Document:

Exhibit
10.1

 

THIRD
AMENDMENT TO EQUITY RESIDENTIAL 2002 SHARE INCENTIVE PLAN

 

THIS THIRD AMENDMENT (the “Third Amendment”)
to EQUITY RESIDENTIAL 2002 SHARE INCENTIVE PLAN (“Plan”) is executed as of the
25th day of April, 2005.

 

RECITALS

 

WHEREAS, the Board of Trustees of Equity
Residential (the “Company”) adopted the 2002 Share Incentive Plan (“Plan”) on February 21,
2002, which was approved by the shareholders of the Company at the 2002 annual
meeting.

 

WHEREAS, the Company entered into a First
Amendment to the Plan dated as of February 7, 2003.

 

WHEREAS, the Company entered into a Second
Amendment to the Plan dated as of June 10, 2003.

 

WHEREAS, the Company desires to further amend
the Plan pursuant to this Third Amendment, which has been approved by the Board
of Trustees.

 

NOW THEREFORE, the Plan is further amended as
follows:

 

AMENDMENTS

 

1.                                       Share Awards.
Section 5 (a) (iii) (B) and Section 5 (a) (iii) (C) are hereby
deleted in their entirety and the following sections are substituted therefor:

 

(B)                                with respect to a
Grantee who is an employee or officer in connection with his or her disability
(as defined in Section 5(d)), or retirement at or after the age of 62; or

 

(C)                                with respect to a
Grantee who is a member of the Board (excluding employee trustees) in
connection with his or her retirement at or after age 70, the Board’s decision
not to renominate him or her for re-election to the Board at any shareholders’
meeting at which Trustees are elected, or the failure to be re-elected to the
Board at any such shareholders’ meeting, or the Trustee’s resignation from the
Board by reason of either:  (i) a
material change in the Trustee’s employment or job responsibilities; or (ii)
the Trustee’s disability.

 

2.                                       Share Options.
Section 6 (e) (ii) and Section 6 (e) (iii) are hereby deleted in
their entirety and the following are substituted therefor:

 

(ii)                                  with respect to a
Grantee who is an employee or officer in connection with his or her disability
(as defined in Section 5(d)), or retirement at or after the age of 62, in
which case it shall be exercisable until its Expiration Date; or

 

(iii)                               with respect to a
Grantee who is a member of the Board (excluding employee trustees) in
connection with his or her retirement at or after age 70,  the Board’s decision not to renominate him or
her for re-election to the Board at any shareholders’ meeting at which Trustees
are elected, or the failure to be re-elected to the Board at any such
shareholders’ meeting, or the Trustee’s 

 

 

resignation from the Board by reason of either:  (i) a material change in the Trustee’s
employment or job responsibilities; or (ii) the Trustee’s disability, in which
case it shall be exercisable until its Expiration Date.

 

3.                                       Plan.
After giving effect to this Third Amendment, the Plan remains in full force and
effect.Exhibit 10.2

 

SECOND AMENDMENT TO

AMENDED AND RESTATED COMPENSATION AGREEMENT

 

THIS SECOND AMENDMENT TO AMENDED AND RESTATED COMPENSATION
AGREEMENT (“Agreement”) is entered into as of this 25th
day of April, 2005, by and between Samuel Zell (“Mr. Zell” or the “Chairman”)
and Equity Residential (“Company”), a Maryland real estate investment trust.

 

RECITALS

 

WHEREAS, the Company and Mr. Zell desire to
amend the Amended and Restated Compensation Agreement dated March 5, 2003,
as amended by that certain First Amendment to Amended and Restated Compensation
Agreement dated February 3, 2005 (as amended, the “2003 Agreement”).

 

WHEREAS,
Mr. Zell currently serves as Chairman of the Company’s Board of Trustees (“Board”),
and it is a purpose of the 2003 Agreement that he be incentivized to continue
to serve in that capacity so long as the Board wishes to avail itself of his
services.

 

WHEREAS,
under the current terms of the 2003 Agreement, should Mr. Zell voluntarily
resign from the Board, ownership of all previously issued restricted shares and
share options made pursuant to the 2003 Agreement shall vest in Mr. Zell
without regard to whether or not the full specified vesting schedules shall
have lapsed.

 

WHEREAS,
under the Company’s 2002 Share Incentive Plan (“2002 Share Plan”) and its prior
share incentive plan, ownership of restricted shares and share options
previously issued to other Board trustees vest in the trustees only if the
trustees voluntarily resign after age 70 or if they are not renominated or
re-elected to the Board.

 

WHEREAS,
although Mr. Zell has no present intentions of resigning from the Board, he
recognizes that such arrangement may appear to diminish his financial
incentives for continued services on the Company’s Board.

 

NOW, THEREFORE, in consideration of the
mutual covenants and promises contained herein, and for other good and valuable
consideration, the payment and adequacy of which is hereby acknowledged, the
parties agree to amend the 2003 Agreement as follows:

 

1.                                       2002 Share Plan.

 

a.   Simultaneously with the execution of this
Agreement, the Company has executed a Third Amendment to the 2002 Share Plan,
which among other changes increases the age at which the Chairman may retire
from the Board, and receive immediate vesting of all restricted shares and
unvested share options, from age 62 to age 70.  Chairman has reviewed and
consents to this Third Amendment and acknowledges that its terms and provisions
apply to all heretofore or hereafter restricted shares and share options
granted under the 2003 Agreement.

 

b.   Chairman
and the Company further agree that notwithstanding any other provisions in the
2003 Agreement or the 2002 Share Plan, vested ownership of his restricted
shares and share options either heretofore or hereafter issued to him pursuant
to the 2003 Agreement shall not accelerate in advance of the vesting dates
specified therefor, and any unvested interests shall instead be forfeited, in
the following events:

 

 

(i)                                     his voluntary retirement from the Company’s
Board, or his voluntary decision not to stand for re-election to the Board, in
each case for any reason other than disability prior to reaching the age of 70;
or

 

(ii)                                  his involuntary termination as Chairman for
Cause (as defined in the 2003 Agreement).

 

c.   Chairman
and the Company further agree that notwithstanding any other provisions in the
2003 Agreement or the 2002 Share Plan, the vesting of any restricted shares and
share options heretofore or hereafter issued to Chairman pursuant to the 2003
Agreement shall fully accelerate in advance of the vesting dates specified
therefor in the following events:

 

(i)                                     his death;

 

(ii)                                  his voluntary retirement from the Board, or
his decision not to stand for re-election to the Board, in each case at or
after age 70;

 

(iii)                               his voluntary retirement from the Board, or
his decision not to stand for re-election to the Board, in each case prior to
age 70 due to Disability (as defined in the 2002 Share Plan);

 

(iv)                              his failure to be renominated to the Board or
named as Chairman of the Board;

 

(v)                                 his failure to be re-elected to the Board if
he is renominated to the Board; or

 

(vi)                              a Change in Control (as defined in the 2002
Share Plan).

 

2.                                       Other Changes.

 

a.                                       The following language contained in
Paragraph A of Section I of the 2003 Agreement is deleted in its entirety:

 

“for services rendered during the calendar year
preceding the date of grant,”

 

b.                                      Paragraph
D(ii) of Section I of the 2003 Agreement is deleted in its entirety.

 

c.                                       The
following language in Paragraph B of Section II of the 2003 Agreement is
deleted in its entirety:

 

“(i.e., said Grants would be fully vested upon their
grant unless Chairman resigned without good reason prior to age 62 or was
removed for Cause).”

 

3.                                       Reaffirmation. 
Except as expressly set forth above, the terms and provisions of the
2003 Agreement are hereby reconfirmed and agreed to continue in full force and
effect.

 

 

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

 

 

	
   

  	
  EQUITY
  RESIDENTIAL, a Maryland real estate 

  investment trust

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bruce W.
  Duncan

  	
   

  
	
   

  	
   

  	
  Bruce W. Duncan,
  President & CEO

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
   

  	
  Two North
  Riverside Plaza

  
	
   

  	
  Suite 400

  
	
   

  	
  Chicago,
  Illinois 60606

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CHAIRMAN:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Samuel Zell

  	
   

  
	
   

  	
   

  	
  Samuel Zell,
  Chairman

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
   

  	
  Two North
  Riverside Plaza

  
	
   

  	
  Suite 600

  
	
   

  	
  Chicago,
  Illinois 60606Exhibit 10.1

 

EPIX Pharmaceuticals, Inc.

Named Executive Officers Bonus Awards and Plans

 

On January 31, 2005, the
Compensation Committee of the Board of Directors (the “Committee”) of EPIX
Pharmaceuticals Inc. (“EPIX”) determined cash bonuses for EPIX’ executive
officers for 2004.  On May 5, 2005, the
Committee determined the 2005 annual bonus incentive targets for EPIX’
executive officers.

 

Beginning in 1998, the
Company started an annual bonus incentive plan. 
The Company’s executive officers are eligible for an annual cash bonus
which is based primarily on corporate achievements and individual performance
objectives that are established at the beginning of each year.  The targeted bonus level for the Chief
Executive Officer is 35% of annual salary. 
After the completion of the year, the Compensation Committee reviews the
attainment of corporate and individual objectives and awards bonuses up to 150%
of the targeted bonus level in the first quarter of the subsequent year, based
on the extent to which corporate objectives were met or exceeded and individual
contributions to the Company’s overall performance.

 

On January 31, 2005, the
Committee determined 2004 incentive bonuses for EPIX’ executive officers based
on corporate and individual performance. 
The Committee evaluated the achievement of the corporate component of
the bonus based on the Committee’s assessment of 2004 corporate achievements as
set by the Board of Directors in early 2004. 
The Committee, along with the Chief Executive Officer and President
& Chief Operating Officer, also evaluated the individual performance of
each of the remaining executive officers.

 

The Company made progress in
2004 in moving its lead product, MS-325, through the U.S. regulatory process
and in supporting Schering in its non-U.S. regulatory submissions, but fell
short of achieving several key goals. 
The Company also made progress in developing MS-325 for other uses and
in moving its second product, EP-2104R into the clinic.  In January 2005, the Company received an approvable
letter from the FDA for MS-325 in which the FDA requested additional clinical
studies to demonstrate efficacy prior to approval.  The Company is continuing its dialogue with
the FDA in order to determine the next steps it will need to take in the regulatory
pathway for MS-325.  These matters were
taken into account by the Compensation’s Committee in its review of the Company’s
achievements during 2004 relating to the value of the Company’s current
pipeline and building for growth.  As a
result, the Compensation Committee based bonus awards on an overall corporate
performance factor of 42%.

 

The
following table sets forth the 2004 year-end cash bonuses for each named
executive officer during 2004:

 

	
  Named Executive Officer

  	
   

  	
  Position

  	
   

  	
  2004 Bonus

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Michael D. Webb

  	
   

  	
  Chief Executive Officer

  	
   

  	
  $

  	
  49,125

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Andrew C.G. Uprichard, M.D.

  	
   

  	
  President & Chief Operating Officer

  	
   

  	
  $

  	
  34,878 

  	
  (1)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Peyton J. Marshall. Ph.D.

  	
   

  	
  Sr. Vice President, Finance & Chief Financial
  Officer

  	
   

  	
  $

  	
  36,114

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Robert Weisskoff, Ph.D.

  	
   

  	
  Former Vice President, Business Development

  	
   

  	
  $

  	
  23,901

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Alan P. Carpenter, Ph.D., J.D.

  	
   

  	
  Vice President, Legal and Government Affairs

  	
   

  	
  $

  	
  32,156

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Gregg Mayer

  	
   

  	
  Vice President, Corporate Relations

  	
   

  	
  $

  	
  25,294

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Thomas McMurry, Ph.D.

  	
   

  	
  Vice President, Research

  	
   

  	
  $

  	
  28,312

  	
   

  

 

(1)
Dr. Uprichard’s signing bonus of $20,000 on joining the Company in July 2004 is
not reflected in this number.

 

Total cash bonuses,
factoring in both individual and corporate performance, were awarded to
executive officers at a level of 47% of target for 2004 performance.

 

On May 5, 2005 the
Compensation Committee approved the 2005 corporate performance goals applicable
to the Company’s executive officers and other employees eligible to receive
cash bonuses.  2005 cash bonuses will be
based on a formula that takes into account corporate performance goals,
including regulatory and other development milestones for MS-325, development
milestones for EP-2104R and objectives relating to building the Company’s
product pipeline.

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