Document:

Exhibit
10.15

 

THIRD
AMENDMENT TO

THE EQUITY RESIDENTIAL PROPERTIES TRUST

ADVANTAGE RETIREMENT SAVINGS PLAN

 

This Amendment to the Equity Residential Properties Trust Advantage
Retirement Savings Plan (the “Plan”) is made as of this 6th day of May, 2003 by
Equity Residential (the “Company”).

 

RECITALS:

 

The Company is the sponsor of the Plan, last amended and restated
effective January 1, 2001. 
Pursuant to the powers reserved to the Company under Section 8.01
of the Plan, the Company hereby adopts this Amendment to the Plan effective
January 1, 2003.  This Amendment
shall supersede the provisions of the Plan to the extent those provisions are
inconsistent with the provisions of this Amendment.

 

AMENDMENT

 

4.04  Employer
Matching Contributions.

 

Each Employer shall make Employer Matching Contributions on behalf of
each of the Participants who is eligible to participate in Employer
Profit-Sharing Contributions for the Plan Year (regardless of whether any
Employer Profit-Sharing Contributions are actually made by such Employer).  In addition, each Employer shall make an
Employer Matching Contribution on behalf of each Participant who transferred
from such Employer to a company listed on Schedule A provided that such Participant
remained employed by such company as of his last scheduled work day of the Plan
Year, or terminated such employment because he incurred a Retirement, died or
had a Termination of Employment due to a Permanent Disability during such
Year.  Each Employer shall contribute on
behalf of each such Participant an amount equal to the Participant’s Pre-Tax
Contributions made while the Participant was employed by such Employer to the
extent they do not exceed 2% of the Participant’s Compensation earned while the
Participant was employed by such Employer for the Plan Year.  In addition to the foregoing, each Employer
shall make supplemental matching contributions with respect to any Participant
returning from Qualified Military Service based upon the supplemental Pre-Tax
Contributions the Participant elects to make pursuant to Section 4.01(h),
equal to the amount of Employer Matching Contributions the Participant would
have received had such Pre-Tax Contributions been made during his period of
Qualified Military Service. 
Notwithstanding the foregoing, Employer Matching Contributions shall not
be made to the Plan with respect to a Participant to the extent that such
contributions would cause the limitations set forth in Section 4.08(d) to
be exceeded for such Participant with respect to the year for which such
contributions are made.

 

 

This consent may be executed in several counterparts, any one of which
shall constitute an original without reference to the others, and shall be
delivered to the Secretary of the Company to be filed in the corporate records
of the Company.

 

IN WITNESS WHEREOF, the Company has caused this Third Amendment to be
executed by its duly authorized officers on the date first written above.

 

 

	
   

  	
  EQUITY
  RESIDENTIAL

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
     /s/
  Bruce C. Strohm

  
	
   

  	
   

  	
  Bruce C. Strohm

  
	
   

  	
  Title:

  	
  EVP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
     /s/
  Bruce W. Duncan

  
	
   

  	
   

  	
  Bruce W. Duncan

  
	
   

  	
  Title:

  	
  CEO/President

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Yasmina Duwe

  	
   

  	
   

  	
   

  
	
  Assist.
  Secretary

  	
   

  	
   

  
				

 

2Exhibit 10.18

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (the “Agreement”) is entered into as of
                    
   , 200 , by and between Equity Residential, a Maryland
real estate investment trust (the “Company”), and
                      
(the “Indemnitee”).

 

WHEREAS, the Indemnitee, at the request of the Company, is serving as an
officer or a member of the Board of Trustees of the Company and in such
capacity is performing a valuable service for the Company;

 

WHEREAS, the law of the State of Maryland, the Company’s state of formation,
permits the Company to enter into contracts with its officers or members of its
Board of Trustees with respect to indemnification of such persons; and

 

WHEREAS, to induce the Indemnitee to continue to provide services to the
Company as an officer or a member of the Board of Trustees, and to provide the
Indemnitee with specific contractual assurance that indemnification will be
available to the Indemnitee regardless of, among other things, any amendment to
or revocation of the Company’s Second Amended and Restated Declaration of Trust
(as amended, the “Declaration of Trust”), or any acquisition transaction
relating to the Company, the Company desires to provide the Indemnitee with
protection against personal liability to the fullest extent permitted by law.

 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein,
the Company and the Indemnitee hereby agree as follows:

 

1.                                      DEFINITIONS.

 

For
purposes of this Agreement:

 

(A)          “Change in Control” shall mean a
change in control of the Company occurring after the Effective Date of a nature
that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A (or in response to any similar item on any
similar schedule or form) promulgated under the Securities Exchange Act of
1934 (the “Act”), whether or not the Company is then subject to such reporting
requirement; provided, however, that, without limitation, a Change in Control
shall be deemed to have occurred if after the Effective Date any of the
following events shall occur:

 

(i)                                     An acquisition
(other than directly from the Company) of any voting securities of the Company
(the “Voting Securities”) by any “Person” (as the term person is used for
purposes of Section 13(d) or 14(d) of the Act, immediately after which
such Person has “Beneficial Ownership” (within the meaning of Rule 13d-3
promulgated under the Act), directly or indirectly, of 30% or more of the
combined voting power of the Company’s then outstanding Voting

 

 

Securities; provided, however, that in determining
whether a Change in Control has occurred, Voting Securities which are acquired
in a “Non-Control Acquisition” (as hereinafter defined) shall not constitute an
acquisition which would cause a Change in Control.  A “Non-Control Acquisition” shall mean an acquisition by (i) an
employee benefit plan (or a trust forming a part thereof) maintained by (x) the
Company or (y) any corporation or other Person of which a majority of its
voting power or its equity securities or equity interest is owned directly or
indirectly by the Company (a “Subsidiary”), (ii) the Company or any Subsidiary
or (iii) any Person in connection with a “Non-Control Transaction” (as
hereinafter defined);

 

(ii)                                  Approval by shareholders
of the Company of:

 

(a)                                  A merger, consolidation or reorganization
involving the Company unless:

 

(I)                                    the shareholders of the Company, immediately
before such merger, consolidation or reorganization, own, directly or
indirectly, immediately following such merger, consolidation or reorganization,
at least seventy percent (70%) of the combined voting power of the outstanding
Voting Securities of the corporation or other entity resulting from such merger
or consolidation or reorganization (the “Surviving Corporation”) in
substantially the same proportion as among themselves as their ownership of the
Voting Securities immediately before such merger, consolidation or
reorganization; and

 

(II)                                the individuals who were members of the
incumbent Board of Trustees immediately prior to the execution of the agreement
providing for such merger, consolidation or reorganization constitute at least
a majority of the members of the board of directors or board of trustees of the
Surviving Corporation or a corporation or other entity beneficially owning,
directly or indirectly, a majority of the Voting Securities of the Surviving
Corporation;

 

(A
transaction meeting the conditions described in clauses (I) and (II) above
shall herein be referred to as a “Non-Control Transaction);

 

(b)                                 A complete liquidation or dissolution of the
Company; or

 

(c)                                  An agreement for the sale or other
disposition of all or substantially all of the assets of the Company to any
Person (other than to an entity of which the Company directly or indirectly
owns at least 70% of the Voting Securities).

 

2

 

(iii)                                                             There
occurs a proxy contest, as a consequence of which members of the Board of
Trustees in office immediately prior thereto constitute less than a majority of
the Board of Trustees thereafter; or

 

(iv)                                                            During any period of two consecutive years, individuals who
at the beginning of such period constituted the Board of Trustees (including
for this purpose any new trustee whose election or nomination for election by
the Company’s shareholders was approved by a vote of at least two-thirds of the
trustees then still in office who were trustees at the beginning of such
period) cease for any reason to constitute at least a majority of the Board of
Trustees.

 

Notwithstanding the foregoing, a Change
in Control shall not be deemed to occur solely because any Person (the “Subject
Person”) acquired Beneficial Ownership of more than 30% of the outstanding
Voting Securities as a result of the acquisition of Voting Securities by the
Company which, by reducing the number of Voting Securities outstanding,
increases the proportionate number of shares Beneficially Owned by the Subject
Person, provided that if a Change in Control would occur (but for the operation
of this sentence) as a result of the acquisition of Voting Securities by the
Company, and after such share acquisition by the Company, the Subject Person
becomes the Beneficial Owner of any additional Voting Securities which
increases the percentage of the then outstanding Voting Securities Beneficially
Owned by the Subject Person, then a Change in Control shall occur.

 

(B)                                “Corporate Status” means the status of a person who is or
was a trustee, officer, employee, agent or fiduciary of the Company or of any
other corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise (whether conducted for profit or not for profit) which such
person is or was serving at the request of the Company.

 

(C)                                “Disinterested Trustee” means a trustee of
the Company who is not and was not a party to the Proceeding (as hereinafter
defined) in respect of which indemnification is sought by the Indemnitee.

 

(D)                               “Effective Date” means the date of this
Agreement as set forth above.

 

(E)                                 “Expenses” shall include all reasonable
attorneys and paralegals’ fees, retainers, court costs, transcript costs, fees
of experts, witness fees, travel expenses, duplicating costs, printing and
binding costs, telephone charges, postage, delivery service fees, and all other
disbursements or expenses of the types customarily incurred in connection with
prosecuting, defending, preparing to prosecute or defend, investigating, or
being or preparing to be a witness in a Proceeding.

 

(F)                                 “Independent Counsel” means a law firm, or a member of a law
firm, selected by the Board of Trustees by the vote required for determination
of the

 

3

 

Indemnitee’s
entitlement to indemnification as provided in clause (ii) of Section 9(b)
hereof, that (i) is experienced in matters of corporation law and (ii) has not,
and, as to such law firm, no member presently is, or in the past five years has
been, retained to represent (x) the Company or the Indemnitee in any matter
material to either such party, or (y) any other party to the Proceeding giving
rise to a claim for indemnification hereunder. 
Notwithstanding the foregoing, the term “Independent Counsel” shall not
include any person who, under the applicable standards of professional conduct
then prevailing, would have a conflict of interest in representing either the
Company or the Indemnitee in an action to determine the Indemnitee’s rights
under this Agreement, unless such conflict of interest is waived by both the
Company and the Indemnitee.

 

(G)                                “Proceeding” includes any threatened, pending
or completed action, suit, arbitration, alternate dispute resolution mechanism,
investigation, administrative hearing, or any other proceeding, including
appeals therefrom, whether civil, criminal, administrative, or investigative,
except one (i) initiated by the Indemnitee pursuant to paragraph 11 of this
Agreement to enforce such Indemnitee’s rights under this Agreement or (ii)
pending or completed on or before the Effective Date, unless otherwise
specifically agreed in writing by the Company and the Indemnitee.

 

2.                                      INDEMNIFICATION – GENERAL.

 

The Company shall indemnify, and
advance Expenses to, the Indemnitee (i) as provided in this Agreement and (ii)
otherwise to the fullest extent permitted by Maryland law in effect on the date hereof and as amended from time to time
(provided, however, that no change in Maryland law shall have the effect of
reducing the benefits available to the Indemnitee hereunder based on Maryland
law as in effect on the date hereof).  The
rights of the Indemnitee provided in this Section 2 shall include, without
limitation, the rights set forth in the other sections of this Agreement,
including any additional indemnification permitted by Section 2-418(g) of
the Maryland General Corporation Law (“MGCL”).

 

3.                                      PROCEEDINGS
OTHER THAN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY.

 

The Indemnitee
shall be entitled to the rights of indemnification provided in this
Section 3 if, by reason of his Corporate Status, he is, or is threatened
to be, made a party to or a witness in any threatened, pending, or completed
Proceeding, other than a Proceeding by or in the right of the Company.  Pursuant to this Section 3, the
Indemnitee shall be indemnified against all judgments, penalties, fines and
amounts paid in settlement and all Expenses actually and reasonably incurred by
him or on his behalf in connection with a Proceeding by reason of his Corporate
Status unless it is established that (i) the act or omission of the Indemnitee
was material to the matter giving rise to the Proceeding and (a) was committed
in bad faith or (b) was the result of active and deliberate dishonesty, (ii)
the Indemnitee actually received an improper personal benefit in money,
property or services, or (iii) in the case of any criminal Proceeding, the
Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

4

 

4.                                      PROCEEDINGS BY OR IN THE RIGHT OF THE
COMPANY.

 

The Indemnitee shall be entitled to the
rights of indemnification provided in this Section 4 if, by reason of his
Corporate Status, he is, or is threatened to be, made a party to or a witness
in any threatened, pending or completed Proceeding brought by or in the right
of the Company to procure a judgment in its favor.  Pursuant to this Section 4, the Indemnitee shall be
indemnified against all amounts paid in settlement and all Expenses actually
and reasonably incurred by him or on his behalf in connection with such Proceeding
unless it is established that (i) the act or omission of the Indemnitee was
material to the matter giving rise to such a Proceeding and (a) was committed
in bad faith or (b) was the result of active and deliberate dishonesty or (ii)
the Indemnitee actually received an improper personal benefit in money,
property or services.

 

5.                                      COURT-ORDERED INDEMNIFICATION.

 

Notwithstanding any other provision of
this Agreement, a court of appropriate jurisdiction, upon application of the
Indemnitee and such notice as the court shall require, may order indemnification
in the following circumstances:

 

(a)                                  if it determines that the Indemnitee is entitled to
reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order
indemnification, in which case the Indemnitee shall be entitled to recover the
expenses of securing such reimbursement; or

 

(b)                                 if it determines that the Indemnitee is fairly and
reasonably entitled to indemnification in view of all the relevant
circumstances, whether or not the Indemnitee (i) has met the standards of
conduct set forth in Section 2-418(b) of the MGCL or (ii) has been
adjudged liable for receipt of an improper personal benefit under
Section 2-418(c) of the MGCL, the court may order such indemnification as
the court shall deem proper.  However,
indemnification with respect to any Proceeding by or in the right of the
Company or in which liability shall have been adjudged in the circumstances
described in Section 2-418(c) of the MGCL shall be limited to Expenses.

 

6.                                      EXPENSES OF A SUCCESSFUL
PARTY.

 

Notwithstanding any other
provision of this Agreement and without limiting the effect of any such
provision, to the extent that the Indemnitee is, by reason of such Indemnitee’s
Corporate Status, made a party to and is successful, on the merits or
otherwise, in the defense of any Proceeding, such Indemnitee shall be
indemnified against all Expenses actually and reasonably incurred by or on
behalf of such Indemnitee in connection therewith.  If the Indemnitee is not wholly successful in such Proceeding,
but is successful, on the merits or otherwise, as to one or more but less than
all claims, issues, or matters in such Proceeding, the Company shall indemnify
the Indemnitee under this Section 6 against all Expenses actually and
reasonably incurred by or on behalf of such Indemnitee in connection with each
successfully resolved claim, issue or matter. 
For purposes of this Section and without limitation, the
termination of any claim, issue or

 

5

 

matter in such Proceeding by
dismissal, with or without prejudice, shall be deemed to be a successful result
as to such claim, issue or matter.

 

7.                                      WITNESS EXPENSES.

 

Notwithstanding
any other provision of this Agreement, to the extent that the Indemnitee is, by
reason of such Indemnitee’s Corporate Status, a witness for any reason in any
Proceeding to which such Indemnitee is not a party, such Indemnitee shall be
indemnified against all Expenses actually and reasonably incurred by or on
behalf of such Indemnitee in connection therewith.

 

8.                                      ADVANCES.

 

The Company shall advance all
reasonable Expenses incurred by or on behalf of the Indemnitee in connection
with any Proceeding within 20 days after the receipt by the Company of a
statement from the Indemnitee requesting such advance from time to time,
whether prior to or after final disposition of such Proceeding.  Such statement shall reasonably evidence the
Expenses incurred by the Indemnitee and shall include or be preceded or
accompanied by a written
affirmation by the Indemnitee of the Indemnitee’s good faith belief that the
standard of conduct necessary for indemnification by the Company as authorized
by law and by this Agreement has been met and a written undertaking by or on
behalf of the Indemnitee, in substantially the form attached hereto as Exhibit
A or in such form as may be required under applicable law as in effect at
the time of the execution thereof, to reimburse the portion of any Expenses
advanced to the Indemnitee relating to claims, issues or matters in the
Proceeding as to which it shall ultimately be established that the standard of
conduct has not been met and which have not been successfully resolved as
described in Section 6.  To the
extent that Expenses advanced to the Indemnitee do not relate to a specific
claim, issue or matter in the Proceeding, such Expenses shall be allocated on a
reasonable and proportionate basis.  The
undertaking required by this Section 8 shall be an unlimited general
obligation by or on behalf of the Indemnitee and shall be accepted without
reference to the Indemnitee’s financial ability to repay such advanced Expenses
and without any requirement to post security therefor.

 

9.                                      DETERMINATION OF ENTITLEMENT
TO INDEMNIFICATION.

 

(a)                                  To obtain indemnification under this
Agreement, the Indemnitee shall submit to the Company a written request,
including therewith such documentation and information as is reasonably
available to the Indemnitee and is reasonably necessary to determine whether
and to what extent the Indemnitee is entitled to indemnification.  The Secretary of the Company shall, promptly
upon receipt of such a request for indemnification, advise the Board of
Trustees in writing that the Indemnitee has requested indemnification.

 

6

 

(b)                                 Upon such written request pursuant to subparagraph 9(a)
hereof, a determination, if required by applicable law, with respect to the
Indemnitee’s entitlement thereto shall be made in the specific case:  (i) if a Change in Control shall have
occurred, by Independent Counsel in a written opinion to the Board of Trustees,
a copy of which shall be delivered to the Indemnitee (unless the Indemnitee
shall request that such determination be made by the Board of Trustees, in
which case by the person or persons or in the manner provided in clause (ii) of
this paragraph 9(b)); or (ii) if a Change in Control shall not have occurred,
(a) by the Board of Trustees (or a duly authorized committee thereof) by a
majority vote of a quorum consisting of Disinterested Trustees (if obtainable),
or (b) if a quorum of the Board of Trustees consisting of Disinterested
Trustees is not obtainable, or, even if obtainable, if such quorum of
Disinterested Trustees so directs, by Independent Counsel in a written opinion
to the Board of Trustees, a copy of which shall be delivered to the Indemnitee;
and, if it is so determined that the Indemnitee is entitled to indemnification,
payment to the Indemnitee shall be made within ten days after such
determination.

 

(c)                                  The Indemnitee shall cooperate with the person
or entity making such determination with respect to the Indemnitee’s
entitlement to indemnification, including providing upon reasonable advance
request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to the Indemnitee
and reasonably necessary to such determination.  Any costs or expenses (including attorneys’ fees and
disbursements) incurred by the Indemnitee in so cooperating shall be borne by
the Company (irrespective of the determination as to the Indemnitee’s
entitlement to indemnification) and the Company hereby indemnifies and agrees
to hold the Indemnitee harmless therefrom.

 

10.                               PRESUMPTIONS.

 

(a)                                  In making a determination with respect to
entitlement to indemnification hereunder, the person or entity making such
determination shall presume that the Indemnitee is entitled to indemnification
under this Agreement if the Indemnitee has submitted a request for
indemnification in accordance with Section 9(a) hereof, and the Company
shall have the burden of proof to overcome such presumption.

 

(b)                                 The termination of any Proceeding or of any claim, issue or
matter therein, by judgment, order, settlement, or conviction, or upon a plea
of nolo contendere or its equivalent, or an entry of an order of probation
prior to judgment, shall not create a presumption that the Indemnitee did not
meet the requisite standard of conduct described herein for indemnification.

 

7

 

11.                   REMEDIES.

 

(a)                                  If (i) a determination is made pursuant to Section 9 of
this Agreement that the Indemnitee is not entitled to indemnification under
this Agreement, (ii) advance of Expenses is not timely made pursuant to
Section 8 of this Agreement, (iii) no determination of entitlement to
indemnification shall have been made pursuant to Section 9(b) of this
Agreement within 30 days after receipt by the Company of the request for
indemnification, (iv) payment of indemnification is not made pursuant to
Section 6 of this Agreement within ten days after receipt by the Company
of a written request therefor, or (v) payment of indemnification is not made
within ten days after a determination has been made that the Indemnitee is
entitled to indemnification, the Indemnitee shall be entitled to an
adjudication in an appropriate court of the State of Maryland, or in any other
court of competent jurisdiction, of his entitlement to such indemnification or
advance of Expenses.  Alternatively, the
Indemnitee, at his option, may seek an award in arbitration to be conducted by
a single arbitrator pursuant to the commercial Arbitration Rules of the
American Arbitration Association.  The
Indemnitee shall commence such proceeding seeking an adjudication or an award
in arbitration within 180 days following the date on which the Indemnitee first
has the right to commence such proceeding pursuant to this Section 11(a);
provided, however, that the foregoing clause shall not apply in respect of a
proceeding brought by the Indemnitee to enforce his rights under Section 6
of this Agreement.

 

(b)                                 In the event that a determination shall have
been made pursuant to this Agreement that the Indemnitee is not entitled to
indemnification, any judicial proceeding commenced pursuant to this paragraph
11 shall be conducted in all respects as a de novo trial, on the merits and the
Indemnitee shall not be prejudiced by reason of that adverse
determination.  In any judicial
proceeding or arbitration commenced pursuant to this paragraph 11, the Company
shall have the burden of proving that the Indemnitee is not entitled to
indemnification or advancement of Expenses, as the case may be.

 

(c)                                  If a determination shall have been made or
deemed to have been made pursuant to this Agreement that the Indemnitee is
entitled to indemnification, the Company shall be bound by such determination
in any judicial proceeding commenced pursuant to this paragraph 11,
absent:  (i) a misstatement by the
Indemnitee of a material fact, or an omission of a material fact necessary to
make the Indemnitee’s statement not materially misleading, in connection with
the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

(d)                                 The Company shall be precluded from asserting
in any judicial proceeding commenced pursuant to this paragraph 11 that the
procedures and presumptions of this Agreement are not valid, binding and
enforceable and shall stipulate in any such court that the Company is bound by
all the provisions of this Agreement.

 

(e)                                  In the event that the Indemnitee, pursuant to
this paragraph 11, seeks a judicial adjudication of such Indemnitee’s rights
under, or to recover damages for breach of, this Agreement, if successful in
whole or in part, the Indemnitee shall be entitled to

 

8

 

recover
from the Company, and shall be indemnified by the Company against, any and all
Expenses actually and reasonably incurred by such Indemnitee in such judicial
adjudication.

 

12.                               DEFENSE OF THE UNDERLYING
PROCEEDING.

 

(a)                                  The Indemnitee shall notify the Company
promptly upon being served with or receiving any summons, citation, subpoena,
complaint, indictment, information, notice, request or other document relating
to any Proceeding which may result in the right to indemnification or the
advance of Expenses hereunder; provided, however, that the failure to give any
such notice shall not disqualify the Indemnitee from the right, or otherwise
affect in any manner any right of the Indemnitee, to indemnification or the advance
of Expenses under this Agreement unless the Company’s ability to defend in such
Proceeding or to obtain proceeds under any insurance policy is materially and
adversely prejudiced thereby, and then only to the extent the Company is
thereby actually so prejudiced.

 

(b)                                 Subject to the provisions of the last sentence of this
Section 12(b) and of Section 12(c) below, the Company shall have the
right to defend the Indemnitee in any Proceeding which may give rise to
indemnification hereunder; provided, however, that the Company shall notify the
Indemnitee of any such decision to defend within 15 calendar days following
receipt of notice of any such Proceeding under Section 12(a) above.  The Company shall not, without the prior
written consent of the Indemnitee, which shall not be unreasonably withheld or
delayed, consent to the entry of any judgment against the Indemnitee or enter
into any settlement or compromise which (i) includes an admission of fault of
the Indemnitee or (ii) does not include, as an unconditional term thereof, the
full release of the Indemnitee from all liability in respect of such
Proceeding, which release shall be in form and substance reasonably
satisfactory to the Indemnitee.  This
Section 12(b) shall not apply to a Proceeding brought by the Indemnitee
under Section 11 above or Section 17 below.

 

(c)                                  Notwithstanding the provisions of Section 12(b) above,
if in a Proceeding to which the Indemnitee is a party by reason of the
Indemnitee’s Corporate Status, (i) the Indemnitee reasonably concludes, based
upon an opinion of counsel, that he may have separate defenses or counterclaims
to assert with respect to any issue which may not be consistent with other
defendants in such Proceeding, (ii) the Indemnitee reasonably concludes, based
upon an opinion of counsel, that an actual or apparent conflict of interest or
potential conflict of interest exists between the Indemnitee and the Company,
or (iii) if the Company fails to assume the defense of such Proceeding in a
timely manner, the Indemnitee shall be entitled to be represented by separate
legal counsel of the Indemnitee’s choice, subject to the prior approval of the
Company, which shall not be unreasonably withheld, at the expense of the
Company.  In addition, if the Company
fails to comply with any of its obligations under this Agreement or in the
event that the Company or any other person takes any action to declare this
Agreement void or unenforceable, or institutes any Proceeding to deny or to
recover from the Indemnitee the

 

9

 

benefits
intended to be provided to the Indemnitee hereunder, the Indemnitee shall have
the right to retain counsel of the Indemnitee’s choice, subject to the prior
approval of the Company, which shall not be unreasonably withheld, at the
expense of the Company (subject to Section 11(d)), to represent the
Indemnitee in connection with any such matter.

 

13.                               NON-EXCLUSIVITY; SURVIVAL OF
RIGHTS; INSURANCE

SUBROGATION.

 

(a)                                  The rights of indemnification and to receive
advancement of Expenses as provided by this Agreement shall not be deemed
exclusive of any other rights to which the Indemnitee may at any time be
entitled under applicable law, the Declaration of Trust, the Company’s Bylaws,
any agreement or a resolution of the shareholders entitled to vote generally in
the election of trustees or of the Board of Trustees, or otherwise.  No amendment, alteration or repeal of this
Agreement or any provision hereof shall be effective as to the Indemnitee with
respect to any action taken or omitted by the Indemnitee in his Corporate
Status prior to such amendment, alteration or repeal.

 

(b)                                 In the event of any payment under this
Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of the Indemnitee, who shall execute all papers
required and take all actions necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring
suit to enforce such rights.

 

(c)                                  The
Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable hereunder if and to the extent that the Indemnitee has
otherwise actually received such payment under any insurance policy, contract,
agreement, or otherwise.

 

14.                               INSURANCE.

 

(a)                                  The Company will use its reasonable efforts
to acquire trustees and officers liability insurance, on terms and conditions
and in such amounts deemed appropriate by the Board of Trustees of the Company,
covering the Indemnitee or any claim made against the Indemnitee for service as
a trustee or officer of the Company and covering the Company for any
indemnification or advance of expenses made by the Company to the Indemnitee
for any claims made against the Indemnitee for service as a trustee or officer
of the Company.  Without in any way
limiting any other obligation under this Agreement, the Company shall indemnify
the Indemnitee for any payment by the Indemnitee arising out of the amount of
any deductible or retention and the amount of any excess of the aggregate of
all judgments, penalties, fines, settlements and reasonable expenses incurred
by the Indemnitee in connection with a Proceeding over the coverage of any
insurance referred to in the previous sentence.

 

10

 

(b)                                 To the extent that the Company maintains an
insurance policy or policies providing liability insurance for trustees or
officers of the Company, the Indemnitee shall be covered by such policy or
policies in accordance with its or their terms to the maximum extent of the
coverage available, and upon any “Change in Control”, the Company shall obtain
continuation and/or “tail” coverage for the Indemnitee to the maximum amount
obtainable at such time.

 

15.                               CONTINUATION OF INDEMNITY.

 

(a)                                  All agreements and obligations of the Company
contained herein shall continue during the period the Indemnitee is an officer
or a member of the Board of Trustees of the Company and shall continue
thereafter so long as the Indemnitee shall be subject to any threatened,
pending or completed Proceeding by reason of such Indemnitee’s Corporate Status
and during the period of any statute of limitations for any act or omission
occurring during the Indemnitee’s term of Corporate Status.  No legal action shall be brought and no
cause of action shall be asserted by or on behalf of the Company against the
Indemnitee, the Indemnitee’s spouse, heirs, executors or personal or legal
representatives after the expiration of two (2) years from the date of accrual
of such cause of action, and any claim or cause of action of the Company shall
be extinguished and deemed released unless asserted by the timely filing of a
legal action within such two (2) year period; provided, however, that if any
shorter period of limitations is otherwise applicable to any such cause of
action such shorter period shall govern. 
Notwithstanding the foregoing limitations on the period within which
such claim may be brought, to the extent that any applicable statute of
limitations provides for a tolling of the limitation period under certain
circumstances, then the limitations provided for in this Section 15 shall
also be tolled in the event such circumstances exist with respect to any such
claim or cause of action.  This
Agreement shall be binding upon the Company and its successors and assigns and
shall inure to the benefit of the Indemnitee and such Indemnitee’s heirs,
executors and administrators.

 

(b)                                 The indemnification and advance of Expenses provided by, or
granted pursuant to, this Agreement shall be binding upon and be enforceable by
the parties hereto and their respective successors and assigns (including any
direct or indirect successor by purchase, merger, consolidation or otherwise to
all or substantially all of the business or assets of the Company), shall
continue as to an Indemnitee who has ceased to be a director, trustee, officer,
employee or agent of the Company or of any other corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise which such
person is or was serving at the request of the Company, and shall inure to the
benefit of the Indemnitee and his or her spouse, assigns, heirs, devisees,
executors and administrators and other legal representatives.

 

(c)                                  The Company shall require and cause any successor (whether
direct or indirect by purchase, merger, consolidation or otherwise) to all,
substantially all or a substantial part, of the business and/or assets of the
Company, by written agreement in form and substance satisfactory to the
Indemnitee, expressly to assume and agree to

 

11

 

perform
this Agreement in the same manner and to the same extent that the Company would
be required to perform if no such succession had taken place.

 

16.                               SEVERABILITY.

 

If
any provision or provisions of this Agreement shall be held to be invalid,
illegal, or unenforceable for any reason whatsoever, (i) the validity,
legality, and enforceability of the remaining provisions of this Agreement
(including, without limitation, each portion of any paragraph of this Agreement
containing any such provision held to be invalid, illegal, or unenforceable,
that is not itself invalid, illegal, or unenforceable) shall not in any way be
affected or impaired thereby, and (ii) to the fullest extent possible, the
provisions of this Agreement (including, without limitation, each portion of
any paragraph of this Agreement containing any such provision held to be
invalid, illegal, or unenforceable, that is not itself invalid, illegal, or
unenforceable) shall be construed so as to give effect to the intent manifested
by the provisions held invalid, illegal, or unenforceable.

 

17.                               EXCEPTIONS TO RIGHT OF
INDEMNIFICATION OR ADVANCEMENT OF EXPENSES.

 

Notwithstanding any other provision of
this Agreement, the Indemnitee shall not be entitled to indemnification or
advance of Expenses under this Agreement with respect to any Proceeding brought
by the Indemnitee, unless (a) the Proceeding is brought to enforce
indemnification under this Agreement or otherwise or (b) the Company’s Bylaws,
as amended, the Declaration of Trust, a resolution of the shareholders entitled
to vote generally in the election of trustees or of the Board of Trustees or an
agreement approved by the Board of Trustees to which the Company is a party
expressly provide otherwise.

 

18.                               HEADINGS.

 

The headings of the paragraphs of this
Agreement are inserted for convenience only and shall not be deemed to
constitute part of this Agreement or to affect the construction thereof.

 

19.                               MODIFICATION AND WAIVER.

 

No supplement, modification, or
amendment of this Agreement shall be binding unless executed in writing by both
of the parties hereto.  No waiver of any
of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provisions hereof (whether or not similar) nor shall such
waiver constitute a continuing waiver.

 

12

 

20.                               NOTICES.

 

All notices, requests, demands, and other
communications hereunder shall be in writing and shall be deemed to have been
duly given if (i) delivered by hand and receipted for by the party to whom said
notice or other communication shall have been directed, or (ii) mailed by
certified or registered mail with postage prepaid, on the third business day
after the date on which it is so mailed, if so delivered or mailed, as the case
may be, to the following addresses:

 

If
to the Indemnitee, to the address set forth in the records of the Company.

 

	
  If
  to the Company, to:

  	
   

  	
  Equity
  Residential

  Two North Riverside Plaza, Suite 400

  Chicago, Illinois 60606

  Attn.:  General Counsel

  

 

or
to such other address as may have been furnished to the Indemnitee by the
Company or to the Company by the Indemnitee, as the case may be.

 

21.                               GOVERNING LAW.

 

The
parties agree that this Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the State of Maryland.

 

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

 

	
   

  	
  EQUITY RESIDENTIAL, a Maryland real

  estate investment trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Its:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  ,
  an individual

  

 

13

 

EXHIBIT
A

 

FORM OF UNDERTAKING TO
REPAY EXPENSES ADVANCED

 

The Board of Trustees of
Equity Residential

 

Re:  Undertaking to Repay Expenses Advanced

 

Ladies and Gentlemen:

 

This
undertaking is being provided pursuant to that certain Indemnification
Agreement dated the      day of
         , 200  , by and
between Equity Residential (the “Company”) and the undersigned Indemnitee (the
“Indemnification Agreement”), pursuant to which I am entitled to advance of
expenses in connection with [Description
of Proceeding] (the
“Proceeding”).

 

Terms
used herein and not otherwise defined shall have the meanings specified in the
Indemnification Agreement.

 

I
am subject to the Proceeding by reason of my Corporate Status or by reason of
alleged actions or omissions by me in such capacity.  I hereby affirm that at all times, insofar as I was involved as [a trustee]
[an officer] of the Company, in any of the facts or events giving
rise to the Proceeding, I (1) acted in good faith and honestly, (2) did not
receive any improper personal benefit in money, property or services and (3) in
the case of any criminal proceeding, had no reasonable cause to believe that
any act or omission by me was unlawful.

 

In
consideration of the advance of expenses by the Company for reasonable
attorney’s fees and related expenses incurred by me in connection with the
Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection
with the Proceeding, it is established that (1) an act or omission by me was
material to the matter giving rise to the Proceeding and (a) was committed in
bad faith or (b) was the result of active and deliberate dishonesty or (2) I
actually received an improper personal benefit in money, property or services
or (3) in the case of any criminal proceeding, I had reasonable cause to
believe that the act or omission was unlawful, then I shall promptly reimburse
the portion of the Advanced Expenses relating to the claims, issues or matters
in the Proceeding as to which the foregoing findings have been established and
which have not been successfully resolved as described in Section 6 of the
Indemnification Agreement.

 

To
the extent that Advanced Expenses do not relate to a specific claim, issue or
matter in the Proceeding, I agree that such Expenses shall be allocated on a
reasonable and proportionate basis.

 

14

 

IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on
this     day of
             ,
200   .

 

 

	
  WITNESS:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (SEAL)

  

 

15

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