
customary or appropriate in combined primary and secondary offerings. 
 (b) Expenses. The Company shall pay all Registration Expenses
in connection with each registration of Registrable Securities requested pursuant to this Section 2.1. 

  
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 (c) Priority in Piggyback Registrations. If a registration pursuant to this
Section 2.1 involves an underwritten offering and the managing underwriter advises the Company in writing (a copy of which shall be provided to the Holders) that, in its opinion, the number of Registrable Securities and other Securities
requested to be included in such registration exceeds the number which can be sold in such offering, so as to be likely to have a material and adverse effect on the price, timing or distribution of the Securities offered in such offering, then the
Company shall include in such registration: (i) first, the Securities the Company proposes to sell for its own account; and (ii) second, such number of Registrable Securities requested to be included in such registration by the Holders
which, in the opinion of such managing underwriter, can be sold without having the material and adverse effect referred to above, which number of Registrable Securities shall be allocated pro rata among all such requesting Holders of
Registrable Securities on the basis of the relative number of Registrable Securities then held by each such Holder (provided that any Securities thereby allocated to any such Holder that exceed such Holder’s request shall be reallocated
among the remaining requesting Holders in like manner). Any other selling holders of the Company’s Securities shall be included in an underwritten offering only with the consent of Sponsor Holders holding a majority of the shares being sold in
such offering and, if so included, such securities, at the election of the Sponsor Holders, shall be subject to clause (ii) above in the same manner as the Registrable Securities held by the Holders or shall have priority after the shares of
the Holders. 
 (d) Excluded Transactions. The Company shall not be obligated to effect any registration of Registrable Securities
under this Section 2.1 incidental to the registration of any of its Securities in connection with: 
 (i) the IPO; 

(ii) a registration statement filed to cover solely issuances under employee benefits plans or dividend reinvestment plans;

 (iii) any registration statement relating solely to the acquisition or merger after the date hereof by the Company or any
of its Subsidiaries of or with any other businesses, assets or properties; or 
 (iv) any registration related solely to an
exchange by the Company of its own securities. 
 (e) Plan of Distribution, Underwriters, Advisors and Counsel. If a registration
pursuant to this Section 2.1 involves an underwritten offering, the Sponsor Holders of a majority of the Registrable Securities included in such underwritten offering shall have the right to (i) determine the plan of distribution,
(ii) select the investment banker or bankers, managers and any provider of advisory services, which may include Affiliates of the Sponsor Holders, to administer the offering, including the lead managing underwriter (provided that such
investment banker or bankers, managers and providers of advisory services shall be reasonably satisfactory to the Company) and (iii) select counsel for the selling Sponsor Holders. 

(f) Shelf Takedowns. Subject to the expiration or waiver of any applicable lockup pursuant to Section 2.4(d), in connection with any
shelf takedown (other than a shelf takedown at the request of the Demand Party, which shall be governed by Section 2.2(f), or a sale of Registrable Securities included on a Non-Sponsor Holder Registration
Statement), the Holders may exercise “piggyback” rights in the manner described in this Agreement to have included in such takedown Registrable Securities held by them that are registered on such shelf registration statement. 

  
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 SECTION 2.2 Demand Registration. 

(a) General. At any time, upon the written request of the Demand Party requesting that the Company effect the registration under the
Securities Act of Registrable Securities and specifying the amount and intended method of disposition thereof (including, but not limited to, an underwritten public offering), the Company shall (i) promptly give written notice of such requested
registration to Holders other than the Demand Party and its Affiliates and to other holders of Securities entitled to notice of such registration, if any, and (ii) as expeditiously as possible, use its best efforts to file a registration
statement to effect the registration under the Securities Act of: 
 (i) such Registrable Securities which the Company has
been so requested to register by the Demand Party in accordance with the intended method of disposition thereof; and 
 (ii)
the Registrable Securities of other Holders which the Company has been requested to register by written request given to the Company within fifteen (15) days after the giving of such written notice by the Company. 

Notwithstanding the foregoing, the Company shall not be obligated to file a registration statement relating to any registration request under this Section
2.2(a): 
 (x) prior to the expiration or waiver of the applicable lockup period, if any, in respect of a previous Public
Offering; or 
 (y) if the amount of Registrable Securities which the Company has been so requested to register by the Demand
Party is less than $150,000,000 at the time of such request; or 
 (z) if, in the good faith judgment of the Board, the
Company is in possession of material non-public information the disclosure of which would be materially adverse to the Company and would not otherwise be required under Law, in which case the filing of the
registration statement may be delayed until the earlier of the second Business Day after such conditions shall have ceased to exist and the 60th day after receipt by the Company of the written request from a Demand Party to register Registrable
Securities under this Section 2.2(a); provided that the number of any such delays or any delay pursuant to Section 2.2(f) or 2.2(h) shall not exceed two in any twelve (12) month period. 

(b) Form. Each registration statement prepared at the request of a Demand Party shall be effected on such form as reasonably requested
by the Demand Party, including by a shelf registration pursuant to Rule 415 under the Securities Act on a Form S-3 (or any successor rule or form thereto) if so requested by the Demand Party and if the Company
is then eligible to effect a shelf registration and use such form for such disposition. 

  
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 (c) Expenses. The Company shall pay all Registration Expenses in connection with each
registration of Registrable Securities requested pursuant to this Section 2.2. 
 (d) Plan of Distribution, Underwriters, Advisors
and Counsel. If a requested registration pursuant to this Section 2.2 involves an underwritten offering, the Demand Party shall have the right to (i) determine the plan of distribution, (ii) select the investment banker or
bankers, managers and any provider of advisory services, which may include Affiliates of the Sponsor Holders, to administer the offering, including the lead managing underwriter (provided that such investment banker or bankers, managers and
providers of advisory services shall be reasonably satisfactory to the Company) and (iii) select counsel for the selling Holders. 
 (e)
Priority in Demand Registrations. If a requested registration pursuant to this Section 2.2 involves an underwritten offering and the managing underwriter advises the Company in writing (a copy of which shall be provided to each Holder
that has requested that its Registrable Securities be included in such underwritten offering) that, in its opinion, the number of Registrable Securities requested to be included in such offering (including Securities of the Company which are not
Registrable Securities) exceeds the number which can be sold in such offering, so as to be likely to have a material and adverse effect on the price, timing or distribution of the Securities offered in such offering, then the number of such
Registrable Securities to be included in such offering shall be allocated pro rata among the Holders that have requested that their Registrable Securities be included in such offering, including pursuant to Section 2.2(i), if any, on the
basis of the relative number of Registrable Securities then held by each such Holder (provided that any Securities thereby allocated to any such Holder that exceed such Holder’s request will be reallocated among all such remaining parties in
like manner). Any other selling holders of the Company’s Securities shall be included in an underwritten offering only with the consent of Sponsor Holders holding a majority of the Registrable Securities being sold by all Sponsor Holders in
such offering. 
 (f) Shelf Takedowns. Subject to the expiration or waiver of any applicable lockup pursuant to Section 2.4(d), upon
the written request of the Demand Party at any time and from time to time, the Company shall facilitate in the manner described in this Agreement a “takedown” of the Demand Party’s Registrable Securities off of an effective shelf
registration statement. Upon the written request of the Demand Party, the Company shall file and seek the effectiveness of a post-effective amendment to an existing shelf registration statement in order to register up to the number of the Demand
Party’s Registrable Securities previously taken down off of such shelf by the Demand Party and not yet “reloaded” onto such shelf registration statement. 

In connection with the exercise by the Demand Party of a demand right pursuant to this Section 2.2(f), where the contemplated plan of
distribution includes a customary “road show” or other substantial marketing effort by the Company and the underwriters (a “Marketed Underwritten Shelf Offering”), the Demand Party shall also deliver the applicable demand
request to any Non-Sponsor Holders of Registrable Securities included on the applicable shelf registration statement and, subject to the limitations in Section 2.2(e), the Sponsor Holders shall permit each
such Non-Sponsor Holder to include all or a portion of its Registrable Securities in the Marketed Underwritten Shelf Offering if such Non-Sponsor Holder notifies the
Demand Party and the Company within two days after delivery of the demand request to such Non-

  
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Sponsor Holder of its election to participate (which election shall specify the number of Registrable Securities intended to be disposed of by such
Non-Sponsor Holder). For the avoidance of doubt, any proposed offer and sale of Registrable Securities to one or more purchasers or underwriters by means of a block trade, bought deal or direct sale shall not
be deemed to be a Marketed Underwritten Shelf Offering. 
 Notwithstanding the foregoing, the Company shall not be obligated to facilitate a
“takedown” under this Section 2.2(f) if, in the good faith judgment of the Board, the Company is in possession of material non-public information the disclosure of which would be materially adverse
to the Company and would not otherwise be required under Law, in which case the filing of the applicable prospectus or prospectus supplement may be delayed until the earlier of the second Business Day after such conditions shall have ceased to exist
and the 60th day after receipt by the Company of the written request from a Demand Party to effect the takedown under this Section 2.2(f); provided that the number of any such delays or any delay pursuant to Section 2.2(a)(z) or 2.2(h) shall
not exceed two in any twelve (12) month period. 
 (g) No Inconsistent Agreements; Additional Rights. The Company has not
entered, and shall not hereafter enter, into any agreement with respect to its securities which is inconsistent with the rights granted to the Holders in this Agreement. If the Company has entered into or enters into a registration rights agreement
with a third party, the Company shall promptly send a copy thereof to the Holders. If such registration rights agreement provides such third party with terms more favorable than those set forth herein with respect to Holders of an equal or greater
number of the Company’s Common Stock (determined by reference to the Common Stock held by the Sponsor Holders collectively, on the one hand, and the Common Stock held by the Non-Sponsor Holders
collectively, on the other), this Agreement shall, to the extent so requested by any such Holders, be amended so as to provide such Holders with substantially the same material terms as provided to such other third party. 

In the event the Company engages in a merger or consolidation in which the shares of Common Stock are converted into Securities of another
company, appropriate arrangements shall be made so that the registration rights provided under this Agreement continue to be provided to Holders by the issuer of such Securities. To the extent such new issuer, or any other company acquired by the
Company in a merger or consolidation, was bound by registration rights that would conflict with the provisions of this Agreement, the Company shall use its best efforts to modify any such “inherited” registration rights so as not to
interfere in any material respects with the rights provided under this Agreement. 
 In addition, in the event that the Company effects the
separation of any portion of its business into one or more entities (each, a “NewCo”), whether existing or newly formed, including without limitation by way of spin-off, split-off, carve-out, demerger, recapitalization, reorganization or similar transaction, and any Holder will receive equity interests in any such NewCo as part of such
separation, the Company shall cause any such NewCo to enter into a registration rights agreement with each such Holder that provides each such Holder with registration rights
vis-á-vis such NewCo that are substantially identical to those set forth in this Agreement. 

  
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 (h) Non-Sponsor Holder Shelf Registration
Statement. Following the expiration or waiver of the Lockup Period, any Non-Sponsor Holder that (i) owns at least 3% of the then issued and outstanding shares of Common Stock of the Company (on a
fully diluted basis) or (ii) is an Affiliate of the Company shall, in each case, be entitled to request the Company to register all or a portion of the Registrable Securities owned by such Non-Sponsor
Holder on a Form S-3 (or any successor form thereto) if (x) such registration reasonably would be expected to be required under the Securities Act in light of such Non-Sponsor Holder’s
contemplated plan of distribution and (y) the Company will be eligible to use such registration statement when filed (a “Non-Sponsor Holder Registration”) and such Non-Sponsor Holder may,
in connection therewith, require the Company to file such registration statement with the SEC in accordance with Rule 415 under the Securities Act for an offering to be made on a delayed or continuous basis, including, if the Company is a well-known
seasoned issuer (as defined in the Securities Act) at the time of the filing of such registration statement, as an automatic shelf-registration. Following the receipt of a written request (a
“Non-Sponsor Holder Registration Request”) for a Non-Sponsor Holder Registration in accordance with this Section 2.2(h), the Company shall use its best
efforts to file such Form S-3 registration statement as promptly as practicable and shall use its best efforts to cause such Form S-3 registration statement to
be declared effective under the Securities Act as promptly as practicable after the filing thereof. The Company will give prompt written notice of a Non-Sponsor Holder Registration Request to the Sponsor
Holders. Upon request from time to time by any holder of Registrable Securities covered by a Non-Sponsor Holder Registration, the Company promptly shall amend or supplement such
Form S-3 registration statement as so requested to enable such Registrable Securities to be distributed in accordance with the plan of distribution specified by the holder if such amendment or supplement
shall be reasonably required under the Securities Act in light of such plan of distribution; provided, that the Company shall not be obligated to amend or supplement such Form S-3 registration
statement if, in the good faith judgment of the Board, the Company is in possession of material non-public information the disclosure of which would be materially adverse to the Company and would not otherwise
be required under Law, in which case the filing of such amendment or supplement may be delayed until the earlier of the second Business Day after such conditions shall have ceased to exist and the 60th day after receipt by the Company of the request
to make such amendment or supplement under this Section 2.2(h); provided that the number of any such delays or any delay pursuant to Section 2.2(a)(z) or 2.2(f) shall not exceed two in any twelve (12) month period. 

For purposes of this Section 2.2(h), including in computing the percentage of Common Stock owned by a
Non-Sponsor Holder on a fully-diluted basis or in determining Registrable Securities of a Non-Sponsor Holder, the Non-Sponsor Holder shall be treated as owning, and
shall be entitled to include in any registration and offering described in this Section 2.2(h), (i) all shares of Common Stock owned directly by the Non-Sponsor Holder and all shares of Common Stock owned by
the Non-Sponsor Holder’s Affiliates and Family Group members and (ii) all shares of Common Stock issuable upon exercise of any option, warrant or conversion or exchange right owned by such Non-Sponsor Holder and such Non-Sponsor Holder’s Affiliates and Family Group members, whether or not such option, warrant or conversion or exchange right is immediately
exercisable, and all such shares of Common Stock issuable upon such exercise shall be treated as outstanding, but no shares of Common Stock that are issuable upon exercise of any other option, warrant or conversion or exchange right shall be treated
as outstanding. 

  
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 Notwithstanding anything otherwise to the contrary herein, Section 2.3(q) and Section 2.4(d)
shall not apply with respect to any registration or offering described in this Section 2.2(h), and the Company shall have no obligation under Section 2.3(i) to enter any underwriting or other agreement to the extent such agreement provides for a
lockup. 
 (i) Custody Agreement and Power of Attorney; Underwritten Registrations. Upon delivering a request to participate in an
offering under Section 2.1 or Section 2.2, a Non-Sponsor Holder will, if requested by the Company, execute and deliver a customary custody agreement and power of attorney in form and substance
reasonably satisfactory to the Company with respect to such Non-Sponsor Holder’s Registrable Securities to be offered pursuant thereto (a “Custody Agreement and Power of Attorney”). The Custody
Agreement and Power of Attorney will provide, among other things, that the Non-Sponsor Holder will deliver to and deposit in custody with the custodian and attorney-in-fact named therein a certificate or certificates representing such Registrable Securities (duly endorsed in blank by the registered owner or owners thereof or accompanied by duly executed stock
powers in blank), if such Registrable Securities are certificated, and irrevocably appoint said custodian and attorney-in-fact with full power and authority to act under
the Custody Agreement and Power of Attorney on such Non-Sponsor Holder’s behalf with respect to the matters specified therein. Each Non-Sponsor Holder agrees to
execute such other agreements as the Company may reasonably request to further evidence the provisions of this paragraph. 
 In addition, no Non-Sponsor Holder may participate in any underwritten registration pursuant to Section 2.2(a) or 2.2(f) unless such Non-Sponsor Holder (a) agrees to sell such
holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Sponsor Holders (in the case of an underwritten registration pursuant to Section 2.2(a) through (f)), by the Company or other Person
initiating the offering (in the case of an underwritten registration pursuant to Section 2.1) and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under
the terms of such underwriting arrangements. 
 SECTION 2.3 Registration Procedures. If and whenever the Company is required to file a
registration statement with respect to, or to use its best efforts to effect or cause the registration of, any Registrable Securities under the Securities Act as provided in this Agreement, the Company shall as expeditiously as possible: 

(a) promptly prepare and file with the SEC a registration statement on an appropriate form with respect to such Registrable Securities in
accordance with the intended method of distribution thereof and use its best efforts to cause such registration statement to become effective as soon as practicable thereafter; provided, however, that before filing a registration
statement or prospectus, or any amendments or supplements thereto (including documents that would be incorporated or deemed to be incorporated therein by reference), the Company shall (i) furnish to counsel for the sellers of Registrable
Securities covered by such registration statement copies of all documents proposed to be filed, which documents will be subject to the review of such counsel, and such other documents reasonably requested by such counsel, including any comment
letter from the SEC, (ii) fairly consider such reasonable changes in any such documents prior to or after the filing thereof as the counsel to the sellers of Registrable Securities being sold may request, and (iii) make such of the
representatives of the Company as shall be reasonably requested by the sellers of the Registrable Securities being sold available for discussion of such documents; 

  
 -12- 

 (b) prepare and file with the SEC such amendments and supplements to such registration statement
and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period not in excess of two (2) years (which period shall not be applicable in the case of a shelf registration effected
pursuant to a request under Section 2.2(b) or 2.2(h), which registration statements the Company shall keep effective until the applicable Holders’ Registrable Securities included on such registration statement are sold) and to comply with the
provisions of the Securities Act and the Exchange Act with respect to the disposition of all Securities covered by such registration statement during such period in accordance with the intended methods of disposition by the seller or sellers thereof
set forth in such registration statement; provided that before filing a registration statement or prospectus, or any amendments or supplements thereto (other than any reports or other documents filed with the SEC pursuant to the Exchange
Act), the Company shall (i) furnish to counsel for the sellers of Registrable Securities covered by such registration statement copies of all documents proposed to be filed, which documents will be subject to the review of such counsel, and
such other documents reasonably requested by such counsel, including any comment letter from the SEC, (ii) fairly consider such reasonable changes in any such documents prior to or after the filing thereof as the counsel to the sellers of
Registrable Securities being sold may request, and (iii) make such of the representatives of the Company as shall be reasonably requested by the sellers of the Registrable Securities being sold available for discussion of such documents; 

(c) furnish to each seller of such Registrable Securities and the underwriters of the securities being registered such number of copies of such
registration statement and of each amendment and supplement thereto (in each case including all exhibits filed therewith, including any documents incorporated by reference), such number of copies of the prospectus included in such registration
statement (including each preliminary prospectus and summary prospectus), in conformity with the requirements of the Securities Act, and such other documents as such seller or underwriters may reasonably request, without charge, in order to
facilitate the disposition of the Registrable Securities by such seller or the sale of such securities by such underwriters (it being understood that, subject to the requirements of the Securities Act and applicable state securities laws, the
Company consents to the use of the prospectus and any amendment or supplement thereto by each seller and the underwriters or agents in connection with the offering and sale of the Registrable Securities covered by the registration statement of which
such prospectus, amendment or supplement is a part); 
 (d) use its best efforts to register or qualify such Registrable Securities covered
by such registration in such jurisdictions as each seller shall reasonably request and to keep each such registration or qualification (or exemption therefrom) effective during the period in which the registration statement is required to be kept
effective, and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller; 

  
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 (e) use its best efforts to cause such Registrable Securities covered by such registration
statement to be registered with or approved by such other governmental agencies or authorities, including registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under
the securities or “blue sky” laws of such jurisdictions within the United States, to keep each such registration or qualification (or exemption from such registration or qualification) effective during the period such registration
statement is required to be kept effective pursuant to this Agreement, to cooperate with the selling holders of such Registrable Securities, the underwriters, if any, or agents and their respective counsel in connection therewith, and to take any
other action as may be necessary or advisable to enable the seller or sellers thereof to consummate the disposition of such Registrable Securities in such jurisdiction; 

(f) promptly notify each seller (and in the case of clause (x), any underwriter) of any such Registrable Securities covered by such
registration statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the Company’s becoming aware that (i) the prospectus included in such registration statement, as then in
effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and at the request of
any such seller, as promptly as practicable thereafter prepare and furnish to such seller and any underwriter a reasonable number of copies of an amended or supplemental prospectus as may be necessary so that, as thereafter delivered to the
purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the
light of the circumstances then existing and (ii) the representations and warranties of the Company contained in any agreement (including any underwriting agreement) contemplated by Section 2.3(j) below ceases to be true and correct in all
material respects; 
 (g) comply with all applicable rules and regulations of the SEC, and make available to its Security holders, as soon as
reasonably practicable after the effective date of the registration statement, an earnings statement which shall satisfy the provisions of Section 11(a) of the Securities Act no later than 45 days after the end of any
12-month period (or 90 days after the end of any 12-month period if such period is a fiscal year) commencing at the end of any fiscal quarter in which Registrable
Securities are sold to underwriters in a firm commitment or best efforts underwritten offering; 
 (h) (i) list such Registrable Securities
on any securities exchange on which other Securities of the Company are then listed if such Registrable Securities are not already so listed and if such listing is then permitted under the rules of such exchange, and (ii) provide a transfer
agent and registrar and CUSIP number for such Registrable Securities covered by such registration statement not later than the effective date of such registration statement; 

(i) except as otherwise provided in Section 2.2(h), enter into such customary agreements (including an underwriting agreement in customary
form), which shall include (x) indemnification provisions and procedures no less favorable to the holders of Registrable Securities than those set forth in Article III hereof (or such other provisions and procedures acceptable to holders of a
majority of the Registrable Securities covered by such registration statement and the underwriters or agents) and (y) such representations and warranties to the underwriters, with respect to the business of the Company and its Subsidiaries, and
such 

  
 -14- 

 
registration statement, prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are customarily made by
issuers to underwriters in underwritten offerings, and the Company shall confirm the same if and when requested, and take such other actions as the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such
Registrable Securities; 
 (j) if requested by the managing underwriter(s) of an underwritten offering or if reasonably requested by the
seller or sellers of a majority of such Registrable Securities, use best efforts to obtain a comfort letter or letters and updates thereof from the Company’s independent certified public accountants (and, if necessary, any other independent
certified public accountants of any Subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included in such registration statement) addressed to the
underwriters or seller or sellers in customary form and covering matters of the type customarily covered by comfort letters; 
 (k) make
available for inspection by any seller of such Registrable Securities covered by such registration statement, by any underwriter participating in any disposition to be effected pursuant to such registration statement and by any attorney, accountant
or other agent retained by any such seller or any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees to
supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement; 

(l) notify counsel for the Holders of Registrable Securities included in such registration statement and the managing underwriter or agent,
immediately, and confirm the notice in writing: (i) when the registration statement, or any post-effective amendment to the registration statement, shall have become effective, or any supplement to the prospectus or any amendment to any
prospectus shall have been filed; (ii) of the receipt of any comments from the SEC; (iii) of any request of the SEC to amend the registration statement or amend or supplement the prospectus or for additional information; and (iv) of
the issuance by the SEC of any stop order suspending the effectiveness of the registration statement or of any order preventing or suspending the use of any preliminary prospectus, or of the suspension of the qualification of the registration
statement for offering or sale in any jurisdiction, or of the institution or threatening of any proceedings for any of such purposes; 
 (m)
provide each Holder of Registrable Securities included in such registration statement reasonable opportunity to comment on the registration statement, any post-effective amendments to the registration statement, any supplement to the prospectus or
any amendment to any prospectus; 
 (n) make every reasonable effort to prevent the issuance of any stop order suspending the effectiveness
of the registration statement or of any order preventing or suspending the use of any preliminary prospectus and, if any such order is issued, to obtain the withdrawal of any such order at the earliest possible moment; 

  
 -15- 

 (o) if requested by the managing underwriter or agent or any Holder of Registrable Securities
covered by the registration statement, promptly incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or agent or such Holder reasonably requests to be
included therein, including, with respect to the number of Registrable Securities being sold by such Holder to such underwriter or agent, the purchase price being paid therefor by such underwriter or agent and with respect to any other terms of the
underwritten offering of the Registrable Securities to be sold in such offering; and make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after being
notified of the matters incorporated in such prospectus supplement or post-effective amendment; 
 (p) cooperate with the Holders of
Registrable Securities covered by the registration statement and the managing underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing Securities to be sold
under the registration statement, and enable such Securities to be in such denominations and registered in such names as the managing underwriter or agent, if any, or the Holders may request; 

(q) except as otherwise provided in Section 2.2(h), use its best efforts to make available the executive officers of the Company to participate
with the Holders of Registrable Securities and any underwriters in any “road shows” that may be reasonably requested by the Sponsor Holders in connection with distribution of Registrable Securities; 

(r) in the case of an offering that includes a provider of advisory services, enter into and perform its obligations under customary agreements
(including an advisory services agreement and an indemnification agreement in customary form); 
 (s) obtain for delivery to the Holders of
Registrable Securities being registered and to the underwriter or agent an opinion or opinions from counsel for the Company in customary form and in form, substance and scope reasonably satisfactory to such Holders, underwriters or agents and their
counsel; and 
 (t) cooperate with each seller of Registrable Securities and each underwriter or agent participating in the disposition of
such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA. 
 SECTION 2.4
Other Registration-Related Matters 
 (a) The Company may require any Person that is Transferring Securities in a Public Offering
pursuant to Sections 2.1 or 2.2 to furnish to the Company in writing such information regarding such Person and pertinent to the disclosure requirements relating to the registration and the distribution of the Registrable Securities which are
included in such Public Offering as the Company may from time to time reasonably request in writing; provided that such information shall be used only in connection with such registration. 

(b) Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section
2.3(f)(i), it will forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until its receipt of the copies of the amended or supplemented prospectus contemplated by
Section 2.3(f) or until it is advised in writing (the “Advice”) by the Company 

  
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that the use of the prospectus may be resumed and, if so directed by the Company, each Holder will deliver to the Company or destroy (at the Company’s expense) all copies, other than
permanent file copies then in its possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company gives any such notice, the period for which the Company shall be required to
keep the registration statement effective shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to Section 2.3(f)(i) to and including the date when each seller of Registrable
Securities covered by such registration statement has received the copies of the supplemented or amended prospectus contemplated by Section 2.3(f)(i) or the Advice. The Company shall use its best efforts and take such actions as are reasonably
necessary to render the Advice as promptly as practicable. 
 (c) Each Holder agrees that, upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 2.3(l)(iv), it shall forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until the lifting of such stop
order, other order or suspension or the termination of such proceedings and, if so directed by the Company, each Holder shall deliver to the Company or destroy (at the Company’s expense) all copies, other than permanent file copies then in its
possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company gives any such notice, the period for which the Company shall be required to keep the registration statement
effective shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to Section 2.3(l)(iv) to and including the date when such stop order, other order or suspension is lifted or such
proceedings are terminated. 
 (d) (i) Each Holder (x) hereby agrees, with respect to the Registrable Securities owned by such Holder,
to be bound by any and all restrictions on the sale, disposition, distribution, hedging or other Transfer of any interest in Registrable Securities imposed on such Holder and/or its Affiliates in connection with the IPO by the underwriters managing
such offering for the period commencing on the date of such imposition (which shall be no earlier than 7 days prior to the expected “pricing” of such IPO), and continuing for no more than 180 days after the closing date of such IPO (or for
such shorter period as to which the managing underwriter may agree, provided that such shorter period applies equally to all holders of Registrable Securities) (such period in which such sale, disposition, distribution, hedging or other
Transfer of any interest is restricted, the “Lockup Period”) and (y) except as otherwise provided in Section 2.2(h), will, in connection with a Public Offering of the Company’s equity Securities (whether for the
Company’s account or for the account of any Holder or Holders, or both), upon the request of the Company or of the underwriters managing any underwritten offering of the Company’s Securities, agree in writing not to effect any sale,
disposition or distribution of Registrable Securities (other than those included in the Public Offering) without the prior written consent of the managing underwriter for such period of time commencing seven (7) days before and ending one
hundred eighty (180) days (or such earlier date as the managing underwriter shall agree) after (x) the effective date of such registration or (y) in the case of a Public Offering pursuant to Section 2.2(f), the pricing of such Public
Offering. 

  
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 (ii) Except as otherwise provided in Section 2.2(h), the Company and its Subsidiaries will, in
connection with an underwritten Public Offering of the Company’s Securities in respect of which Registrable Securities are included, upon the request of the underwriters managing such offering, agree in writing not to effect any sale,
disposition or distribution of equity Securities of the Company (other than those included in such Public Offering, offered on Form S-8, issuable in connection with any acquisition or merger of or with any
other business, assets or properties, issuable upon conversion of Securities or upon the exercise of options, or the grant of options in the ordinary course of business pursuant to then-existing management equity plans or equity-based employee
benefit plans, in each case outstanding on the date a notice is given by the Company pursuant to Section 2.1(a) or a request is made pursuant to Section 2.2(a), as the case may be, or agreed to by such managing underwriter), without the prior
written consent of the managing underwriter, for such period of time commencing seven (7) days before and ending one hundred eighty (180) days (or such earlier date as the managing underwriter shall agree) after (x) the effective date
of such registration or (y) in the case of a Public Offering pursuant to Section 2.2(f), the pricing of such Public Offering. The Company shall cause all directors and officers of the Company and all other Persons with registration rights with
respect to the Company’s Securities (whether or not pursuant to this Agreement) to enter into agreements similar to those contained in this Section 2.4(d)(i) (without regard to this proviso). 

(e) With a view to making available the benefits of certain rules and regulations of the SEC which may at any time permit the sale of
Securities of the Company to the public without registration after such time as a public market exists for Registrable Securities, the Company agrees: 

(i) to make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities
Act, at all times after the effective date of the first registration under the Securities Act filed by the Company for an offering of its Securities to the public; 

(ii) to use its commercially reasonable efforts to then file with the SEC in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and 

(iii) so long as a Holder owns any Registrable Securities, to furnish to such Holder promptly upon request: (A) a written
statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company for an offering of its Securities to
the public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); (B) a copy of the most recent annual or quarterly report of the Company; and (C) such other reports and
documents of the Company as such Holder may reasonably request in availing itself or himself of any rule or regulation of the SEC allowing such Holder to sell any such Securities without registration. 

(f) Counsel to represent Holders of Registrable Securities shall be selected by the Sponsor Holders of at least a majority of the Registrable
Securities held by all Sponsor Holders included in the relevant registration. 

  
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 (g) Each of the parties hereto agrees that the registration rights provided to the Holders herein
are not intended to, and shall not be deemed to, override or limit any other restrictions on Transfer to which any such Holder may otherwise be subject. 

ARTICLE III 
 INDEMNIFICATION

 SECTION 3.1 Indemnification by the Company. In the event of any registration of any Securities of the Company under the
Securities Act pursuant to Section 2.1 or Section 2.2, the Company hereby indemnifies and agrees to hold harmless, to the fullest extent permitted by Law, each Holder of Registrable Securities, each Affiliate of such Holder and their
respective directors, officers, employees, partners, equityholders, managers, accountants, attorneys and agents (and the directors, officers, employees, partners, equityholders, managers, accountants, attorneys, agents and controlling Persons of any
of the foregoing), any financial or investment adviser, each other Person who participates as an underwriter in the offering or sale of such Securities and each other Person, if any, who controls such Holder or any such underwriter within the
meaning of the Securities Act (each, and “Indemnified Party” and collectively, the “Indemnified Parties”), against any and all losses, claims, damages or liabilities, joint or several, actions or proceedings
(whether commenced or threatened) and reasonable and documented expenses and to which such Indemnified Party may become subject under the Securities Act, common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions or
proceedings in respect thereof, whether or not such Indemnified Party is a party thereto) arise out of or are based upon: (a) any untrue statement or alleged untrue statement of any material fact contained in any registration statement under
which such Securities were registered under the Securities Act, any preliminary, final or summary prospectus contained therein, or any amendment or supplement thereto, or any document incorporated by reference therein, any other such disclosure
document (including reports and other documents filed under the Exchange Act and any document incorporated by reference therein) or related document or report, or any issuer free writing prospectus (including any “road show,” whether or
not required to be filed with the SEC); (b) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in the case of a prospectus or issuer free
writing prospectus, in the light of the circumstances when they were made; or (c) any violation or alleged violation by the Company or any of its Subsidiaries of any federal, state, foreign or common law rule or regulation applicable to the
Company or any of its Subsidiaries and relating to action or inaction in connection with any such registration, disclosure document or related document or report, and the Company shall reimburse such Indemnified Party for any legal or other expenses
reasonably incurred by it in connection with investigating or defending any such loss, claim, liability, action or proceeding; provided that the Company shall not be liable to any Indemnified Party in any such case to the extent that any such
loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, in any such
preliminary, final or summary prospectus, or any amendment or supplement thereto, or any issuer free writing prospectus, in reliance upon and in conformity with written information with respect to such Indemnified Party furnished to the Company by
such Indemnified Party expressly for use in the preparation thereof. Such indemnity will remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any Indemnified Party and will survive the Transfer of
such Securities by such Holder or any termination of this Agreement. 

  
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 SECTION 3.2 Indemnification by the Holders and Underwriters. The Company may require, as a
condition to including any Registrable Securities in any registration statement filed in accordance with Section 2.1 or 2.2, that the Company shall have received an undertaking from the Holder of such Registrable Securities, severally and not
jointly, to indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 3.1) the Company, all other Holders and any of their respective Affiliates, directors, officers and controlling Persons, with respect to
any untrue statement in or omission from such registration statement, any preliminary, final or summary prospectus contained therein, any amendment or supplement, or any issuer free writing prospectus, to the extent, but only to the extent, that
such untrue or alleged untrue statement is contained in, or such omission or alleged omission is required to be contained in, any information which (i) relates solely to such Holder’s individual ownership of the Registrable Securities, and
(ii) if such untrue statement or omission was made in reliance upon and in conformity with written information with respect to such Holder furnished to the Company by such Holder expressly for use in the preparation of such registration
statement, preliminary, final or summary prospectus or amendment or supplement, a document incorporated by reference into any of the foregoing, or any such issuer free writing prospectus. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of the Company or any of the Holders, or any of their respective Affiliates, directors, officers or controlling Persons and shall survive the Transfer of such Securities by such Holder. In no
event shall the liability of any selling Holder of Registrable Securities hereunder be greater in amount than the dollar amount of the proceeds actually received by such Holder upon the sale of the Registrable Securities giving rise to such
indemnification obligation. 
 SECTION 3.3 Notices of Claims, Etc. Promptly after receipt by an Indemnified Party hereunder of
written notice of the commencement of any action, suit, proceeding or investigation or written threat thereof with respect to which a claim for indemnification may be made pursuant to this Article III (each, a “Proceeding”), such
Indemnified Party will, if a claim in respect thereof is to be made against an indemnifying party, give written notice to the latter of the commencement of such Proceeding; provided that the failure of the Indemnified Party to give notice as
provided herein will not relieve the indemnifying party of its obligations under Section 3.1 or 3.2, except to the extent that the indemnifying party is actually and materially prejudiced by such failure to give notice. In case any such
Proceeding is brought against an Indemnified Party, the indemnifying party shall be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified to the extent that it may wish, with
counsel selected by the Holders of at least a majority of the Registrable Securities included in the relevant registration and reasonably satisfactory to such Indemnified Party, and after notice from the indemnifying party to such Indemnified Party
of its election so to assume the defense thereof, at the indemnifying party’s expense, the indemnifying party shall not be liable to such Indemnified Party for any legal or other expenses subsequently incurred by the latter in connection with
the defense thereof other than reasonable costs of investigation. If, in such Indemnified Party’s reasonable judgment, having common counsel would result in a conflict of interest between the interests of such indemnified and indemnifying
parties, then such Indemnified Party may employ separate counsel reasonably acceptable to the indemnifying party to represent or defend such Indemnified Party in such Proceeding, it being understood, however, 

  
 -20- 

 
that the indemnifying party shall not be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for all such Indemnified Parties (and not more than
one separate firm of local counsel at any time for all such Indemnified Parties) in such action unless (i) the indemnifying party agrees to pay such fees and expenses; (ii) the indemnifying party or parties fail promptly to assume the
defense of such Proceeding or fail to employ counsel reasonably satisfactory to the indemnified party or parties; or (iii) the named parties to any such Proceeding (including any impleading parties) include both such indemnified party or
parties and the indemnifying parties or an Affiliate of an indemnifying party or indemnified party, and there may be one or more defenses available to such indemnified party or parties that are different from or additional to those available to the
indemnifying party or parties, in which case, if such indemnified party or parties notifies the indemnifying party or parties in writing that it elects to employ separate counsel at the expenses of the indemnifying party or parties, the indemnifying
party or parties shall not have the right to assume the defense thereof and such counsel shall be at the expense of the indemnifying party or parties. No indemnifying party shall consent to entry of any judgment or enter into any settlement which
(x) provides for other than monetary damages without the consent of the Indemnified Party (which consent shall not be unreasonably withheld or delayed) or (y) does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such Indemnified Party of a release from all liability in respect of such claim or litigation. 
 SECTION 3.4
Contribution. If the indemnification provided for hereunder from the indemnifying party is unavailable to an Indemnified Party hereunder in respect of any losses, claims, damages, liabilities or expenses referred to herein for reasons other
than those described in the proviso in the first sentence of Section 3.1, then the indemnifying party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such
losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and Indemnified Parties in connection with the actions which resulted in such losses, claims, damages,
liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and Indemnified Parties shall be determined by reference to, among other things, whether any action in question, including
any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such indemnifying party or Indemnified Parties, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party under this Section 3.4 as a result of the losses, claims, damages, liabilities and expenses referred to
above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. In no event shall the liability of any selling Holder of Registrable Securities hereunder be
greater in amount than the dollar amount of the proceeds actually received by such Holder upon the sale of the Registrable Securities giving rise to such contribution obligation. Any obligation of Holders to contribute pursuant to this
Section 3.4 shall be several in the same proportion that the dollar amount of the proceeds actually received by each such Holder bears to the total dollar amount of the proceeds received by all Holders and not joint. 

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 3.4 were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

  
 -21- 

 If indemnification is available under Section 3.1, the indemnifying parties shall indemnify
each Indemnified Party to the full extent provided in Section 3.1 without regard to the relative fault of said indemnifying party or Indemnified Party or any other equitable consideration provided for in this Section 3.4. 

SECTION 3.5 Other Indemnification. Indemnification similar to that specified in this Article III (with appropriate modifications) shall
be given by the Company with respect to any required registration or other qualification of Securities under any Law or with any Governmental Authority other than as required by the Securities Act. 

SECTION 3.6 Non-Exclusivity. The obligations of the parties under this Article III shall be in
addition to any liability which any party may otherwise have to any other party. 
 ARTICLE IV 

OTHER 
 SECTION 4.1
Notices. Any notice, request, instruction or other document to be given hereunder by any party hereto to another party hereto shall be in writing and shall be deemed given (a) when delivered personally, (b) five (5) Business
Days after being sent by certified or registered mail, postage prepaid, return receipt requested, (c) one (1) Business Day after being sent by Federal Express or other nationally recognized overnight courier, or (d) if transmitted by
facsimile, if confirmed within 24 hours thereafter by a signed original sent in the manner provided in clause (a), (b) or (c) to parties at the following addresses (or at such other address for a party as shall be specified by prior
written notice from such party): 
 if to the Company: 

Invitation Homes Inc. 
 1717 Main
Street, Suite 2000 
 Dallas, TX 75201 

Attention: Mark A. Solls, Esq. 

Fax: (972) 892-0382 

if to a Holder: 
 the address and
fax number set forth in the books and records of the Company. 
 SECTION 4.2 Assignment. This Agreement may not be assigned without
the express prior written consent of the other parties hereto, and any attempted assignment, without such consents, shall be null and void; provided, however, that, without the prior written consent of any other party hereto, (i) a Sponsor
Holder may assign its rights and obligations under this Agreement, in whole or in part, to any Transferee of Registrable Securities so long as such Transferee, if not already a party to this Agreement, executes and delivers to the Company a joinder
to this Agreement, substantially in the form of Exhibit A, and upon such Transfer such 

  
 -22- 

 
transferee shall be deemed a “Sponsor Holder” hereunder; and (ii) any Non-Sponsor Holder may assign its rights and obligations under this
Agreement, in whole or in part, to any Transferee of Registrable Securities that is an Affiliate of such Non-Sponsor Holder or a members of its Family Group, so long as such Transferee, if not already a party
to this Agreement, executes and delivers to the Company a joinder to this Agreement, substantially in the form of Exhibit B, whereupon such Person shall be deemed a “Non-Sponsor Holder”
hereunder. This Agreement shall inure to the benefit of and be binding on the parties hereto and their respective successors and permitted assigns. 

SECTION 4.3 Amendments; Waiver. This Agreement may be amended, supplemented or otherwise modified only by a written instrument executed
by the Company and the Sponsor Holders holding a majority of the Registrable Securities held by all Sponsor Holders; provided that no such amendment, supplement or other modification shall adversely affect the economic interests of any
Sponsor Holder hereunder disproportionately to other Sponsor Holders without the written consent of Sponsor Holders that hold a majority of the Registrable Securities held by all Sponsor Holders so affected; provided, further, that no
such amendment, supplement or other modification shall materially adversely affect the rights of Non-Sponsor Holders under this Agreement without the written consent of
Non-Sponsor Holders that hold a majority of the Registrable Securities held by all Non-Sponsor Holders so affected. No waiver by any party of any of the provisions
hereof shall be effective unless explicitly set forth in writing and executed by the party so waiving. Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including without limitation, any investigation by or on
behalf of any party, shall be deemed to constitute a waiver by the party taking such action of compliance with any covenants or agreements contained herein. The waiver by any party hereto of a breach of any provision of this Agreement shall not
operate or be construed as a waiver of any subsequent breach. 
 SECTION 4.4 Third Parties. This Agreement does not create any rights,
claims or benefits inuring to any person that is not a party hereto nor create or establish any third party beneficiary hereto. 
 SECTION
4.5 Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York. 

SECTION 4.6 CONSENT TO JURISDICTION. EACH OF THE PARTIES HERETO CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT
LOCATED WITHIN THE STATE OF NEW YORK AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS RELATING TO THIS AGREEMENT SHALL BE LITIGATED IN SUCH COURTS. EACH OF THE PARTIES HERETO ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS RESPECTIVE PROPERTIES,
GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY FINAL AND NONAPPEALABLE JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS
AGREEMENT. EACH OF THE PARTIES HERETO FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE 

  
 -23- 

 
MAILING OF COPIES THEREOF VIA OVERNIGHT COURIER, TO SUCH PARTY AT THE ADDRESS SPECIFIED IN THIS AGREEMENT, SUCH SERVICE TO BECOME EFFECTIVE FOURTEEN CALENDAR DAYS AFTER SUCH MAILING. NOTHING
HEREIN SHALL IN ANY WAY BE DEEMED TO LIMIT THE ABILITY OF EITHER PARTY HERETO TO SERVE ANY SUCH LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW OR TO OBTAIN JURISDICTION OVER OR TO BRING ACTIONS, SUITS
OR PROCEEDINGS AGAINST THE OTHER PARTY HERETO IN SUCH OTHER JURISDICTIONS, AND IN SUCH MANNER, AS MAY BE PERMITTED BY ANY APPLICABLE LAW. 

SECTION 4.7 MUTUAL WAIVER OF JURY TRIAL. THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT
TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT. 
 SECTION 4.8 Specific Performance. Each of the parties hereto
acknowledges and agrees that in the event of any breach of this Agreement by any of them, the non-breaching party would be irreparably harmed and could not be made whole by monetary damages. Each party
accordingly agrees to waive the defense in any action for specific performance that a remedy at law would be adequate and that the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to
compel specific performance of this Agreement. 
 SECTION 4.9 Entire Agreement. This Agreement sets forth the entire understanding of
the parties hereto with respect to the subject matter hereof. There are no agreements, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein. This Agreement
supersedes all other prior agreements and understandings between the parties with respect to such subject matter 
 SECTION 4.10
Severability. If one or more of the provisions, paragraphs, words, clauses, phrases or sentences contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision, paragraph, word, clause, phrase or sentence in every other respect and of the remaining provisions, paragraphs, words, clauses, phrases or sentences hereof shall not be in any way
impaired, it being intended that all rights, powers and privileges of the parties hereto shall be enforceable to the fullest extent permitted by Law. 

SECTION 4.11 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original
and all of which together shall be deemed to be one and the same instrument. 
 SECTION 4.12 Effectiveness. This Agreement
shall become effective, as to any Holder, as of the date signed by the Company and countersigned by such Holder. 
 SECTION 4.13 No
Recourse. This Agreement may only be enforced against, and any claims or cause of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement, the transactions
contemplated 

  
 -24- 

 
hereby or the subject matter hereof may only be made against the parties hereto and no past, present or future Affiliate, director, officer, employee, incorporator, member, manager, partner,
stockholder, agent, attorney or representative of any party hereto or any past, present or future Affiliate, director, officer, employee, incorporator, member, manager, partner, stockholder, agent, attorney or representative of any of the foregoing
(each, a “Non-Recourse Party”) shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim based on, in respect of, or by reason of, the
transactions contemplated hereby. Without limiting the rights of any party against the other parties hereto, in no event shall any party or any of its Affiliates seek to enforce this Agreement against, make any claims for breach of this Agreement
against, or seek to recover monetary damages from, any Non-Recourse Party. 
 SECTION 4.14
Independent Nature of the Rights and Obligations of Holders. The rights and obligations of each Holder hereunder are several and not joint with the obligations of any Holder, and no Holder shall be responsible in any way for the performance
of the obligations of any other Holder hereunder. The decision of each Holder to enter into this Agreement has been made by such Holder independently of any Holder. Nothing contained herein, and no action taken by any Holder pursuant hereto, shall
be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holders are in any way acting in concert or as a group with respect to such obligations or the
transactions contemplated hereby and the Company acknowledges that the Holders are not acting in concert or as a group, and the Company will not assert any such claim, with respect to such obligations or the transactions contemplated hereby. 

SECTION 4.15 Termination as to a Holder. Any Person who ceases to hold any Registrable Securities shall cease to be a Holder and shall
have no further rights or obligations under this Agreement (except with respect to any indemnification or contribution rights or obligations under Article III, which shall survive). 

[Remainder of Page Intentionally Left Blank] 

  
 -25- 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written
above. 
  

			
	COMPANY:
	
	INVITATION HOMES INC.
		
	By:	 	 /s/ Mark A. Solls

	Name:	 	Mark A. Solls
	Title:	 	 Executive Vice President, Secretary and
 Chief
Legal Officer

 
			
	SPONSOR HOLDERS:
	
	Invitation Homes Parent L.P.
	
	By: Invitation Homes GP Parent LLC, its general partner
		
	 By:
	 	/s/ Devin Peterson
		 	  

		 	 Name:  Devin Peterson

		 	 Title:    Principal and Vice President

	
	Invitation Homes 2-A L.P.
	
	By: Invitation Homes 2 GP LLC
		
	 By:
	 	/s/ Devin Peterson
		 	  

		 	 Name:  Devin Peterson

		 	 Title:    Managing Director and Vice President

	
	Preeminent Parent L.P.
	
	 By: Invitation Homes 2 GP LLC

		
	 By:
	 	/s/ Devin Peterson
		 	  

		 	 Name:  Devin Peterson

		 	 Title:    Managing Director and Vice President

	
	Invitation Homes 3 Parent L.P.
	
	By: Invitation Homes 3 GP Parent LLC, its general partner
		
	 By:
	 	/s/ Devin Peterson
		 	  

		 	 Name:  Devin Peterson

		 	 Title:    Principal and Vice President

	
	Invitation Homes 4 Parent L.P.
	
	 By: Invitation Homes 4 GP Parent LLC, its general partner

		
	 By: 
	 	/s/ Devin Peterson
		 	  

		 	 Name:  Devin Peterson

		 	 Title:    Principal and Vice President

	
	Invitation Homes 5 Parent L.P.
	
	By: Invitation Homes 5 GP Parent LLC, its general partner
		
	 By:
	 	/s/ Devin Peterson
		 	  

		 	 Name:  Devin Peterson

		 	 Title:    Principal and Vice President

	
	Invitation Homes 6 Parent L.P.
	
	By: Invitation Homes 6 GP Parent LLC, its general partner
		
	 By:
	 	/s/ Devin Peterson
		 	  

		 	 Name:  Devin Peterson

		 	 Title:    Principal and Vice President

	
	 NON-SPONSOR HOLDERS:
  

[                          
          ]

  

 Exhibit A 

FORM OF ASSIGNMENT AND JOINDER 

[______], 20__ 
 Reference
is made to the Registration Rights Agreement, dated as of January 31, 2017, by and among Invitation Homes Inc. (the “Company”) and the Holders (as defined therein) from time to time party thereto (the “Registration
Rights Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Registration Rights Agreement. 

Pursuant to Section 4.2 of the Registration Rights Agreement, [_______] (the “Assignor”) in its capacity as a Sponsor
Holder hereby assigns [in part][or: in full] its rights and obligations under the Registration Rights Agreement to each of [_____], [_____] and [______] (each, an “Assignee” and collectively, the
“Assignees”). [For the avoidance of doubt, the Assignor shall remain a party to the Registration Rights Agreement following the assignment in part of its rights and obligations thereunder to the undersigned Assignees.] 

Each undersigned Assignee hereby agrees to and does become party to the Registration Rights Agreement as a Sponsor Holder. This assignment and
joinder shall serve as a counterpart signature page to the Registration Rights Agreement and by executing below each undersigned Assignee is deemed to have executed the Registration Rights Agreement with the same force and effect as if originally
named a party thereto and each Assignee’s shares of Common Stock shall be included as Registrable Securities under the Registration Rights Agreement. 

[Remainder of Page Intentionally Left Blank.] 

 IN WITNESS WHEREOF, the undersigned have duly executed this assignment and joinder as of date
first set forth above. 
  

	
	ASSIGNOR:
	
	 [_______]

	
	
By:                      
                                

	                Name:
	                Title:
	
	ASSIGNEES:
	
	         [__________]

 Exhibit B 

FORM OF ASSIGNMENT AND JOINDER 

[______], 20__ 
 Reference
is made to the Registration Rights Agreement, dated as of January 31, 2017, by and among Invitation Homes Inc. (the “Company”) and the Holders (as defined therein) from time to time party thereto (the “Registration
Rights Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Registration Rights Agreement. 

Pursuant to Section 4.2 of the Registration Rights Agreement, [_______] (the “Assignor”) in its capacity as a Non-Sponsor Holder hereby assigns [in part][or: in full] its rights and obligations under the Registration Rights Agreement to each of [_____], [_____] and [______] (each, an “Assignee” and
collectively, the “Assignees”). [For the avoidance of doubt, the Assignor shall remain a party to the Registration Rights Agreement following the assignment in part of its rights and obligations thereunder to the undersigned
Assignees.] 
 Each undersigned Assignee hereby agrees to and does become party to the Registration Rights Agreement as a Non-Sponsor Holder. This assignment and joinder shall serve as a counterpart signature page to the Registration Rights Agreement and by executing below each undersigned Assignee is deemed to have executed the
Registration Rights Agreement with the same force and effect as if originally named a party thereto and each Assignee’s shares of Common Stock shall be included as Registrable Securities under the Registration Rights Agreement. 

[Remainder of Page Intentionally Left Blank.] 

 IN WITNESS WHEREOF, the undersigned have duly executed this assignment and joinder as of date
first set forth above. 
  

	
	ASSIGNOR:
	
	 [_______]

	
	
By:                      
                                        

	                Name:
	                Title:
	
	ASSIGNEES:
	
	         [__________]EX-10.2

 Exhibit 10.2 

STOCKHOLDERS AGREEMENT 

DATED AS OF JANUARY 31, 2017 

AMONG 
 INVITATION HOMES
INC. 
 AND 
 THE
OTHER PARTIES HERETO 

 Table of Contents 

 

									
	 	 	 	 	 	  	Page	 
		
	ARTICLE I. INTRODUCTORY MATTERS	  	 	1	  
				
		 	1.1	 	 Defined Terms
	  	 	1	  
		 	1.2	 	 Construction
	  	 	4	  
		
	ARTICLE II. CORPORATE GOVERNANCE MATTERS	  	 	4	  
				
		 	2.1	 	 Election of Directors
	  	 	4	  
		 	2.2	 	 Compensation
	  	 	5	  
		
	ARTICLE III. INFORMATION; VCOC	  	 	6	  
				
		 	3.1	 	 Books and Records; Access
	  	 	6	  
		 	3.2	 	 Certain Reports
	  	 	6	  
		 	3.3	 	 VCOC
	  	 	6	  
		 	3.4	 	 Confidentiality
	  	 	9	  
		 	3.5	 	 Information Sharing
	  	 	9	  
		
	ARTICLE IV. ADDITIONAL COVENANTS	  	 	10	  
				
		 	4.1	 	 Ownership Limits
	  	 	10	  
		 	4.2	 	 Pledges
	  	 	10	  
		 	4.3	 	 Spin-Offs or Split-Offs
	  	 	10	  
		
	ARTICLE V. GENERAL PROVISIONS	  	 	10	  
				
		 	5.1	 	 Termination
	  	 	10	  
		 	5.2	 	 Notices
	  	 	10	  
		 	5.3	 	 Amendment; Waiver
	  	 	11	  
		 	5.4	 	 Further Assurances
	  	 	11	  
		 	5.5	 	 Assignment
	  	 	11	  
		 	5.6	 	 Third Parties
	  	 	12	  
		 	5.7	 	 Governing Law
	  	 	12	  
		 	5.8	 	 Jurisdiction; Waiver of Jury Trial
	  	 	12	  
		 	5.9	 	 Specific Performance
	  	 	12	  
		 	5.10	 	 Entire Agreement
	  	 	12	  
		 	5.11	 	 Severability
	  	 	12	  
		 	5.12	 	 Table of Contents, Headings and Captions
	  	 	13	  
		 	5.13	 	 Counterparts
	  	 	13	  
		 	5.14	 	 Effectiveness
	  	 	13	  
		 	5.15	 	 No Recourse
	  	 	13	  

  
 i 

 STOCKHOLDERS AGREEMENT 

This Stockholders Agreement is entered into as of January 31, 2017, by and among Invitation Homes Inc. (the “Company”), and
each of the other parties from time to time party hereto (collectively, the “Stockholders”). 
 RECITALS: 

WHEREAS, the Company is effecting an underwritten initial public offering (“IPO”) of shares of its Common Stock (as defined
below); and 
 WHEREAS, in connection with the IPO, the Company and the Stockholders wish to set forth certain understandings between such
parties, including with respect to certain governance matters. 
 NOW, THEREFORE, the parties agree as follows: 

ARTICLE I. 
 INTRODUCTORY MATTERS

 1.1 Defined Terms. In addition to the terms defined elsewhere herein, the following terms have the following meanings when used
herein with initial capital letters: 
 “Affiliate” has the meaning set forth in Rule
12b-2 promulgated under the Exchange Act, as in effect on the date hereof. 

“Agreement” means this Stockholders Agreement, as the same may be amended, supplemented, restated or otherwise modified from
time to time in accordance with the terms hereof. 
 “Beneficially Own” has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act. 
 “Board” means the Board of Directors of the
Company. 
 “Business Day” means a day other than a Saturday, Sunday, federal or New York State holiday or other day on
which commercial banks in New York City are authorized or required by law to close. 
 “Closing Date” means the date of the
closing of the IPO. 
 “Common Stock” means the shares of common stock, par value $0.01 per share, of the Company, and any
securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation or similar transaction. 

“Company” has the meaning set forth in the Preamble. 

 “Confidential Information” means any information concerning the Company or its
Subsidiaries that is furnished after the date of this Agreement by or on behalf of the Company or its designated representatives to a Stockholder or its designated representatives, together with any notes, analyses, reports, models, compilations,
studies, documents, records or extracts thereof containing, based upon or derived from such information, in whole or in part; provided, however, that Confidential Information does not include information: 

 

	 	(i)	that is or has become publicly available other than as a result of a disclosure by a Stockholder or its designated representatives in violation of this Agreement; 

 

	 	(ii)	that was already known to a Stockholder or its designated representatives or was in the possession of a Stockholder or its designated representatives prior to its being furnished by or on behalf of the Company or its
designated representatives; 

  

	 	(iii)	that is received by a Stockholder or its designated representatives from a source other than the Company or its designated representatives, provided that the source of such information was not actually known by such
Stockholder or designated representative to be bound by a confidentiality agreement with, or other contractual obligation of confidentiality to, the Company; 

  

	 	(iv)	that was independently developed or acquired by a Stockholder or its designated representatives or on its or their behalf without the violation of the terms of this Agreement; or 

 

	 	(v)	that a Stockholder or its designated representatives is required, in the good faith determination of such Stockholder or designated representative, to disclose by applicable law, regulation or legal process, provided
that such Stockholder or designated representative take reasonable steps to minimize the extent of any such required disclosure. 

“Control” (including its correlative meanings, “Controlled by” and “under common Control
with”) means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of a
Person. 
 “Director” means any director of the Company. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder,
as the same may be amended from time to time. 
 “Governmental Authority” means any nation or government, any state or
other political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“IPO” has the meaning set forth in the Recitals. 

  
 2 

 “Law” means any statute, law, regulation, ordinance, rule, injunction, order,
decree, governmental approval, directive, requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity under applicable Law, or any Governmental Authority. 

“Plan Asset Regulation” has the meaning set forth in Section 3.3. 

“Pre-IPO Owners” means (x) the Stockholders and (y) any other holders of
outstanding shares of Common Stock immediately prior to the closing of the IPO and, in each case, any Affiliate of any such holder that shall become a holder of such Common Stock. 

“Stockholder Designator” means the Stockholder, or any group of Stockholders collectively, then holding a majority of the
outstanding Common Stock held by all Stockholders. 
 “Stockholder Designee” has the meaning set forth in Section 2.1(b).

 “Stockholder Entities” means the Stockholders and their Affiliates and their respective successors. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or other
business entity of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, representatives or trustees thereof is
at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or any combination thereof; or (ii) if a limited liability company, partnership, association or other business
entity, a majority of the total voting power of stock (or equivalent ownership interest) of the limited liability company, partnership, association or other business entity is at the time owned or Controlled, directly or indirectly, by that Person
or one or more Subsidiaries of that Person or any combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity
if such Person or Persons shall (a) be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or (b) Control the managing member, managing director or other
governing body or general partner of such limited liability company, partnership, association or other business entity. 
 “Total
Number of Directors” means the total number of directors comprising the Board. 
 “Transfer” (including its
correlative meanings, “Transferor”, “Transferee” and “Transferred”) shall mean, with respect to any security, directly or indirectly, to sell, contract to sell, give, assign, hypothecate, pledge,
encumber, grant a security interest in, offer, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or 

  
 3 

 
warrant to purchase, lend or otherwise transfer or dispose of any economic, voting or other rights in or to such security. When used as a noun, “Transfer” shall have such
correlative meaning as the context may require. 
 “VCOC Investor” has the meaning set forth in Section 3.3. 

1.2 Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual
intent, and no rule of strict construction will be applied against any party. Unless the context otherwise requires: (a) “or” is disjunctive but not exclusive, (b) words in the singular include the plural, and in the plural
include the singular, and (c) the words “hereof”, “herein”, and “hereunder” and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any particular
provision of this Agreement, and Section references are to this Agreement unless otherwise specified. 
 ARTICLE II. 

CORPORATE GOVERNANCE MATTERS 
 2.1
Election of Directors. 
 (a) Following the Closing Date, the Stockholder Designator shall have the right, but not the obligation, to
designate, and the individuals nominated for election as Directors by or at the direction of the Board or a duly-authorized committee thereof shall include, a number of individuals such that, following the election of any Directors and taking into
account any Director continuing to serve as such without the need for re-election, the number of Stockholder Designees (as defined below) serving as Directors of the Company will be equal to: (i) if the Pre-IPO Owners collectively Beneficially Own 50% or more of the outstanding Common Stock as of the record date for such meeting, the lowest whole number that is greater than 50% of the Total Number of Directors;
(ii) if the Pre-IPO Owners collectively Beneficially Own at least 40% (but less than 50%) of the outstanding Common Stock as of the record date for such meeting, the lowest whole number that is greater
than 40% of the Total Number of Directors; (iii) if the Pre-IPO Owners collectively Beneficially Own at least 30% (but less than 40%) of the outstanding Common Stock as of the record date for such
meeting, the lowest whole number that is greater than 30% of the Total Number of Directors; (iv) if the Pre-IPO Owners collectively Beneficially Own at least 20% (but less than 30%) of the outstanding
Common Stock as of the record date for such meeting, the lowest whole number that is greater than 20% of the Total Number of Directors; and (v) if the Pre-IPO Owners collectively Beneficially Own at least
5% (but less than 20%) of the outstanding Common Stock as of the record date for such meeting, the lowest whole number that is greater than 10% of the Total Number of Directors. 

(b) If at any time the Stockholder Designator has designated fewer than the total number of individuals that the Stockholder Designator is
then entitled to designate pursuant to Section 2.1(a), the Stockholder Designator shall have the right, at any time and from time to time, to designate such additional individuals which it is entitled to so designate, in which case, any individuals
nominated by or at the direction of the Board or any duly-authorized committee thereof for election as Directors to fill any vacancy on the Board shall include such designees, and the Company shall use its best efforts to (x) effect the
election of such additional designees, 

  
 4 

 
whether by increasing the size of the Board or otherwise, and (y) cause the election of such additional designees to fill any such newly-created vacancies or to fill any other existing
vacancies. Each such individual whom the Stockholder Designator shall actually designate pursuant to this Section 2.1 and who is thereafter elected and qualifies to serve as a Director shall be referred to herein as a “Stockholder
Designee.” 
 (c) In the event that a vacancy is created at any time by the death, disability, retirement, removal or resignation
of any Stockholder Designee, any individual nominated by or at the direction of the Board or any duly-authorized committee thereof to fill such vacancy shall be, and the Company shall use its best efforts to cause such vacancy to be filled, as soon
as possible, by a new designee of the Stockholder Designator, and the Company shall take or cause to be taken, to the fullest extent permitted by law, at any time and from time to time, all actions necessary to accomplish the same. 

(d) The Company shall, to the fullest extent permitted by law, include in the slate of nominees recommended by the Board at any meeting of
stockholders called for the purpose of electing directors (or consent in lieu of meeting), the persons designated pursuant to this Section 2.1 and use its best efforts to cause the election of each such designee to the Board, including
nominating each such individual to be elected as a Director as provided herein, recommending such individual’s election and soliciting proxies or consents in favor thereof. In the event that any Stockholder Designee shall fail to be elected to
the Board at any meeting of stockholders called for the purpose of electing directors (or consent in lieu of meeting), the Company shall use its best efforts to cause such Stockholder Designee (or a new designee of the Stockholder Designator) to be
elected to the Board, as soon as possible, and the Company shall take or cause to be taken, to the fullest extent permitted by law, at any time and from time to time, all actions necessary to accomplish the same, including, without limitation,
actions to effect an increase in the Total Number of Directors. 
 (e) In addition to any vote or consent of the Board or the stockholders
of the Company required by applicable Law or the charter or bylaws of the Company, and notwithstanding anything to the contrary in this Agreement, for so long as this Agreement is in effect, any action by the Board to increase or decrease the Total
Number of Directors (other than any increase in the Total Number of Directors in connection with the election of one or more directors elected exclusively by the holders of one or more classes or series of the Company’s stock other than Common
Stock) shall require the prior written consent of the Stockholder Designator, delivered in accordance with Section 5.13 of this Agreement. 

2.2 Compensation. Except to the extent the Stockholder Designator may otherwise notify the Company, the Stockholder Designees shall be
entitled to compensation consistent with the compensation received by other non-employee Directors, including any fees and equity awards, provided that (x) to the extent any Director compensation
is payable in the form of equity awards, at the election of a Stockholder Designee, in lieu of any equity award, such compensation shall be paid in an amount of cash equal to the value of the equity award as of the date of the award, with any such
cash subject to the same vesting terms, if any, as the equity awarded to other Directors and (y) at the election of a Stockholder Designee, any Director compensation (whether cash, equity awards and/or cash in lieu of equity as may be
designated by the electing Stockholder Designee) shall be paid to a Stockholder or an Affiliate thereof specified 

  
 5 

 
by such Stockholder Designee rather than to such Stockholder Designee. If the Company adopts a policy that Directors own a minimum amount of equity in the Company, Stockholder Designees shall not
be subject to such policy. 
 2.3 Other Rights of Stockholder Designees. Except as provided in Section 2.2, each Stockholder
Designee serving on the Board shall be entitled to the same rights and privileges applicable to all other members of the Board generally or to which all such members of the Board are entitled. In furtherance of the foregoing, the Company shall
indemnify, exculpate, and reimburse fees and expenses of the Stockholder Designees (including by entering into an indemnification agreement in a form substantially similar to the Company’s form director indemnification agreement) and provide
the Stockholder Designees with director and officer insurance to the same extent it indemnifies, exculpates, reimburses and provides insurance for the other members of the Board pursuant to the charter and bylaws of the Company, applicable law or
otherwise. 
 ARTICLE III. 

INFORMATION; VCOC 
 3.1 Books
and Records; Access. The Company shall, and shall cause its Subsidiaries to, permit the Stockholder Entities and their respective designated representatives, at reasonable times and upon reasonable prior notice to the Company, to review the
books and records of the Company or any of such Subsidiaries and to discuss the affairs, finances and condition of the Company or any of such Subsidiaries with the officers of the Company or any such Subsidiary; provided, however, that
the Company shall not be required to disclose any privileged information of the Company so long as the Company has used commercially reasonable efforts to enter into an arrangement pursuant to which it may provide such information to the Stockholder
Entities without the loss of any such privilege. 
 3.2 Certain Reports. The Company shall deliver or cause to be delivered to the
Stockholder Entities, at their request: 
 (a) to the extent otherwise prepared by the Company, operating and capital expenditure budgets
and periodic information packages relating to the operations and cash flows of the Company and its Subsidiaries; and 
 (b) to the extent
otherwise prepared by the Company, such other reports and information as may be reasonably requested by the Stockholder Entities; provided, however, that the Company shall not be required to disclose any privileged information of the
Company so long as the Company has used commercially reasonable efforts to enter into an arrangement pursuant to which it may provide such information to the Stockholder Entities without the loss of any such privilege. 

3.3 VCOC. 
 (a) With
respect to each Stockholder Entity that is intended to qualify its direct or indirect investment in the Company as a “venture capital investment” as defined in the Department of Labor regulations codified at 29 CFR Section 2510.3-101 (the “Plan Asset Regulation”) (each, a “VCOC Investor”), for so long as the VCOC Investor, directly or through

  
 6 

 
one or more subsidiaries, continues to hold any Common Stock (or other securities of the Company into which such Common Stock may be converted or for which such Common Stock may be exchanged),
without limitation or prejudice of any the rights provided to the Stockholder Entities hereunder, the Company shall, with respect to each such VCOC Investor: 

(i) provide each VCOC Investor or its designated representative with: 

 

	 	(A)	upon reasonable notice and at mutually convenient times, the right to visit and inspect any of the offices and properties of the Company and its Subsidiaries and inspect and copy the books and records of the Company and
its Subsidiaries; 

  

	 	(B)	as soon as available and in any event within 45 days after the end of each of the first three quarters of each fiscal year of the Company, consolidated balance sheets of the Company and its Subsidiaries as of the end of
such period, and consolidated statements of income and cash flows of the Company and its Subsidiaries for the period then ended prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis,
except as otherwise noted therein, and subject to the absence of footnotes and to year-end adjustments; 

  

	 	(C)	as soon as available and in any event within 120 days after the end of each fiscal year of the Company, a consolidated balance sheet of the Company and its Subsidiaries as of the end of such year, and consolidated
statements of income and cash flows of the Company and its Subsidiaries for the year then ended prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis, except as otherwise noted
therein, together with an auditor’s report thereon of a firm of established national reputation; 

  

	 	(D)	to the extent the Company is required by law or pursuant to the terms of any outstanding indebtedness of the Company to prepare such reports, any annual reports, quarterly reports and other periodic reports pursuant to
Section 13 or 15(d) of the Exchange Act, actually prepared by the Company as soon as available; and 

  

	 	(E)	upon written request by the VCOC Investor, copies of all materials provided to the Board, subject to appropriate protections with respect to confidentiality and preservation of attorney-client privilege;

  
 7 

 provided, that, in each case, if the Company makes the information described in
clauses (B), (C) and (D) of this clause (i) available through public filings on the EDGAR System or any successor or replacement system of the U.S. Securities and Exchange Commission, the delivery of such information shall be deemed
satisfied; 
 (ii) make appropriate officers and/or Directors of the Company available, and cause the officers and directors
of its Subsidiaries to be made available, periodically and at such times as reasonably requested by each VCOC Investor, upon reasonable notice and at mutually convenient times, for consultation with such VCOC Investor or its designated
representative with respect to matters relating to the business and affairs of the Company and its Subsidiaries; 
 (iii) to
the extent that the VCOC Investor requests to receive such information and rights, and to the extent consistent with applicable Law or listing standards (and with respect to events which require public disclosure, only following the Company’s
public disclosure thereof through applicable securities law filings or otherwise), inform each VCOC Investor or its designated representative in advance with respect to any significant corporate actions, and to provide (or cause to be provided) each
VCOC Investor or its designated representative with the right to consult with the Company and its Subsidiaries with respect to such actions should the VCOC Investor elect to do so, provided however, that this right to consult must be exercised
within five (5) days after the Company informs the VCOC Investor of the proposed corporate action, and provided further that the Company shall be under no obligation to provide the VCOC Investor with any material
non-public information with respect to such corporate action; and 
 (iv) provide
each VCOC Investor or its designated representative with such other rights of consultation which the VCOC Investor’s counsel may determine in writing to be reasonably necessary under applicable legal authorities promulgated after the date
hereof to qualify its investment in the Company as a “venture capital investment” for purposes of the Plan Asset Regulation, provided that the parties agree that any such rights of consultation shall be of a nature consistent with those
granted above and nothing in this Agreement shall be deemed to require the Company to grant to the VCOC Investor any additional rights with respect to the governance or management of the Company. 

(b) The Company agrees to consider, in good faith, the recommendations of each VCOC Investor or its designated representative in connection
with the matters on which it is consulted as described above in this Section 3.3, recognizing that the ultimate discretion with respect to all such matters shall be retained by the Company. 

(c) In the event a VCOC Investor or any of its Affiliates Transfers all or any portion of their investment in the Company to an Affiliated
entity that is intended to qualify its 

  
 8 

 
investment in the Company as a “venture capital investment” (as defined in the Plan Asset Regulation), such Transferee shall be afforded the same rights with respect to the Company
afforded to the VCOC Investor hereunder and shall be treated, for such purposes, as a third party beneficiary hereunder. 
 (d) In the event
that the Company ceases to qualify as an “operating company” (as defined in the first sentence of 2510.3-101(c)(1) of the Plan Asset Regulation), or the investment in the Company by a VCOC Investor
does not qualify as a “venture capital investment” as defined in the Plan Asset Regulation, then the Company and each Stockholder Entity will cooperate in good faith and take all reasonable actions necessary, subject to applicable Law, to
preserve the VCOC status of each VCOC Investor or the qualification of the investment as a “venture capital investment,” it being understood that such reasonable actions shall not require a VCOC Investor to purchase or sell any
investments. 
 (e) For so long as the VCOC Investor, directly or through one or more subsidiaries, continues to hold Common Stock (or other
securities of the Company into which such Common Stock may be converted or for which such Common Stock may be exchanged) and upon the written request of such VCOC Investor, without limitation or prejudice of any the rights provided to the
Stockholder Entities hereunder, the Company shall, with respect to each such VCOC Investor, furnish and deliver, and cause Invitation Homes Operating Partnership LP, as its general partner, to furnish and deliver, a letter covering the matters set
forth in subsections (a), (b), (c) and (d) above in a form and substance satisfactory to such VCOC Investor. 
 (f) In the event a VCOC
Investor is an Affiliate of a Stockholder Entity, as described in Section 3.3(a) above, such affiliated entity shall be afforded the same rights with respect to the Company and afforded to the Stockholder Entity under this Section 3.3 and shall
be treated, for such purposes, as a third party beneficiary hereunder. 
 3.4 Confidentiality. Each Stockholder agrees that it will,
and will direct its designated representatives to, keep confidential and not disclose any Confidential Information; provided, however, that such Stockholder and its designated representatives may disclose Confidential Information to the other
Stockholders, to the Stockholder Designees and to (a) its attorneys, accountants, consultants, insurers and other advisors in connection with such Stockholder’s investment in the Company, (b) any Person, including a prospective
purchaser of Common Stock, as long as such Person has agreed to maintain the confidentiality of such Confidential Information, (c) any of such Stockholder’s or its respective Affiliates’ partners, members, stockholders, directors,
officers, employees or agents in the ordinary course of business (the Persons referenced in clauses (a), (b) and (c), a Stockholder’s “designated representatives”) or (d) as the Company may otherwise consent in writing;
provided, further, however, that each Stockholder agrees to be responsible for any breaches of this Section 3.4 by such Stockholder’s designated representatives. 

3.5 Information Sharing. Each party hereto acknowledges and agrees that Stockholder Designees may share any information concerning the
Company and its Subsidiaries received by them from or on behalf of the Company or its designated representatives with each Stockholder and its designated representatives (subject to such Stockholder’s obligation to maintain the confidentiality
of Confidential Information in accordance with Section 3.4). 

  
 9 

 ARTICLE IV. 

ADDITIONAL COVENANTS 
 4.1
Ownership Limits. The Board has granted the Stockholder Entities an exemption from the Common Stock Ownership Limit and Aggregate Stock Ownership Limit set forth in Article VII of the charter of the Company. 

4.2 Pledges. Upon the request of any Stockholder Entity that wishes to pledge, hypothecate or grant security interests in any or all of
the Common Stock held by it, including to banks or financial institutions as collateral or security for loans, advances or extensions of credit, the Company agrees to cooperate with each such Stockholder Entity in taking any action reasonably
necessary to consummate any such pledge, hypothecation or grant, including without limitation, delivery of letter agreements to lenders in form and substance reasonably satisfactory to such lenders (which may include agreements by the Company in
respect of the exercise of remedies by such lenders) and instructing the transfer agent to transfer any such Common Stock subject to the pledge, hypothecation or grant into the facilities of The Depository Trust Company without restricted legends.

 4.3 Spin-Offs or Split-Offs. In the event that the Company effects the separation of any portion of its business into one or more
entities (each, a “NewCo”), whether existing or newly formed, including without limitation by way of spin-off, split-off,
carve-out, demerger, recapitalization, reorganization or similar transaction, and any Stockholder will receive equity interests in any such NewCo as part of such separation, the Company shall cause any such
NewCo to enter into a stockholders agreement with the Stockholders that provides the Stockholder Entities with rights vis-á-vis such NewCo that are substantially identical to those set forth in this Agreement. 

ARTICLE V. 
 GENERAL PROVISIONS

 5.1 Termination. Except for Section 3.3, this Agreement shall terminate on the earlier to occur of (i) such time as the
Stockholder Designator is no longer entitled to designate a Director pursuant to Section 2.1(a) and (ii) the delivery of a written notice by the Stockholder Designator to the Company requesting that this Agreement terminate. The VCOC Investors
shall advise the Company when they collectively first cease to beneficially own any Common Stock (or other securities of the Company into which such Common Stock may be converted or for which such Common Stock may be exchanged), whereupon
Section 3.3 hereof shall terminate. 
 5.2 Notices. Any notice, designation, request, request for consent or consent provided
for in this Agreement shall be in writing and shall be either personally delivered, sent by facsimile or sent by reputable overnight courier service (charges prepaid) to the Company at the address set forth below and to any other recipient at the
address indicated on the Company’s records, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Notices and other such documents will be deemed to have
been given or made hereunder when delivered personally, sent by facsimile (receipt confirmed), and one (1) Business Day after deposit with a reputable overnight courier service. 

  
 10 

 The Company’s address is: 

Invitation Homes Inc. 
 1717 Main
Street, Suite 2000 
 Dallas, TX 75201 

Attention: Mark A. Solls, Esq. 

Fax: (972) 892-0382 
 Each
Stockholders address is: 
 c/o The Blackstone Group L.P. 

345 Park Avenue 
 New York, NY
10154 
 Attention: Robert G. Harper 

Fax: (212) 583-5749 
 5.3
Amendment; Waiver. This Agreement may be amended, supplemented or otherwise modified only by a written instrument executed by the Company and the other parties hereto. Neither the failure nor delay on the part of any party hereto to exercise
any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right,
remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be
effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 5.4 Further Assurances. The
parties hereto will sign such further documents, cause such meetings to be held, resolutions passed, exercise their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give full
effect to this Agreement and every provision hereof. To the fullest extent permitted by law, the Company shall not directly or indirectly take any action that is intended to, or would reasonably be expected to result in, the Stockholders or any
Stockholder Entity being deprived of the rights contemplated by this Agreement. 
 5.5 Assignment. This Agreement may not be assigned
without the express prior written consent of the other parties hereto, and any attempted assignment, without such consents, will be null and void; provided, however, that, without the prior written consent of any other party hereto, a
Stockholder may assign its rights and obligations under this Agreement, in whole or in part, to any Affiliate, so long as such Affiliate, if not already a party to this Agreement, executes and delivers to the Company a joinder to this Agreement
evidencing its agreement to be become a party to and to be bound by this Agreement as a Stockholder hereunder, whereupon such Affiliate shall be deemed a “Stockholder” hereunder. This Agreement will inure to the benefit of and be binding
on the parties hereto and their respective successors and permitted assigns. 

  
 11 

 5.6 Third Parties. Except as provided for in Article II, Article III and Article IV with
respect to any Stockholder Entity, this Agreement does not create any rights, claims or benefits inuring to any person that is not a party hereto nor create or establish any third party beneficiary hereto. 

5.7 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Maryland, without
regard to principles of conflicts of laws thereof. 
 5.8 Jurisdiction; Waiver of Jury Trial. In any judicial proceeding involving
any dispute, controversy or claim arising out of or relating to this Agreement, each of the parties unconditionally accepts the jurisdiction and venue of the courts of the State of Maryland or if jurisdiction over the matter is vested exclusively in
federal courts, the United States District Court for the District of Maryland, and the appellate courts to which orders and judgments thereof may be appealed. In any such judicial proceeding, the parties agree that in addition to any method for the
service of process permitted or required by such courts, to the fullest extent permitted by law, service of process may be made by delivery provided pursuant to the directions in Section 5.2. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

5.9 Specific Performance. Each party hereto acknowledges and agrees that in the event of any breach of this Agreement by any of them,
the other parties hereto would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees to waive the defense in any action for specific performance that a remedy at law would be adequate and agrees that
the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of this Agreement without the posting of a bond. 

5.10 Entire Agreement. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter
hereof. There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof or thereof other than those expressly set forth herein and therein. This Agreement supersedes all other prior
agreements and understandings between the parties with respect to such subject matter. 
 5.11 Severability. If any provision of this
Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby, and each other
provision hereof shall be valid and enforceable to the fullest extent permitted by law, (ii) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted
by law and (iii) the application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby. 

  
 12 

 5.12 Table of Contents, Headings and Captions. The table of contents, headings,
subheadings and captions contained in this Agreement are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof. 

5.13 Counterparts. This Agreement and any amendment hereto may be signed in any number of separate counterparts, each of which shall be
deemed an original, but all of which taken together shall constitute one Agreement (or amendment, as applicable). 
 5.14
Effectiveness. This Agreement shall become effective upon the Closing Date. 
 5.15 No Recourse. This Agreement may only be
enforced against, and any claims or cause of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement, the transactions contemplated hereby or the subject matter hereof
may only be made against the parties hereto and no past, present or future Affiliate, director, officer, employee, incorporator, member, manager, partner, stockholder, agent, attorney or representative of any party hereto or any past, present or
future Affiliate, director, officer, employee, incorporator, member, manager, partner, stockholder, agent, attorney or representative of any of the foregoing (each, a “Non-Recourse Party”) shall have
any liability for any obligations or liabilities of the parties to this Agreement or for any claim based on, in respect of, or by reason of, the transactions contemplated hereby. Without limiting the rights of any party against the other parties
hereto, in no event shall any party or any of its Affiliates seek to enforce this Agreement against, make any claims for breach of this Agreement against, or seek to recover monetary damages from, any
Non-Recourse Party. 
 [Remainder Of Page Intentionally Left Blank] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first
above written. 
  

			
	COMPANY
	
	INVITATION HOMES INC.
		
	By:	 	 /s/ Mark A. Solls

	Name:	 	Mark A. Solls
	Title:	 	 Executive Vice President, Secretary
 and Chief
Legal Officer

  
 [Signature Page to
Stockholders’ Agreement] 

 
			
	STOCKHOLDERS:

  

			
	Invitation Homes Parent L.P.
	
	By: Invitation Homes GP Parent LLC, its general partner
		
	By:	 	/s/ Devin Peterson
		 	 Name:  Devin Peterson

Title:    Principal and Vice President

  

			
	Invitation Homes 2-A L.P.
		
	By:	 	/s/ Devin Peterson
		 	 Name:  Devin Peterson

Title:    Principal and Vice President

  

			
	 Preeminent Parent L.P.

		
	By:	 	/s/ Devin Peterson
		 	 Name:  Devin Peterson

Title:    Principal and Vice President

  

			
	Invitation Homes 3 Parent L.P.
	
	By: Invitation Homes 3 GP Parent LLC, its general partner
		
	By:	 	/s/ Devin Peterson
		 	 Name:  Devin Peterson

Title:    Principal and Vice President

  

			
	Invitation Homes 4 Parent L.P.
	
	By: Invitation Homes 4 GP Parent LLC, its general partner
		
	By:	 	/s/ Devin Peterson
		 	 Name:  Devin Peterson

Title:    Principal and Vice President

  

			
	Invitation Homes 5 Parent L.P.
	
	By: Invitation Homes 5 GP Parent LLC, its general partner
		
	By:	 	/s/ Devin Peterson
		 	 Name:  Devin Peterson

Title:    Principal and Vice President

  

			
	Invitation Homes 6 Parent L.P.
	
	By: Invitation Homes 6 GP Parent LLC, its general partner
		
	By:	 	/s/ Devin Peterson
		 	 Name:  Devin Peterson

Title:    Principal and Vice President

  

  
 [Signature Page to
Stockholders’ Agreement]

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