Document:

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                                                                    EXHIBIT 10.1

                              SEPARATION AGREEMENT

         This Separation Agreement ("Agreement") is entered into by and between
David B. Kaysen ("Kaysen") and Rehabilicare Inc. ("Rehabilicare").

         WHEREAS, Mr. Kaysen has served as Chief Executive Officer of
Rehabilicare and is hereby separating from employment with Rehabilicare; and

         WHEREAS, Mr. Kaysen and Rehabilicare desire to fully and finally settle
all issues, differences and actual and potential claims between them, including,
but in no way limited to, any claim that might arise out of Mr. Kaysen's
employment with Rehabilicare or his separation therefrom;

         NOW, THEREFORE, in consideration of the mutual promises contained
herein, Mr. Kaysen and Rehabilicare agree as follows:

         1. RESIGNATION. Mr. Kaysen represents, understands and agrees that his
employment with Rehabilicare is hereby terminated, with his last day of service
to Rehabilicare to be March 31, 2002. Effective as of that date, Mr. Kaysen
hereby resigns all positions as an officer or director of Rehabilicare and any
of its subsidiaries, or trustee or administrator of benefit plans of
Rehabilicare and any of its subsidiaries.

         2. SEVERANCE COMPENSATION. In exchange for the agreement of Mr. Kaysen
in paragraph 6 below, Rehabilicare agrees to:

         (a) provide Mr. Kaysen with a continuation of his current salary for a
period of eighteen months, ending September 30, 2003 (Mr. Kaysen's continuing
salary to be paid pursuant to Rehabilicare's normal payroll practices, subject
to customary withholding and deductions);

         (b) provide health, dental, life and disability insurance, and other
similar executive benefits for Mr. Kaysen through the date with respect to each
such benefits that is the earlier of September 30, 2003 or the date that Mr.
Kaysen has obtained other full-time employment which provides a replacement
benefit or benefits of equivalent type and value;

         (c) provide Mr. Kaysen with additional compensation, representing the
parties' estimate of the bonus Mr. Kaysen would have achieved if he had remained
with Rehabilicare through June 30, 2002 and Rehabilicare had met its targeted
performance for the fiscal year ending June 30, 2002, but prorated for 9 months
service, in the amount of $86,000, payable in equal installments on a monthly
basis from April 1, 2003 through September 30, 2003, subject to customary
withholding and deductions;

         (d) pay to Mr. Kaysen, promptly after expiration of the rescission
period set forth in paragraph 7 below, vacation pay totaling $19,599;

         (e) accept as repayment of the outstanding balance of that certain
promissory note dated October 2000 in original principal amount of $210,417 (the
"Note"), the number of shares of Rehabilicare common stock as is equal to the
outstanding principal balance of the Note, plus accrued interest as of March 31,
2001, divided by the average trading price over the ten trading days preceding
March 31, 2002;

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         (f) transfer, and by execution of this Agreement does hereby transfer,
title to the laptop computer and facsimile machine purchased by Rehabilicare on
Mr. Kaysen's behalf and maintained at Mr. Kaysen's home; and

         (g) pay all amounts payable under Rehabilicare's 401K plan pursuant to,
and at the time and in the manner specified in such Plan through March 31, 2002.

Mr. Kaysen and Rehabilicare agree that Rehabilicare shall promptly calculate and
inform Mr. Kaysen of the number of shares determined in accordance with
paragraph (d) above and inform Mr. Kaysen within three business days of the date
of this Agreement. Unless Mr. Kaysen disputes such calculation, Mr. Kaysen and
Rehabilicare agree that Rehabilicare may surrender to Wells Fargo Bank
Minnesota, its transfer agent, the certificate or certificates representing the
shares of Rehabilicare's common stock pledged to secure the Note (the "Pledged
Shares") for cancellation of the shares so calculated and that Rehabilicare
shall direct the transfer agent to reissue to Mr. Kaysen, a certificate
representing the balance of the Pledged Shares not cancelled and shall deliver
to Mr. Kaysen the original Note appropriately marked cancelled and paid in full.
Mr. Kaysen agrees to execute such documents reasonably requested by Rehabilicare
as are necessary to complete the surrender and cancellation of such shares

         3. NO OTHER COMPENSATION. All other items of compensation not mentioned
in paragraph 2 have been resolved, and Mr. Kaysen shall have no other claim to
any other items of compensation or benefits.

         4. CONSIDERATION. Mr. Kaysen agrees that he was not entitled to all of
the payments and benefits outlined in paragraph 2 as a result of his employment
with Rehabilicare, but that the payments and benefits are being provided as
consideration for his acceptance and execution of this Agreement.

         5. INDEMNITY. Rehabilicare hereby agrees to indemnify Mr. Kaysen to the
fullest extent permitted by Minnesota Statutes Section 302A.521 for any
proceeding resulting from Mr. Kaysen's official capacity while an employee of
Rehabilicare. Rehabilicare agrees that such indemnity shall apply to disputes
arising out of or resulting from any matter, fact or thing occurring prior to
March 31, 2002 even though commenced after such date.

         6. RELEASE.

         (a) As an essential inducement to Rehabilicare to enter into this
Agreement, and as consideration for the foregoing promises of Rehabilicare, Mr.
Kaysen hereby releases and discharges Rehabilicare, its officers, employees,
agents, assigns, insurers, representatives, counsel, administrators, successors,
shareholders, and/or directors from all liability for damages or claims of any
kind and agrees not to institute any claim for damages or otherwise, by charge
or otherwise, nor authorize any other party, governmental or otherwise, to
institute any claim seeking damages on his behalf via administrative or legal
proceedings against Rehabilicare for any claims including, but not limited to,
any claims arising under or based upon the Minnesota Human Rights Act, Minn.
Stat. ss.ss.363.01 et seq.; Title VII of the Civil Rights Act, 42
U.S.C.ss.ss.2000e et seq.; the Age Discrimination in Employment Act, 29
U.S.C.ss.ss.621 et seq.; or the Americans With Disabilities Act, 42
U.S.C.ss.ss.12101 et seq.; and any other statutory, contract, quasi contract, or
tort claims, whether developed or undeveloped, arising from or related to Mr.
Kaysen's employment with Rehabilicare, and/or the cessation of Mr. Kaysen's
employment with Rehabilicare. Mr. Kaysen and Rehabilicare agree that, by signing
this Agreement, Mr. Kaysen does not waive any claims arising after the execution
of this Agreement.

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         (b) Except to the extent otherwise prohibited by applicable law or
regulation, Rehabilicare hereby releases and discharges Mr. Kaysen from any and
all liability for damages or claims of any kind, and agrees not to institute any
claim for damages or otherwise, by charge or otherwise against Kaysen for any
claims, including, but not limited to any statutory, contract, quasi contract,
or tort claims, whether developed or undeveloped, arising from or related to Mr.
Kaysen's employment with Rehabilicare, and/or the cessation of Mr. Kaysen's
employment with Rehabilicare, except to the extent such claims or liability
arise out of conduct by Kaysen with respect to which he would not be permitted
indemnity under Minnesota Law. Mr. Kaysen and Rehabilicare agree that, by
signing this Agreement, Rehabilicare does not waive any claims arising after the
execution of this Agreement.

         7. CONSIDERATION PERIOD; RIGHT TO RESCIND; ACKNOWLEDGMENT OF EXECUTIVE.
Mr. Kaysen is also hereby informed that the terms of this Agreement shall be
open for acceptance by him for a period of twenty-one (21) days during which
time he may consider whether to accept this Agreement.

         Mr. Kaysen is hereby informed of his right to rescind this Agreement as
far as it extends to potential claims under Minn. Stat.ss.ss.363.01 et seq. by
written notice to Rehabilicare within fifteen (15) calendar days following his
execution of this Agreement. To be effective, such written notice must either be
delivered by hand or sent by certified mail, return receipt requested, addressed
to: Chief Financial Officer, Rehabilicare Inc., 1811 Old Highway 8, New
Brighton, MN 55112, delivered or post-marked within such fifteen (15) day
period. Mr. Kaysen understands that Rehabilicare will have no obligations under
this Agreement in the event such notice is timely delivered and that any
payments made as of that date by Rehabilicare pursuant to paragraph 2, above,
shall be immediately repaid by Mr. Kaysen to Rehabilicare.

         Mr. Kaysen is hereby informed of his right to revoke this Agreement as
far as it extends to potential claims under the Age Discrimination in Employment
Act, 29 U.S.C.ss.ss.621 et seq. by informing Rehabilicare of his intent to
revoke this Agreement within seven (7) calendar days following his execution of
this Agreement, addressed to: Chief Financial Officer, Rehabilicare Inc., 1811
Old Highway 8, New Brighton, MN 55112. Mr. Kaysen understands that Rehabilicare
will have no obligations under this Agreement in the event such notice is timely
delivered and that any payments made as of that date by Rehabilicare pursuant to
paragraph 2, above, shall be immediately repaid by Mr. Kaysen to Rehabilicare.

         8. NONCOMPETITION AGREEMENT. Mr. Kaysen hereby acknowledges his
continuing obligations under that certain Employee Non-Disclosure Agreement
dated as of March 16, 1992 (the "Nondisclosure Agreement"), except that the
noncompetition and nonsoliciation period contained in sixth full paragraph of
such Nondisclosure Agreement is hereby modified to extend only for a period of
eighteen months after March 31, 2002, expiring on September 30, 2003. With that
sole exception, the Nondisclosure Agreement shall remain fully enforceable in
accordance with its terms.

         9. CONFIDENTIALITY. The terms of this Agreement shall remain strictly
confidential between the parties hereto, and shall not be disclosed to third
persons; provided, however, that Mr. Kaysen may disclose such terms to his
spouse and that the parties may disclose the terms to their respective legal
counsel, accountants and financial advisors so long as such counsel, accountants
and advisors agree to maintain the confidentiality thereof and provided further
that such terms may be disclosed where compelled by judicial process, by the
rules and regulations of the Securities and Exchange Commission or by the
Internal Revenue Service or other appropriate agency, or in any proceedings in
which one of the parties hereto alleges a breach of, or seeks the enforcement
of, this Agreement.

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         10. RETURN OF RECORDS. By April 30, 2002, Mr. Kaysen shall deliver to
Rehabilicare all records, manuals, books, blank forms, documents, letters,
memoranda, notes, notebooks, reports, data, tables, calculations or copies
thereof, which are the property of Rehabilicare or the Bank or which relate in
any way to the business, products, practices or techniques of Rehabilicare , and
all other property, trade secrets and confidential information of Rehabilicare,
including, but not limited to, all documents which in whole or in part contain
any trade secrets or confidential information of the Rehabilicare, which in any
of these cases are in his possession or under his control.

         11. DISPARAGEMENT. Mr. Kaysen agrees that he will refrain from making
any statements, whether written or oral, which are disparaging of Rehabilicare,
its directors, officers, employees, agents, or representatives and Rehabilicare
agrees that it, through its directors and officers, will refrain, and will use
best efforts to cause its employees and agents to refrain, from making any
statements, whether written or oral, that are disparaging of Mr. Kaysen.

         12. NO ADMISSION. This Agreement shall not in any way be construed as
an admission by Rehabilicare that it has acted wrongfully with respect to Mr.
Kaysen or any other person, or that Mr. Kaysen has any rights whatsoever against
Rehabilicare. Rehabilicare specifically disclaims any liability to, or wrongful
acts against, Mr. Kaysen or any other person, on the part of itself, its
directors, its officers, its employees, its representatives or its agents.

         13. REMEDIES.

         (a) THIS AGREEMENT MAY BE ENFORCED IN ANY FEDERAL COURT OR STATE COURT
SITTING IN HENNEPIN COUNTY, MINNESOTA AND EACH PARTY CONSENTS TO THE
JURISDICTION AND VENUE OF ANY SUCH COURT AND WAIVES ANY ARGUMENT THAT VENUE IN
SUCH FORUM IS NOT CONVENIENT. EACH PARTY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. The parties agree that the
costs and expenses of any litigation commenced with respect to this Agreement
shall be borne by the party against which judgment is entered, and in the event
judgment is entered against both parties, in proportion to the relative amounts
of such judgments.

         (b) Both parties acknowledge that violation of certain provisions of
this Agreement and the Nondisclosure Agreement, including but not limited to
paragraphs 8, 9, 10, 11 and 12 of this Agreement, may result in damages that are
not compensable by monetary damage rewards alone. Accordingly, the parties agree
that, in addition to any other remedies available, the parties shall be entitled
to temporary and injunctive relief to enforce the provisions of this Agreement
and that such relief may be granted without the necessity of proving actual
damages. Such injunctive relief shall not be an exclusive remedy or in any way
limit its right to claim and recover additional damages.

         14. MISCELLANEOUS.

         (a) Entire Agreement. This Agreement, together with the Nondisclosure
Agreement, contains the entire agreement of the parties with respect to the
subject matter hereof. Mr. Kaysen hereby affirms that his rights to payments or
benefits from Rehabilicare are specified exclusively and completely in this
Agreement and the

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Nondisclosure Agreement. Any modification of, or addition to, this Agreement
must be in writing, signed by Rehabilicare and Mr. Kaysen.

         (b) Nonassignable. This Agreement is personal to Mr. Kaysen and may not
be assigned by Mr. Kaysen without the written agreement of Rehabilicare.

         (c) Severability. This Agreement constitutes a contract enforceable
against either party and shall be construed and enforced in accordance with the
laws of the State of Minnesota. Nothing contained in this Agreement is intended
to violate any applicable law. If any part of this Agreement is construed to be
in violation of a state and/or federal law, then that part shall be null and
void, but the balance of the provisions of this Agreement shall remain in full
force and effect.

         (d) Consultation. Mr. Kaysen hereby affirms and acknowledges that he
has read the foregoing Agreement, that he has hereby been advised to consult
with an attorney prior to signing this Agreement, and that he has done so. Mr.
Kaysen agrees that the provisions set forth in this Agreement are written in
language understandable to him and further affirms that he understands the
meaning of the terms of this Agreement and their effect. Mr. Kaysen represents
that he enters into this Agreement freely and voluntarily.

         (e) Headings. The headings contained in this Agreement are for
reference purposes only and shall not in any way affect the meaning or
interpretation of this Agreement.

         (f) Counterparts. This Agreement may be executed in separate
counterparts, each of which will be an original and all of which taken together
shall constitute one and the same agreement, and any party hereto may execute
this Agreement by signing any such counterpart.

IN WITNESS WHEREOF, the parties have executed this Agreement by their signatures
below.

Dated:  March 31, 2002                               /s/  David B. Kaysen
                                                     --------------------
                                                     David B. Kaysen

Dated:  March 31, 2002                               REHABILICARE INC.

                                                By   /s/ John H.P. Maley
                                                     -------------------
                                                     John H. P. Maley
                                                     ChairmanExhibit 10.1

 

Exhibit 10.1

EQUITY OFFICE PROPERTIES TRUST

SHARE APPRECIATION RIGHTS AGREEMENT

     This SHARE APPRECIATION RIGHTS AGREEMENT (the “Agreement”), is entered
into and made effective as of [DATE] between Equity Office Properties Trust, a
Maryland real estate investment trust (the “Company”), and Jan H. W. R. van der
Vlist (the “Grantee”).

W I T N E S S E T H:

     WHEREAS, the Company has granted the Grantee the share appreciation rights
(“SARs”) relating to the common shares of beneficial interest of the Company,
par value of $.01 per share (“Shares”), in lieu of an initial option grant
under the Equity Office Properties Trust 1997 Share Option and Share Award
Plan, as amended.

     NOW, THEREFORE, in consideration of the foregoing, and the promises and
mutual covenants set forth in this Agreement, the Company and Grantee hereby
agree as follows:

     1.     Grant of SARs. Subject to the terms and conditions provided in this
Agreement, the Company hereby grants to the Grantee [# of SARs] SARs, effective
[DATE] (the “Grant Date”).

     2.     Term of SARs.

	 	(a)	 	Except as provided below, the term of the SARs
shall be for a period of ten (10) years beginning on the Grant
Date and ending on [DATE](the “Expiration Date”).

	 	(i)	 	If the Grantee’s Service (as defined
in this paragraph) terminates for cause, the SARs shall
expire immediately and all rights to exercise the SARs
shall cease. Termination for cause shall be determined
by the Compensation and Option Committee of the
Company’s Board of Trustees (the “Committee”) in its
discretion. For purposes of this Agreement, “Service”
means service with the Company as a trustee, and a
Grantee’s Service shall continue until he is no longer a
trustee of the Company.
	 
	 	(ii)	 	If the Grantee’s Service terminates,
including by way of resignation (whether or not at the
request of Stichting Pensioenfonds voor de Gezondheid,
Geestelijke en Maatschappelijke Belangen, a stichting
formed according to the laws of the Kingdom of The
Netherlands (“PGGM”)), other than:
	 
	 	 	 	(A)    for cause;

 

 

	 	(B)	 	because of the Grantee’s
death or permanent and total disability (within
the meaning of Section 22(e)(e) of the Internal
Revenue Code of 1986, as amended);
	 
	 	(C)	 	in connection with the
Trustee’s failure to be re-elected to the
Company’s Board of Trustees (other than in
connection with a failure caused by PGGM’s
decision to select a candidate other than the
Grantee for the Company’s Board of Trustees); or
	 
	 	(D)	 	following a “Change in
Control” of the Company (defined below),

	 	 	 	no additional SARs shall become exercisable, as
determined below in Paragraph 4, after the date such
Service terminates, and the SARs shall expire three (3)
months after the date of termination of the Grantee’s
Service. As of the effective date of the termination
of Service and thereafter, the Grantee shall be allowed
to exercise the SARs which are exercisable as of the
date of the termination, but only if the Grantee has
satisfied any outstanding debts or liabilities to the
Company and has returned all Company property in his
possession. All SARs which are not exercisable on the
effective date of termination of Service shall
immediately terminate on the effective date of
termination of Service.
	 
	 	(iii)	 	If the Grantee’s Service terminates
because of his death, the SARs shall be exercisable in
full and shall expire twelve (12) months after the date
of the Grantee’s death and shall be exercisable by the
person or persons to whom the SARs passes by will or by
the laws of descent and distribution in accordance with
Paragraph 6 below.
	 
	 	(iv)	 	If the Grantee’s Service terminates
because of his permanent and total disability (within
the meaning of Section 22(e)(e) of the Internal Revenue
Code of 1986, as amended), in connection with the
Grantee’s failure to be re-elected to the Company’s
Board of Trustees (other than a failure caused by PGGM’s
decision to select a candidate other than the Grantee
for the Company’s Board of Trustees), or following a
Change in Control of the Company, the SARs shall be
immediately exercisable in full and shall expire on the
Expiration Date.

	 	(b)	 	Notwithstanding the foregoing provisions, the
Committee may provide, at any time before the Expiration Date,
that the SARs shall not expire prior
to the date they would otherwise expire under this paragraph,
and may provide, in connection therewith,

2

 

	 	(i)	 	the date or event that will cause the
SARs to expire (or that the SARs will expire on the
Expiration Date); and/or
	 
	 	(ii)	 	the extent to which the SARs shall
continue to become exercisable.

	 	 	 	Notwithstanding the foregoing, in no event shall the SARs be
exercisable later than the Expiration Date, and all rights to
exercise the SARs shall cease as of the Expiration Date or
its earlier expiration as provided herein.
	 
	 	(c)	 	For purposes of this Agreement, a “Change in
Control” shall be deemed to occur upon:

	 	(i)	 	the acquisition by any entity, person or group of
more than fifty percent (50%) of the outstanding Shares
from the holders thereof;
	 
	 	(ii)	 	a merger or consolidation of the Company with one
or more other entities as a result of which the
ultimate holders of outstanding Shares immediately
prior to such merger hold less than fifty percent (50%)
of the shares of beneficial ownership of the surviving
or resulting corporation; or
	 
	 	(iii)	 	a direct or indirect transfer of substantially
all of the property of the Company other than to an
entity of which the Company directly or indirectly owns
at least fifty percent (50%) of the shares of
beneficial ownership.

     3.     Exercise
Price. The exercise price per SAR shall be
[$        ], subject
to adjustment as provided below in Paragraph 5.

     4.     Exercise of SARs.

	 	(a)	 	The SARs shall be exercisable in accordance with
the following schedule. The Grantee may exercise all or part
of:

	 	(i)	 	one-third (1/3) of the SARs (rounded
to the nearest whole SAR) on or after six (6) months
from the Grant Date;
	 
	 	(ii)	 	an additional one-third (1/3) of the
SARs (rounded to the nearest whole SAR) on or after the
first anniversary of the Grant Date; and
	 
	 	(iii)	 	the remaining SARs on or after the
second anniversary of the Grant Date.

3

 

	 	 	 	Notwithstanding the foregoing, in no event, however, may the
Grantee exercise any of the SARs later than the Expiration
Date (as provided above in Paragraph 2).
	 
	 	(b)	 	The Grantee or such other person entitled to
exercise the SARs (as described below in Paragraph 6) may
exercise the SARs by providing written notice thereof prior to
the Expiration Date to the Company’s Chief Legal Counsel at
the address provided in Paragraph 11, or to such other person
or location designated by the Company’s Chief Legal Counsel.
Such written notice shall state that the SARs are being
exercised thereby, the number of SARs being exercised, and
shall be signed by the person or persons exercising the SARs.
	 
	 	 	 	If the SARs are exercised by any person or entity other than
the Grantee, such written notice and payment must also be
accompanied by appropriate proof of the right of such person
or entity to exercise the SARs.
	 
	 	 	 	As soon as practicable following its receipt of sufficient
written notice and any other required documentation, the
individual exercising the SARs shall receive from the Company
in cash an amount equal to the difference between the Fair
Market Value (as defined below) of a Share on the exercise
date and the exercise price, multiplied by the number of SARs
being exercised.
	 
	 	(c)	 	For purposes of this Agreement, “Fair Market
Value” means the closing price paid for a Share on the New
York Stock Exchange on the first trading day immediately
preceding the date for which Fair Market Value is being
determined.

     5.     Adjustment to Number of Shares Subject to the SARs. In the event of
any change in the number of outstanding Shares by reason of any Share dividend,
split, recapitalization, merger, consolidation, combination, exchange of Shares
or other similar corporate change, the aggregate number and kind of Shares to
which the SARs relate shall be proportionately adjusted by the Company’s Board
of Trustees, and the terms of this Agreement may be adjusted by the Company’s
Board of Trustees in such manner as it deems equitable.

     6.     Transfer Restrictions. The SARs may not be assigned, transferred,
pledged or hypothecated in any way, shall not be assignable by operation of
law, nor subject to execution, attachment or similar process. Any attempted
assignment, transfer, pledge, hypothecation or other disposition of the SARs
contrary to the provisions of this Agreement, and the levy of any execution,
attachment or similar process upon the SARs, shall be null and void and without
effect. Notwithstanding the foregoing, the SARs may be transferred: (i) by
will or the laws of descent and distribution; or (ii) by the Grantee to PGGM.

4

 

     7.     Withholding Taxes. To the extent that the Company is required to
withhold taxes with respect to the exercise of the SAR by the Grantee, payment
of part or all of the required withholding taxes may be satisfied as follows:

	 	(i)	 	the Company may withhold from amounts
payable to the Grantee as compensation or otherwise an
amount necessary to satisfy all withholding tax
requirements; or
	 
	 	(ii)	 	the Grantee may remit to the Company
an amount sufficient to satisfy payment.

     8.     Source Allocation of Taxable Income. For U.S. federal income tax
purposes, the Company agrees to characterize any income realized by the Grantee
upon the exercise of the SARs pursuant to this Agreement as partly from sources
within the United States and partly from sources without the United States in
accordance with the Grantee’s reasonable estimate of the actual location of the
performance of Grantee’s Service; provided, however, that the Company shall
have no obligation to observe such allocation if the Company determines that
such allocation is not reasonably supportable based upon the available facts.
Subject to the proviso in the preceding sentence, unless and until the Grantee
has delivered to the Company an Allocation Change Notice (as defined below),
the Company, based upon Grantee’s statements to the Company as to the location
of the performance of Grantee’s Service, shall treat twenty-five percent (25%)
of any income realized by the Grantee upon the exercise of the SARs as income
from sources within the United States and seventy-five percent (75%) of such
income as income from sources without the United States (the “Initial
Allocation”). An “Allocation Change Notice” means a written notice provided by
Grantee to the Company in accordance with the notice provisions set forth in
this Agreement with respect to any calendar year prior
to or during which the Grantee exercised any SARs under this Agreement that
advises the Company of any change in circumstances related to the actual
location of the performance of the Grantee’s Service that would result in a
different allocation of income that is from sources within the United
States than provided in the Initial Allocation. The Grantee covenants and
agrees that Grantee will provide an Allocation Change Notice to the Company
with respect to any calendar year during which any such change in
circumstances occurs or is expected to occur.

     9.     Service Rights of Grantee. This Agreement shall not constitute a
contract of continued Service, and the grant of the SARs to the Grantee does
not confer upon the Grantee the right to be retained in the Service of the
Company.

     10.   Shareholder Rights. The Grantee or other person or entity exercising
the SARs shall have no rights as a shareholder of record of the Company with
respect to the Shares to which the SARs relate.

     11.   Compliance. At all times during the term of the SARs, the Company
shall, from time to time, use its best efforts to comply with all laws and
regulations which, in the opinion of the Company’s Chief Legal Counsel, shall
be applicable thereto.

5

 

     12.   Notices. All notices under this Agreement shall be in writing and
shall be sent by registered or certified mail, or by a nationally recognized
overnight delivery service, postage or charges prepaid. All notices to the
Company shall be sent to the following address:

	 	Two North Riverside Plaza

Suite 2100

Chicago, Illinois 60606

Attention: Chief Legal Counsel

     All notices to the Grantee shall be sent to the Grantee’s last known
address.

     Any such written notice or communication given by mail shall be deemed to
have been given two (2) business days after the date so mailed, and such
written notice or communication given by an overnight delivery service shall be
deemed to have been given one (1) business day after the date so sent.

     13.   Interpretation. The interpretation and construction by the Company’s
Board of Trustees of any terms or conditions of this Agreement or other matters
related to this Agreement shall be final and conclusive.

     14.   Enforceability. This Agreement shall be binding upon the Grantee and
his estate, assignee, transferee, personal representative and beneficiaries.

*    *    *

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

	 	 	 
	 	
EQUITY OFFICE PROPERTIES TRUST
	 
	 	By:	 

	 	 	
Stanley M. Stevens
	 	Its:	
Executive Vice President
	 
	 	
GRANTEE:
	 
	 	 	

Jan H. W. R. van der Vlist

6

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