Document:

First Amendment, effective as of March 12, 2010, to the Employment Agreement

 Exhibit 10(rr) 
 FIRST AMENDMENT TO THE 
 EMPLOYMENT AGREEMENT 

This First Amendment to the Employment Agreement (the “Amendment”), between United Rentals, Inc. (the “Company”) and
Matthew Flannery (“Executive”), is made effective as of March 12, 2010. 
 WHEREAS, the parties entered into an
Employment Agreement on March 12, 2010 (the “Employment Agreement”); 
 WHEREAS, the parties desire to amend the
Employment Agreement to clarify certain payment terms for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and to correct certain provisions in accordance with IRS Notice 2010-6. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the Company and Executive hereby agree as
follows (all capitalized terms used herein which are not defined herein shall have the meanings given such terms in the Employment Agreement): 
 1. Section 4(d)(iii) of the Employment Agreement is hereby amended to read as follows: 
 “(iii) an amount equal to 380% of Executive’s Base Salary as of the date of Executive’s termination, payable in substantially equal bi-weekly installments during the 24-month period
following the date of Executive’s termination in accordance with the Company’s normal payroll practices (the “Severance Pay”). Such payments shall be paid at the times Executive’s Base Salary would have been paid had
Executive’s employment not terminated, provided, however, that the first payment shall be on the sixtieth
(60th) day after the date of Executive’s
termination, and such first payment shall be equal to the amounts that would have been paid had payments begun immediately after the date of Executive’s termination. Notwithstanding the foregoing, if necessary to comply with
Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”), and applicable administrative guidance and regulations, the payment of the Severance Pay shall be made as follows: (A) no payments shall be
made for a six-month period following the date of Executive’s termination, (B) an amount equal to six months of Severance Pay shall be paid in a lump sum six months and one day following the date of Executive’s termination with
interest at the applicable federal rate pursuant to Section 1274 of the Code, and (C) during the period beginning six months and one day following the date of Executive’s termination through the remainder of the 12-month period,
payment of the remaining amount of Severance Pay shall be made in 

  
 1 

 
substantially equal bi-weekly installments in accordance with the Company’s normal payroll practices.” 
 2. The last two sentences of Section 4(h) of the Employment Agreement are hereby amended to read as follows: 
 “The payment of any amounts pursuant to this Section 4 (other than payments required by law) is expressly conditioned upon (i) the delivery by Executive to the Company of a release in form
and substance reasonably satisfactory to the Company of any and all claims Executive may have against the Company and its directors, officers, employees, subsidiaries, affiliates, stockholders, successors, assigns, agents and representatives arising
out of or related to Executive’s employment by the Company and the termination of Executive’s employment and (ii) Executive not revoking such release within the seven (7) day revocation period following his delivery of the
release. The Company shall provide Executive with the proposed form of such release no later than seven (7) days following the date of Executive’s termination, and Executive shall execute such release no later than fifty-two (52) days
after the date of Executive’s termination (and Executive shall be provided a seven (7) day revocation period following his delivery of such release).” 
 3. Section 7(j) of the Employment Agreement is hereby amended by deleting the second and the penultimate sentences of such section and adding the following to the end thereof: 

“If for any reason, such as imprecision in drafting, any provision of this Agreement (or of any award of compensation, including,
without limitation, equity compensation or benefits) does not accurately reflect its intended establishment of an exemption from (or compliance with) Code Section 409A, as demonstrated by consistent interpretations or other evidence of intent,
such provision shall be considered ambiguous as to its exemption from (or compliance with) Code Section 409A and shall be interpreted by the Company in a manner consistent with such intent. To the extent that the right to any payment (including
the provision of benefits) under this Agreement provides for deferred compensation within the meaning of Code Section 409A that is not exempt from Code Section 409A as involuntary separation pay or a short-term deferral (or otherwise), a
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for any payment or benefits upon or following a termination of employment unless such termination is also a “separation
from service” within the meaning of Code Section 409A and, for purposes of any such provision, references to a “termination,” “termination of employment,” or like terms shall mean

  
 2 

 
“separation from service”. In no event may the Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement. All reimbursements and
in-kind benefits provided under this Agreement that constitute deferred compensation within the meaning of Section 409A of the Code shall be made or provided in accordance with the requirements of Section 409A of the Code, including,
without limitation, that (i) subject to any shorter time periods provided herein, in no event shall such reimbursements and payments by the Company under this Agreement be made later than the end of the calendar year next following the calendar
year in which the applicable fees and expenses were incurred; (ii) the amount of such reimbursements, payments and in-kind benefits that the Company is obligated to pay or provide in any given calendar year shall not affect the reimbursements
and in-kind benefits that the Company is obligated to pay or provide in any other calendar year (except that a plan providing medical or health benefits may impose a generally applicable limit on the amount that may be reimbursed or paid);
(iii) the Executive’s right to have the Company pay or provide such reimbursements and in-kind benefits may not be liquidated or exchanged for any other benefit; and (iv) in no event shall the Company’s obligations to make such
reimbursements or to provide such in-kind benefits apply later than the Executive’s remaining lifetime (or if longer, through the 20th anniversary of the effective date of this Agreement).” 

4. Except as set forth in this Amendment, the Employment Agreement shall remain in effect as prior to the date hereof. 

IN WITNESS WHEREOF, the Company has caused this Amendment to be duly executed on its behalf by an officer thereunto duly authorized and
Executive has duly executed this Amendment, all as of the date and year first written above. 
  

											
	UNITED RENTALS, INC.	 		  	EXECUTIVE	  	
	By:	 	 /s/ Michael J. Kneeland
	 		  	 /s/ Matthew Flannery
	  	
	Name:	 	 Michael J. Kneeland
	 		  	Matthew Flannery	  	
	Title:	 	 President, Chief Executive Officer and Director
	 		  	Date:	  	  
	  	
	Date:	 	  
	 		  		  		  	

  
 3Form of Executive Officer Performance Stock Award Agreement

 Exhibit 10.1 
 BRE PROPERTIES, INC. 

PERFORMANCE STOCK AWARD AGREEMENT 

This Performance Stock Award Agreement (this “Agreement”), dated as of
                    ,
                     (the “Grant Date”), is entered into by and between BRE Properties, Inc., a Maryland Corporation (the
“Company”), and                      (“Employee”). 

BACKGROUND 
 The Company and Employee have entered into an                      (the “Employment
Agreement”), which provides that, at the discretion of the Compensation Committee of the Board of Directors of the Company (“Committee”), Employee is eligible to receive long term incentive awards. 

The Company has established the 1999 BRE Stock Incentive Plan, as amended (the “Plan”), to provide, among other things,
long term incentive awards. 
 The Committee has determined that Employee be granted shares of Common Stock of the Company
(“Common Stock”) under the Plan subject to the restrictions stated below and as hereinafter set forth. 
 The
Company and Employee intend that the grant of the portion of shares of Common Stock subject to vesting pursuant to Sections 4.2 and 4.3 of this Agreement qualify as “performance-based compensation” under Section 162(m) of the Internal
Revenue Code of 1986, as amended, and the regulations thereunder. 
 AGREEMENT 

The parties to this Agreement, intending to be legally bound, agree as follows: 

1. Terms of Plan. All capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings ascribed
thereto in the Plan. Employee confirms and acknowledges that Employee has received and reviewed a copy of the Plan and the Information Statement with respect to the Plan. Employee and the Company agree that the terms and conditions of the Plan are
incorporated in this Agreement by this reference. 
 2. Main Grant of Shares. Subject to the terms and conditions of this
Agreement and of the Plan, including without limitation the vesting provisions set forth in Sections 3 and 4, the Company hereby grants to Employee
                     (            ) shares of Common Stock (the
“Shares”) under the Plan which number of Shares shall be subject to adjustment pursuant to Sections 11 and 12. The Shares shall be deemed “Restricted Shares” under the Plan. Shares shall not include Reserve Performance
Shares (as defined in Section 4.3(a) below). 

 3. Time Vesting of Shares.
                     (            ) Shares (the “Time Vesting
Shares”) shall, subject to continuous employment with the Company, vest ratably over four years, one-quarter on each anniversary of the Grant Date. 
 4. Performance Shares. 
 4.1. Definitions. For the purposes of this
Agreement the following terms shall have the following meaning:. 
 (a) “Goals” shall mean the performance
goals for Relative TSR/RMS and Relative TSR/Peer Group set forth on Exhibit A. 
 (b) “Good Cause”
shall have the meaning set forth in the Employment Agreement. 
 (c) “Good Reason” shall have the meaning set
forth in the Employment Agreement. 
 (d) “Maximum” shall mean, with respect to a Goal, the performance metric
associated with that Goal under the column labeled “Maximum” on Exhibit A. 
 (e) “Peer
Group” shall mean AvalonBay Communities, Inc., Camden Property Trust, Essex Property REIT, Equity Residential REIT and UDR REIT, provided that, if the stock of any one or more of such entities is no longer publically traded during the
Performance Period then such entity or entities shall be dropped from the Peer Group. 
 (f) “Peer Group Total
Return” shall mean the sum of the Shareholder Return for each of the members of the Peer Group during the Performance Period by (ii) the number of entities in the Peer Group during the Performance Period . 

(g) “Performance Period” shall mean the period of time between January 1,
         through and including December 31,          unless an earlier date for the end of the Performance Period is to be determined pursuant to any
other Section of this Agreement. 
 (h) “Performance Vesting Date” shall mean December 31,
        . 
 (i) “RMS Total Return” shall mean the MSCI US REIT
Index Total Return as published at the end of each day of trading on the American Stock Exchange at www.msci.com. 
 (j)
“Relative TSR/Peer Group” shall mean the percentage of the Company’s total Shareholder Return during the Performance Period to the Peer Group Total Return during the Performance Period. 

  
 2 

 (k) “Relative TSR/RMS” shall mean the percentage of the Company’s
total Shareholder Return during the Performance Period to the RMS Total Return during the Performance Period. 
 (l)
“Reserve Contribution” shall mean for any particular Goal, if the Goal achieved as of the Performance Vesting Date is 
 (i) less than or equal to the Target, then zero, 
 (ii) greater
than or equal to the Target and less than the Maximum, then the product of (x) the Weighting Factor of such Goal multiplied by (y) the proportion that the Goal achieved as of the Performance Vesting Date is between the Target and
the Maximum, or 
 (iii) greater than the Maximum, then the Weighting Factor of such Goal. 

(m) “Shareholder Return” shall mean, for any period, the percentage increase in value to a shareholder if such
shareholder had acquired the common stock in the applicable entity at the Stock Price on the first day of the Performance Period, reinvested any dividends paid on such stock at the Stock Price on the ex-dividend date and sold the stock on the last
day of the Performance Period at the Stock Price, all in accordance with the methodology used to compute the RMS Total Return, provided if such methodology changes then the method of determining Shareholder Return shall be modified to match such
methodology as closely as possible. 
 (n) “Stock Price” shall mean, for a given day, with respect to BRE, the
closing price of a share of Common Stock as of the end of such day and, with respect to a member of the Peer Group, the closing price for the common stock or other most widely and regularly traded equity interest in such member of the Peer Group as
of the end of such day. 
 (o) “Target” shall mean, with respect to a Goal, the performance metric associated
with that Goal under the column labeled “Target” on Exhibit A. 
 (p) “Threshold” shall mean,
with respect to a Goal, the performance metric associated with that Goal under the column labeled “Threshold” on Exhibit A. 
 (q) “Vesting Contribution” shall mean for any particular Goal, if the Goal achieved as of the Performance Vesting Date is 

(i) less than the Threshold, then zero, 

(ii) greater than or equal to the Threshold and less than the Target, then the product of (x) the Weighting Factor of
such Goal multiplied by (y) the sum of (i) 50% plus (ii) the product of (A) the proportion that the Goal achieved as of the Performance Vesting Date is between the Threshold and the Target multiplied by
(B) 50%, 

  
 3 

 (iii) greater than or equal to the Target, then the Weighting Factor of such
Goal. 
 (r) “Weighting Factor” shall mean, with respect to a Goal, the percentage associated with that Goal
under the column labeled “Weighting Factor” on Exhibit A. 
 4.2. Vesting Performance Shares.

 (a) The Shares that are not Time Vesting Shares, but excluding the Earned Dividend Shares (as defined in Section 11
below) that shall vest in accordance with part (a) of the last sentence of Section 11, (such net amount of Shares being hereinafter referred to as the “Performance Shares”) shall, subject to Sections 5 and 6, vest on the
anniversary of the Grant Date immediately following the Performance Vesting Date with respect to that percentage (the “Aggregate Vesting Contribution”) of the Shares determined pursuant to this Section 4.2. 

(b) The Vesting Contribution shall be determined as of the Performance Vesting Date as soon as all of the information reasonably
necessary for determining the Vesting Contribution is available (such date of determination, the “Vesting Determination Date”). If any of the information reasonably necessary for determining the Vesting Contribution is not available
through the end of the year in which the Performance Vesting Date occurs and is not expected to be available within 60 days of the Performance Vesting Date, then, with respect to such year (and only for that information that is not available), the
year to date information available through the most recent quarter shall, if appropriate, be annualized and applied to the computations required by this Section 4 as though such information represented the information for the full year. The
Aggregate Vesting Contribution shall be computed as the sum of the Vesting Contribution for each of the Goals. 
 (c) The
Committee has reserved fifteen percent (15%) of the Performance Shares (separate and apart from the Performance Shares vesting based upon the sum of the Vesting Contribution for each of the Goals), a percentage of which shares shall vest in
accordance with this Section 4.2(c). The Committee will evaluate the performance of Company in completing and/or carrying out the execution of the business plan, the flexibility in decision making and maintenance of the opportunity to be
flexible, portfolio management, balance sheet management, focus on organizational objectives, progress on initiatives and such other aspects as the Committee may decide and shall, based upon its evaluation determine a number (the “Additional
Vesting Percentage) between zero and two hundred percent (200%) with one hundred percent (100%) considered Target as that term is used with respect to Goals. The separate fifteen percent (15%) of the Performance Shares reserved from
the other Performance Shares shall vest in an amount equal to the lesser of the Additional Vesting Percentage and one hundred percent (100%). 
 (d) The Committee shall have sole responsibility for determining and shall certify the computation of the Vesting Contribution for each Goal and the amount of Shares that shall vest pursuant to this
Section 4.2. 

  
 4 

 4.3. Grant and Issuance of Reserve Performance Shares. 

(a) The Company has reserved for issuance to Employee up to the
                     (            ) shares of Common Stock as Reserve
Performance Shares (as adjusted for any stock splits, stock dividends, reclassifications or similar events) (the “Reserve Performance Shares”) to be granted and issued to Employee pursuant to this Section 4.3. If pursuant to
the Company’s determination pursuant to Section 4.2 it is determined that any Goal achieved as of the Performance Vesting Date is greater than the Target for such Goal, then the Company shall grant and issue to Employee a number of the
Reserve Performance Shares equal to the product of (x) the sum of the Reserve Contribution for each Goal multiplied by (y) the number of Reserve Performance Shares. For the purposes of the preceding computation only, the evaluation
pursuant to Section 4.2(c) shall be treated as a Goal with respect to which the Additional Vesting Percentage shall have a Target of one hundred percent (100%) and a Maximum of two hundred percent (200%) and the Weighting Factor shall
be deemed to be fifteen percent (15%). 
 (b) If Employee shall be entitled to receive any Reserve Performance Shares, then the
Company shall, promptly after the determination pursuant to Section 4.2, issue to Employee a stock certificate representing the number of Reserve Performance Shares determined in accordance with Section 4.3(a) (the “Reserve
Certificate”). The Reserve Certificate shall not have endorsed thereon the legend set forth in Section 8 and the Company shall not retain or otherwise escrow or withhold the Reserve Certificate from Employee pursuant to this Agreement.

 (c) Employee shall have no rights as a shareholder (including voting rights or rights to dividends) with respect to any
Reserve Performance Shares until such time as they may become issuable pursuant to Section 4.3(a). 
 4.4.
Recoupment. If Employee’s Employment Agreement, as of the date of any restatement, provides for recoupment of any previously paid compensation related to a restatement, then all Shares received pursuant to this Agreement shall be subject
to such recoupment as provided in any policy adopted by Company to comply with applicable laws, regulations or requirement of the stock exchange(s) upon which Company’s securities are listed and shall not be fully and finally earned for
purposes of federal and state wage and hour laws until the applicable recoupment period has expired. 
 5. Vesting of Shares
Upon Change in Employment Status. 
 5.1. Termination Without Cause, Resignation With Good Reason, Retirement, or Upon
Death or Disability. Notwithstanding Sections 3 and 4, if prior to the Performance Vesting Date Employee’s Employment Agreement and employment with the Company is terminated by Employee due to Good Reason or retirement on or after the
Retirement Age, or by the Company for other than Good Cause, or due to death or Disability, then effective as of the date of such termination (i) the number of Shares that would vest pursuant to Section 4 and the number of Reserve
Performance Shares that would be issued will be computed in accordance with Section 4 using as the Performance Vesting Date, the most recent quarter ending on or before the Employee’s termination or retirement date and multiplying the
result by a fraction the numerator of which is the number of whole quarters between January 1,          and the date of such termination and the denominator of which is sixteen

  
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(16), (ii) the number of Earned Dividend Shares that vest will equal the number determined pursuant to Section 11 using the Vesting Contribution as computed in (i) above, and
(iii) the number of additional Time Vesting Shares vesting pursuant to Section 3 shall be determined by multiplying the total number of Time Vesting Shares by a fraction, the numerator of which is the number of whole quarters since the
Grant Date and the denominator of which is sixteen (16) and subtracting therefrom, the number of shares that have already vested pursuant to Section 3. 
 5.2. Termination for Cause or Resignation Without Good Reason. Notwithstanding Sections 3 and 4, if Employee’s Employment Agreement and employment with the Company is terminated by the Company
for Good Cause or Employee resigns without Good Reason prior to the Performance Vesting Date, all of the then-unvested Shares and any right to any Reserve Performance Shares shall be forfeited by Employee, ownership of all such unvested Shares shall
transfer back to the Company and Employee shall have no further rights with respect to any of such unvested Shares or any Reserve Performance Shares. 
 5.3. Termination Following a Change in Control. If within 12 months after the effective date of a Change in Control (as defined in the Employment Agreement) Employee’s Employment Agreement and
employment with (i) the Company, (ii) an affiliate of the Company (as such term is defined in the Exchange Act) or (iii) such entity that the Company has merged or consolidated with or an affiliate (as such term is defined in the
Exchange Act) of such entity (such entity or affiliate in (i), (ii) or (iii), the “Continuing Employer”) is terminated by Employee for Good Reason or by the Continuing Employer without Good Cause, then, notwithstanding Sections
3, 4 and 11, 100% of the then-unvested Shares (including both unvested Time Vesting Shares and all Performance Shares) and all Earned Dividend Shares issued as of such date shall automatically vest on the date of such termination of employment,
provided, however, that, if prior to such termination the outstanding shares of common stock of the Company shall have been exchanged or converted into the right to receive other securities, cash or property, whether pursuant to a
merger, consolidation or sale of all or substantially all of the assets of the Company (a “Conversion Event”), then each Share that could vest pursuant to this Section 5.3 shall immediately after such Conversion Event represent
the right to receive such other securities, cash or property that Employee would have received or been entitled to had such Shares been outstanding immediately prior to such Conversion Event. Employee and Company agree that any termination of
Employee’s Employment Agreement with the Company attendant to any Change in Control in which Employee is, in connection with such Change in Control, hired as an employee of a Continuing Employer shall not be deemed a termination of
Employee’s Employment Agreement with a Continuing Employer for purposes of this Section 5.3 unless Employee resigns following the Change of Control for Good Reason. 
 6. Vesting of Shares and Issuance of Reserve Shares upon Committee Action. Notwithstanding Sections 3, 4, 5 and 11, the Committee reserves its right, exercisable at its sole discretion, including
under Section 4.2 of the Plan to accelerate the vesting of all or any portion of any unvested Shares or issue all or any portion of the Reserve Performance Shares, including in connection with a Change in Control. 

7. Restrictions Period. The period of time between the Grant Date and the date Shares become vested is referred to herein as the
“Restriction Period.” Until a Share becomes vested in accordance with Section 3, 4, 5 or 6, neither such Share nor any beneficial interest 

  
 6 

 
therein shall be sold, transferred, assigned, pledged, encumbered or otherwise disposed of in any way at any time (including, without limitation, by operation of law) other than (i) to the
Company or its assignees or (ii), after written notice to the Company identifying the transferee to the reasonable satisfaction of the Company, to an intervivos or testamentary trust for the benefit of the Employee and/or the Employee’s spouse
during the Employee’s life or to such other person or persons (individually or as trustee or trustees of a trust), for estate planning or gifting purposes, as the Committee may specifically approve. Any permitted transferee of Shares or any
interest therein shall be required as a condition of such transfer to agree in writing, in form satisfactory to the Company, that it shall receive and hold such Share or interest subject to the provisions of this Agreement, including but not limited
to the forfeiture provisions hereof. For purposes of this Agreement, the term “Employee” shall include such a permitted transferee when appropriate. 
 8. Legend. All certificates representing any Shares which are not vested shall have endorsed thereon during the Restriction Period the following legend: 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN AGREEMENT BETWEEN THE CORPORATION AND THE REGISTERED HOLDER, A COPY OF WHICH
IS ON FILE AT THE PRINCIPAL OFFICE OF THIS CORPORATION. 
 9. Retention of Certificate. The certificate or certificates
evidencing any of the unvested Shares shall be deposited with the Secretary of the Company. The Shares may also be held in a restricted book entry account in the name of Employee. Such certificates or such book entry shares are to be held by the
Company until termination of the Restriction Period, when they shall be released by the Company to Employee, provided that, if the number of the Shares ultimately vested in Employee as of the Vesting Determination Date is different than the
Grant Amount, then the certificate originally issued shall be cancelled and a new certificate representing the number of the Shares that have vested in Employee shall be delivered to Employee and all of the unvested Shares outstanding immediately
after the Vesting Determination Date shall be forfeited by Employee, ownership of all such unvested Shares shall transfer back to the Company and Employee shall have no further rights with respect to any of such unvested Shares. 

10. Employee Shareholder Rights. During the Restriction Period, Employee shall have all the rights of a shareholder with respect
to unvested Shares except for the right to transfer the Shares (as set forth in Section 7) and the right to receive dividends (subject to Section 11) with respect to the Performance Shares. Accordingly, Employee shall have the right
(i) to vote all Shares other than the Earned Dividend Shares and (ii) to receive dividends on all Time Vesting Shares. 
 11. Dividends on Performance Shares. If the Company shall declare a cash dividend on shares of Common Stock at any time during the Performance Period, then the Performance Shares shall not receive
such dividend, however, the number of Shares subject to this Agreement shall be increased by and the Company shall issue to Employee (subject to Section 9) immediately after such dividend a number of shares of Common Stock equal to (x) the
amount of cash dividends Employee would have received with respect to Performance Shares if 

  
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such dividend would have been paid with respect to the Performance Shares divided by (y) the closing price of a share of Common Stock on the payment date for such dividend. Of the
shares of Common Stock which shall be made subject to this Agreement which are issuable in lieu of any cash dividend on the Performance Shares pursuant to the foregoing sentence (the “Earned Dividend Shares”), (a) such Earned
Dividend Shares shall vest on the same date as the Performance Shares in an amount equal to the Aggregate Vesting Contribution multiplied by the Earned Dividend Shares, (b) no dividends shall be payable on such Earned Dividend Shares nor shall
the provisions of this Section 11 relating to increasing the number of shares based upon dividend payments on the Performance Shares apply to such Earned Dividend Shares and (c) Employee shall have no right to vote such shares. 

12. Changes in Capitalization. In the event that as a result of (a) any stock dividend, stock split or other change in the
outstanding shares of Common Stock, or (b) any merger or sale of all or substantially all of the assets or other acquisition of the Company, and by virtue of any such change Employee shall in his/her capacity as owner of unvested Shares (the
“Prior Stock”) be entitled to new or additional or different shares or securities, such new or additional or, different shares or securities shall thereupon be considered to be unvested Stock and shall be subject to all of the
conditions and restrictions which were applicable to the Prior Stock pursuant to this Agreement. 
 13. Taxes. Employee
shall be liable for any and all taxes, including withholding taxes, arising out of the grant, issuance or vesting of Shares or any grant or issuance of Reserve Performance Shares or Earned Dividend Shares hereunder. Employee may elect to satisfy
such withholding tax obligation by having the Company retain Shares, Reserve Performance Shares, or Earned Dividend Shares if applicable, having a fair market value equal to the Company’s minimum withholding obligation. To the minimum extent
reasonably determined by the Company to be necessary, the Company shall defer delivery of vested Shares to avoid any adverse tax consequences to the Employee under Section 409A of the Internal Revenue Code of 1986, as amended. As of the date
this Agreement has been executed, it is not expected the preceding sentence would apply except potentially to Earned Dividend Shares to vest pursuant to part (a) of the last sentence of Section 11. 

14. Fractional Shares. The Company shall not be required to deliver any fractional Shares that may vest or become issuable
pursuant to this Agreement or record or issue any fractional Share that may be issuable pursuant to Section 11 or 12. In lieu of any delivery, recordation or issuance of any such fractional Share, the Company shall, at such time as such
fractional Share would otherwise be deliverable, subject to recording or issuable, pay to Employee an amount in cash (rounded to the nearest whole cent) equal to product of (x) the Stock Price at such time multiplied by (y) the
fraction of a Share to which Employee would otherwise be entitled. 
 15. Miscellaneous. 

15.1. Transfers in Violation of Restrictions. The Company shall not be required (i) to transfer on its books any Shares which
shall have been sold or transferred in violation of any of the provisions set forth in this Agreement, or (ii) to treat as owner of such shares or to accord the right to vote as such owner or to pay dividends to any transferee to whom such
shares shall have been so transferred. 

  
 8 

 15.2. Further Assurances. The parties agree to execute such further instruments and
to take such action as may reasonably be necessary to carry out the intent of this Agreement. 
 15.3. Notices. Any
notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon delivery to Employee at such Employee’s address then on file with the Company. 

15.4. No Employment Guarantee. Neither the Plan nor this Agreement nor any provisions under either shall be construed so as to
grant Employee any right to remain in the employ of the Company and neither alters Employee’s at-will status. 
 15.5.
Arbitration. This Agreement shall be governed by the arbitration provisions of the Employment Agreement, including the provision relating to recovery of reasonable attorneys’ fees, costs, and expenses. 

[Remainder of Page Intentionally Left Blank] 

  
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 15.6. Entire Agreement. This Agreement, including the Plan, and the Employment
Agreement constitute the entire agreement of the parties with respect to the subject matter hereof. 
 IN WITNESS
WHEREOF, the parties have executed this Agreement as of the date first written above. 
  

											
	BRE PROPERTIES, INC.	 		  	EMPLOYEE	  	
				
	  
	 		  	  
	  	
	  
	 		 		  	  
	  		  	
	  
	 		 		  		  		  	

  
 10 

 EXHIBIT A 

GOALS AND PERFORMANCE METRICS 

 

									
	 Goal
	 	 Metric

	 Description
	 	 Weighting Factor
	 	 Threshold
	 	 Target
	 	 Maximum

	 Relative

TSR/RMS
	 	45%	 	75%	 	100%	 	120%
	 Relative

TSR/ Peer Group
	 	40%	 	65%	 	105%	 	Highest of Peers

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