Document:

EX-10.10

 Exhibit 10.10 

FORM OF EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) by and among STAR REIT Services, LLC, a Delaware limited liability company (the
“Company”), Steadfast Apartment REIT, Inc., a Maryland corporation (the “REIT”), Steadfast Apartment REIT Operating Partnership, L.P., a Delaware limited partnership (the “Operating Company”), and
[                ] (“Executive”) is dated as of September 1, 2020. 

WHEREAS, the Company desires to employ Executive and Executive desires to be employed by the Company to provide services for the Company on
the terms contained herein. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Term of
Employment. 
 (a) Subject to the terms and conditions of this Agreement, the Company hereby employs Executive, and Executive hereby
accepts employment with the Company, in the positions and with the duties and responsibilities as set forth in Section 2 hereof for the Term of Employment (as defined below). 

(b) The term of employment under this Agreement will commence on the date of the Closing (as defined in that certain Contribution and Purchase
Agreement (the “Contribution Agreement”) by and among the REIT, the Operating Company and Steadfast REIT Investments, LLC, dated as of August 31, 2020) (the “Closing”) and continue for an initial term through
the third anniversary of the Closing (the “Initial Term”), unless the Agreement is terminated sooner in accordance with Section 4 below. Commencing on the last day of the Initial Term and on each subsequent anniversary of such
date, the term of this Agreement shall automatically be extended for successive one-year periods (each such extension, a “Renewal Term”); provided, however, that either the Company or
Executive may elect not to extend the Term of Employment by giving written notice to the other party at least 180 days prior to any such anniversary date. The period commencing on the Closing and ending at the end of the Initial Term or any Renewal
Term (or earlier termination of Executive’s employment hereunder) shall hereinafter be referred to as the “Term of Employment.” Notwithstanding the foregoing, if a Change in Control occurs during the Term of Employment, unless
the Agreement is terminated sooner in accordance with Section 4 below, the Term of Employment shall not end before the end of the last day of the Change in Control Period. If the Closing does not occur, this Agreement will automatically
terminate and be of no force or effect. For the avoidance of doubt, no payments or other benefits shall accrue to Executive hereunder prior to the Closing. 

2. Position; Duties and Responsibilities. 

(a) During the Term of Employment, Executive will be employed full time by the Company and will serve as the
[                ] of the REIT, reporting directly to the Chief Executive Officer of the REIT (the “CEO”).] In this capacity, Executive shall have the
duties, authorities and responsibilities as are required by Executive’s position commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies, and such other duties, authorities
and responsibilities as may reasonably be assigned to Executive as the CEO shall designate from time to time that are not inconsistent with Executive’s position. 

 (b) During the Term of Employment, Executive will serve the Company faithfully, diligently,
and to the best of Executive’s ability and will devote substantially all of Executive’s business time and attention to the performance of Executive’s duties hereunder, and shall have no other employment (unless approved by the Board
of Directors of the REIT (the “Board”)); provided, however, that nothing contained herein shall prohibit Executive from (i) participating in trade associations or industry organizations in furtherance of the Company’s
interests, (ii) engaging in charitable, civic, educational or political activities, (iii) engaging in passive personal investment activities for Executive and Executive’s family or (iv) accepting directorships or similar
positions (together, the “Personal Activities”), in each case so long as the Personal Activities do not unreasonably interfere, individually or in the aggregate, with the performance of Executive’s duties to the Company under
this Agreement or the restrictive covenants set forth in Section 9 of this Agreement. 
 (c) During the Term of Employment, Executive
shall perform the services required by this Agreement in [                ] (the “Principal Location”), except for travel to other locations as may be
necessary to fulfill Executive’s duties and responsibilities hereunder. 
 3. Compensation and Benefits. 

(a) Base Salary. During the Term of Employment, Executive will be entitled to receive an annualized base salary (the “Base
Salary”) of $[                ]. The Base Salary shall be paid in accordance with the Company’s normal payroll practices, but no less often than
semi-monthly. 
 (b) Incentive Compensation. 

(i) Annual Bonuses. In addition to the Base Salary, during the Term of Employment, and subject to subsection (e) below, in each
calendar year of the Term of Employment, Executive shall be eligible to receive an annual bonus (the “Annual Bonus”) payable in cash, pursuant to the criteria and goals established and administered by the Board or a committee
thereof to whom such responsibility has been delegated by the Board (the “Committee”), with a target Annual Bonus opportunity of not less than 50% of Executive’s Base Salary (the “Target Annual Bonus”);
provided, that Executive’s Annual Bonus for 2020 will be not less than the full Target Annual Bonus. The Annual Bonus payable to Executive shall be determined and payable as soon as practicable after
year-end for such year (but no later than March 15th). To be entitled to receive any Annual Bonus, except as otherwise provided in Section 4(c),
Executive must remain employed through the day upon which the Annual Bonus is paid. 
 (ii) Long-Term Incentives. Executive will also
be eligible to receive equity and/or other long-term incentive awards under any applicable plan or program adopted by the Company during the Term of Employment. Except for the grants described below, Executive’s entitlement to any such
long-term incentives will be in the discretion of the Board or the Committee. 

  
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 (iii) One-Time Internalization Equity Award.
As soon as practicable (but in no event more than 10 days) after the Closing, Executive will be granted an award of time-based REIT restricted common stock with a grant date fair value of $[•] (the “Internalization Award”).
Subject to Executive’s continuous employment through the applicable vesting dates (except as otherwise provided in Section 4(b) of this Agreement), the Internalization Award will vest 50% on the second anniversary of the Closing and 50% on
the third anniversary of the Closing. The Internalization Award will be granted under, and will be subject to, the terms of an award agreement and the Steadfast Apartment REIT, Inc. Amended and Restated 2013 Incentive Plan (the
“Plan”). 
 (iv) 2021 Long-Term Incentive Award. Subject to Executive’s continued employment through the grant
date, in the first quarter of calendar year 2021, Executive will receive an award of time-based REIT restricted common stock (the “2021 Award”) with a grant date fair value of
$[                ]. The 2021 Award will vest ratably over three years following the grant date, subject to Executive’s continuous employment through the applicable
vesting dates (except as otherwise provided in Section 4(b) of this Agreement). The 2021 Award will be granted under, and will be subject to, the terms of an award agreement and the Plan. 

(c) Employee Benefit Programs; Expense Reimbursements. During the Term of Employment, Executive will be eligible to participate in all
employee benefit programs of the Company made available to the Company’s employees generally, as such programs may be in effect from time to time; provided that nothing herein shall prevent the Company from amending or terminating any such
programs pursuant to the terms thereof. Executive will be responsible for the same percentage of such group healthcare premiums as applies to other employees generally. The Company will reimburse Executive for any and all necessary, customary and
usual business expenses incurred and paid by Executive in connection with Executive’s employment upon presentation to the Company of reasonable substantiation and documentation, and in accordance with, and subject to the terms and conditions
of, applicable Company policies. During the Term of Employment, Executive shall be entitled to paid vacation and, if applicable, paid time off, per year of the Term of Employment (as pro-rated for any stub
employment period) in accordance with the Company’s policy on accrual and use applicable to employees as in effect from time to time, but in no event shall Executive accrue less than 4 weeks of vacation per calendar year (pro-rated for any stub employment period). 
 (d) Insurance; Indemnification. Executive shall be
covered by such comprehensive directors’ and officers’ liability insurance and errors and omissions liability insurance as the Company shall have established and maintained in respect of its
non-independent directors and officers generally and at its expense, and the Company shall cause such insurance policies to be maintained in a manner reasonably acceptable to Executive both during and, in
accordance with Section 4(g) below, after Executive’s employment with the Company. In addition to any other rights to indemnification Executive may have, the Company and the REIT hereby agree to defend, indemnify and hold Executive
harmless, to the maximum extent allowed by law and subject to any limitations under the REIT’s charter, bylaws, articles of incorporation or other organizational documents or the Company’s limited liability company agreement or other
organizational documents (in each case, to the extent applicable to non-independent directors and officers, and as may be amended from time to time), from any and all liability for acts or omissions by
Executive performed in any capacity in the course of Executive’s employment; provided that such acts or omissions do not constitute (a) criminal conduct, (b) willful misconduct, or (c) fraud.

  
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Such indemnity shall include any and all costs, expenses, and damages incurred by reason of Executive being made a party to or being a witness or otherwise involved in any action, suit or
proceeding, whether civil, criminal, administrative or investigative. The Company or the REIT shall promptly pay as incurred all of Executive’s expenses (including the reasonable fees and expenses of counsel of Executive’s choosing)
incurred in any matter as to which Executive is entitled to be indemnified under this Agreement. 
 (e) Annual Review. The Board or
the Committee will undertake a formal review of the amounts payable and potentially payable to Executive pursuant to this Section 3 no less frequently than annually. The Board or the Committee shall be entitled to make all determinations
relating to this Section 3(e) in its sole discretion. 
 (f) Clawback/Recoupment. Notwithstanding any other provisions in this
Agreement to the contrary, any compensation provided to, or gain realized by, Executive pursuant to this Agreement or any other agreement or arrangement with the Company shall be subject to repayment and/or forfeiture by Executive to the Company if
and to the extent any such compensation or gain is or becomes subject to (i) a “clawback” policy adopted by the Board or the Committee that is applicable to Executive and other similarly situated executives, or (ii) any law,
rule, requirement or regulation which imposes mandatory recoupment or forfeiture, under circumstances set forth in such law, rule, requirement or regulation. 

4. Termination of Employment. 

(a) Termination Due to Death or Disability. Executive’s employment shall terminate automatically upon Executive’s death during
the Term of Employment. The Company may terminate Executive’s employment if Executive (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which is expected to
result in death or is expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which is expected to result in death or is expected to last for a
continuous period of not less than 12 months, actually receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company (“Disability”). Any
questions as to the existence of Executive’s Disability as to which Executive and the Company cannot agree shall be determined in writing by a qualified independent medical practitioner mutually acceptable to Executive and the Company. If
Executive’s employment is terminated under this Section 4(a) due to Executive’s death or Disability, the Company shall pay to Executive (or Executive’s estate) the Accrued Benefits pursuant to Section 4(g) below. 

(b) Termination by the Company Without Cause or by Executive for Good Reason. The Company may terminate Executive’s employment at
any time without Cause (as defined in Section 6 of this Agreement) and Executive may terminate Executive’s employment for Good Reason (as defined in Section 6 of this Agreement) upon not less than 60 days’ prior written notice of
such resignation to the Company. Upon any such termination of Executive’s employment without Cause or for Good Reason during the Term of Employment, Executive shall be entitled to receive the following: 

(i) The Accrued Benefits pursuant to Section 4(g) below; and 

  
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 (ii) subject to Executive’s execution of a general release of claims in favor of the
Company in substantially the form attached hereto as Exhibit A, after termination of Executive’s employment and the expiration of any applicable or legally required revocation period, all within 60 days after the date of termination (the
“Release Requirement”) and further subject to Executive’s compliance with the obligations in Sections 7, 8 and 9 of this Agreement: 

(1) the Company shall pay Executive in accordance with the normal payroll practice over the (a)
12-month period following the date of termination in the case of a termination that does not occur during the Change in Control Period and (b) 18-month period in the
case of a termination that occurs during the Change in Control Period, cash severance (the “Severance Amount”) equal to the Severance Multiple times the sum of (A) Executive’s then-current Base Salary and
(B) Executive’s Target Annual Bonus for the then-current calendar year (annualized if the termination occurs in 2020); 
 (2)
Executive’s outstanding equity awards that are subject solely to time-based vesting conditions will become fully vested as of the date of Executive’s termination (treatment of equity awards subject to performance-based vesting conditions,
if any, will be addressed in the applicable award agreements); and 
 (3) if the termination does not occur during the Change in Control
Period (as defined in Section 6), if Executive is entitled to elect continuation of coverage under any Company group health plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), or
other applicable law, and Executive timely elects such coverage, the Company shall directly pay, or reimburse Executive for, the COBRA premiums, less the amount Executive would have had to pay to receive such group health coverage for Executive and
Executive’s covered dependents based on the cost sharing levels in effect on the date of termination, during the period commencing on the date of termination and ending upon the earliest of (x) the date 12 months after the date
Executive’s employment terminates, (y) the date Executive and, if applicable, Executive’s covered dependents become no longer eligible for COBRA, and (z) the date Executive becomes eligible to receive healthcare coverage from a
subsequent employer (as applicable, the “COBRA Continuation Period”); provided, however, that if Executive is not eligible to elect COBRA continuation coverage or the Company determines that it cannot provide the foregoing benefit
under its group health plan or without violating applicable law or triggering material adverse tax consequences to the Company or Executive, the Company shall in lieu thereof provide to Executive a taxable monthly payment during the COBRA
Continuation Period in an amount equal to the monthly premium that the Company would have contributed to Executive’s and Executive’s covered dependents’ group health coverage in effect on the date of termination (which amount shall be
based on the premiums in effect on the date of termination), less the amount Executive would have had to pay to receive such group health coverage for Executive and Executive’s covered dependents based on the cost sharing levels in effect on
the date of termination (as applicable, the “Continued Health Care Coverage Benefit”). If the termination occurs within a Change in Control Period, the Company will provide the Continued Health Care Coverage Benefit for a period
ending upon the earliest of (x) the date 18 months after the date Executive’s employment terminates, (y) the date Executive and, if applicable, Executive’s covered dependents become no longer eligible for COBRA and (z) the
date Executive becomes eligible to receive healthcare coverage from a subsequent employer. The Continued Health Care Coverage Benefits will commence within 60 days following the date of termination (with the first payment to include any installment
payments that would have been made during such 60-day period if payments had commenced on the date of termination). 

  
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 (c) Termination by the Company for Cause. The Company may terminate Executive’s
employment at any time for Cause pursuant to the provisions of Section 6(a) below, in which event as of the date of such termination all payments and benefits under this Agreement shall cease and all then unvested awards or benefits shall be
forfeited, except for the continuing obligation to pay Executive Executive’s Accrued Benefits. 
 (d) Voluntary Termination by
Executive without Good Reason. Executive may voluntarily terminate Executive’s employment without Good Reason upon 60 days’ prior written notice. In any such event, after the date of such termination, no further payments or benefits
shall be due under this Agreement and all then unvested awards or benefits shall be forfeited, except for the obligation to pay Executive after the date of such termination Executive’s Accrued Benefits. 

(e) Notice of Termination. Any termination of Executive’s employment shall be communicated by a written notice of termination to
the other party hereto given in accordance with Section 18 of this Agreement and shall specify the termination date in accordance with the requirements of this Agreement. 

(f) Resignation of All Other Positions. Upon termination of Executive’s employment for any reason, Executive shall be deemed to
have resigned from all positions that Executive holds as an officer of the Company or any affiliate of the Company, and from all positions that Executive holds as a member of the Board (or a committee thereof) or the board of directors (or a
committee thereof) of any Subsidiary of the REIT, unless otherwise mutually agreed with the Board, and shall take all actions reasonably requested by the Company to effectuate the foregoing. 

(g) General Provisions. (1) Upon any termination of Executive’s employment, Executive shall be entitled to receive the
following: (A) any unpaid Base Salary and accrued but unused vacation and/or paid time off (determined in accordance with Company policy) through the date of termination (paid in cash within 30 days, or such shorter period required by
applicable law, following the date of termination), (B) any earned but unpaid Annual Bonus relating to the calendar year prior to the year of termination, (C) reimbursement for all necessary, customary and usual business expenses and fees
incurred and paid by Executive prior to the date of termination, in accordance with Section 3(c) above (payable in accordance with the Company’s expense reimbursement policy), and (D) vested benefits, if any, to which Executive may be
entitled under the Company’s employee benefit plans, including those as provided in Section 3(c) above (payable in accordance with the applicable employee benefit plan), and directors and officers liability coverage pursuant to
Section 3(d) for actions and inactions occurring during the Term of Employment, and continued coverage for any actions or inactions by Executive while providing cooperation under this Agreement (collectively, “Accrued
Benefits”). 
 (2) During any notice period required under Section 4 or Section 6 of this Agreement, as applicable,
(A) Executive shall remain employed by the Company and shall continue to be bound by all the terms of this Agreement and any other applicable duties and obligations to the Company, (B) the Company may direct Executive not to report to
work, and (C) Executive shall only undertake such actions on behalf of the Company, consistent with Executive’s position, as expressly directed by the Board. Notwithstanding anything to the contrary in this Section 4(g)(2), the
Company shall have the option, in its sole discretion, to make Executive’s termination effective at any time prior to the end of the notice period as long as the Company pays Executive through the last day of the notice period. 

  
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 5. Code Section 280G. 

(a) Treatment of Payments. Notwithstanding anything in this Agreement or any other plan, arrangement or agreement to the contrary, in
the event that an independent, nationally recognized accounting firm which shall be designated by the Company with Executive’s written consent (which consent shall not be unreasonably withheld) (the “Accounting Firm”) shall
determine that any payment or benefit received or to be received by Executive from the Company or any of its affiliates or from any Person who effectuates a change in control or effective control of the Company or any of such Person’s
affiliates (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement) (all such payments and benefits, the “Total Payments”) would fail to be deductible under Section 280G of the Internal
Revenue Code of 1986, as amended (the “Code”), or otherwise would be subject (in whole or part) to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”) then the Total Payments that are subject
to Section 280G or 4999 of the Code shall be reduced to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax, but such reduction shall occur if and only to the extent that the net amount of such Total
Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes, and employment, Social Security and Medicare taxes on such reduced Total Payments), is greater than or equal to the net amount of such Total
Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes and employment, Social Security and Medicare taxes on such Total Payments and the amount of Excise Tax (or any other excise tax) to which
Executive would be subject in respect of such unreduced Total Payments). For purposes of this Section 5(a), the above tax amounts shall be determined by the Accounting Firm, applying the highest marginal rate under Section 1 of the Code
and under state and local laws which applied (or are likely to apply) to Executive’s taxable income for the tax year in which the transaction which causes the application of Section 280G or 4999 of the Code occurs, or such other rate(s) as
the Accounting Firm determines to be likely to apply to Executive in the relevant tax year(s) in which any of the Total Payments is expected to be made. If the Accounting Firm determines that Executive would not retain a larger amount on an after-tax basis if the Total Payments were so reduced, then Executive shall retain all of the Total Payments. 

(b) Ordering of Reduction. In the case of a reduction in the Total Payments pursuant to Section 5(a), the Total Payments will be
reduced in the following order: (A) payments that are payable in cash that are valued at full value under Treasury Regulation Section 1.280G-1, Q&A 24(a) will be reduced (if necessary, to zero),
with amounts that are payable last reduced first; (B) payments and benefits due in respect of any equity valued at full value under Treasury Regulation Section 1.280G-1, Q&A 24(a), with the
highest values reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24) will next be reduced; (C) payments that are payable in cash that are valued at less
than full value under Treasury Regulation Section 1.280G-1, Q&A 24, with amounts that are payable last reduced first, will next be reduced; (D) payments and benefits due in respect of any equity
valued at less than full value under Treasury Regulation Section 1.280G-1, Q&A 24, with the highest values reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24) will next be reduced; and (E) all other cash or non-cash benefits not otherwise described in above will be next reduced pro-rata. 

  
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 (c) Certain Determinations. For purposes of determining whether and the extent to
which the Total Payments will be subject to the Excise Tax: (A) no portion of the Total Payments the receipt or enjoyment of which Executive shall have waived at such time and in such manner as not to constitute a “payment” within the
meaning of Section 280G(b) of the Code will be taken into account; (B) no portion of the Total Payments will be taken into account which, in the opinion of the Accounting Firm, does not constitute a “parachute payment” within the
meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments will be taken into account which, in the opinion of the Accounting
Firm, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as set forth in Section 280G(b)(3) of the Code) that is allocable
to such reasonable compensation; and (C) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments will be determined by the Accounting Firm in accordance with
the principles of Sections 280G(d)(3) and (4) of the Code. Executive and the Company shall furnish such documentation and documents as may be necessary for the Accounting Firm to perform the requisite calculations and analysis under this
Section 5 (and shall cooperate to the extent necessary for any of the determinations in this Section 5(c) to be made), and the Accounting Firm shall provide a written report of its determinations hereunder, including detailed supporting
calculations. If the Accounting Firm determines that aggregate Total Payments should be reduced as described above, it shall promptly notify Executive and the Company to that effect. In the absence of manifest error, all determinations by the
Accounting Firm under this Section 5 shall be binding on Executive and the Company and shall be made as soon as reasonably practicable following the later of Executive’s date of termination of employment or the date of the transaction
which causes the application of Section 280G of the Code. The Company shall bear all costs, fees and expenses of the Accounting Firm and any legal counsel retained by the Accounting Firm. 

(d) Additional Payments. If Executive receives reduced payments and benefits by reason of this Section 5 and it is established
pursuant to a determination of a court of competent jurisdiction which is not subject to review or as to which the time to appeal has expired, or pursuant to an Internal Revenue Service proceeding, that Executive could have received a greater amount
without resulting in any Excise Tax, then the Company shall thereafter pay Executive the aggregate additional amount which could have been paid without resulting in any Excise Tax as soon as reasonably practicable following such determination. 

6. Definitions. 
 (a)
“Cause” shall mean any of the following: 
 (i) Executive’s conviction of, or plea of guilty or nolo contendere to, a
felony (excluding traffic-related felonies) or a crime involving dishonesty, moral turpitude, or physical harm to any person, or any financial crime involving the Company or any subsidiary of the REIT (including, but not limited to, fraud,
embezzlement or misappropriation of Company assets); 

  
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 (ii) Executive’s willful and gross misconduct in the performance of Executive’s
duties (other than by reason of Executive’s incapacity or disability), including but not limited to, misappropriation of trade secrets, fraud or embezzlement; 

(iii) Executive’s willful and material breach of this Agreement or any Company policy, including but not limited to the Company’s
policies prohibiting discrimination and harassment, which breach is not cured by Executive within 20 days after written notice to Executive from the Company; 

(iv) Executive willful refusal to implement or follow a lawful policy or directive of the Company, which breach by Executive is not cured
within 20 days after written notice to Executive from the Company; or 
 (v) Executive’s breach of a fiduciary duty to the Company.

 (b) “Change in Control” means the occurrence of any of the following after the Closing: 

(i) the direct or indirect sale, transfer, conveyance or other disposition, in one or a series of related transactions, of all or
substantially all of the properties or assets of the REIT and its Subsidiaries, taken as a whole, to any Exchange Act Person; 
 (ii) the
following individuals cease for any reason to constitute a majority of the number of directors then serving on the Board: individuals who, as of the Closing, constitute the Board and any new director (other than a director whose initial assumption
of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation, relating to the election of directors of the REIT) whose appointment or election by the Board or nomination for election
by the REIT’s shareholders was approved or recommended by a vote of at least a majority of the directors then still in office who either were directors on the Closing or whose appointment, election or nomination for election was previously so
approved or recommended; 
 (iii) an Exchange Act Person becomes the “beneficial owner” (as used in Rule 13d-3 under the Exchange Act) of 50% or more of the total voting power of the stock of the REIT; 
 (iv)
the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the REIT if, immediately after the consummation of such transaction, the shareholders of the REIT immediately
prior thereto do not own, directly or indirectly, either outstanding voting securities representing more than 50% of the combined outstanding voting power of the surviving entity in such transaction or more than 50% of the combined outstanding
voting power of the parent of the surviving entity in such transaction; or 

  
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 (v) the consummation of a reorganization, merger, consolidation, statutory share exchange
or similar form of corporate transaction involving the REIT if, immediately after the consummation of such transaction, (A) the shareholders of the REIT immediately prior thereto own, directly or indirectly, either outstanding voting securities
representing more than 50% of the combined outstanding voting power of the surviving entity in such transaction or more than 50% of the combined outstanding voting power of the parent of the surviving entity in such transaction, (B) the Company
is not the surviving entity, other than a reorganization or other transaction with an affiliate or (C) at the direction of the counter-party to such transaction, the individuals who were serving as the Chief Executive Officer and Chief
Financial Officer of the REIT as of the consummation of such transaction will not continue to serve as the Chief Executive Officer and Chief Financial Officer, respectively, of the REIT or the surviving entity in such transaction (or, if the REIT or
the surviving entity is not the parent entity, of the parent entity); provided that if a Change of Control occurs in accordance with this clause (v), and Executive remains employed by the Company or the entity for the Change in Control Period, this
clause (v) will terminate and be of no further force or effect. 
 Notwithstanding the foregoing, a Change in Control shall not be deemed to have
occurred by virtue of a Qualified Event or any transaction or series of integrated transactions primarily intended to change the state of incorporation of the REIT or immediately following which the shareholders of the REIT immediately prior to such
transaction or series of transactions continue to have substantially the same proportionate ownership in a Person that owns all or substantially all of the voting securities or assets of the REIT immediately following such transaction or series of
transactions. 
 (c) “Change in Control Period” means the period beginning on the date of a Change in Control and ending on
the 12 month anniversary of the date of the Change in Control. 
 (d) “Exchange Act” means the Securities Exchange Act of
1934, as amended from time to time. 
 (e) “Exchange Act Person” means any Person or group (as defined in
Section 13(d)(3) of the Exchange Act), except that “Exchange Act Person” will not include (i) the REIT or any Subsidiary of the REIT, (ii) any employee benefit plan of the REIT or any Subsidiary of the REIT or any trustee or
other fiduciary holding securities under an employee benefit plan of the REIT or any Subsidiary of the REIT, (iii) an underwriter temporarily holding securities pursuant to a registered public offering of such securities, (iv) an entity
owned, directly or indirectly, by the shareholders of the REIT in substantially the same proportions as their ownership of shares of the REIT or (v) any Person that, as of immediately prior to the transaction or series of transactions, is the
owner, directly or indirectly, of securities of the REIT representing more than 50% of the combined voting power of the REIT’s then outstanding securities. 

(f) “Good Reason” shall mean, without Executive’s consent: 

(i) a material diminution in Executive’s title, authority or responsibilities [ except that Executive understands that Executive being
asked to step down from the CFO and/or Treasurer role will in no instance constitute Good Reason]; 
 (ii) a reduction of at least ten
percent (10%) in Executive’s Base Salary or Target Annual Bonus opportunity; 
 (iii) a continuous, willful and material breach by the
Company of this Agreement; or 
 (iv) the relocation (without the written consent of Executive) of Executive’s principal place of
employment by more than 50 miles from the Principal Location. 

  
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 Notwithstanding the foregoing, (1) Good Reason shall not be deemed to exist unless notice of
termination on account thereof (specifying a termination date of at least 60 days but no more than 90 days from the date of such notice) is given no later than 30 days after the time at which the event or condition purportedly giving rise to Good
Reason first occurs or arises and (2) if there exists an event or condition that constitutes Good Reason, the Company shall have 30 days from the date notice of such termination is received to cure such event or condition and Executive shall
cooperate in good faith with the Company’s efforts to cure such condition and, if the Company does cure such event or condition, such event or condition shall not constitute Good Reason hereunder. 

(g) “Person” has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and
14(d) thereof. 
 (h) “Qualified Event” means either of the following: (a) an initial listing of the REIT’s (or a
successor’s or parent entity’s) stock on the New York Stock Exchange, NASDAQ (for clarity, other than a listing pursuant to a transaction described in Section 6(b)(v) above) or on any other nationally recognized stock exchange; or
(b) an underwritten public offering of the REIT’s (or a successor’s or parent entity’s) stock pursuant to an effective registration statement under the Securities Act of 1933, as amended from time to time, which shares are
approved for listing or quotation on the New York Stock Exchange, NASDAQ or on any other nationally recognized stock exchange. 
 (i)
“Severance Multiple” means (i) 1 if the Severance Amount is payable under Section 4(b) of this Agreement on account of termination that does not occur during the Change in Control Period and (ii) 1.5 if the Severance Amount is
payable under Section 4(b) of this Agreement on account of a termination that occurs during the Change in Control Period. 
 (j)
“Subsidiary” or “Subsidiaries” means, with respect to any Person, as of any date of determination, any other Person or Persons as to which such first Person owns or otherwise controls, directly or indirectly, 50% or
more of the voting shares or other similar interests or a sole general partner interest or managing member or similar interest of such other Person or Persons. 

7. Confidentiality/Non-Disclosure. Executive acknowledges that, in the course of
Executive’s employment with the Company, Executive has become and/or will become acquainted and trusted with (a) certain confidential information and trade secrets, which confidential information includes, but is not limited to,
proprietary software, customer lists and information, information concerning the Company’s finances, business practices, long-term and strategic plans and similar matters, information concerning the Company’s formulas, designs, methods of
business, trade secrets, technology, business operations, business records and files, and any other information that is not generally known to the public or within the industry or trade in which the Company competes and was not known to Executive
prior to Executive’s employment with the Company, and (b) information of third parties that the Company is under a duty to maintain as confidential (collectively, “Confidential Information”). Except in furtherance of
Executive’s duties hereunder, Executive agrees that Executive will not cause any Confidential Information to be disclosed to third parties without the prior written consent of the Company and that Executive

  
 11 

 
will not, without the prior written consent of the Company, divulge or make any use of such Confidential Information, except as may be required by law and/or to fulfill Executive’s
obligations hereunder. Upon the termination of Executive’s employment for whatever reason, or at any time the Company may request, Executive shall immediately deliver to the Company all of the Company’s property in Executive’s
possession or under Executive’s control, including but not limited to all originals and copies of memoranda, notes, plans, records, reports, computer files, disks and tapes, thumb drives, printouts, worksheets, source code, software,
programming work, and all documents, forms, records or other information, in whatever form it may exist, regarding the Company’s business, clients, products or services. Confidential Information does not include information that:
(i) becomes generally known to the public subsequent to disclosure to Executive through no wrongful act of Executive or any representative of Executive; (ii) was known to the public prior to its disclosure to Executive; or
(iii) Executive is required to disclose by applicable law, regulation or legal process. Additionally, the parties acknowledge and agree that the obligations of this Section 7 shall be in addition to and shall not diminish any obligations
that Executive may have to Company or any customer of Company under any separate Non-Disclosure and Confidentiality Agreement that Executive may execute during Executive’s employment with the Company.

 8. Intellectual Property, Inventions and Patents. Executive acknowledges that all discoveries, concepts, ideas, inventions,
innovations, improvements, developments, methods, designs, analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including any Confidential Information) and all registrations or applications related
thereto, all other proprietary information and all similar or related information (whether or not patentable) which relate to the Company’s actual or anticipated business, research and development or existing or future products or services and
which were or are conceived, developed, contributed to or made or reduced to practice by Executive (whether alone or jointly with others) while employed by the Company, whether before or after the date of this Agreement (“Work
Product”), belong to the Company. Executive shall promptly disclose such Work Product to the Board and, at the Company’s expense, perform all actions reasonably requested by the Board (whether during or after the Term of Employment) to
establish and confirm such ownership (including assignments, consents, powers of attorney and other instruments). Executive acknowledges that all copyrightable Work Product shall be deemed to constitute “works made for hire” under the U.S.
Copyright Act of 1976, as amended, and that the Company shall own all rights therein. To the extent that any such copyrightable work is not a “work made for hire,” Executive hereby assigns and agrees to assign to the Company all right,
title and interest, including a copyright, in and to such copyrightable work. The foregoing provisions of this Section 8 shall not apply to any invention that Executive developed entirely on Executive’s own time without using the
Company’s equipment, supplies, facilities or trade secret information, except for those inventions that (i) relate to the Company’s business or actual or demonstrably anticipated research or development, or (ii) result from any
work performed by Executive for the Company. In addition, this Section 8 does not apply to any invention which qualifies fully for protection from assignment to Company under any specifically applicable state law, regulation, rule or public
policy. THIS SECTION 8 DOES NOT APPLY TO ANY INVENTION WHICH QUALIFIES FULLY UNDER THE PROVISIONS OF SECTION 2870 OF THE LABOR CODE OF THE STATE OF CALIFORNIA, A COPY OF WHICH IS ATTACHED TO THIS AGREEMENT AS EXHIBIT B. Executive understands that
nothing in this Agreement is intended to expand the scope of protection provided to Executive by Sections 2870 through 2872 of the California Labor Code. 

  
 12 

 9. Restrictive Covenants. 

(a) Notification of New Employer. During Executive’s employment and for a period of 24 months immediately following the termination
of Executive’s employment with the Company for any reason, Executive will advise the Company of any new employer of his, or any other Person for whom Executive may perform services, within 10 days after commencing to work for such employer or
other Person. Executive hereby agrees to notify, and grant consent to notification by the Company to, any new employer, or other Person for whom Executive may perform services, of Executive’s obligations under this Agreement. 

(b) Non-Disparagement. The Company and Executive each acknowledge that any disparaging comments
by either party against the other are likely to substantially depreciate the business reputation of the other party. Executive further agrees that Executive will not, and the Company agrees that it will direct its officers and directors to not
directly or indirectly defame, disparage, or publicly criticize the services, business, integrity, veracity or reputation of the other party, including but not limited to, the Company or its owners, officers, directors, or employees in any forum or
through any medium of communication. Nothing in this Agreement will preclude Executive or the Company from supplying truthful information to any governmental authority or in response to any lawful subpoena or other legal process. 

(c) Executive acknowledges and agrees that during Executive’s employment with Company Executive will owe the Company duties of good faith,
loyalty and non-disclosure and such statutory duties that are applicable to an officer of the Company under the laws of the State of California. 

10. Remedies. Executive acknowledges and agrees that the restrictions set forth in this Agreement are critical and necessary to protect
the Company’s legitimate business interests; are reasonably drawn to this end with respect to duration, scope, and otherwise; are not unduly burdensome; are not injurious to the public interest; and are supported by adequate consideration.
Executive agrees that it would be impossible or inadequate to measure and calculate the Company’s damages from any breach of the restrictions set forth herein. Accordingly, Executives agrees that if Executive breaches or threatens to breach any
of such restrictions, the Company will have available, in addition to any other right or remedy available, the right to obtain an injunction from a court of competent jurisdiction restraining such breach or threatened breach and to specific
performance of any such provision of this Agreement. Executive further agrees that no bond or other security will be required in obtaining such equitable relief and Executive hereby consents to the issuance of such injunction and to the ordering of
specific performance. Executive further acknowledges and agrees that (a) any claim Executive may have against the Company, whether under this Agreement or otherwise, will not be a defense to enforcement of the restrictions set forth in this
Agreement, (b) the circumstances of Executive’s termination of employment with the Company will have no impact on Executive’s obligations under this Agreement, and (c) this Agreement is enforceable by the Company and its
respective Subsidiaries, affiliates, successors and permitted assigns. 

  
 13 

 11. Additional Acknowledgments. 

(a) Executive and the Company each agree and intend that Executive’s obligations under this Agreement (to the extent not perpetual) be
tolled during any period that Executive is in breach of any of the obligations under this Agreement, so that the Company is provided with the full benefit of the restrictive periods set forth herein. 

(b) Executive also agrees that, in addition to any other remedies available to the Company and notwithstanding any provision of this Agreement
to the contrary, in the event Executive breaches in any material respect any of Executive’s obligations under Sections 7, 8 or 9 of this Agreement and any applicable cure period under this Agreement with respect to such breach shall have
lapsed, the Company shall be entitled to immediately cease all payments and benefits (including vesting of equity-based awards) under Section 4 of this Agreement and will have no further obligations thereunder. 

(c) Executive and the Company further agree that, in the event that any provision of Section 9 of this Agreement is determined by a court
of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic scope or too great a range of activities, that provision will be deemed to be modified to permit its enforcement to the
maximum extent permitted by law. Each of Executive and the Company acknowledges and agrees that the Company will suffer irreparable harm from a breach by Executive of any of the covenants or agreements contained in Sections 7, 8, or 9 of this
Agreement. Executive further acknowledges that the restrictive covenants set forth in those Sections are of a special, unique, and extraordinary character, the loss of which cannot be adequately compensated by monetary damages. Executive agrees that
the terms and provisions of Sections 7, 8, or 9 of this Agreement are fair and reasonable and are reasonably required for the protection of the Company in whose favor such restrictions operate. Executive acknowledges that, but for Executive’s
agreements to be bound by the restrictive covenants set forth in Sections 7, 8, or 9 of this Agreement, the Company would not have entered into this Agreement. In the event of an alleged or threatened breach by Executive of any of the provisions of
Sections 7, 8, or 9 of this Agreement, the Company or its successors or assigns may, in addition to all other rights and remedies existing in its or their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive
or other equitable relief in order to enforce or prevent any violations of the provisions hereof. 
 (d) Executive and the Company further
agree that the Company is the employer of Executive for all U.S. federal income tax and employment tax purposes. In accordance with such status, to the extent that any provision herein permits the Company to control, supervise, or otherwise
determine the rights, responsibilities, or obligations of Executive hereunder; to remunerate, reimburse, or otherwise provide any economic benefit to Executive hereunder (or to determine the amount of such payments or benefits); or to otherwise
initiate, terminate, or otherwise alter the terms of Executive’s employment with the Company hereunder, it is acknowledged and agreed by all parties hereto that such actions are taken on behalf of the Company, which hereby grants all necessary
power and authority to the Company to take such actions on behalf of the Company. 

  
 14 

 12. Executive’s Cooperation. During the Term of Employment, Executive shall
reasonably cooperate with the Company in any internal investigation, any administrative, regulatory or judicial investigation or proceeding or any dispute with a third party as reasonably requested by the Company to the extent that such
investigation, proceeding or dispute may relate to matters in which Executive has knowledge as a result of Executive’s employment with the Company or Executive’s serving as an officer or director of the Company (including Executive being
available to the Company upon reasonable notice for interviews and factual investigations, appearing at the Company’s request, after reasonable notice, to give testimony without requiring service of a subpoena or other legal process,
volunteering to the Company all pertinent information and turning over to the Company all relevant documents which are or may come into Executive’s possession, all at times and on schedules that are reasonably consistent with Executive’s
other permitted activities and commitments). Without limiting the generality of the foregoing, to the extent that the Company seeks such assistance, the Company shall use reasonable business efforts, whenever possible, to provide Executive with
reasonable advance notice of its need for Executive’s assistance and will attempt to coordinate with Executive the time and place at which Executive’s assistance will be provided with the goal of minimizing the impact of such assistance on
any other material pre-scheduled business commitment that Executive may have. In the event the Company requires Executive’s reasonable assistance or cooperation in accordance with this Section 12,
the Company shall reimburse Executive solely for reasonable travel expenses (including lodging and meals) upon submission of receipts and, for cooperation following the Term of Employment, a reasonable hourly fee. Nothing in this Section 12
shall abrogate in any respect the obligation (contractual or otherwise) of the REIT, the Operating Company or any affiliate of any of the foregoing to indemnify Executive for any acts or omissions during the Term of Employment or any period prior
thereto. 
 13. Executive’s Representations. Executive hereby represents and warrants to the Company that (a) the execution,
delivery and performance of this Agreement by Executive does not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which Executive
is bound, (b) Executive is not a party to or bound by any employment agreement, non-compete agreement or confidentiality agreement with any other Person and (c) upon the execution and delivery of
this Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms. Executive hereby acknowledges and represents that Executive has consulted with independent legal counsel
regarding Executive’s rights and obligations under this Agreement and that Executive fully understands the terms and conditions contained herein. 

14. Corporate Opportunity. Executive agrees that during Executive’s Term of Employment Executive will not use opportunities
discovered in the course of Executive’s employment hereunder for Executive’s own personal gain or benefit without the written consent of the Company. For example, if in any capacity described in Section 2 of this Agreement, Executive
is approached about or otherwise becomes aware of a potential investment or other business transaction that may be appropriate for the Company, Executive will not take that opportunity for Executive’s own, or share or disclose it to any third
party, but rather Executive will bring it to the attention of the Board. 
 15. Insurance for Company’s Own Behalf. The Company
may, at its discretion, apply for and procure in its own name and for its own benefit life and/or disability insurance on Executive in any amount or amounts considered advisable. Executive agrees to cooperate in any medical or other examination,
supply any information and execute and deliver any applications or other instruments in writing as may be reasonably necessary to obtain and constitute such insurance. 

  
 15 

 16. Withholding. The Company shall be entitled to deduct or withhold from any amounts
owing from the Company to Executive any federal, state, local or foreign withholding taxes, excise tax, or employment taxes that it reasonably determines are required to be imposed with respect to Executive’s compensation or other payments or
benefits from the Company or Executive’s ownership interest in the Company (including wages, bonuses, the receipt or exercise of equity awards and/or the receipt or vesting of restricted equity). 

17. Survival. The rights and obligations of the parties under this Agreement shall survive as provided herein or if necessary or
desirable to accomplish the purposes of other surviving provisions following the termination of Executive’s employment with the Company, regardless of the manner of or reasons for such termination. 

18. Notices. All notices, requests and other communications hereunder must be in writing and will be deemed to have been duly given only
if delivered personally against written receipt or mailed by prepaid first class certified mail, return receipt requested, or mailed by overnight courier prepaid, to (a) Executive at the address on file with the Company, and (b) Company at
the following address: 
 Steadfast Apartment REIT, Inc. 

18100 Von Karman Avenue 
 Suite
500 
 Irvine, CA 92612 

Attention: Board of Directors 
 All such notices,
requests and other communications will (i) if delivered personally to the address as provided in this Section 18, be deemed given on the day so delivered, or, if delivered after 5:00 p.m. local time or on a day other than a Saturday,
Sunday or any day on which banks located in the State of California are authorized or obligated to close (a “Business Day”), then on the next proceeding Business Day, (ii) if delivered by certified mail in the manner described
above to the address as provided in this Section 18, be deemed given on the earlier of the third Business Day following mailing or upon receipt and (iii) if delivered by overnight courier to the address as provided for in this
Section 18, be deemed given on the earlier of the first Business Day following the date sent by such overnight courier or upon receipt, in each case regardless of whether such notice, request or other communication is received by any other
Person to whom a copy of such notice is to be delivered pursuant to this Section 18. Any party hereto from time to time may change its address or other information for the purpose of notices to that party by giving notice specifying such change
to the other party hereto. 
 19. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other provision of this Agreement or any action in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision
had never been contained herein. 

  
 16 

 20. Entire Agreement. Except as otherwise stated here, this Agreement constitutes the
entire agreement among the parties pertaining to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties, including, without limitation, any prior offer
letter, employment or other employment or compensation-related agreement with Steadfast REIT Investments, LLC or any of its respective affiliates. Executive shall not be eligible to participate in any severance plan or program during the Term of
Employment and neither the Company nor any of its affiliates shall have any responsibility or liability with respect to any prior agreement or arrangement (including, without limitation, any agreement or arrangement entitling Executive to
distributions or allocations of profits or gains) with, or maintained by, Steadfast REIT Investments, LLC or any of its respective affiliates. 

21. No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to
express their mutual intent, and no rule of strict construction shall be applied against any party. 
 22. Counterparts. This
Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 

23. Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive, the Company
and their respective heirs, successors and assigns, except that Executive may not assign Executive’s rights or delegate Executive’s duties or obligations hereunder without the prior written consent of the Company. The Company may only
assign this Agreement to a successor to all or substantially all of the business and/or assets of the Company. As used in this Agreement, “Company” shall mean the Company and any successor to its business and/or assets, which assumes and
agrees to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise. 
 24. Choice of
Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of
California, without giving effect to any choice-of-law or conflict-of-law rules or
provisions (whether of the State of California or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of California. 

25. Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the Company
(as approved by the Board) and Executive, and no course of conduct or course of dealing or failure or delay by any party hereto in enforcing or exercising any of the provisions of this Agreement (including the Company’s right to terminate
Executive’s employment for Cause) shall affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this Agreement. 

26. Consent to Jurisdiction. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE STATE OF CALIFORNIA FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

  
 17 

 
EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL, RETURN RECEIPT REQUESTED, TO SUCH PARTY’S RESPECTIVE ADDRESS SET
FORTH ABOVE SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING IN THE STATE OF CALIFORNIA WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS SECTION 25. EACH OF THE PARTIES HERETO IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE STATE AND FEDERAL COURTS LOCATED IN THE
STATE OF CALIFORNIA, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM. 
 27. Section 409A. 

(a) Interpretation. Notwithstanding any provision to the contrary in this Agreement, this Agreement is intended to comply with the
requirements of Section 409A of the Code and regulations thereunder (“Section 409A”) or any exemption thereunder, to the extent applicable, and this Agreement shall be interpreted accordingly. If any
provisions of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause Executive to incur any additional tax or interest under Section 409A of the Code, the Company shall, after consulting with and
receiving the approval of Executive, reform such provision in a manner intended to avoid the incurrence by Executive of any such additional tax or interest; provided that the Company agrees to maintain, to the maximum extent practicable, the
original intent and economic benefit to Executive of the applicable provision without violating the provisions of Section 409A of the Code. For purposes of Section 409A, each payment made under this Agreement shall be treated as a separate
payment. In no event may Executive, directly or indirectly, designate the calendar year of any payment that constitutes deferred compensation for purposes of Section 409A. To the extent any payment or benefit provided under this Agreement is
contingent upon Executive’s execution of the general release of claims described in Section 4(b)(ii), if such payment or benefit constitutes deferred compensation for purposes of Section 409A and the
60-day period described in such sections spans calendar years, such payment and/or benefit shall be paid or commence, as applicable, in the latter calendar year. Executive will be deemed to have a termination
of employment for purposes of determining the timing of any payments or benefits hereunder that constitute deferred compensation for purposes of Section 409A only upon a “separation from service” within the meaning of
Section 409A. 
 (b) Payment Delay. Notwithstanding any provision to the contrary in this Agreement, if on the date of
Executive’s termination of employment, Executive is a “specified employee” (as such term is used in Section 409A), then any amounts payable to Executive that constitute deferred compensation for purposes of Section 409A that
are payable due to Executive’s termination of employment shall be postponed and paid (without interest) to Executive in a lump sum on the first day of the seventh month after Executive’s “separation from service” (within the
meaning of Section 409A) with the Company (or any successor thereto); provided, however, that if Executive dies during such six-month period and prior to payment of the postponed cash amounts hereunder,
the amounts delayed on account of Section 409A shall be paid to the personal representative of Executive’s estate on the 60th day after Executive’s death. 

  
 18 

 (c) Reimbursements. All reimbursements provided under this Agreement that constitute
deferred compensation under Section 409A shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during
Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar
year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the taxable year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to liquidation or
exchange for another benefit. 
 [Signature Page Follows] 

  
 19 

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

			
	STAR REIT SERVICES, LLC,
		
	By:	 	          

	Name:
	Title:
	
	STEADFAST APARTMENT REIT, INC.
		
	By:	 	          

	Name:
	Title:
	
	STEADFAST APARTMENT REIT OPERATING PARTNERSHIP, L.P. 
	
	By: STEADFAST APARTMENT REIT, INC., its general partner
		
	By:	 	          

	Name:
	Title:
	
	EXECUTIVE
	
	  

	[                     ]

  
 20 

 EXHIBIT A 

GENERAL RELEASE 

I, [             ], in consideration of and subject to the performance by STAR
REIT Services, LLC, a Delaware limited liability company (“SRS”), Steadfast Apartment REIT, Inc., a Maryland corporation (the “REIT”), Steadfast Apartment REIT Operating Partnership, L.P., a Delaware limited
partnership, the operating company subsidiary of the REIT (the “Operating Company” and, together with SRS and the REIT, the “Company”), of their respective obligations under the Employment Agreement dated as of
September 1, 2020 (the “Agreement”), do hereby release and forever discharge as of the date hereof the Company and its respective affiliates and all present, former and future managers, directors, officers, employees,
attorneys, advisors, successors and assigns of the Company and its affiliates and direct or indirect owners (collectively, the “Released Parties”) to the extent provided below (this “General Release”).
The Released Parties are intended to be third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Released Parties
hereunder. Terms used herein but not otherwise defined shall have the meanings given to them in the Agreement. 
 1. I understand that any
payments or benefits paid or granted to me under Section 4 of the Agreement represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I
will not receive certain of the payments and benefits specified in Section 4 of the Agreement unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter. Such payments and benefits
will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its affiliates. 

2. Except as provided in paragraphs 4 and 5 below and except for the provisions of the Agreement which expressly survive the termination of my
employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions,
causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities
of any nature whatsoever in law and in equity, both past and present (through the date that this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company or any of the Released
Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have, which arise out of or are connected with my employment with, or my separation or termination from, the Company (including, but not limited to, any
allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act);
the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable
Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state 

  
 21 

 
or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under
any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in
these matters) (all of the foregoing collectively referred to herein as the “Claims”). 
 3. I represent that I have made no
assignment or transfer of any right, claim, demand, cause of action or other matters covered by paragraph 2 above. 
 4. I agree that this
General Release does not waive or release any rights or claims that I may have which arise after the date I execute this General Release. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the
Agreement shall not serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967). 

5. I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of any kind
whatsoever in respect of any Claims, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive relief. Notwithstanding the above, I further acknowledge that I am not waiving and am not being required to waive any
right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative investigation or proceeding; provided, however, that subject to paragraph 11 below, I disclaim and waive
any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding, except pursuant to a government-administered whistleblower award program. Additionally, I am not waiving
(i) any right to the Accrued Benefits or any severance benefits to which I am entitled under the Agreement, (ii) any claim relating to directors’ and officers’ liability insurance coverage or any right of indemnification under
the Company’s organizational documents or otherwise, or (iii) my rights as an equity or security holder in the Company or its affiliates. 

6. Defend Trade Secrets Act. I acknowledge that I am hereby notified that under the Defend Trade Secrets Act of 2016: (i) no individual will be
held criminally or civilly liable under federal or state trade secret law for disclosure of a trade secret (as defined in the Economic Espionage Act) that is: (A) made in confidence to a federal, state, or local government official, either
directly or indirectly, or to any attorney, and made solely for the purpose of reporting or investigating a suspected violation of law or (B) made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made
under seal so that it is not made public; and (ii) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the
trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order. 

7. In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims
hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims
(notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any 

  
 22 

 
other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company would
not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the Company, or in the event I should seek to recover against the Company in any Claim brought by a governmental agency
on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law. I further agree that I am not aware of any pending claim of the type described in paragraph 2 above as of the execution of
this General Release. I agree that because the releases contained in this General Release specifically cover known and unknown claims, I waive my rights under Section 1542 of the California Civil Code, or under any comparable law of any other
jurisdiction. Section 1542 states: 
 A general release does not extend to claims which the creditor does not know or suspect to exist
in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor. 

8. I agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at
any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct. 
 9. I agree that if I violate
this General Release by suing the Company or the other Released Parties, I will pay all costs and expenses of defending against the suit incurred by the Released Parties, including reasonable attorneys’ fees. 

10. I agree that this General Release and the Agreement are confidential and agree not to disclose any information regarding the terms of this
General Release or the Agreement, except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to
anyone. 
 11. I agree that this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry about this
General Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other self-regulatory organization or any
other governmental entity or federal or state regulatory authority (collectively, “Government Agencies”). I further understand that this General Release does not limit my ability to communicate with any Government Agencies or
otherwise participate in any investigation or proceeding that may be conducted by any Government Agency without notice to the Company. This General Release does not limit my right to receive an award for information provided to any Government
Agencies. 
 12. I hereby acknowledge that Sections 4 through 28 of the Agreement shall survive my execution of this General Release. 

13. I represent that I am not aware of any claim by me other than the claims that are released by this General Release. I acknowledge that I
may hereafter discover claims or facts in addition to or different than those which I now know or believe to exist with respect to the subject matter of the release set forth in paragraph 2 above and which, if known or suspected at the time of
entering into this General Release, may have materially affected this General Release and my decision to enter into it. 

  
 23 

 14. Notwithstanding anything in this General Release to the contrary, this General Release
shall not relinquish, diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof. 

15. Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under
applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any
other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT: 
  

	 	1.	 I HAVE READ IT CAREFULLY; 

 

	 	2.	 I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO,
RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED; 

  

	 	3.	 I VOLUNTARILY CONSENT TO EVERYTHING IN IT; 

 

	 	4.	 I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL
READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION; 

  

	 	5.	 I HAVE HAD AT LEAST [21][45] DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT, AND THE
CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED [21][45]-DAY PERIOD; 

 

	 	6.	 I UNDERSTAND THAT I HAVE 7 DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL
NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED; 

  

	 	7.	 REVOCATION MUST BE COMMUNICATED IN WRITING TO THE COMPANY BY DIRECTING SUCH NOTICE TO:
______________________________________________________; 

  
 24 

	 	8.	 I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO
ADVISE ME WITH RESPECT TO IT; AND 

  

	 	9.	 I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY
AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME. 

 [Signature Page Follows]

  

			
	SIGNED:                                    
                                         
   	 	DATED:                                     
                           

  
 25 

 EXHIBIT B 

CALIFORNIA LABOR CODE SECTIONS 2870-2872 

2870. (a) Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention
to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information except for those inventions that
either: 
 1. Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or
demonstrably anticipated research or development of the employer; or 
 2. Result from any work performed by the employee for the employer.

 (b) To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to
be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable. 
 2871. No employer shall require a
provision made void and unenforceable by Section 2870 as a condition of employment or continued employment. Nothing in this article shall be construed to forbid or restrict the right of an employer to provide in contracts of employment for
disclosure, provided that any such disclosures be received in confidence, of all of the employee’s inventions made solely or jointly with others during the term of his or her employment, a review process by the employer to determine such issues
as may arise, and for full title to certain patents and inventions to be in the United States, as required by contracts between the employer and the United States or any of its agencies. 

2872. If an employment agreement entered into after January 1, 1980, contains a provision requiring the employee to assign or offer to assign any of his
or her rights in any invention to his or her employer, the employer must also, at the time the agreement is made provide a written notification to the employee that the agreement does not apply to an invention which qualifies fully under the
provisions of Section 2870. In any suit or action arising thereunder, the burden of proof shall be on the employee claiming the benefits of its provisions. 

  
 26EX-10.11

 Exhibit 10.11 

STEADFAST APARTMENT REIT, INC. 

RESTRICTED STOCK AWARD AGREEMENT
  

			
	 Name of Recipient:
	  	 [ ]

	 Number of Award Shares:
	  	 [ ]

		
	 Award Date:
	  	 September 1, 2020

 THIS AGREEMENT (the “Agreement”) is made and entered into as of the day and date on
the last page hereof (the “Award Date”), by and between Steadfast Apartment REIT, Inc. (the “Company”), a Maryland corporation, and the individual Recipient noted above (the
“Recipient”). Unless otherwise indicated, all capitalized terms used in this Agreement are defined in the Plan as of the Award Date or in the “Definitions” section of EXHIBIT A.
EXHIBIT A is incorporated by reference and is included in the definition of “Agreement.” 
 W I T N E S
S E T H: 
 WHEREAS, the Company has adopted the Steadfast Apartment REIT, Inc. Amended and Restated 2013 Incentive Plan (the
“Plan”); and 
 WHEREAS, the Board of Directors of the Company (the “Board”) or a committee thereof
has authorized the grant under the Plan to Recipient of a restricted stock award of the common stock of the Company (“Common Stock”), and the Company and Recipient wish to confirm herein the terms, conditions, and restrictions of
the restricted stock award; 
 NOW, THEREFORE, in consideration of the premises, the mutual covenants contained herein, and other
good and valuable consideration, the parties hereto agree as follows: 
 1 AWARD OF SHARES

1.1 Award of Shares. Subject to the terms, restrictions, limitations, and conditions stated herein and in the Plan, the Company
hereby awards to Recipient the number of shares of Common Stock (the “Award Shares”) noted above. By the execution of this Agreement, the Recipient hereby accepts the Award Shares subject to all terms and provisions of this
Agreement. 

 1.2 Vesting of Award Shares. Recipient shall become vested in a percentage of
the Award Shares shown below, subject (except as provided otherwise in this Section 1.2) to the Continuous Service of the Recipient from the Award Date of the Award Shares through the specified vesting date: 

 

			
	 Vesting Schedule:

	 Percentage Vested:
	  	Vesting Date:
	50%	  	Second anniversary of the Closing
	50%	  	Third anniversary of the Closing

 If the above calculation of vested Award Shares would result in a fraction, any fraction will be rounded to zero. Upon the
cessation of the Recipient’s Continuous Service prior to the Vesting Date, the Award Shares shall automatically be forfeited; provided, that if (i) a Change in Control occurs while the Recipient is performing Continuous Service and the
Award Shares are not assumed, (ii) the Recipient ceases Continuous Service by reason of death or the Company terminates the Recipient’s Continuous Service due to the Recipient’s Disability (as that term is defined in a then current
employment agreement or offer letter), or (iii) the Recipient’s employment agreement or offer letter provides for accelerated vesting upon such cessation of Continuous Service, then the Recipient shall nonetheless immediately, as of the
date of such Change in Control or cessation of Continuous Service, as applicable, become fully (100%) vested in the Award Shares. Notwithstanding the foregoing, the Board may, in its sole discretion, accelerate the vesting of the Award Shares in
whole or in part. The Award Shares which have become vested pursuant to the vesting schedule or by virtue of such acceleration are herein referred to as the “Vested Award Shares” and all Award Shares which are not Vested Award
Shares are sometimes herein referred to as the “Unvested Award Shares.” 
 1.3 Rights as Stockholder;
Dividend & Voting Rights. Recipient shall be entitled to ordinary dividends paid or declared on Vested and Unvested Award Shares for which the record date is on or after the date such Award Shares have been issued in the
Recipient’s name; provided, however, any dividends paid in the form of common stock of the Company shall be considered Award Shares and shall be subject to all terms and provisions of this Agreement as the underlying Award Shares.
Recipient shall have all voting rights applicable for all Vested and Unvested Award Shares for which the record date is on or after the date such Award Shares have been issued in the Recipient’s name. Recipient shall have no rights whatsoever
(dividend, voting or otherwise) with respect to Award Shares which have been forfeited under Section 1.2. 
 1.4 Withholding
on Award Shares. Recipient hereby agrees that, in consideration for the grant of the Award Shares, the following federal and state income tax withholding provisions shall apply: 

(a) Code §83(b) Election Made by Recipient. If the Recipient makes a Code §83(b) Election
(see EXHIBIT B attached for an example) with respect to the Award Shares, then, in order not to forfeit Award Shares, the Recipient must deliver to the Company a check payable to the Company in the amount of all withholding or other
tax obligations (whether federal, state or local) imposed on the Company by reason of such Code §83(b) Election simultaneously with the Recipient’s delivery to the Company of a copy of his Code §83(b) Election (which must occur no
later than thirty (30) days after the Award Date). If the Recipient does not timely make such payment, the Award Shares shall be immediately forfeited by the Recipient, and any amounts which must be paid by the Company for any required
withholding or other tax obligations imposed on the Company by reason of such Code §83(b) Election shall be paid by the Recipient by directly withholding all such amounts as quickly as possible consistent with applicable law from any other
compensation payable to the Recipient on or after the date of such Code §83(b) Election. The Recipient hereby agrees to the withholding by the Company outlined in the preceding sentence, and authorizes and directs that such withholding from the
Recipient’s compensation be made if such sentence is applicable. 

 (b) Code §83(b) Election Not Made by
Recipient. If the Recipient does not make a Code §83(b) Election with respect to the Award Shares, then the Recipient shall be entitled to elect one (or a combination) of the following methods of satisfying the Company’s withholding
obligations (see EXHIBIT C attached): 
 (1) Direct Payment on or prior to Substantial Vesting
Event. The Recipient may, on or before the date of occurrence of an event pursuant to which such Award Shares become “substantially vested” within the meaning of Code §83, deliver to the Company cash and/or a check payable to the
Company in the amount of all withholding obligations (whether federal, state or local) imposed on the Company by reason of the substantial vesting of such Award Shares. 

(2) Return of Vested Award Shares upon Substantial Vesting Event. The Recipient may, as of the close of business
on the business day which is coincident with or which immediately follows the occurrence of an event pursuant to which such Award Shares become “substantially vested” within the meaning of Code §83, direct the Company to repurchase
from the Recipient the smallest whole number of Vested Award Shares which, when multiplied by the Fair Market Value of the Common Stock on such business date, is sufficient to satisfy the amount of the withholding tax obligations imposed on the
Company by reason of the vesting of the Award Shares. If the Recipient elects this method of satisfying withholding obligations, the Recipient acknowledges and understands that any Vested Award Shares repurchased from the Recipient may result in tax
consequences to the Recipient. 
 The Recipient’s election of a method of withholding under this Section 1.4 must be made prior to the date of
occurrence of an event pursuant to which such Award Shares become “substantially vested” within the meaning of Code §83. The Recipient’s election of a method of withholding under this Section 1.4 shall, once made, be
irrevocable. If the Recipient fails to timely make an election with respect to the vesting of any Award Shares, then the method specified in Section 1.4(b)(2) shall automatically apply. 

1.5 Investment Representations. Recipient hereby represents, warrants, covenants, and agrees with the Company as follows: 

(a) The Award Shares being acquired by Recipient will be acquired for Recipient’s own account without the
participation of any other person, with the intent of holding the Award Shares for investment and without the intent of participating, directly or indirectly, in a distribution of the Award Shares and not with a view to, or for resale in connection
with, any distribution of the Award Shares, nor is Recipient aware of the existence of any distribution of the Award Shares; 

(b) Recipient is not acquiring the Award Shares based upon any representation, oral or written, by any person with
respect to the future value of, or income from, the Award Shares but rather upon an independent examination and judgment as to the prospects of the Company; 

 (c) The Award Shares were not offered to Recipient by means of
publicly disseminated advertisements or sales literature, nor is the Recipient aware of any offers made to other persons by such means; 

(d) Recipient is able to bear the economic risks of the investment in the Award Shares, including the risk of a complete
loss of Recipient’s investment therein; 
 (e) Recipient understands and agrees that the Award Shares will be
issued and sold to Recipient without registration under any state law relating to the registration of securities for sale, and will be issued and sold in reliance on the exemptions from registration under the Securities Act of 1933 (the
“1933 Act”), provided by Sections 3(b) and/or 4(2) thereof and the rules and regulations promulgated thereunder; 

(f) The Award Shares cannot be offered for sale, sold or transferred by Recipient other than pursuant to: (A) an
effective registration under the 1933 Act or in a transaction otherwise in compliance with the 1933 Act; and (B) evidence satisfactory to the Company of compliance with the applicable securities laws of other jurisdictions. The Company shall be
entitled to rely upon an opinion of counsel satisfactory to it with respect to compliance with the above laws; 
 (g)
The Company will be under no obligation to register the Award Shares or to comply with any exemption available for sale of the Award Shares without registration or filing, and the information or conditions necessary to permit routine sales of
securities of the Company under Rule 144 of the 1933 Act are not now available and no assurance has been given that it or they will become available. The Company is under no obligation to act in any manner so as to make Rule 144 available with
respect to the Award Shares; 
 (h) Recipient has and has had complete access to and the opportunity to review and
make copies of all material documents related to the business of the Company, including, but not limited to, contracts, financial statements, tax returns, leases, deeds, and other books and records. Recipient has examined such of these documents as
Recipient has wished and is familiar with the business and affairs of the Company. Recipient realizes that the purchase of the Award Shares is a speculative investment and that any possible profit therefrom is uncertain; 

(i) Recipient has had the opportunity to ask questions of and receive answers from the Company and any person acting on
its behalf and to obtain all material information reasonably available with respect to the Company and its affairs. Recipient has received all information and data with respect to the Company which Recipient has requested and which Recipient has
deemed relevant in connection with the evaluation of the merits and risks of Recipient’s investment in the Company; 

(j) Recipient has such knowledge and experience in financial and business matters that Recipient is capable of
evaluating the merits and risks of the purchase of the Award Shares hereunder and Recipient is able to bear the economic risk of such purchase; and 

(k) The agreements, representations, warranties, and covenants made by Recipient herein extend to and apply to all of
the Award Shares of the Company issued to Recipient pursuant to this restricted stock award. Acceptance by Recipient of such Award Shares shall constitute a confirmation by Recipient that all such agreements, representations, warranties, and
covenants made herein shall be true and correct at that time. 

 2 RESTRICTIONS OF AWARD SHARES 

2.1 Restrictions on Unvested Award Shares. None of the Unvested Award Shares may be conveyed, pledged, assigned, transferred,
hypothecated, encumbered, or otherwise disposed of by Recipient, and any attempt to do so with respect to Unvested Award Shares shall be null and void ab initio, unless the Committee expressly authorizes such in writing, in which case the
transferee shall be subject to all provisions of this Restricted Stock Agreement. If Unvested Award Shares are transferred pursuant to the preceding sentence, the Recipient agrees to notify the Committee at least thirty (30) days prior to such
transfer, and the Committee may require that the transferee thereof execute and deliver to the Company such documents and agreements as the Company shall reasonably require to evidence the fact that the Award Shares to be owned, either directly or
beneficially, by such transferee shall continue to be subject to all the restrictions set forth in this Agreement and all applicable rights in favor of the Company set forth elsewhere herein, and that such transferee is subject to and bound by such
restrictions and provisions. The restrictions of this Section 2.1 shall not apply to Vested Award Shares. 
 2.2 Market-Stand-Off Agreement. Recipient agrees that, if requested by the Company and its underwriters, Recipient will enter into a lock-up or similar agreement not to sell
or offer to sell any securities of the Company during the 180-day period following the effective date of a registration statement of the Company filed under the 1933 Act provided that such agreement only
applies to the first such registration statement of the Company which includes securities to be sold on the Company’s behalf to the public in an underwritten offering. 

3 GENERAL PROVISIONS
 3.1
Legends. Each certificate (if any) representing the Award Shares shall, subject to Section 3.2 below, be endorsed with the following legend and Recipient shall not make any transfer of the Award Shares without first complying with
the restrictions on transfer described in such legend: 
 TRANSFER IS RESTRICTED

THE SECURITIES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A RESTRICTED STOCK AWARD AGREEMENT DATED
SEPTEMBER 1, 2020, A COPY OF WHICH IS AVAILABLE FROM THE COMPANY. 
 THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, OR HYPOTHECATED UNLESS (1) THERE IS AN EFFECTIVE REGISTRATION UNDER SUCH ACT COVERING SUCH SECURITIES, (2) THE TRANSFER IS MADE IN
COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT, OR (3) THE ISSUER RECEIVES AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF SUCH ACT. 

 Recipient agrees that the Company may also endorse any other legends required by applicable federal or state
securities laws. The Company need not register a transfer of the Award Shares, and may also instruct its transfer agent, if any, not to register the transfer of the Award Shares unless the conditions specified in the foregoing legends are satisfied.

 3.2 Removal of Legend and Transfer Restrictions.

(a) Any legend endorsed on a certificate pursuant to Section 3.1 and the stop transfer instructions with respect to
the Award Shares shall be removed and the Company shall issue a certificate without such legend to the holder thereof if such Award Shares are registered under the Securities Act and a prospectus meeting the requirements of Section 10 of the
Securities Act is available. 
 (b) The restrictions described in the second sentence of the legend set forth in
Section 3.1 may be removed at such time as permitted by Rule 144(k) promulgated under the Securities Act. 
 3.3 Governing
Laws. This Agreement shall be construed, administered and enforced according to the laws of the State of Maryland; provided, however, no Award Shares shall be issued except, in the reasonable judgment of the Board, in compliance with exemptions
under applicable state securities laws of the state in which Recipient resides, and/or any other applicable securities laws. 
 3.4
Successors. This Agreement shall be binding upon and inure to the benefit of the heirs, legal representatives, successors, and permitted assigns of the parties. 

3.5 Notice. Except as otherwise specified herein, all notices and other communications under this Agreement shall be in writing
and shall be deemed to have been given if personally delivered or if sent by registered or certified United States mail, return receipt requested, postage prepaid, addressed to the proposed recipient at the last known address of the recipient. Any
party may designate any other address to which notices shall be sent by giving notice of the address to the other parties in the same manner as provided herein. 

3.6 Severability. In the event that any one or more of the provisions or portion thereof contained in this Agreement shall for
any reason be held to be invalid, illegal, or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of this Agreement, and this Agreement shall be construed as if the invalid, illegal or unenforceable
provision or portion thereof had never been contained herein. 
 3.7 Entire Agreement. Subject to the terms and conditions of
the Plan, this Agreement, together with any terms applicable to the Award Shares in the Recipient’s employment agreement or offer letter or any severance plan in which the Recipient is a participant at the time of termination (such terms being
incorporated herein by reference) expresses the entire understanding and agreement of the parties with respect to the subject matter. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of
which shall constitute one and the same instrument. 
 3.8 Violation. Any transfer, pledge, sale, assignment, or hypothecation
of the Award Shares or any portion thereof shall be a violation of the terms of this Agreement and shall be null, void and without effect ab initio. 

 3.9 Headings. Paragraph headings used herein are for convenience of reference
only and shall not be considered in construing this Agreement. 
 3.10 Specific Performance. In the event of any actual or
threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the party or parties who are thereby aggrieved shall have the right to specific performance and injunction in addition to any and all other rights
and remedies at law or in equity, and all such rights and remedies shall be cumulative. 
 3.11 No Employment Rights Created.
Neither the establishment of the Plan nor the award of Award Shares hereunder shall be construed as giving Recipient the right to continued employment with the Company. 

3.12 Capitalized Terms. All capitalized terms used in this Agreement shall have the meanings given to them herein or in the Plan.

 3.13 No Disclosure Duty. The Recipient and the Company acknowledge and agree that the Company and its directors, officers or
employees shall have no duty or obligation to disclose to the Recipient any material information regarding the business of the Company or affecting the value of the Award Shares. 

3.14 Tax Consequences. RECIPIENT REPRESENTS THAT RECIPIENT HAS BEEN ADVISED BY THE COMPANY TO CONSULT WITH, AND HAS FULLY
CONSULTED WITH, RECIPIENT’S OWN TAX CONSULTANTS REGARDING HIS MAKING A CODE §83(B) ELECTION WITH RESPECT TO THE AWARD SHARES AND THE RESULTING IMPACT ON RECIPIENT’S PERSONAL TAX SITUATION, PRIOR TO ENTERING INTO THIS AGREEMENT AND
THAT RECIPIENT IS NOT RELYING ON THE COMPANY FOR ANY TAX ADVICE. RECIPIENT UNDERSTANDS THAT RECIPIENT MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF RECIPIENT’S RECEIPT AND DISPOSITION OF THE SHARES. RECIPIENT UNDERSTANDS THAT RECIPIENT MAY
OR MAY NOT MAKE A CODE §83(B) ELECTION WITH RESPECT TO THE AWARD SHARES, BUT THAT RECIPIENT SHALL BE SUBJECT TO THE WITHHOLDING PROVISIONS OF SECTION 1.4 HEREIN BASED UPON THE CHOICE OF RECIPIENT REGARDING SUCH CODE §83(B) ELECTION AND THE
CHOICE OF RECIPIENT REGARDING THE TIME AND MANNER THAT WITHHOLDING OBLIGATIONS SHALL BE SATISFIED. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the parties have executed and sealed this Agreement on the day
and year first set forth above. 
  

			
	 COMPANY:
	  	 RECIPIENT:

	 STEADFAST APARTMENT REIT, INC.:
	  	
		  	  

	 By:
                                         
                                         
          
	  	
	 Its:
                                         
                                         
          
	  	
		
	 Attest:
	  	
		
	 By:
                                         
                                         
          
	  	
	 Its:
                                         
                                         
          
	  	

 EXHIBIT A 

DEFINITIONS
  

	 	A.	 Agreement shall mean this Restricted Stock Agreement. 

 

	 	B.	 Award Shares shall mean the shares of common stock of the Company which are awarded to the Recipient
subject to the terms and conditions of this Agreement. 

  

	 	C.	 Change in Control shall mean the occurrence of any of the following after the Closing:

  

	 	i.	 the direct or indirect sale, transfer, conveyance or other disposition, in one or a series of related
transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries, taken as a whole, to any Exchange Act Person; 

  

	 	ii.	 the following individuals cease for any reason to constitute a majority of the number of directors then serving
on the Board: individuals who, as of the Closing, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a
consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s shareholders was approved or recommended by a vote of at least a majority of the
directors then still in office who either were directors on the Closing or whose appointment, election or nomination for election was previously so approved or recommended; 

 

	 	iii.	 an Exchange Act Person becomes the “beneficial owner” (as used in Rule
13d-3 under the Exchange Act) of 50% or more of the total voting power of the stock of the Company; 

  

	 	iv.	 the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of
corporate transaction involving the Company if, immediately after the consummation of such transaction, the shareholders of the Company immediately prior thereto do not own, directly or indirectly, either outstanding voting securities representing
more than 50% of the combined outstanding voting power of the surviving entity in such transaction or more than 50% of the combined outstanding voting power of the parent of the surviving entity in such transaction; or 

 

	 	v.	 the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of
corporate transaction involving the Company if, immediately after the consummation of such transaction, (A) the shareholders of the Company immediately prior thereto own, directly or indirectly, either outstanding voting securities representing
more than 50% of the combined outstanding voting power of the surviving entity in such transaction or more than 50% of the combined outstanding voting power of the parent of the surviving entity in such transaction, (B) the Company is not the
surviving entity, other than a reorganization or other transaction with an affiliate or (C) at the direction of the 

	 	
counter-party to such transaction, the individuals who were serving as the Chief Executive Officer and Chief Financial Officer of the Company as of the consummation of such transaction will not
continue to serve as the Chief Executive Officer and Chief Financial Officer, respectively, of the Company or the surviving entity in such transaction (or, if the Company or the surviving entity is not the parent entity, of the parent entity).

 Notwithstanding the foregoing, a Change in Control shall not be deemed to have occurred by virtue of a Qualified Event or
any transaction or series of integrated transactions primarily intended to change the state of incorporation of the Company or immediately following which the shareholders of the Company immediately prior to such transaction or series of
transactions continue to have substantially the same proportionate ownership in a Person that owns all or substantially all of the voting securities or assets of the Company immediately following such transaction or series of transactions. 

 

	 	D.	 Change in Control Period shall mean the period beginning on the date of a Change in Control and ending
on the 12 month anniversary of the date of the Change in Control. 

  

	 	E.	 Closing shall mean the Closing as defined in that certain Contribution and Purchase Agreement by and
among the Company, Steadfast Apartment REIT Operating Partnership, L.P. and Steadfast REIT Investments, LLC, dated as of August 31, 2020. 

  

	 	F.	 Code shall mean the Internal Revenue Code of 1986, as amended from time to time. 

 

	 	G.	 Code §83(b) Election shall mean the election available to the recipient of property
transferred in connection with the performance of services to include in gross income under Code §83(b) the excess of the fair market value of the property transferred determined as of the time of transfer over the amount (if any) paid for such
property as compensation for services. 

  

	 	H.	 Common Stock shall mean the common stock of the Company. 

 

	 	I.	 Company shall mean Steadfast Apartment REIT, Inc., and any successor thereto. 

 

	 	J.	 Committee shall mean the Compensation Committee of the Board of Directors. 

 

	 	K.	 Exchange Act shall mean the Securities Exchange Act of 1934, as amended from time to time.

  

	 	L.	 Exchange Act Person shall mean any Person or group (as defined in Section 13(d)(3) of the Exchange
Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding securities pursuant to a registered public offering of such securities, (iv) an entity owned, directly or
indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company or (v) any Person that, as of immediately prior to the transaction or series of transactions, is the owner,
directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities. 

	 	M.	 Plan shall mean the Steadfast Apartment REIT, Inc. Amended and Restated 2013 Incentive Plan.

  

	 	N.	 Qualified Event shall mean either of the following: (a) an initial listing of the Company’s
(or a successor’s or parent entity’s) stock on the New York Stock Exchange, NASDAQ (for clarity, other than a listing pursuant to a transaction described in Section 6(b)(v) above) or on any other nationally recognized stock exchange;
or (b) an underwritten public offering of the Company’s (or a successor’s or parent entity’s) stock pursuant to an effective registration statement under the Securities Act of 1933, as amended from time to time, which shares are
approved for listing or quotation on the New York Stock Exchange, NASDAQ or on any other nationally recognized stock exchange. 

  

	 	O.	 Recipient shall mean the individual shown on this Agreement as the Recipient. 

 

	 	P.	 Unvested Award Shares shall mean the Award Shares which have not become vested pursuant to
the Vesting Schedule or otherwise. 

  

	 	Q.	 Vested Award Shares shall mean the Award Shares which have become vested pursuant to the Vesting
Schedule or otherwise. 

 EXHIBIT B 

ELECTION UNDER SECTION 83(b) 

OF THE INTERNAL REVENUE CODE 

The undersigned taxpayer (the “Taxpayer”) hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as
amended, to include in his gross income for the current taxable year, the amount of any compensation taxable to him in connection with his receipt of the property described below: 

1. The name, address and taxpayer identification number of the undersigned Taxpayer are as follows: 

 

			
	 Name:
	 	  

		
	 Address:
	 	  

		
	 Social Security

Number (TIN):
	 	  

 2. The property with respect to which the election is made is: 

shares of common stock of Steadfast Apartment REIT, Inc. 

3. The date on which the property was transferred and the taxable year for which this election is made are: 

 

			
	 Date on Which Property Was

Transferred:
	 	  

		
	 Taxable Year for Which

Election is Made:
	 	  

 4. The property is subject to transferability, forfeiture and other restrictions, all as set forth in a
Restricted Stock Agreement between the Taxpayer and Steadfast Apartment REIT, Inc. 
 5. The fair market value at the time of transfer,
determined without regard to any restriction other than a restriction which by its terms will never lapse, of such property is: 
  

	
	$________ /Share X ________ Shares = $ ________

 6. No amount was paid for such property. 

 The undersigned Taxpayer has submitted copies of this statement to Steadfast Apartment REIT,
Inc., the person for whom the services were performed in connection with the Taxpayer’s receipt of the above-described property. The Taxpayer is the person performing the services in connection with the transfer of said property. The
undersigned Taxpayer understands that the foregoing election may NOT be revoked except with the consent of the Commissioner, which will only be granted when the Taxpayer is under a mistake of fact as to the underlying transaction and when made
within 60 days of the date such mistake of fact first became known to the Taxpayer.
 THE UNDERSIGNED TAXPAYER UNDERSTANDS AND
ACKNOWLEDGES THAT, FOR THIS ELECTION TO BE EFFECTIVE, COPIES OF THIS COMPLETED ELECTION FORM MUST BE FILED WITH THE INTERNAL REVENUE SERVICE (AT THE LOCATION WHERE THE TAXPAYER’S INCOME TAX RETURN WOULD BE FILED) NOT LATER THAN 30 DAYS AFTER
THE DATE THE ABOVE-DESCRIBED PROPERTY WAS TRANSFERRED TO THE TAXPAYER. A COPY OF THIS COMPLETED ELECTION MUST ALSO BE SUBMITTED TO STEADFAST APARTMENT REIT, INC., ALONG WITH FULL PAYMENT OF AMOUNTS REQUIRED TO BE WITHHELD UNDER APPLICABLE LAW,
WITHIN 30 DAYS AFTER THE DATE THE ABOVE-DESCRIBED PROPERTY WAS TRANSFERRED TO THE TAXPAYER. 
  

			
	Dated this day of         , 20
		
	Signature:	 	  

		
	 Name of
 Taxpayer:
	 	  

 Code §83(b) Election Form 

 EXHIBIT C 

WITHHOLDING ELECTION 
  

			
	 TO:
	  	 Steadfast Apartment REIT, Inc.

		
	 RE:
	  	 Withholding Election

	
	This election relates to the number of shares of common stock of the Company which will vest on the date noted below (the “Vesting Shares”):
	
	 Number of Vesting Shares:

	
	 Date of Vesting:

  

	
	 Restricted Stock Agreement:

	
	Restricted Stock Agreement between the Recipient (designated below) and Steadfast Apartment REIT, Inc. (the “Company”).
	
	 Date of Agreement:

	
	 Total Number of Restricted Shares subject to Restricted Stock Agreement:

 I, the undersigned Recipient, hereby certify that: 
  

	 	•	 	 My correct name and social security number and my current address are set forth at the end of this document.

  

	 	•	 	 I have read and understand the Restricted Stock Agreement and the various methods by which withholding
obligations regarding the Vesting Shares subject to the Restricted Stock Agreement may be satisfied. 

  

	 	•	 	 I do hereby elect the following method of withholding pursuant to Section 1.4 of the Restricted Stock
Agreement with respect to any withholding or other tax obligations (whether federal, state or local) imposed on the Company by reason of the substantial vesting of the Vesting Shares (the “Withholding Obligations”), assuming that I
have met all requirements under the Plan relative to such election and such election is approved by the Company: 

  

	☐	 In accordance with Section 1.4(b)(1), I hereby elect to pay to the Company the entire amount of all
Withholding Obligations with respect to the Vesting Shares in cash or by check on or before the Date of Vesting. 

	☐	 In accordance with Section 1.4(b)(2), I hereby elect that the entire amount of all Withholding Obligations
with respect to the Vesting Shares should be paid by having the Company repurchase the smallest whole number of the Vested Shares which, when multiplied by the fair market value per share of the common stock of the Company as of the close of
business on the business day which is coincident with or immediately follows the Date of Vesting, will be sufficient to satisfy the amount of such Withholding Obligations, and applying all the proceeds from such repurchase to such Withholding
Obligations. I further acknowledge and understand that the repurchase by the Company of any Vested Shares may result in tax consequences to me. 

  

	 	•	 	 I understand that capitalized terms used in this Withholding Election without definition herein shall have the
meanings given to them in the Restricted Stock Agreement and in the Plan. 

  

	 	•	 	 I also understand that if I do not timely (in accordance with the Restricted Stock Agreement and the Plan) submit
this form properly completed, I shall be responsible for timely paying all Withholding Obligations and that the Company may withhold an amount sufficient to pay all the Withholding Obligations from any other amounts due or owing to me (including
salary) if I do not do so. 

  

					
		  	 RECIPIENT:
	  	
			
	 Dated this day of            ,
20
	  		  	
		
	 Recipient’s Address:
	  	  

			
	                                     
                                       	  	 Printed Name:
	  	  

			
	                                     
                                       	  		  	
			
	                                     
                                       	  		  	

 Withholding Election Form

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