Colony Starwood Homes Nonqualified Deferred Compensation Plan

EXHIBIT 10.2

Colony Starwood Homes Nonqualified Deferred Compensation Plan

1.Establishment of Plan. Colony Starwood Homes (the "Company") hereby adopts and establishes an unfunded deferred compensation plan on behalf of the Company and its Affiliates which shall be known as the Colony Starwood Homes Nonqualified Deferred Compensation Plan (the "Plan").

2.Purpose of Plan. The purpose of the Plan is to provide a select group of management or highly compensated employees (within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA) of the Company and its Affiliates who contribute significantly to the future business success of the Company with supplemental retirement income benefits through the deferral of Base Salary and Bonus Compensation.

3.Definitions.

"Acceleration Events" is defined in Section 11.1 hereof.

"Account" or "Sub-Account" means a hypothetical bookkeeping account established in the name of each Participant and maintained by the Company to reflect the Participant's interests under the Plan.

"Affiliate" means any corporation, trade or business which is treated as a single employer with the Company under Sections 414(b) or 414(c) of the Code and any other entity designated by the Committee as an "Affiliate" for purposes of the Plan.

"Base Salary" means the annual rate of base pay paid by the Company or an Affiliate to or for the benefit of the Participant for services rendered, and excluding any Bonus Compensation.

"Beneficiary" means any person or entity, designated in accordance with Section 15.7, entitled to receive benefits which are payable upon or after a Participant's death pursuant to the terms of the Plan.

"Board" means the Board of Directors of the Company, as constituted from time to time.

"Bonus Compensation" means any cash compensation earned by a Participant for services rendered by a Participant under any bonus or cash incentive plan maintained by the Company or an Affiliate.

"Change in Control" means the occurrence of any of the following:  

(a) one person (or more than one person acting as a group) acquires ownership of shares of the Company that, together with the shares held by such person or group,

constitutes more than 50% of the total fair market value or total voting power of the shares of such corporation or entity; provided that, a Change in Control shall not occur if any person (or more than one person acting as a group) owns more than 50% of the total fair market value or total voting power of the Company's shares and acquires additional shares;

(b) one person (or more than one person acting as a group) acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition) ownership of the Company's shares possessing 30% or more of the total voting power;

(c) a majority of the members of the Board are replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the Board before the date of appointment or election; or

(d) one person (or more than one person acting as a group) acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition) assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Company immediately before such acquisition(s).  

Notwithstanding the foregoing, a Change in Control shall not occur unless such transaction constitutes a change in the ownership of the Company, a change in the effective control of the Company, or a change in the ownership of a substantial portion of the Company's assets under Section 409A of the Code.

"Claimant" has the meaning set forth in Section 16.

"Code" means the U.S. Internal Revenue Code of 1986, as amended, or any successor statute, and the Treasury Regulations and other authoritative guidance issued thereunder.

"Committee" means a committee of the Board consisting of at least two members appointed by the Board to administer the Plan.

"Company" means Colony Starwood Homes, a Maryland real estate investment trust, or any successor thereto.

"Deferral Election" means an election by an Eligible Employee to defer Base Salary and/or Bonus Compensation, made by timely completion and submission of an Election Notice.

"Determination Date" means the last Valuation Date of the month during which the payment date occurs.

2

"Disabled or Disability" means that a Participant is: (a) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or (b) by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company or its Affiliates; or (c) determined to be totally disabled by the Social Security Administration.

"Distribution Date" means a date specified by a Participant in his or her Election Notice for the payment of all or a portion of such Participant's Account or Sub-Account.

"Effective Date" means _____________________.

"Election Notice" means the notice or notices established from time to time by the Committee for making Deferral Elections under the Plan. The Election Notice includes the amount or percentage of Base Salary and/or Bonus Compensation to be deferred (subject to any minimum or maximum amounts set forth herein; the Distribution Date(s); the form of payment (lump sum or installments); and the selected Investment Options. Each Election Notice shall become irrevocable as of the last day of the Election Period provided that the Investment Options may be changed from time to time according to procedures established by the Committee. The Election Notice may take the form of an electronic communication according to specifications established by the Committee.

"Election Period" means the period established by the Committee with respect to each Plan Year during which Deferral Elections for such Plan Year must be made in accordance with the requirements of Section 409A of the Code, as follows: (a) General Rule. Except as provided in (b) and (c) below, the Election Period shall end no later than the last day of the Plan Year immediately preceding the Plan Year to which the Deferral Election relates. (b) Performance-based Compensation. If any Bonus Compensation constitutes "performance-based compensation" within the meaning of Treas. Reg. Section 1.409A-1(e), then the Election Period for such amounts shall end no later than six months before the end of the Plan Year during which the Bonus Compensation is earned (and in no event later than the date on which the amount of the Bonus Compensation becomes readily ascertainable). (c) Newly Eligible Employees. The Election Period for newly Eligible Employees shall end no later than thirty (30) days after the Employee first becomes eligible to participate in the Plan and shall apply only with respect to compensation earned after the date of the Deferral Election.

"Elective Deferrals" means Base Salary deferrals and Bonus Compensation deferrals.

3

"Elective Deferral Account" means a separate account or sub-account maintained for each Participant to record the Elective Deferrals made to the Plan pursuant to Section 5 and all earnings and losses allocable to such deferrals.   Each Participant’s sub-account(s) shall be denominated by the type of compensation deferred (Base or Bonus) and the Plan Year in which such deferrals are credited.   Each sub-account shall also track the Distribution Date and form of payment (lump sum or installments) set forth in the Deferral Election applicable to such sub-account.

"Eligible Employee" means an Employee who is selected by the Committee to participate in the Plan. Participation in the Plan is limited to a select group of the Company's key management or highly compensated employees.

"Employee" means an employee of the Company or an Affiliate.

"Entry Date" means, with respect to an Eligible Employee, the first day of the pay period commencing on or following the effective date of such Eligible Employee's participation in the Plan.

"ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to time.

"FICA Amount" has the meaning set forth in Section 11.1(c).

"Investment Option" means an investment fund, index or vehicle selected by the Committee and made available to Participants for the deemed investment of their Accounts.

"Participant" means an Eligible Employee who elects to participate in the Plan by filing an Election Notice in accordance with Section 5.1 and any former Eligible Employee who continues to be entitled to a benefit under the Plan.

"Payment Event" has the meaning set forth in Section 9.1.

"Plan" means this Colony Starwood Homes Nonqualified Deferred Compensation Plan, as amended from time to time.

"Plan Year" means the twelve consecutive month period which begins on January 1 and ends on the following December 31, with the initial 2017 year constituting a short Plan Year beginning on the Effective Date and ending December 31, 2017.

"Re-deferral Election" has the meaning set forth in Section 5.4.

4

"Separation from Service" has the meaning set forth in Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. Section 1.409A-1(h) including the default presumptions thereunder.

"Specified Employee" has the meaning set forth in Section 409A(a)(2)(B)(i) of the Code and Treas. Reg. Section 1.409A-1(i).

"Specified Employee Payment Date" has the meaning set forth in Section 9.4.

"State, Local and Foreign Tax Amount" has the meaning set forth in Section 11.1(f).

"Trust" has the meaning set forth in Section 15.5.

"Trust Agreement" has the meaning set forth in Section 15.5.

"Unforeseeable Emergency" means a severe financial hardship of the Participant resulting from (a) an illness or accident of the Participant, the Participant's spouse, or the Participant's dependent; (b) a loss of the Participant's property due to casualty; or (c) such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, all as determined in the sole discretion of the Committee.

"Valuation Date" means each business day of the Plan Year.

"Year of Service" means each twelve (12) consecutive month period of a Participant's continuous employment with the Company or an Affiliate.

4.Eligibility; Participation.

4.1Requirements for Participation. Before the beginning of each Plan Year, the Committee shall select those Employees who shall be Eligible Employees for such Plan Year. Any Eligible Employee may participate in the Plan commencing as of the Entry Date occurring on or after the date on which he or she becomes an Eligible Employee.

4.2Election to Participate; Benefits of Participation. An Eligible Employee may become a Participant in the Plan by making a Deferral Election in accordance with Section 5.

4.3Cessation of Participation. If a Participant ceases to be an Eligible Employee then such Employee will not be eligible to make a Deferral Election for the upcoming Plan Year.  However, upon loss of eligibility, the Participant's Deferral Elections with respect to the Plan Year in which such loss of eligibility occurs shall remain in effect for

5

the balance of such Plan Year.  Such Participant's Accounts shall continue to be credited with earnings and losses until the applicable Determination Date.

5.Election Procedures.

5.1Deferral Election. An Eligible Employee may elect to defer Base Salary and/or Bonus Compensation by completing an Election Notice and filing it with the Committee during the Election Period. The Election Notice must specify:

(a)The amount or percentage of Base Salary and/or Bonus Compensation to be deferred (subject to any minimum and maximum amounts set forth in the Plan);

(b)The Distribution Date for the Participant's Sub-Account to which such amounts will be credited (subject to the provisions of the Plan);

(c)The form of payment for the Participant's Account or Sub-Account (lump sum or annual installments); and

(d)The percentage or amount of the Participant's Account to be allocated to each Investment Option available under the Plan.

5.2Base Salary Deferrals. A Participant may elect to defer receipt of up to 75% of the Participant's Base Salary for any Plan Year by making a Deferral Election in accordance with this Section 5. Base Salary deferrals shall be credited to a Participant's Elective Deferral Account as of the date the Base Salary otherwise would have been paid. Deferrals from Base Salary for each Plan Year shall be credited to and tracked in a separate Base Salary Elective Deferral Sub-Account subject to the terms set forth in the Deferral Election governing such Base Salary deferral.

5.3Bonus Compensation Deferrals. A Participant may elect to defer receipt of up to 100% of the Participant's Bonus Compensation for any Plan Year by making a Deferral Election in accordance with this Section 5. Bonus Deferrals shall be credited to a Participant’s Elective Deferral Account as of the date the Bonus would have been paid.  Deferrals from Bonus Compensation for each Plan Year shall be credited to and tracked in a separate Bonus Compensation Elective Deferral Sub-Account subject to the terms set forth in the Deferral Election governing such Bonus Compensation deferral.

5.4Re-deferrals and Changing the Form of Payment. The Participant may make an election to re-defer all or a portion of the amounts in his or her respective Sub-Accounts until a later Distribution Date or to change the form of a payment (a "Re-deferral Election"); provided that, the following requirements are met:

6

(a)The re-deferral election is made at least twelve (12) months before the original Distribution Date of the named Sub-Account;

(b)The Distribution Date for the re-deferred amounts is at least five years later than the original Distribution Date of the named Sub-Account; and

(c)The re-deferral election will not take effect for at least twelve (12) months after the re-deferral election is made.

For purposes of this Section 5.4, all payments, including installment payments, shall be treated as separate payments under Section 409A of the Code.

6.Company Contributions.

There shall be no contributions in the form of any matching contributions or any discretionary contributions on the part of the Company.

7.Accounts and Investment Options.

7.1Establishment of Accounts. The Company shall establish and maintain an Account for each Participant. The Company may establish more than one Account on behalf of any Participant as deemed necessary by the Committee for administrative purposes. As set forth in Sections 5.2 and 5.3, Deferrals under each Deferral Election shall be placed and monitored in a separate Sub-Account.

7.2Investment Options. The Committee shall select the Investment Options to be made available to Participants for the deemed investment of their Accounts under the Plan. The Committee may change, discontinue, or add to the Investment Options made available under the Plan at any time in its sole discretion. A Participant must select the Investment Options for his or her Account in the Participant's Election Notice and may make changes to his or her investment selections in accordance with procedures established by the Committee.

7.3Investment Earnings. Each Account, and the respective Sub-Account shall be adjusted for earnings or losses based on the performance of the Investment Options selected. Earnings and losses shall be computed on each Valuation Date. The amount paid to a Participant on the payment date shall be determined as of the applicable Determination Date.

7.4Nature of Accounts. Accounts are not actually invested in the Investment Options available under the Plan and Participants do not have any real or beneficial ownership in any Investment Option. A Participant's Accounts are solely devices for the

7

measurement and determination of the amounts to be paid to the Participant pursuant to the Plan and shall not constitute or be treated as a trust fund of any kind.

7.5Statements. Each Participant shall be provided with statements setting out the amounts in his or her Accounts which shall be delivered at such intervals determined by the Committee.

8.Vesting.

Participants shall be fully vested at all times in their Base Salary deferrals and Bonus Compensation deferrals and any earnings thereon.

9.Payment of Participant Accounts.

9.1In General, Payment of a Participant's Sub-Accounts shall be made (or commence, in the case of installments) on the earliest to occur of the following events (each a "Payment Event") as irrevocably designated by the Participant in his or her Deferral Election applicable to the designated Sub-Account:

(a)The Participant's Separation from Service;

(b)The Participant's death;

(c)The Participant's Disability;

(d)The occurrence of a Change in Control; and

(e)A stated date in the future.

9.2Timing of Valuation. The value of a Participant's Sub-Account on the payment date shall be determined as of the applicable Determination Date.

9.3Timing of Payments. Except as otherwise provided in this Section 9, payments shall be made or commence within 30 days following a Payment Event. In the absence of a valid election with respect to timing of payment on a Sub-Account, amounts credited to such Sub-Account will be paid on the earliest to occur of 9.1(a), (b), (c) or (d).  

9.4Timing of Payments to Specified Employees. Notwithstanding anything in the Plan to the contrary, if a Participant is a Specified Employee as of the date of his or her Separation from Service, then no distribution of such Participant's Sub-Accounts shall be made upon the Participant's Separation from Service until the first payroll date of the seventh month following the Participant's Separation from Service (or, if earlier, upon the date of the Participant's death) (the "Specified Employee Payment Date"). Any payments to which a Specified Employee otherwise would have been entitled under the

8

Plan during the period between the Participant's Separation from Service and the Specified Employee Payment date shall be accumulated and paid in a lump sum payment on the Specified Employee Payment Date.

9.5Form of Payment. Each Participant shall specify in his or her Election Notice with respect to the Sub-Account the form of payment (lump sum or installments) for amounts in his or her Account that are covered by the election; provided that, if the Participant elects to have amounts paid in installments, the Participant must select from among the permissible installment schedules selected by the Committee and set forth in the Election Notice. In the absence of a valid election with respect to form of payment, amounts will be paid in a single lump sum.

9.6Medium of Payment. Any payment from a Participant's Account shall be made in cash.

10.Payments Due to Unforeseeable Emergency.

10.1Request for Payment. If a Participant suffers an Unforeseeable Emergency, he or she may submit a written request to the Committee for payment of his or her vested Account.

10.2No Payment If Other Relief Available. The Committee will evaluate the Participant's request for payment due to an Unforeseeable Emergency taking into account the Participant's circumstances and the requirements of Section 409A of the Code. In no event will payments be made pursuant to this Section 10 to the extent that the Participant's hardship can be relieved: (a) through reimbursement or compensation by insurance or otherwise; or (b) by liquidation of the Participant's assets, to the extent that liquidation of the Participant's assets would not itself cause severe financial hardship.

10.3Limitation on Payment Amount. The amount of any payment made on account of an Unforeseeable Emergency shall not exceed the amount reasonably necessary to satisfy the Participant's financial need, including amounts necessary to pay any Federal, state or local income taxes or penalties reasonably anticipated to result from the payment, as determined by the Committee.

10.4Timing of Payment. Payments shall be made from a Participant's Account as soon as practicable and in any event within 30 days following the Committee's determination that an Unforeseeable Emergency has occurred and authorization of payment from the Participant's Account.

10.5Cessation of Deferrals. If a Participant receives payment on account of an Unforeseeable Emergency, the Participant may make no more Elective Deferrals for the remainder of the Plan Year.

9

11.Acceleration Events.

11.1Permissible Acceleration Events. Notwithstanding anything in the Plan to the contrary, the Committee, in its sole discretion, may accelerate payment of all or a portion of a Participant's Account upon the occurrence of any of the events ("Acceleration Events") set forth in this Section 11. The Committee's determination of whether payment may be accelerated in accordance with this Section 11 shall be made in accordance with Treas. Reg. Section 1.409A-3(j)(4).

(a)Domestic Relations Orders. The Committee may accelerate payment of a Participant's vested Account to the extent necessary to comply with a domestic relations order (as defined in Section 414(p)(1)(B) of the Code).

(b)Limited Cashouts. The Committee may accelerate payment of a Participant's vested Account to the extent that (i) the aggregate amount in the Participant's Accounts does not exceed the applicable dollar amount under Section 402(g)(1)(B) of the Code, (ii) the payment results in the termination of the Participant's entire interest in the Plan and any plans that are aggregated with the Plan pursuant to Treas. Reg. Section 1.409A-1(c)(2), and (iii) the Committee's decision to cash out the Participant's Account is evidenced in writing no later than the date of payment.

(c)Payment of Employment Taxes. The Committee may accelerate payment of all or a portion of a Participant's Account (i) to pay the Federal Insurance Contributions Act (FICA) tax imposed under Sections 3010, 3121(a) and 3121(v)(2) of the Code (the "FICA Amount"), or (ii) to pay the income tax at source on wages imposed under Section 3401 of the Code or the corresponding withholding provisions of applicable state, local or foreign tax laws as a result of the payment of the FICA Amount and the additional income tax at source on wages attributable to the pyramiding Section 3401 wages and taxes; provided, however, that the total payment under this Section 11.1(c) shall not exceed the FICA Amount and the income tax withholding related to the FICA Amount.

(d)Payment Upon Income Inclusion. The Committee may accelerate payment of all or a portion of a Participant's Account to the extent that the Plan fails to meet the requirements of Section 409A of the Code; provided that, the amount accelerated shall not exceed the amount required to be included in income as a result of the failure to comply with Section 409A of the Code.

(e)Termination of the Plan. The Committee may accelerate payment of all or a portion of a Participant's Account upon termination of the Plan in accordance with Treas. Reg. Section 1.409A-3(j)(4)(ix).

10

(f)Payment of State, Local or Foreign Taxes. The Committee may accelerate payment of all or a portion of a Participant's Account for:

(g)Certain Offsets. The Committee may accelerate payment of all or a portion of the Participant's vested Account to satisfy a debt of the Participant to the Company or an Affiliate incurred in the ordinary course of the service relationship between the Company and the Participant; provided, however, the amount accelerated shall not exceed $5,000 and the payment shall be made at the same time and in the same amount as the debt otherwise would have been due and collected from the Participant.

(h)Bona Fide Disputes as to Right to Payment. The Committee may accelerate payment of all or a portion of a Participant's vested Account where the payment is part of a settlement between the Company or an Affiliate and the Participant of an arm's length, bona fide dispute as to the Participant's right to the deferred amount.

12.Section 162(m) of the Code. If the Committee reasonably anticipates that if a payment were made as scheduled under the Plan it would result in a loss of the Company's tax deduction due to the application of Section 162(m) of the Code, such payment can be delayed and paid (a) during the Participant's first taxable year in which the Committee reasonably anticipates that the Company's tax deduction will not be limited or eliminated by the application of Section 162(m) of the Code or (b) subject to Section 9.4, during the period beginning with the Participant's Separation from Service and ending on the later of the last day of the Company's taxable year in which the Participant separates from service or the 15th day of the third month following the Participant's Separation from Service. Notwithstanding the foregoing, no payment under the Plan may be deferred in accordance with this Section 12 unless all scheduled

11

payments to the Participant that could be delayed in accordance with Treas. Reg. Section 1.409A-2(b)(7)(i) are also delayed.

13.Plan Administration.

13.1Administration By Committee. The Plan shall be administered by the Committee which shall have the authority to:

(a)construe and interpret the Plan and apply its provisions;

(b)promulgate, amend and rescind rules and regulations relating to the administration of the Plan;

(c)authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan;

(d)determine minimum or maximum amounts that Participants may elect to defer under the Plan;

(e)select the Investment Options that will be available for the deemed investment of Accounts under the Plan and establish procedures for permitting Participants to change their selected Investment Options;

(f)select, subject to the limitations set forth in the Plan, those Employees who shall be Eligible Employees;

(g)evaluate whether a Participant who has requested payment from his or her Account on account of an Unforeseeable Emergency has experienced an Unforeseeable Emergency and the amount of any payment necessary to satisfy the Participant's emergency need;

(h)calculate deemed investment earnings and losses;

(i)interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument, Election Notice or agreement relating to the Plan; and

(j)exercise discretion to make any and all other determinations which it determines to be necessary or advisable for the administration of the Plan.

13.2Non-Uniform Treatment. The Committee's determinations under the Plan need not be uniform and any such determinations may be made selectively among Participants. Without limiting the generality of the foregoing, the Committee shall be entitled, among other things, to make non-uniform and selective determinations with regard to: (a) the

12

terms or conditions of any Elective Deferral and (b) the availability of Investment Options.

13.3Committee Decisions Final. Subject to Section 16, all decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding on the Company and the Participants, unless such decisions are determined by a court having jurisdiction to be arbitrary and capricious.

13.4Indemnification. No member of the Committee or any designee shall be liable for any action, failure to act, determination or interpretation made in good faith with respect to the Plan except for any liability arising from his or her own willful malfeasance, gross negligence or reckless disregard of his or her duties.

14.Amendment and Termination.

The Board may, at any time, and in its discretion, alter, amend, modify, suspend or terminate the Plan or any portion thereof; provided, however, that no such amendment, modification, suspension or termination shall, without the consent of a Participant, adversely affect such Participant's rights with respect to amounts credited to or accrued in his or her Accounts and provided, further, that, no payment of benefits shall occur upon termination of the Plan unless the requirements of Section 409A of the Code have been met.

15.Miscellaneous.

15.1No Employment or Other Service Rights. Nothing in the Plan or any instrument executed pursuant thereto shall confer upon any Participant any right to continue to serve the Company or an Affiliate or interfere in any way with the right of the Company or any Affiliate to terminate the Participant's employment or service at any time with or without notice and with or without cause.

15.2Tax Withholding. The Company and its Affiliates shall have the right to deduct from any amounts otherwise payable under the Plan any federal, state, local, or other applicable taxes required to be withheld.

15.3Governing Law. The Plan shall be administered, construed and governed in all respects under and by the laws of Arizona, without reference to the principles of conflicts of law (except and to the extent preempted by applicable Federal law).

15.4Section 409A of the Code. The Company intends that the Plan comply with the requirements of Section 409A of the Code and shall be operated and interpreted consistent with that intent. Notwithstanding the foregoing, the Company makes no

13

representation that the Plan complies with Section 409A of the Code and shall have no liability to any Participant for any failure to comply with Section 409A of the Code.

This Plan shall constitute an "account balance plan" as defined in Treas. Reg. Section 31.3121(v)(2)-1(c)(1)(ii)(A). For purposes of Section 409A of the Code, all amounts deferred under this Plan shall be aggregated with amounts deferred under other account balance plans.

15.5General Assets/Trust.

The Company shall, within 30 days of the Effective Date of the Plan, enter into an agreement ("Trust Agreement") with [NAME OF TRUSTEE] pursuant to which [NAME OF TRUSTEE] will serve as the trustee under an irrevocable trust ("Trust") to be used in connection with the Plan.

The Company intends to make contributions to the Trust which will be held by the Trust and invested and distributed in accordance with the terms of the Plan and the Trust Agreement.

The Trust is intended to be a rabbi trust and the assets of the Trust shall at all times be subject to the claims of the Company's general creditors.

Notwithstanding the existence of the Trust, the Plan is intended to be "unfunded" for purposes of ERISA and shall not be construed as providing income to Participants prior to the date that amounts deferred under the Plan are paid.

15.6No Warranties. Neither the Company nor the Committee warrants or represents that the value of any Participant's Account will increase. Each Participant assumes the risk in connection with the deemed investment of his or her Account.

15.7Beneficiary Designation. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries to receive the Participant's interest in the Plan in the event of the Participant's death. Each designation will revoke all prior designations by the same Participant, shall be in a form reasonably prescribed by the Committee and shall be effective only when filed by the Participant in writing with the Company during the Participant's lifetime. If a Participant fails to designate a beneficiary, then the Participant's designated beneficiary shall be deemed to be the Participant's estate.

15.8No Assignment. Neither a Participant nor any other person shall have any right to sell, assign, transfer, pledge, anticipate or otherwise encumber, transfer, hypothecate or convey any amounts payable hereunder prior to the date that such amounts are paid (except for the designation of beneficiaries pursuant to Section 15.7).

14

15.9Expenses. The costs of administering the Plan shall be paid by the Company.

15.10Severability. If any provision of the Plan is held to be invalid, illegal or unenforceable, whether in whole or in part, such provision shall be deemed modified to the extent of such invalidity, illegality or unenforceability and the remaining provisions shall not be affected.

15.11Headings and Subheadings. Headings and subheadings in the Plan are for convenience only and are not to be considered in the construction of the provisions hereof.

16.Claims Procedures.

16.1Filing a Claim. Any Participant or other person claiming an interest in the Plan (the "Claimant") may file a claim in writing with the Committee. The Committee shall review the claim itself or appoint an individual or entity to review the claim.

16.2Claim Decision. The Claimant shall be notified within ninety (90) days after the claim is filed whether the claim is approved or denied, unless the Committee determines that special circumstances beyond the control of the Plan require an extension of time, in which case the Committee may have up to an additional ninety (90) days to process the claim. If the Committee determines that an extension of time for processing is required, the Committee shall furnish written or electronic notice of the extension to the Claimant before the end of the initial ninety (90) day period. Any notice of extension shall describe the special circumstances necessitating the additional time and the date by which the Committee expects to render its decision.

16.3Notice of Denial. If the Committee denies the claim, it must provide to the Claimant, in writing or by electronic communication, a notice which includes:

(a)The specific reason(s) for the denial;

(b)Specific reference to the pertinent Plan provisions on which such denial is based;

(c)A description of any additional material or information necessary for the Claimant to perfect his or her claim and an explanation of why such material or information is necessary;

(d)A description of the Plan's appeal procedures and the time limits applicable to such procedures, including a statement of the Claimant's right to bring a civil action under Section 502(a) of ERISA following a denial of the claim on appeal; and

15

(e)If an internal rule was relied on to make the decision, either a copy of the internal rule or a statement that this information is available at no charge upon request.

16.4Appeal Procedures. A request for appeal of a denied claim must be made in writing to the Committee within sixty (60) days after receiving notice of denial. The decision on appeal will be made within sixty (60) days after the Committee's receipt of a request for appeal, unless special circumstances require an extension of time for processing, in which case a decision will be rendered not later than one hundred twenty (120) days after receipt of a request for appeal. A notice of such an extension must be provided to the Claimant within the initial sixty (60) day period and must explain the special circumstances and provide an expected date of decision. The reviewer shall afford the Claimant an opportunity to review and receive, without charge, all relevant documents, information and records and to submit issues and comments in writing to the Committee. The reviewer shall take into account all comments, documents, records and other information submitted by the Claimant relating to the claim regardless of whether the information was submitted or considered in the initial benefit determination.

16.5Notice of Decision on Appeal. If the Committee denies the appeal, it must provide to the Claimant, in writing or by electronic communication, a notice which includes:

(a)The specific reason(s) for the denial;

(b)Specific references to the pertinent Plan provisions on which such denial is based;

(c)A statement that the Claimant may receive on request all relevant records at no charge;

(d)A description of the Plan's voluntary procedures and deadlines, if any;

(e)A statement of the Claimant's right to sue under Section 502(a) of ERISA; and

(f)If an internal rule was relied on to make the decision, either a copy of the internal rule or a statement that this information is available at no charge upon request.

16.6Claims Procedures Mandatory. The internal claims procedures set forth in this Section 16 are mandatory. If a Claimant fails to follow these claims procedures, or to timely file a request for appeal in accordance with this Section 16, the denial of the Claim shall become final and binding on all persons for all purposes.

16

IN WITNESS WHEREOF, Colony Starwood Homes has adopted this Plan as of the Effective Date written above.

17