SEC Contract Filing

Filing Date: 2017-06-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>exhibit103-executivesevera.htm
<DESCRIPTION>EXHIBIT 10.3
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<div><a name="s3E34681559753DD86CAEF457AEADB195"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.3</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">INVITATION HOMES INC. <br>EXECUTIVE SEVERANCE PLAN</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">(for Senior Vice Presidents and above)</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Plan Document/Summary Plan Description</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Invitation Homes Inc. (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;) has adopted this Executive Severance Plan (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Plan</font><font style="font-family:inherit;font-size:12pt;">&#8221;) for the benefit of certain management employees of the Company and its subsidiaries (hereinafter referred to as the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Company Group</font><font style="font-family:inherit;font-size:12pt;">&#8221;), on the terms and conditions hereinafter stated. Participation in this Plan is generally intended to be limited to those management employees designated as eligible for the Plan by the Committee who receive and return a Participation Notice and Agreement in the form attached hereto as </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Plan shall be effective on the Effective Date. This Plan supersedes, solely for the Participant, any prior plans, policies, guidelines, arrangements, agreements, letters and/or other communication, whether formal or informal, written or oral sponsored by any member of the Company Group and/or entered into by any representative of the Company Group that might otherwise provide severance benefits (collectively, all of those &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Other Severance Arrangements</font><font style="font-family:inherit;font-size:12pt;">&#8221;). As such, this Plan represents the exclusive severance benefit provided to Participants and such individuals shall not be eligible for any other severance benefits provided in Other Severance Arrangements.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Plan is not intended to be an &#8220;employee pension benefit plan&#8221; or &#8220;pension plan&#8221; within the meaning of Section 3(2) of ERISA. Rather, this Plan is intended to be a &#8220;welfare benefit plan&#8221; within the meaning of Section 3(1) of ERISA and to meet the descriptive requirements of a plan constituting a &#8220;severance pay plan&#8221; within the meaning of regulations published by the Secretary of Labor at Title 29, Code of Federal Regulations, Section 2510.3-2(b). Accordingly, any benefits paid pursuant to the terms of the Plan are not deferred compensation for purposes of ERISA and no Participant shall have a vested right to such benefits. To the extent applicable, it is intended that portions of this Plan either comply with or be exempt from the provisions of Code Section 409A. This Plan shall be administered in a manner consistent with this intent and any provision that would cause this Plan to fail to either constitute a welfare benefit plan under ERISA or comply with or be exempt from Code Section 409A, as the case may be, shall have no force and effect.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:left;text-indent:48px;"><font style="padding-bottom:16px;text-align:left;font-family:inherit;font-size:12pt;color:#010000;font-weight:bold;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Definitions.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#010000;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Accrued Obligations</font><font style="font-family:inherit;font-size:12pt;">&#8221; means (i) all accrued but unpaid Base Salary through the date of Termination (ii) any unpaid or unreimbursed expenses incurred in accordance with the policies of the Employer, and (iii) any benefits provided under the employee benefit plans and programs of the Company Group upon a Termination, including rights with respect to Company equity (or equity derivatives) or equity-based incentive awards