Common use of Performance Conditions Clause in Contracts

Performance Conditions. The number of Performance Vesting RSUs in each tranche that become Earned RSUs shall be based on the achievement of the Performance Conditions set forth below applicable to such tranche, with the number of Performance Vesting RSUs earned in respect of such tranche equal to (x) the target number of Performance Vesting RSUs in such tranche multiplied by (y) the applicable Percentage of Award Earned for such tranche (calculated in accordance with 2(b)), rounded down to the nearest whole share. Notwithstanding the foregoing, if INVH TSR (i.e., total shareholder return) for the Exhibit 10.40 Performance Period is negative, the Tranche I Performance Vesting RSUs shall not vest at a level greater than target. Tranche Performance Condition Performance Period Threshold Level of Achievement Target Level of Achievement Maximum Level of Achievement Tranche I INVH TSR Relative to RMS Index CAGR January 1, 2018 – December 31, 2020 Negative 4 percentage points Positive 0.5 percentage points Positive 4 percentage points Tranche II Same Store NOI Growth CAGR January 1, 2018 – December 31, 2020 3.5% 4.5% 5.5%

Performance Conditions. The number of Performance Vesting RSUs in each tranche that become Earned RSUs shall be based on the achievement of the Performance Conditions set forth below applicable to such tranche, with the number of Performance Vesting RSUs earned in respect of such tranche equal to (x) the target number of Performance Vesting RSUs in such tranche multiplied by (y) the applicable Percentage of Award Earned for such tranche (calculated in accordance with 2(b)), rounded down to the nearest whole share. Notwithstanding the foregoing, if INVH TSR (i.e., total shareholder return) for the Exhibit 10.40 Performance Period is negative, the Tranche I Performance Vesting RSUs shall not vest at a level greater than target. Tranche Performance Condition Performance Period Threshold Level of Achievement Target Level of Achievement Maximum Level of Achievement Tranche I INVH TSR Relative to RMS Index CAGR January 1, 2018 2022 – December 31, 2020 Negative 4 percentage points Positive 0.5 percentage points Positive 4 percentage points 2024 [•] [•] [•] Tranche II Same Store NOI Growth CAGR January 1, 2018 2022 – December 31, 2020 3.5% 4.5% 5.5%2024 [•] [•] [•]

Performance Conditions. The number of Performance Vesting RSUs in each tranche that become Earned RSUs shall be based on the achievement of the Performance Conditions set forth below applicable to such tranche, with the number of Performance Vesting RSUs earned in respect of such tranche equal to (x) the target number of Performance Vesting RSUs in such tranche multiplied by (y) the applicable Percentage of Award Earned for such tranche (calculated in accordance with 2(b)), rounded down to the nearest whole share. Notwithstanding the foregoing, if INVH TSR (i.e., total shareholder return) for the Exhibit 10.40 Performance Period is negative, the Tranche I Performance Vesting RSUs shall not vest at a level greater than target. Tranche Performance Condition Performance Period Threshold Level of Achievement Target Level of Achievement Maximum Level of Achievement Tranche I INVH TSR Relative to RMS Index CAGR January 1, 2018 – 2019 - December 31, 2020 Negative 4 percentage points Positive 0.5 percentage points Positive 4 percentage points 2021 [•] [•] [•] Tranche II Same Store NOI Growth CAGR January 1, 2018 – 2019 - December 31, 2020 3.5% 4.5% 5.5%2021 [•] [•] [•]

Performance Conditions. The number of Performance Vesting RSUs in each tranche that become Earned RSUs shall be based on the achievement of the Performance Conditions set forth below applicable to such tranche, with the number of Performance Vesting RSUs earned in respect of such tranche equal to (x) the target number of Performance Vesting RSUs in such tranche multiplied by (y) the applicable Percentage of Award Earned for such tranche (calculated in accordance with 2(b)), rounded down to the nearest whole share. Notwithstanding the foregoing, if INVH TSR (i.e., total shareholder return) for the Exhibit 10.40 Performance Period is negative, the Tranche I Performance Vesting RSUs shall not vest at a level greater than target. Tranche Performance Condition Performance Period Threshold Level of Achievement Target Level of Achievement Maximum Level of Achievement Tranche I INVH TSR Relative to RMS Index CAGR January 1, 2018 – - December 31, 2020 Negative 4 percentage points Positive 0.5 percentage points Positive 4 percentage points [●] [●] [●] Tranche II Same Store NOI Growth CAGR January 1, 2018 – - December 31, 2020 3.5% 4.5% 5.5%[●] [●] [●]

Performance Conditions. The number of Performance Vesting RSUs in each tranche that become Earned RSUs shall be based on the achievement of the Performance Conditions set forth below applicable to such tranche, with the number of Performance Vesting RSUs earned in respect of such tranche equal to (x) the target number of Performance Vesting RSUs in such tranche multiplied by (y) the applicable Percentage of Award Earned for such tranche (calculated in accordance with 2(b)), rounded down to the nearest whole share. Notwithstanding the foregoing, if INVH TSR (i.e., total shareholder return) for the Exhibit 10.40 Performance Period is negative, the Tranche I Performance Vesting RSUs shall not vest at a level greater than target. Tranche Performance Condition Performance Period Threshold Level of Achievement Target Level of Achievement Maximum Level of Achievement Tranche I INVH TSR Relative to RMS Index CAGR January 1, 2018 – 2021 - December 31, 2020 Negative 4 percentage points Positive 0.5 percentage points Positive 4 percentage points 2023 [•] [•] [•] Tranche II Same Store NOI Growth CAGR January 1, 2018 – 2021 - December 31, 2020 3.5% 4.5% 5.5%2023 [•] [•] [•]

Performance Conditions. The number of Performance Vesting RSUs in each tranche that become Earned RSUs shall be based on the achievement of the Performance Conditions set forth below applicable to such tranche, with the number of Performance Vesting RSUs earned in respect of such tranche equal to (x) the target number of Performance Vesting RSUs in such tranche multiplied by (y) the applicable Percentage of Award Earned for such tranche (calculated in accordance with 2(b)), rounded down to the nearest whole share. Notwithstanding the foregoing, if INVH TSR (i.e., total shareholder return) for the Exhibit 10.40 Performance Period is negative, the Tranche I Performance Vesting RSUs shall not vest at a level greater than target. Tranche Performance Condition Performance Period Threshold Level of Achievement Target Level of Achievement Maximum Level of Achievement Tranche I INVH TSR Relative to RMS Index CAGR January 1, 2018 – 2020 - December 31, 2020 Negative 4 percentage points Positive 0.5 percentage points Positive 4 percentage points 2022 [•] [•] [•] Tranche II Same Store NOI Growth CAGR January 1, 2018 – 2020 - December 31, 2020 3.5% 4.5% 5.5%2022 [•] [•] [•]

Performance Conditions. The number of Performance Vesting RSUs in each tranche that become Earned RSUs shall be based on the achievement of the Performance Conditions set forth below applicable to such tranche, with the number of Performance Vesting RSUs earned in respect of such tranche equal to (x) the target number of Performance Vesting RSUs in such tranche multiplied by (y) the applicable Percentage of Award Earned for such tranche (calculated in accordance with 2(b)), rounded down to the nearest whole share. Notwithstanding the foregoing, if INVH TSR (i.e., total shareholder return) for the Exhibit 10.40 Performance Period is negative, the Tranche I Performance Vesting RSUs shall not vest at a level greater than target. Tranche Performance Condition Performance Period Threshold Level of Achievement Target Level of Achievement Maximum Level of Achievement Tranche I INVH TSR Relative to RMS Index CAGR January 1, 2018 – 20[•] - December 31, 2020 Negative 4 20[•] [•] percentage points Positive 0.5 [•] percentage points Positive 4 [•] percentage points Tranche II Same Store NOI Growth CAGR January 1, 2018 – 20[•] - December 31, 2020 3.5% 4.5% 5.5%20[•] [•] [•] [•]

Performance Conditions. The number of Performance Vesting RSUs in each tranche that become Earned RSUs shall be based on the achievement of the Performance Conditions set forth below applicable to such tranche, with the number of Performance Vesting RSUs earned in respect of such tranche equal to (x) the target number of Performance Vesting RSUs in such tranche multiplied by (y) the applicable Percentage of Award Earned for such tranche (calculated in accordance with 2(b)), rounded down to the nearest whole share. Notwithstanding the foregoing, if INVH TSR (i.e., total shareholder return) for the Exhibit 10.40 Performance Period is negative, the Tranche I Performance Vesting RSUs shall not vest at a level greater than target. Tranche Performance Condition Performance Period Threshold Level of Achievement Target Level of Achievement Maximum Level of Achievement Tranche I INVH TSR Relative to RMS Index CAGR January 1, 2018 – December 31, 2020 Negative 4 percentage points Positive 0.5 percentage points Positive 4 percentage points [•] [•] [•] Tranche II Same Store NOI Growth CAGR January 1, 2018 – December 31, 2020 3.5% 4.5% 5.5%[•] [•] [•]