Document:

Exhibit 10.1

 

REVOLVING CREDIT AGREEMENT

 

This REVOLVING CREDIT
AGREEMENT, dated as of December 17, 2018, between TOYOTA MOTOR CREDIT CORPORATION, a corporation under the laws of California,
as borrower (the “Borrower”), and TOYOTA MOTOR SALES, U.S.A., INC., as lender (the “Lender”), sets forth
the binding agreement of the parties.

 

ARTICLE
I

DEFINITIONS

 

SECTION
1.01   Defined Terms. As used in this Agreement, the following terms have the following meanings (terms defined
in the singular to have the same meaning when used in the plural and vice versa):

 

“Agreement”
means this Revolving Credit Agreement, as it may be amended, extended, replaced, renewed, supplemented or modified from time to
time.

 

“Applicable Rate”
means, for any Interest Period, the Fixed Rate applicable to such Interest Period on the first day of such Interest Period.

 

“Bankruptcy Law”
means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United
States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

 

“Borrowing Date”
means each Business Day on which a Loan is advanced.

 

“Business Day”
means any day other than a Saturday, Sunday or other day on which banks and foreign exchange markets in New York, New York or Tokyo,
Japan are authorized or obligated by Law to close.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and any successor statute.

 

“Commitment”
means the obligation of the Lender to make a Loan or Loans hereunder not exceeding the Commitment Amount.

 

“Commitment Amount”
means Five Billion Dollars ($5,000,000,000) in aggregate principal amount.

 

“Commitment Period”
means the period from the date hereof until the Commitment Termination Date.

 

“Commitment Termination
Date” means December 17, 2021 (or such earlier date on which the Commitment terminates pursuant to the terms hereof).

 

     

     

    

“Consolidated
Subsidiary” means, with respect to any Person except for natural persons, at any date the accounts of which would be consolidated
with those of such Person in its consolidated financial statements if such statements were prepared as of such date.

 

“Default”
means any of the events specified in Section 5.01, whether or not any requirement for the giving of notice, the lapse of time,
or both, or any other condition, has been satisfied.

 

“Dollars,”
“U.S. Dollars,” “U.S.$,” and “$” means the lawful currency of the United States of America
at any relevant time hereunder.

 

“Event of Default”
means any of the events specified in Section 5.01.

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to the Lender, or required to be withheld or deducted from a payment
to, the Lender: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,
in each case, (i) imposed as a result of the Lender being organized under the Laws of, or having its principal office or its applicable
lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection
Taxes, (b) Taxes attributable to the failure of the Lender (or its successors or assigns) to comply with Section 6.07(e), and (c)
any withholding Taxes imposed under FATCA.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof,
any agreement entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreements with respect thereto and
any other Law enacted in any other jurisdiction, or relating to an intergovernmental agreement between the United States and any
other jurisdiction, which (in either case) facilitates the implementation of the foregoing.

 

“Fixed Rate”
means, with respect to any Loan for the selected Interest Period, the fixed rate of interest per annum equal to the semi-annual
“short-term” 100% applicable rate for the month in which the first day of such Interest Period occurs as published
by the United States Internal Revenue Service in accordance with Section 1274(d) of the Code (or any comparable successor rate
or Section as mutually reasonably determined by the Borrower and the Lender).

 

“Governmental
Authority” means any nation or government, any state, provincial or other political subdivision thereof, any agency, authority,
instrumentality, regulatory body, central bank or other entity exercising executive, legislative, taxing, regulatory or administrative
powers or functions of or pertaining to government.

 

“Indemnified
Taxes” means Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation
of the Borrower under this Agreement.

 

“Interest Payment
Date” means the last day of each Interest Period applicable to such Loan.

 

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“Interest Period”
means, with respect to each Loan, the period commencing on the Borrowing Date for such Loan and extending for any period of time
as selected by the Borrower; provided, however, that no Interest Period shall end after the Maturity Date.

 

“Irrevocable
Loan Notice” means, a notice of Loan pursuant to Section 2.02, which, when confirmed in writing, shall be substantially in
the form of Exhibit A.

 

“Law” means,
collectively, all federal, state and local statutes, executive orders, treaties, rules, guidelines, regulations, ordinances, codes
and administrative authorities, including the interpretation or administration thereof by any Governmental Authority charged with
the enforcement, interpretation or administration thereof, and all applicable administrative orders of any Governmental Authority.

 

“Loan”
shall have the meaning assigned to such term in Section 2.01.

 

“Maturity Date”
means the Commitment Termination Date.

 

“Other Connection
Taxes” means, with respect to the Lender, Taxes imposed as a result of a present or former connection between the Lender
and the jurisdiction imposing such Tax (other than connections arising from the Lender having executed, delivered, become a party
to, performed its obligations under, received payments under, or enforced this Agreement).

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, this Agreement,
except any such Taxes that are Other Connection Taxes imposed with respect to an assignment of rights under this Agreement pursuant
to Section 6.01.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Principal Officer”
means any of the chief executive officer, president, chief financial officer, vice president responsible for treasury, treasurer
and assistant treasurer.

 

“Regulation U”
means Regulation U of the Federal Reserve Board, as in effect from time to time.

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

SECTION
1.02   References to Agreements and Laws. Unless otherwise expressly provided herein, (a) references to organizational
documents, agreements (including this Agreement) and other contractual instruments shall be deemed to include all subsequent amendments,
restatements, extensions, supplements and other modifications thereto and (b) references to any Law shall include all statutory
and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law.

 

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ARTICLE
II

AMOUNT AND TERMS OF REVOLVING LOANS

 

SECTION
2.01   Revolving Line of Credit. Subject to the terms and conditions hereof, the Lender absolutely agrees and commits
to make one or more revolving loans (each, a “Loan” and collectively the “Loans”) available to the Borrower
during the Commitment Period in an aggregate amount not to exceed the Commitment Amount. All Loans made hereunder may be repaid
and reborrowed, at any time and from time to time until the Commitment Termination Date.

 

SECTION
2.02   Notice and Manner of Borrowing. For each Loan to be made hereunder, the Borrower shall deliver an Irrevocable
Loan Notice to the Lender, which may be given by telephone, not later than 12:00 Noon, Plano, Texas time, one Business Day prior
to the requested Borrowing Date. Each Irrevocable Loan Notice shall specify the principal amount of the Loan, the duration of the
Interest Period to be applicable to such Loan, the proposed Borrowing Date for such Loan and the Applicable Rate of such Loan.
Each telephonic Irrevocable Loan Notice pursuant to this section must be confirmed promptly by delivery to the Lender of a written
Irrevocable Loan Notice, appropriately completed and signed by a Principal Officer or any other officer or representative of the
Borrower authorized by the board of directors of the Borrower. The Lender will make each Loan available to the Borrower on the
respective Borrowing Date, in Dollars, in immediately available funds, by wire transfer to an account designated by the Borrower.

 

SECTION
2.03   Interest.

 

(a)       The
Borrower shall pay interest on the aggregate unpaid principal amount of each Loan from and including the applicable Borrowing Date
to but excluding the date the Loan is paid in full (whether at stated maturity, by acceleration or otherwise), at a rate per
annum equal to the Applicable Rate, payable on each Interest Payment Date and, if different, on the date each Loan is paid
or prepaid with respect to the amount so paid or prepaid. Interest shall accrue from and including the first day of an Interest
Period to but excluding the last day of such Interest Period.

 

(b)       All
computations of interest for Loans shall be made by the Lender and the Borrower on the basis of a year of 360 days for the actual
number of days (including the first day but excluding the last day) occurring in the period for which such amount is payable and
rounded to the nearest two decimal places.

 

SECTION
2.04   Evidence of Debt. The Loans shall be evidenced by one or more accounts or records maintained by the Lender
in the ordinary course of business. The accounts or records maintained by the Lender shall be conclusive evidence, absent manifest
error, of the amount of the Loans and the interest and payments thereon. Any failure to so record or any error in doing so shall
not, however, limit, increase or otherwise affect the obligation of the Borrower under this Agreement to pay any amount owing with
respect to the obligations of the Borrower thereunder. Upon the request of the Lender, the Borrower shall execute and deliver to
the Lender a promissory note, which shall evidence the Loans in addition to such accounts or

 

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records. The Lender may
attach schedules to its promissory note and endorse thereon the date, amount, maturity and payments of its Loans.

 

SECTION
2.05   Payment; Method of Payment.

 

(a)       The
Borrower shall make payments of the Loans as follows:

 

(i)       The
entire outstanding principal amount of each Loan on the last day of the Interest Period applicable to such Loan;

 

(ii)       the
entire outstanding principal amount of the Loans on the Maturity Date or such earlier date as the Loans become due and payable
pursuant to Section 5.02;

 

(iii)       interest
as provided in Section 2.03(a); and

 

(iv)       any
other obligation under this Agreement as it comes due, but in no case later than the Maturity Date (except as to obligations that,
by their express terms, survive repayment of the Loans and termination of the Commitment).

 

(b)       The
Borrower shall make each payment under this Agreement without set-off, defense, recoupment or counterclaim and (subject to Section
6.07) without deduction or withholding, in U.S. Dollars, not later than 3:00 p.m., Plano, Texas time, on the date when due to the
Lender, in immediately available funds by wire transfer to the account specified below:

 

Toyota Motor Sales, U.S.A., Inc.

Account number [________] 

[___________]

[___________] 

[___________]

[___________] 

SWIFT CODE: [________]

Reference: Toyota Motor Credit Corporation

 

SECTION
2.06   Prepayment; Reduction of Commitment. The Borrower shall have the right at any time and from time to time
to prepay the Loans in whole or in part, without premium or penalty. The Borrower shall notify the Lender by telephone (confirmed
by telecopy) of any voluntary prepayment hereunder not later than 12:00 Noon, Plano, Texas time, on the date of prepayment of a
Loan. Each prepayment of the Loans shall be accompanied by accrued interest to the extent required by Section 2.03. The Borrower
may permanently reduce the amount of the undrawn Commitment, and if no Loans are then outstanding, may terminate the Commitment
in full; provided that the Borrower shall give written notice of such reduction or termination to the Lender not later than
12:00 Noon, Plano, Texas time, on the Business Day immediately prior to the date of such reduction or termination. Upon receipt
by the Lender of a notice of reduction or termination of Commitment pursuant to this section, such notice shall be irrevocable.

 

SECTION
2.07   Mandatory Prepayment. The Borrower shall be obligated to prepay the Loans in whole, together with all accrued
and unpaid interest and any other amounts owing in connection with the Loans, upon any merger or consolidation resulting in the
Borrower ceasing to be a

 

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Consolidated Subsidiary
of Toyota Motor Corporation, or the Borrower instituting a dissolution, liquidation or similar proceeding under the Laws of any
jurisdiction, ceasing its operations, or selling, transferring or otherwise disposing of its main business, assets, rights or franchises
without the prior consent of the Lender.

 

SECTION
2.08   Payments on Non-Business Days. If any payment to be made by the Borrower shall come due on a day other than
a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing
interest or fees, as the case may be.

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES

 

As of the date hereof,
the Borrower hereby represents and warrants to the Lender as follows:

 

SECTION
3.01   Corporate Existence. The Borrower is duly organized, validly existing and in good standing under the Laws
of its jurisdiction of organization.

 

SECTION
3.02   Authorization; No Contravention. The execution, delivery and performance by the Borrower of this Agreement
are within the Borrower’s organizational powers, have been duly authorized by all necessary organizational action, require
no action by or in respect of, or filing with, any Governmental Authority except such as have been obtained and do not contravene,
or constitute a default under, any provision of the articles of incorporation or bylaws of the Borrower.

 

SECTION
3.03   Binding Effect. This Agreement constitutes a valid and binding agreement of the Borrower enforceable in accordance
with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws relating to or limiting
creditors’ rights generally or by equitable principles relating to enforceability.

 

ARTICLE
IV

AFFIRMATIVE COVENANTS

 

So long as the
Lender’s obligations with respect to the Commitment or any obligation or indebtedness to the Lender remains outstanding
hereunder, the Borrower covenants and agrees, unless the Lender waives compliance in writing:

 

SECTION
4.01   Information. The Borrower will deliver to the Lender, within ten Business Days after any Principal Officer
of the Borrower obtains knowledge of any Default, if such Default is then continuing, a certificate of a responsible officer of
the Borrower setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect thereto.

 

SECTION
4.02 Maintenance of Existence. The Borrower will preserve, renew and keep in full force and effect its corporate
existence; provided that nothing in this section shall prohibit any merger or consolidation involving the Borrower.

 

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SECTION
4.03   Use of Proceeds. The proceeds of any Loan made under this Agreement will be used by the Borrower for its
general corporate purposes. None of such proceeds will be used, directly or indirectly for the purpose, whether immediate, incidental
or ultimate, of buying or carrying any “margin stock” within the meaning of Regulation U.

 

ARTICLE
V

EVENTS OF DEFAULT; REMEDIES

 

SECTION
5.01   Events of Default. The occurrence of any of the following events shall constitute an Event of Default with
respect to the Borrower:

 

(a)       Non-Payment.
The Borrower shall fail to pay (i) when due any principal of the Loans or (ii) within five Business Days of the due date thereof
any interest on the Loans, any fees or any other amount payable by it hereunder. Acceptance of partial payment by the Lender shall
not constitute a waiver of the Borrower’s failure to make payment in full.

 

(b)       Breach
of Other Provision. The Borrower shall fail to perform or violate any other material provision of this Agreement (and not described
in Section 5.01(a)) and such failure or violation shall continue unremedied for a period of 30 days from the date the Lender gives
notice to the Borrower with respect thereto.

 

(c)       Bankruptcy.
The Borrower shall commence or consent to the commencement of any proceeding under any Bankruptcy Law, or make an assignment for
the benefit of creditors; or apply for or consent to the appointment of any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator,
liquidator, rehabilitator or similar officer is appointed without the application or consent of the Borrower and the appointment
continues undischarged or unstayed for 90 calendar days; or any proceeding under any Bankruptcy Law relating to the Borrower or
to all or any material part of its property is instituted without the consent of the Borrower and continues undismissed or unstayed
for 90 calendar days, or an order for relief is entered in any such proceeding.

 

SECTION
5.02   Remedies. Upon the occurrence and during the continuation of any Event of Default, the Lender may, after
notice to the Borrower, (a) terminate the Commitment, whereupon the Commitment Termination Date shall occur and the Lender’s
obligations to make further loans hereunder shall end, and (b) declare the unpaid principal amount of all outstanding Loans made
to the Borrower, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder by the Borrower to be
immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived by the Borrower; provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect
to the Borrower under the Bankruptcy Code of the United States, the obligation of the Lender to make Loans to the Borrower shall
automatically terminate, the unpaid principal amount of all outstanding Loans made to the Borrower and all interest and other amounts
as aforesaid shall automatically become due and payable.

 

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ARTICLE
VI

MISCELLANEOUS

 

SECTION
6.01   Successors and Assigns; Assignments. Agreement shall be binding upon and inure to the benefit of the Borrower
and the Lender and their respective successors and assigns permitted hereby, except that neither party may assign or transfer any
of its rights hereunder without the prior written consent of the other party.

 

SECTION
6.02   Entire Agreement. This Agreement integrates all the terms and conditions mentioned herein or incidental hereto,
and supersede all oral negotiations and prior writings with respect to the subject matter hereof.

 

SECTION
6.03   Counterparts. This Agreement and any amendments, waivers, consents or supplements may be executed in as many
counterparts as may be deemed necessary or convenient, and by the different parties hereto on separate counterparts, each of which,
when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same agreement. Delivery
of an executed counterpart of a signature page of this Agreement and any amendments, waivers, consents or supplements by telecopier
or in electronic (i.e., “pdf” or “tif”) format shall be effective as of delivery of a manually executed
counterpart of this Agreement or such amendment, waiver, consent or supplement.

 

SECTION
6.04   Amendments, Etc. No amendment, modification, termination, or waiver of any provision of this Agreement, nor
consent to any departure by the Borrower from this Agreement, shall in any event be effective unless the same shall be in writing
and signed by the Borrower and the Lender, and, with respect to any waiver or consent, such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which it is given.

 

SECTION
6.05   Notices, Etc.

 

(a)       General.
Unless otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing (including
by facsimile transmission), all such written notices shall be mailed, faxed or delivered to the applicable address, facsimile number
or (subject to subsection (b) below) electronic mail address, and all notices and other communications expressly permitted hereunder
to be given by telephone shall be made to the applicable telephone number, as follows:

 

to the Borrower:

 

Toyota Motor Credit Corporation

6565 Headquarters Drive, W2-3D

Plano, TX 75024

Attention: Treasury Operations

Email: [______________]

Telephone: [______________]

Facsimile: [______________]

 

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to the Lender:

 

Toyota Motor Sales, U.S.A., Inc.

6565 Headquarters Drive

Mail Stop W1- 3A

Plano, TX 75024

Attention: Treasury Group

Email: [______________]

Telephone: [______________]

Facsimile: [______________]

 

or, as to each party, at such other address,
facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the other party
complying as to delivery with the terms of this section. Except as otherwise set forth herein, all such notices and other communications
shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if
delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, four Business
Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone;
and (D) if delivered by electronic mail (subject to the provisions of subsection (c) below), when delivered; provided, however,
that notices and other communications to the Lender pursuant to Article II shall not be effective until actually received by such
Person. In no event shall a voicemail message be effective as a notice, communication or confirmation hereunder.

 

(b)       Use
of Electronic Mail. The Lender or the Borrower may, in its discretion, agree to accept notices and other communications to
it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may
be limited to particular notices or communications. As of the date hereof, the Borrower approves the delivery of electronic communication
to it hereunder, provided that, (i) such electronic communication is addressed to any of the email addresses listed above and (ii)
receipt has been confirmed by reply electronic mail or by telephone. As of the date hereof, the Lender approves the delivery of
electronic communication to it hereunder, provided that, (i) such electronic communication is addressed to any of the e-mail addresses
listed above and (ii) receipt has been confirmed by reply electronic mail or by telephone.

 

SECTION
6.06   No Waiver; Remedies. No failure on the part of the Lender to exercise, and no delay in exercising, any right,
power, or remedy under this Agreement shall operate as waiver thereof; nor shall any single or partial exercise of any right under
this Agreement preclude any other or further exercise thereof or exercise of any other right. The remedies provided in this Agreement
are cumulative and not exclusive of any remedies provided by Law.

 

SECTION
6.07   Taxes.

 

(a)       Defined
Terms. For the purposes of this section, the term “applicable Law” includes FATCA.

 

(b)       Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under this Agreement shall be made without
deduction or

 

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withholding for any
Taxes, except as required by applicable Law. If any applicable Law (as determined in the good faith discretion of the Borrower)
requires the deduction or withholding of any Tax from any such payment by the Borrower, then the Borrower shall be entitled to
make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority
in accordance with applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased
as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to
additional sums payable under this section) the Lender receives an amount equal to the sum it would have received had no such deduction
or withholding been made.

 

(c)       Payment
of Other Taxes by the Borrower. The Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance
with applicable Law.

 

(d)       Indemnification
by the Borrower. The Borrower shall indemnify the Lender, within 15 Business Days after demand therefor, for the full amount
of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this section)
payable or paid by the Lender or required to be withheld or deducted from a payment to the Lender and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority.

 

(e)       Status
of the Lender.

 

(i)       If
the Lender is entitled to an exemption from or reduction of withholding Tax with respect to payments made under this Agreement,
the Lender shall deliver to the Borrower, at any time or times reasonably requested by the Borrower, such properly completed and
executed forms and documentation prescribed by applicable Law or reasonably requested by the Borrower as will permit such payments
to be made without withholding or at a reduced rate of withholding.

 

(ii)       The
Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect,
it shall update such form or certification or promptly notify the Borrower in writing of its legal inability to do so.

 

(f)       Refunds.
If either party becomes aware that the Lender is entitled to claim a refund from a Governmental Authority in respect of, or remission
for, Taxes or Other Taxes as to which the Lender has received additional amounts under this section, such party shall promptly
notify the other party of the availability of such claim and, to the extent that the Lender determines in good faith that making
such claim will not have an adverse effect on its taxes or business operation, shall, within 60 days of receipt of a request by
the Borrower, make such claim. If the Lender determines, in its sole discretion exercised in good faith, that it has received a
refund of any Taxes as to which it has been indemnified pursuant to this section (including by the payment of additional amounts
pursuant to this section), it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments
made under this section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes)
of the Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).
The Borrower, upon the request of the

 

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Lender,
shall repay to the Lender the amount paid over pursuant to this paragraph (f) (plus any penalties, interest or other charges imposed
by the relevant Governmental Authority) in the event that the Lender is required to repay such refund to such Governmental Authority.
Nothing in this paragraph (f) shall be construed to require the Lender to make available its tax returns or any other financial
or other information that it deems confidential to the Borrower or any other Person.

 

(g)       Each
party’s obligations under this section shall survive the termination of the Commitment and the repayment, discharge or satisfaction
of all obligations under this Agreement.

 

SECTION
6.08   Governing Law; Consent to Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, the LAW OF THE STATE OF TEXAS WITHOUT REGARD TO ITS CHOICE OF LAW PRINCIPLES.
ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF TEXAS SITTING IN THE
COUNTY OF DALLAS OR OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY
OF THIS AGREEMENT, EACH OF THE BORROWER AND THE LENDER HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE
JURISDICTION OF THOSE COURTS. EACH OF THE BORROWER AND THE LENDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO
THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING
OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR OTHER DOCUMENT RELATED THERETO. EACH OF THE BORROWER
AND THE LENDER WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED
BY THE LAW OF SUCH STATE. SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS THAT MAY BE SERVED IN ANY ACTION
OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT MAY BE MADE BY MAILING (BY REGISTERED OR CERTIFIED MAIL, POSTAGE
PREPAID) OR DELIVERING A COPY OF SUCH PROCESS TO THE BORROWER AND TO THE LENDER, IN EACH CASE, AT THE ADDRESS SPECIFIED IN SECTION
6.05. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW.

 

SECTION
6.09   Severability of Provisions. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

 

SECTION
6.10   Headings. Article and section headings in this Agreement are for the convenience of reference only and shall
not constitute a part of this Agreement for any other purpose.

 

SECTION
6.11   Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF
ANY CLAIM, DEMAND,

 

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ACTION OR CAUSE OF ACTION
ARISING HEREUNDER OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO WITH RESPECT TO THIS
AGREEMENT, OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT
OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE
DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS
SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

[remainder of page intentionally left blank]

 

    - 12 -

     

    

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the
date first above written.

 

	 	TOYOTA MOTOR CREDIT CORPORATION
	 	 
	 	 
	 	By:	/s/ Cindy Wang
	 	Name:  	Cindy Wang
	 	Title: 	Group Vice President – Treasury

 

 

 

Signature Page to Credit Agreement

 

     

     

    

	 	TOYOTA MOTOR SALES, U.S.A., INC.
	 	 
	 	 
	 	By:	/s/ Naoki Kojima
	 	Name: 	Naoki Kojima
	 	Title: 	Treasurer  

 

 

 

 

 

Signature Page to Credit Agreement

 

     

     

    

exhibit
a

 

FORM OF IRREVOCABLE LOAN NOTICE

 

Date: ___________, _____

 

		To:	Toyota Motor Sales, U.S.A., Inc.

 

Ladies and Gentlemen:

 

Reference is made to
that certain Revolving Credit Agreement, dated as of December __, 2018 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein
defined), among Toyota Motor Credit Corporation, as the Borrower, and Toyota Motor Sales, U.S.A., Inc., as the Lender.

 

The undersigned hereby
irrevocably requests a Loan to be advanced under the Agreement:

 

1.With a Borrowing
Date of                                  1.

 

2.In the principal
amount of US$                                  .

 

3.With an Interest
Period duration of                                  2.

 

4.With an Applicable
Rate of                                  3.

 

The Loan requested
herein complies with the first sentence of Section 2.1 of the Agreement.

 

	 	TOYOTA MOTOR CREDIT CORPORATION
	 	 
	 	 
	 	By:  	
	 	Name:  	
	 	Title:  	

 

 

 

 

1
       Telephonic notice of the loan request
must be delivered not later than 12:00 Noon, Plano, Texas time, one Business Day prior to the requested Borrowing Date. A written
confirmation of that notice in the form of this Exhibit A must be provided promptly thereafter.

 

2
       The Interest Period shall not end after the Maturity Date.

 

3
       The Applicable Rate shall be the fixed rate of interest per annum equal
to the semi-annual “short-term” 100% applicable rate for the month in which the first day of the Interest Period occurs
as published by the United States Internal Revenue Service in accordance with Section 1274(d) of the Code (or any comparable successor
rate or Section as mutually reasonably determined by the Borrower and the Lender).Exhibit 10.1

      

       

      

      Executive Transition Services Agreement

      

      

      This Transition Services Agreement (“Agreement”)

          is entered into by and between Essex Property Trust, Inc. (the “Company”) and John D. Eudy (“Executive”) as of December 19, 2018.  The Company and Executive shall collectively be referred to as the “Parties”.

      

      

      WHEREAS, Executive has been employed by the
          Company as Co-Chief Investment Officer/Executive Vice President, Development;

      

      

      WHEREAS, the Company desires that Executive
          continue to provide services to the Company on a reduced schedule to aid the Company in the transition of his duties prior to Executive’s retirement;

      

      

      WHEREAS, the Company and Executive desire
          that Executive provide the Transition Services (as defined below) to the Company beginning on or around April 2019 (such date being the “Transition Date” )
          through December 31, 2020 (the “Retirement Date”);

      

      

      WHEREAS, this Agreement sets forth the terms
          and conditions relating to Executive’s employment with the Company prior to the Retirement Date; and

      

      

      NOW, THEREFORE, in consideration of the
          premises and mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Executive and the Company agree as follows:

      

      

      1.         Transition Period.  Executive’s last day of full-time employment with the Company will be Transition Date. As of the Transition Date, Executive will relinquish his title and authority
          as Co-Chief Investment Officer, Executive President of Development but will continue to perform Transition Services (as defined below) for the Company as an employee working a reduced schedule of between eight and 16 hours per week for a period
          commencing with the Transition Date until the Retirement Date (the “Transition

            Period”). Executive shall provide written notice to the Company on or before the Transition Date of his intention to begin the Transition Period. Executive’s specific schedule will be determined from time to time in accordance with the
          above parameters by mutual agreement between the Company’s Chief Executive Officer (“CEO”) and Executive. The Transition Period may be extended upon mutual
          written agreement between the Company and Executive.

      

      

      2.        Transition Services.  During the Transition Period, it is the intention of the Company and Executive, that Executive shall continue to provide significant services to the Company on the
          terms set forth in Section 1 above. Executive shall report to and cooperate with the Company’s CEO  on a reduced schedule to assist with succession planning and transition of Executive’s duties and responsibilities as Co-Chief Investment
          Officer/Executive Vice President, Development (the “Transition Services”). The Company will continue to provide administrative support and resources as
          necessary for Executive to provide the Transition Services. Executive may provide the Transition Services remotely, other than for meetings with the CEO at the Company’s offices in San Mateo, California. Throughout the Transition Period,
          Executive is expected to provide a high level of performance and continue to significantly contribute to the success of the Company. Executive shall remain subject to the Company’s Employee Code of Conduct and all Company policies, including, but
          not limited to, the Company’s Insider Trading Policy and the Company’s Incentive Compensation Recoupment Policy.

      

      

      
        
          

      

      
      3.          Transition
          Compensation and Benefits.

      

      

      3.1       Accrued Obligations. The Company shall pay Executive any unpaid compensation, benefits and reimbursements, including Executive's accrued, but unused, vacation time less applicable taxes and withholding (the “Accrued Obligations”) as of the Transition Date.

      

      

      3.2        Annual Compensation. Executive shall be paid an annual salary of $375,000 for so long as Executive continues to provide the Transition Services pursuant to this Agreement paid in accordance with the Company’s current
          payroll practices beginning as of the Transition Date, subject to applicable payroll and withholding obligations.

      

      

      3.3         Retention Bonus.  Executive shall receive a one-time bonus in the amount of $1.1 million dollars (the “Retention Bonus”) to be
          paid within five (5) days of the Transition Date provided this Agreement is not otherwise terminated (i) for Cause (as defined below) by the Company, or (ii) voluntarily terminated by the Executive prior to the Transition Date.

      

      

      3.4        Equity.  During the Transition Period, the Company stock options and restricted stock units (“Company Equity”) previously granted to Executive pursuant to the Company’s stock award and compensation plans (the “Equity Plans”) shall continue to vest pursuant to the terms of the Equity Plans and specific award agreements governing such grants, subject to the terms and conditions thereof (including the requirement that any
          applicable performance conditions be satisfied in order to earn the award).

      

      

      3.5      Stock Retention Requirements. As of the Transition Date, Executive shall no longer be subject to the Company’s Stock Ownership Guidelines.

      

      

      3.6         Benefits. During the Transition Period, Executive shall be entitled to continue to participate in the Company’s employee benefit plans (the “Company Plans”) to the extent permitted under the terms and conditions of the Company Plans, including a Company-provided automobile or, at Executive’s choice, automobile allowance, consistent with the level provided to Company’s
          Executive Vice Presidents. The Company will provide a separate letter detailing Executive’s benefits under and continued participation in the Company Plans.

      

      

      3.7         Professional Insurance.  During the Transition Period the Company will maintain Executive on its insurance policy relating to professional errors and omissions, including any directors and officers insurance policies.

      

      

      4.         Termination of the Transition Period. Upon the termination of the Transition Period pursuant to this Section 4, Executive shall be entitled to the retirement benefits Executive has
          earned and accrued pursuant to Executive’s participation in the Company’s various retirement and deferred compensation plans, and any unpaid compensation and reimbursements (the “Accrued Benefits”).

      

      

      4.1         Release of Claims upon Termination of the Transition Period. In consideration for entering into this Agreement, Executive agrees to execute a second separation agreement at the end of the Transition Period containing
          a general release of claims in a  form as substantially attached hereto as Exhibit A.

      

      

      
        2

        
          

      

      4.2        Termination for Cause or Voluntary Termination by Executive.  The Transition Period may be terminated (i) by the Company for “Cause” (as defined below), or (ii) voluntarily by Executive at any time.  If Transition
          Period is terminated by the Company for Cause or voluntarily by Executive, Executive shall not be entitled to any further compensation or benefits other than the Accrued Benefits and any vested Company Equity as of the date the Transition Period
          is terminated pursuant to this Section 4.2.

      

      

      4.3          Death or Disability. If Executive's employment is terminated by reason of Executive's death or Disability, Executive (or Executive's heirs or estate, as applicable) shall be entitled to the Accrued Benefits, the
          Retention Bonus and all vested Company Equity.  In the event of Executive's death or Disability Executive's heirs or estate shall have the right to assert Executive's claim of the benefits as provided in this Agreement and neither Executive or
          Executive's heirs or estate are under any duty legally or contractually to mitigate any damages in order to receive the benefits of this Agreement.

      

      

      4.4         Definitions.

      

      

      (a)          “Cause”  means

      

      

      (i)          Executive providing services for another public
          apartment REIT during the Transition Period;

      

      

      (ii)       Executive’s failure to substantially perform the
          Transition Services (other than by reason of Executive’s Disability (as defined below)), after a written demand for substantial performance is delivered to Executive that specifically identifies the manner in which the Company believes that
          Executive has not substantially performed such duties, and Executive has failed to remedy the situation within 30 days of such written notice from the Company;

      

      

      (iii)       Executive’s negligence in the performance of the
          Transition Services after a written demand is delivered to Executive that specifically identifies the manner in which the Company believes that Executive has negligently performed such duties, and Executive has failed to remedy the situation
          within 30 days of such written notice from the Company;

      

      

      (iv)       Executive’s conviction of, or plea of guilty or nolo contendre to any felony or any crime involving moral turpitude or the personal enrichment of Executive at the expense of the Company;

      

      

      (v)        Executive’s engagement in conduct that is
          demonstrably and materially injurious to the Company, monetarily or otherwise, including, without limitation, Executive’s breach of fiduciary duties owed to the Company;

      

      

      (vi)       Executive’s violation of any material written
          provision of the Company’s code of business conduct and ethics, including but not limited to violations involving claims of sexual harassment and/or discrimination after a written demand for cure (to the extent curable) is delivered to Executive
          that specifically identifies the manner in which the Company believes the breach could be cured, and Executive has failed to cure the situation within 30 days of such written notice from the Company;

      

      

      (vii)      Executive’s act of dishonesty resulting in or
          intending to result in personal gain at the expense of the Company; or

      

      

      
        3

        
          

      

      (viii)     Executive’s engaging in any material act that is
          intended or may be reasonably expected to harm the reputation, business prospects, or operations of the Company after a written demand is delivered to Executive that specifically identifies the material acts reasonably expected to harm the
          reputation, business prospects, or operations of the Company, and Executive has failed to remedy the situation within 30 days of such written notice from the Company.

      

      

      (b)      “Disability” means Executive’s inability to
          materially perform his duties and responsibilities by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than the remainder of
          the Transition Period in each case as determined by a mutually agreed upon physician.

      

      

      5.          Mutual Nondisparagement.  Executive agrees that Executive will not in the future: (i) talk about or otherwise communicate by any means to any third party in a malicious, disparaging or
          defamatory manner regarding the Company (including but not limited to its products and services) or any of the Company’s employees, executives, or  members of the Board of Directors of the Company (the “Company Related Parties”); (ii) make or authorize to be made any oral or written statement that may disparage or damage the reputation of the Company (including but not limited to its products and
          services) or the reputation of any of the Company Related Parties; and (iii) talk or otherwise communicate by any means to any third party in any manner likely to be harmful to the Company (including but not limited to its products and services),
          any of the Company Related Parties, or their business, business reputation or personal reputation; provided that Executive may respond accurately and fully to any question, inquiry or request for information when required by legal process (e.g., a valid subpoena or other similar compulsion of law) or as part of a government investigation. The Company agrees that it will direct its officers and directors to refrain from:
          (i) talking about or otherwise communicating by any means to any third party in a malicious, disparaging or defamatory manner regarding Executive; (ii) making or authorizing to be made any oral or written statement that may disparage or damage
          the reputation of Executive; and (iii) talking or otherwise communicating by any means to any third party in any manner likely to be harmful to Executive, his business reputation or his personal reputation; provided that individuals may respond accurately and fully to any question, inquiry or request for information when
            required by legal process (e.g., a valid subpoena or other similar compulsion of
            law) or as part of a government investigation.

      

      

      6.          Executive Non-Disclosure.  Executive acknowledges that during Executive’s employment with the Company, Executive was and will continue to be provided with, and/or have access to
          information that is considered Confidential Information (as defined below) pertaining to the Company.  Executive agrees that Executive shall not at any time disclose to anyone, including, without limitation, any person, firm, corporation, or
          other entity, or publish, or use for any purpose, any Confidential Information pertaining to the Company, unless otherwise permitted by law.  Executive agrees that Executive shall take all reasonable measures to protect the secrecy of and avoid
          disclosure and unauthorized use of, any Confidential Information pertaining to the Company. “Confidential Information” includes, without limitation, all of
          the Company’s technical and business information, which is of a confidential, trade secret or proprietary character, including, without limitation, all documents or information, in whatever form or medium, concerning or relating to any of the
          Company’s operations; processes; business practices; strategies; executives; vendors; suppliers; partners; contractual relationships and contract terms; regulatory status; research; development; know-how; technical data; designs; formulas;
          finances; business plans; marketing and sales plans and strategies; budgets; financial information and data; costs; customer and client lists and profiles; customer and client nonpublic personal information; supplier lists; business records;
          internal communications; audits; management methods and information; reports, recommendations and conclusions; and other information or documents that the Company requires to be maintained in confidence for its continued business success.

      

      

      
        4

        
          

      

      7.           Reimbursement of Legal Fees.  The Company shall reimburse Executive for reasonable attorneys’ fees and related expenses incurred in connection with reviewing and negotiating this
          Agreement up to $7,500. Such reimbursement shall be made within thirty (30) days following presentation to the Company of appropriate invoices or other documentation for such fees and expenses.

      

      

      8.           Compliance with Section 409A. To the extent applicable, this Agreement is intended to comply with Internal Revenue Code Section 409A and shall be administered and construed in a manner
          consistent with this intent. In furtherance of the foregoing, notwithstanding anything herein to the contrary, if Executive is a “specified employee” (determined by the Company in accordance with U.S. Treasury Regulation section 1.409A-3(i)(2))
          as of the date that Executive incurs a “separation from service” (as defined in U.S. Treasury Regulation section 1.409A-1(h)) and if any benefit to be provided under this Agreement cannot be paid or provided in a manner otherwise provided herein
          without subjecting Executive to additional tax, interest and/or penalties under Section 409A, then any such benefit that is payable during the first six (6) months following Executive’s “separation from service” shall be paid to Executive in a
          cash lump payment to be made on the earlier of (a) Executive’s death or (b) the first day of the seventh month following Executive’s “separation from service”. However, nothing contained in this Agreement shall be construed as a representation,
          guarantee or other undertaking on the part of the Company that this Agreement is, or will be found to be exempt from or compliant with the requirements of Section 409A.  Executive is solely responsible for determining the tax consequences to
          Executive of any and all payments made pursuant to this Agreement, including, without limitation, any possible tax consequences under Section 409A.

      

      

      9.           Arbitration.  The terms and conditions of the Mutual Agreement to Arbitrate between Executive and the Company dated April 5, 2016 shall remain in full force and effect and continue to
          apply during the Transition Period.

      

      

      10.       Controlling Law.  This Agreement shall in all respects be interpreted, enforced, and governed under the laws of the State of California.  The Company and Executive agree that the
          language in this Agreement shall, in all cases, be construed as a whole, according to its fair meaning, and not strictly for, or against, either of the Parties.

      

      

      11.        Severability.  Should any provision of this Agreement be declared or determined to be illegal or invalid by any government agency, arbitrator, or court of competent jurisdiction, the
          validity of the remaining parts, terms or provisions of this Agreement shall not be affected and such provisions shall remain in full force and effect.

      

      

      12.         Entire Agreement. This Agreement constitutes the entire agreement and understanding between the Executive and the Company with respect to the subject matter hereof, and fully supersedes
          all prior and contemporaneous negotiations, understandings, representations, writings, discussions and/or agreements, whether oral or written, pertaining to or concerning the subject matter of this Agreement.  No oral statements or other prior
          written materials, not specifically incorporated into this Agreement shall be of any force or effect, and no changes in or additions to this Agreement shall be recognized, unless incorporated into this Agreement by written amendment, such
          amendment to become effective on the date stipulated in it.  Any amendment to this Agreement must be signed by Executive and the Company.  Notwithstanding the above, this Agreement will have no impact on your 2018 compensation amounts (including
          2018 bonuses and equity grants) to be determined in accordance with Company policy in the discretion of the Compensation Committee of the Board and you shall continue to remain eligible to receive such amounts.

      

      

      
        5

        
          

      

      13.        Disclaimer of Reliance.  Except for the specific representations expressly made by the Company in this Agreement, Executive specifically disclaims that Executive is relying upon or
          relied upon on any communications, promises, statements, inducements, or representation(s) that may have been made, oral or written, regarding the subject matter of this Agreement.  The Parties represent that they are relying solely and only on
          their own judgment in entering into this Agreement.

      

      

      14.       No Waiver. This Agreement may not be waived, modified, amended, supplemented, canceled or discharged, except by written agreement of the Executive and the Company.  Failure to exercise
          and/or delay in exercising any right, power or privilege in this Agreement shall not operate as a waiver.  No waiver of any breach of any provision shall be deemed to be a waiver or any preceding or succeeding breach of the same or any other
          provision, nor shall any waiver be implied from any course of dealing between Executive and the Company.

      

      

      15.        Counterparts.  This Agreement may be executed by the Parties in multiple counterparts, whether or not all signatories appear on these counterparts (including via electronic signatures,
          and exchange of PDF documents via email), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

      

      

      16.        Notices.  All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent
          by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage
          prepaid, or (iv) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.  All communications to a party shall be sent to the party’s address or email address set
          forth on the signature page hereto or at such other address(es) or email address(es) as such party may designate by ten (10) days advance written notice to the other party hereto.

      

      

      17.       Public Statement.  In connection with the execution of this Agreement the Company will release the statement attached hereto as Exhibit B regarding Executive’s retirement from the
          Company.

      

      

      [CONTINUED ON SIGNATURE PAGE]

      

      

      
        6

        
          

      

      IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

      

      

      	
              /s/ Michael J. Schall

            	 

            	
              December 19, 2018

            	 
	
              Michael Schall

            	 	
              Date

            	 
	
              President and

            	 	 
	
              Chief Executive Officer,

            	 	 
	
              Essex Property Trust, Inc.

            	 	 

      	 	 	 	 
	
              /s/ John D. Eudy

            	 	
              December 19, 2018

            	 
	
              John D. Eudy

            	 	
              Date

            	 
	
              Co-Chief Investment Officer and

            	 	 
	
              Executive Vice President, Development

            	 	 

      

      

      
        7

        
          

      

      
      Exhibit A

      

      

      Form of Release

      

      

      Essex Property Trust, Inc.

      Separation Agreement and General Release

      (FORM)

      

      

      This Separation Agreement and General Release (the “Agreement”) is made and entered into as of the ________________ by and between
          Essex Property Trust, Inc. (the “Company”) and John D. Eudy (the “Executive”).

      

      

      WHEREAS, Executive entered into an agreement
          with the Company effective December 17, 2018 in order to continue his employment and provide certain transition services to the Company (the “Transition Services Agreement”);

      

      

      WHEREAS, the Company and Executive have
          agreed that the term of the Transition Services Agreement will end as of December 31, 2020 (the “Separation Date”);

      

      

      WHEREAS, the pursuant to the Transition
          Services Agreement, Executive has agreed to execute this Agreement on or before the Separation Date, containing a general release of claims;

      

      

      NOW, THEREFORE, in consideration of the
          premises and mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Executive and the Company agree as follows:

      

      

      1.           Separation Date.  The Transition Services Agreement will expire as of the Separation Date. As of the Separation Date, Executive will no longer be employed by the Company in any
          capacity.

      

      

      2.         Accrued Salary and Vacation.  As of the Separation Date, the Company has paid Executive all compensation due and owing, including accrued vacation, subject to standard payroll
          deductions and withholdings, through the Separation Date.

      

      

      3.           No Other Compensation or Benefits.  Executive acknowledges that, except as expressly provided in this Agreement, Executive has not earned and is not owed, and will not receive from the
          Company any additional compensation (including base salary, bonus, incentive compensation, variable compensation/commission, or profit sharing), severance, or benefits prior to, on or after the Separation Date, with the exception of any vested benefits Executive may have under the express terms of a written ERISA-qualified benefit plan (e.g., the 401k Plan), or any Company sponsored deferred compensation and any expenses still owed.

      

      

      4.         Consideration.   In consideration for the execution of this Agreement, including the release of all claims set forth herein, if: (a) Executive signs, dates and returns this Agreement
          to the Company on or within 21 days of the date of this letter and does not revoke the Agreement as permitted in Section 7 below, and (b) Executive complies with the terms of this Agreement and his other continuing obligations owed to the Company
          (including but not limited to those obligations with respect to confidentiality and proprietary information) in all material respects and subject to the representations and warranties made by Executive in this Agreement being accurate in all
          material respects, the Company shall pay Executive $10,000 in a lump sum payable on the date this Agreement becomes effective.

      

      

      
        A-1

        
          

      

      5.         General Release.  In exchange for the consideration provided under this Agreement to which Executive would not otherwise be entitled, Executive hereby generally and completely releases
          the Company and its current and former directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, investors and assigns (collectively, the “Released
          Parties”) of and from any and all from any and all actions or causes of action, suits, claims, complaints, contracts, liabilities, agreements, promises, torts, debts, damages, controversies, judgments, rights and demands, whether existing or
          contingent, known or unknown, suspected or unsuspected, which arise out of Executive’s employment with, change in employment status with, and/or separation of employment from, the Company (collectively, the “Released Claims”). This release is
          intended to be all encompassing and to act as a full and total release of any claims, whether specifically enumerated herein or not, that Executive may have or had against the Released Parties arising from conduct occurring up to and through the
          date of this Agreement, including, but not limited to, any claims arising from any federal, state or local law, regulation or constitution dealing with either employment, employment benefits or employment discrimination such as those laws or
          regulations concerning discrimination on the basis of race, color, creed, religion, age, sex, sex harassment, sexual orientation, national origin, ancestry, genetic carrier status, gender or gender identity status, handicap or disability, veteran
          status, any military service or application for military service, or any other category protected under federal or state law; any contract, whether oral or written, express or implied, including without limitation, any letter offering employment
          and any stock option agreement(s); any tort; any claim for equity or other benefits; or any other statutory and/or common law claim. Executive also releases the Released Parties from claims under the Civil Rights Act of 1964 (as amended), the
          Civil Rights Act of 1991, the Fair Labor Standards Act, the Americans with Disabilities Act of 1990 (as amended), the Age Discrimination in Employment Act of 1967 including the amendments provided by the Older Workers Benefits Protection Act (the
          “ADEA”), the Family Medical Leave Act, the California Labor Code, the California Government Code, the California Business & Professions Code, and the California Fair Employment & Housing Act; and any claim or claims Executive might have
          for back wages, salary, vacation pay, draws, incentive pay, bonuses, commissions or any and all other form of compensation under applicable law.  Executive not only releases and discharges the Released Parties from any and all claims as stated
          above that Executive could make on his own behalf or on behalf of others, but also those claims that might be made by any other person or organization on Executive’s behalf, and specifically waives any right to recover any damage awards as a
          member of any class in a case in which any claim(s) against the Released Parties are made involving any matters.  Notwithstanding the foregoing, nothing in this Agreement shall affect any claims which could be made under any welfare benefit plan,
          pension plan, or other retirement plan, any worker’s compensation insurance plan or law, or any other claim that cannot be released by virtue of law.

      

      

      6.         Waiver of Unknown Claims. EXECUTIVE UNDERSTANDs THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.  In giving the release set forth in this Agreement, which
          includes claims which may be unknown to Executive at present, Executive acknowledges that he has read and understands Section 1542 of the California Civil Code, which reads as follows:

      

      

      A GENERAL RELEASE DOES NOT EXTEND
            TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

      

      

      
        A-2

        
          

      

      Executive hereby expressly waives and relinquishes all rights and benefits under that section and any law or legal principle of similar effect in any
          jurisdiction with respect to the release of claims herein, including but not limited to the release of unknown and unsuspected claims.

      

      

      7.          ADEA Waiver.  Executive hereby knowingly and voluntarily waives and releases any rights Executive may have under the Age Discrimination in Employment Act, or ADEA (the “ADEA Waiver”),
          and that the consideration given for this ADEA Waiver is in addition to anything of value to which Executive is already entitled. Executive further acknowledges that Executive has been advised, as required by the ADEA, that: (a) this ADEA Waiver
          does not apply to any rights or claims that may arise after the date that this Agreement is signed; (b) Executive has been advised of his right to consult with an attorney prior to signing this Agreement; (c) Executive has twenty-one (21) days to
          consider this Agreement (although Executive may choose to waive that period and voluntarily sign this Agreement earlier), and Executive acknowledges that any modification, material or otherwise, made to this Agreement does not restart or extend
          in any manner the 21-day consideration period; (d) Executive has seven (7) days following the date he signs this Agreement to revoke the ADEA Waiver (by providing written notice of revocation to the Company’s Legal Department, Attention: Daniel
          Rosenberg and such notice must be received in writing by Mr. Rosenberg by 5:00 p.m. on the seventh day following the date on which Executive signed this Agreement); and (e) this Agreement will not be effective until the date upon which the
          revocation period has expired, which will be the eighth day after the date that this Agreement is signed by Executive, provided that Executive does not revoke it.

      

      

      8.         Acknowledgement. Executive hereby represents that Executive has been paid all compensation owed for all time worked, that
            Executive has received all the leave and leave benefits and protections for which Executive is eligible pursuant to applicable laws or the Company’s policies, and that Executive has not suffered any on-the-job injury or illness for which
            Executive has not already filed a workers’ compensation claim.

      

      

      9.          Reasonable Consideration Period/Voluntary Agreement.  Executive acknowledges by his signature below that Executive has had at least 21 days within which to consider this Agreement and
          its consequences, and that Executive has carefully done so, and that Executive has taken sufficient time to consider it. Executive further expressly declares and represents that he have read and understood the meaning of the terms and conditions
          contained in this Agreement, approves and accepts the terms and conditions contained herein, and that this Agreement is executed freely and voluntarily without coercion.

      

      

      10.        Notices.  All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent
          by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (iii) five days after having been sent by registered or certified mail, return receipt requested, postage
          prepaid, or (iv) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.  All communications to a party shall be sent to the party’s address or email address set
          forth on the signature page hereto or at such other address(es) or email address(es) as such party may designate by 10 days advance written notice to the other party hereto.

       

        

      
        11.         Miscellaneous. This Agreement, constitutes the complete, final and entire agreement between Executive and the Company with regard to the subject matter hereof. This Agreement may not
            be modified or amended except in a writing signed by both Executive and a duly authorized officer of the Company. This Agreement will bind the heirs, personal representatives, successors and assigns of both the Executive and the Company, and
            inure to the benefit of both Executive and the Company, their heirs, successors and assigns. This Agreement shall be construed and enforced in accordance with the laws of the State of California without regard to conflicts of law principles.
            Any ambiguity in this Agreement shall not be construed against either party as the drafter. Furthermore, each party represents that it has had the opportunity to consult with an attorney, and has carefully read and understands the scope and
            effect of the provisions of this Agreement.

         

      

      

      
        A-3

        
          

      

      12.       Counterparts/By Facsimile or Electronic Copy. This Agreement may be executed in counterparts by facsimile copy or electronic copy, each of which shall be deemed an original, and all of
          which together shall constitute but one and the same instrument.

      

      

      13.      Severability.  If any provision or provisions of this Agreement shall be held invalid, illegal or unenforceable, the
            validity, legality and/or enforceability of the remaining provisions shall not in any way be affected or impaired thereby. If any terms or sections of this Agreement are determined to be unenforceable, they shall be modified so that the
            unenforceable term or section is enforceable to the greatest extent possible.

      

      

      
        A-4

        
          

      

      
        Evidenced by his signature below, Executive finds this Agreement acceptable and agrees
              to return the fully executed Agreement to the Company within 21 days. The Company’s offer contained herein will automatically expire if it does not receive the fully signed Agreement within this timeframe.

         

          

      

      	 	 	 	 
	 	 	
              Date

            	 

      

      

      	 	
              and

            

      

      

      	

            	
              ,

            
	
              Essex Property Trust, Inc.

            	 

      

      

      I HAVE READ AND UNDERSTAND THE FOREGOING, I AM SIGNING THIS DOCUMENT VOLUNTARILY AND KNOWINGLY, AND AGREE TO THE ABOVE TERMS.  I
          UNDERSTAND THIS AGREEMENT CONTAINS A GENERAL RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

      

      

      	 	 	 	 
	
              John D.Eudy

            	 	
              Date

            	 

      

      

      
        A-5

        
          

      

      Exhibit B

      

      

      Public Statement

      

      

      Essex Property Trust Announces the Planned Retirement of John Eudy, Co-Chief Investment Officer and Adam
          Berry as Successor

      

      

      San Mateo, California — December 19, 2018 — Essex Property Trust, Inc. (NYSE:ESS) announced today the expected retirement, pursuant to its succession
          plan, of John D. Eudy, 64, the Company’s Executive Vice President and Co-Chief Investment Officer on or around April 2019, and is expected to continue on a part-time basis thereafter.  John has led Essex’s development activities for over 33
          years, during which John and his team created over 15,000 apartment homes.  “John is without question among the most accomplished and successful investment executives in the real estate industry, driving the Company’s portfolio from $250 million
          in 1994 to $22 billion today.  John was a founding partner and key member of Essex’s executive team when the Company completed its IPO in 1994.  Since then, John has been instrumental in the success of the Company and exemplifies its culture of
          achievement, which includes training and mentoring other focused and capable investment executives,” commented Michael J. Schall, President and CEO. “On behalf of the Board of Directors and entire Essex team, we thank John for his exceptional
          service.”

      

      

      The Company is also pleased to announce that its Board has appointed Adam W. Berry, 45, currently Essex’s Senior Vice President of Investments, to
          succeed John Eudy as Essex’s Co-Chief Investment Officer.  Adam joined Essex in 2003 in its acquisitions department, following his employment as an attorney with Wilson, Sonsini, Goodrich and Rosati.  More recently, Mr. Berry has led the
          Company’s redevelopment and property dispositions programs before working closely with John Eudy on development opportunities.  “The senior leadership has continued to increase Adam’s responsibilities in preparation for his expanded role and I am
          very confident that Adam will carry on John’s successful legacy,” commented Mr. Schall.

      

      

      About Essex Property Trust, Inc.

      Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and
          manages multifamily residential properties in selected West Coast markets. The Company currently has ownership interests in 247 apartment communities comprising more than 60,000 apartment homes with an additional 6 properties in various stages of
          active development. Additional information about Essex can be found on the Company’s website at www.essex.com.

      

      

      Contact Information

      Barb Pak

      Group Vice President of Finance & Investor Relations

      (650) 655-7800

      bpak@essex.com

      

      

      B-1

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