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                                                                   Exhibit 10.14

                            INDEMNIFICATION AGREEMENT

         THIS INDEMNIFICATION AGREEMENT (the "Agreement") is entered into as of
___________________, by and between Equity Residential Properties Trust ("EQR"),
a Maryland real estate investment trust, and [[Name]] (the "Indemnitee").

         WHEREAS, the Indemnitee is an officer or a member of the Board of
Trustees of EQR and in such capacity is performing a valuable service for EQR;

         WHEREAS, the law of EQR's state of organization permits EQR to enter
into contracts with its officers or members of its Board of Trustees with
respect to indemnification of such persons; and

         WHEREAS, to induce the Indemnitee to continue to provide services to
EQR as an officer or a member of the Board of Trustees, and to provide the
Indemnitee with specific contractual assurance that indemnification will be
available to the Indemnitee regardless of, among other things, any amendment to
or revocation of EQR's Amended and Restated Declaration of Trust ("Declaration
of Trust"), or any acquisition transaction relating to EQR, EQR desires to
provide the Indemnitee with protection against personal liability.

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

1.       DEFINITIONS.

         For purposes of this Agreement:

         (A)      "Change in Control" shall mean a change in the possession,
                  directly or indirectly, of the power to direct or cause the
                  direction of the management and policies of EQR, or any
                  successor in interest thereto, whether through the ownership
                  of voting securities, by contract or otherwise, including but
                  not limited to a change which would be required to be reported
                  under Item 6(e) of Schedule 14A of Regulation 14A promulgated
                  under the Securities Exchange Act of 1934 as in effect on the
                  date hereof (the "Exchange Act") or as may otherwise be
                  determined pursuant to a resolution of the Board of Trustees.
                  A rebuttable presumption of a Change in Control shall be
                  created by any of the following which first occur after the
                  date hereof and EQR shall have the burden of proof to overcome
                  such presumption:

                  i.       the ability of any "Person" (as such term is defined
                           in Sections 13(d) and 14(d) of the Exchange Act)
                           together with an "Affiliate" or "Associate" (as
                           defined in Rule 12b-2 of the Exchange Act) or "Group"
                           (within the meaning of Section 13(d)(3) of the
                           Exchange Act) to exercise or direct the exercise of
                           20% or more of the combined voting power of all
                           outstanding shares of voting stock of EQR in the
                           election of its trustees ("Interested Party")
                           (provided, however, "Interested Party" shall not
                           include an agent, broker, nominee, custodian or
                           trustee, solely in their capacity as such, for

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                           one or more persons who do not individually or as a
                           group possess such power),

                  ii.      during any period of two consecutive years,
                           individuals who at the beginning of such period
                           constitute the Board of Trustees of EQR cease for any
                           reason to constitute at least a majority thereof,
                           unless the election of each trustee who was not a
                           trustee at the beginning of such period has been
                           approved in advance by the trustees representing
                           two-thirds of the trustees then in office who were
                           the trustees at the beginning of the period,

                  iii.     the approval of the shareholders of EQR of:

                           (a)      a merger or consolidation of EQR with any
                                    Interested Party,

                           (b)      any sale, lease, exchange, mortgage, pledge,
                                    transfer, or other disposition, to or with
                                    any Interested Party in any transaction or
                                    series of transactions, of EQR's assets or
                                    the assets of any subsidiary of EQR having a
                                    market value equal to 10% or more of the
                                    aggregate market value of all assets of EQR
                                    determined on a consolidated basis, all
                                    outstanding stock of EQR, or the earning
                                    power or net income of EQR, determined on a
                                    consolidated basis,

                           (c)      the issuance or transfer by EQR, or any
                                    subsidiary thereof, to any Interested Party
                                    in any transaction or a series of
                                    transactions, of capital securities with a
                                    value equal to 5% or more of the aggregate
                                    market value of the then outstanding shares
                                    of voting stock of EQR other than the
                                    issuance or transfer of such shares of stock
                                    to all EQR shareholders on a pro rata basis,

                           (d)      the adoption of any plan or proposal for the
                                    partial or complete liquidation or
                                    dissolution of EQR proposed by an Interested
                                    Party or pursuant to any agreement,
                                    arrangement or understanding, whether or not
                                    in writing, with any Interested Party, or

                           (e)      any reclassification of securities,
                                    including, without limitation, any stock
                                    split, stock dividend, or other
                                    distributions of stock, or any reverse stock
                                    split, recapitalization of EQR, or any
                                    merger or consolidation of EQR with any
                                    subsidiary thereof, or any other transaction
                                    proposed by, or pursuant to, any agreement,
                                    arrangement, or understanding, whether or
                                    not in writing, with any Interested Party
                                    which has the effect, directly or
                                    indirectly,

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                                    of increasing the proportionate shares of
                                    the voting stock of EQR directly or
                                    indirectly owned by any such Interested
                                    Party, or

                  iv.      any receipt by any Interested Party, directly or
                           indirectly, of any loans, advances, guarantees,
                           pledges or other financial assistance, or any tax
                           credits or other tax advantages provided by or
                           through EQR other than the receipt of such advantages
                           which are provided to all EQR shareholders on a pro
                           rata basis.

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

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

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

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

         (F)      "Independent Counsel" means a law firm, or a member of a law
                  firm, that is experienced in matters of corporation law and
                  neither presently is, or in the past two (2) years has been,
                  retained to represent (i) EQR or the Indemnitee in any matter
                  material to either such party, or (ii) any other party to the
                  Proceeding giving rise to a claim for indemnification
                  hereunder.

         (G)      "Proceeding" includes any action, suit, arbitration, alternate
                  dispute resolution mechanism, investigation, administrative
                  hearing, or any other proceeding, including appeals therefrom,
                  whether civil, criminal, administrative, or investigative,
                  except one initiated by the Indemnitee pursuant to paragraph 8
                  of this Agreement to enforce such Indemnitee's rights under
                  this Agreement.

2.       INDEMNIFICATION - GENERAL

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         The Indemnitee shall be entitled to the rights of indemnification
         provided in this paragraph 2 and under applicable law, the Declaration
         of Trust, EQR's By-Laws, any agreement, a vote of shareholders or
         resolution of the Board of Trustees or otherwise if, by reason of such
         Indemnitee's Corporate Status, such Indemnitee is, or is threatened to
         be made, a party to any threatened, pending, or completed Proceeding,
         including a Proceeding by or in the right of EQR. Unless prohibited by
         paragraph 13 hereof, the Indemnitee shall be indemnified against
         Expenses, judgments, penalties, fines, and settlement amounts actually
         and reasonably incurred by or on behalf of such Indemnitee in
         connection with such Proceeding or any claim, issue or matter therein.

3.       EXPENSES OF A SUCCESSFUL PARTY

         Without limiting the effect of any other provision of this Agreement,
         to the extent that the Indemnitee is, by reason of such Indemnitee's
         Corporate Status, a party to and is successful, on the merits or
         otherwise, in any Proceeding pursuant to a final non-appealable order,
         such Indemnitee shall be indemnified against all Expenses actually and
         reasonably incurred by or on behalf of such Indemnitee in connection
         therewith. If the Indemnitee is not wholly successful in such
         Proceeding pursuant to a final non-appealable order but is successful,
         on the merits or otherwise, as to one or more but less than all claims,
         issues, or matters in such Proceeding pursuant to a final
         non-appealable order, EQR shall indemnify the Indemnitee against all
         Expenses actually and reasonably incurred by or on behalf of such
         Indemnitee in connection with each successfully resolved claim, issue
         or matter. For purposes of this paragraph and without limitation, the
         termination of any claim, issue or matter in such Proceeding by
         dismissal, with or without prejudice, shall be deemed to be a
         successful result as to such claim, issue or matter.

4.       WITNESS EXPENSES

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

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5.       ADVANCES

         EQR shall advance all reasonable Expenses incurred by or on behalf of
         the Indemnitee in connection with any Proceeding within twenty (20)
         days after the receipt by EQR of a statement from the Indemnitee
         requesting such advance from time to time, whether prior to or after
         final disposition of such Proceeding. Such statement shall reasonably
         evidence the Expenses incurred by the Indemnitee and shall include or
         be preceded or accompanied by an undertaking by or on behalf of the
         Indemnitee to repay any Expenses advanced if it shall ultimately be
         determined that the Indemnitee is not entitled to be indemnified
         against such Expenses.

6.       DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION

         (A)      To obtain indemnification under this Agreement, the Indemnitee
                  shall submit to EQR a written request, including therewith
                  such documentation and information reasonably necessary to
                  determine whether and to what extent the Indemnitee is
                  entitled to indemnification.

         (B)      Upon such written request pursuant to subparagraph 6(A), a
                  determination with respect to the Indemnitee's entitlement
                  thereto shall be made in the specific case: (i) if a Change in
                  Control shall have occurred, by Independent Counsel in a
                  written opinion to the Board of Trustees, a copy of which
                  shall be delivered to the Indemnitee (unless the Indemnitee
                  shall request that such determination be made by the Board of
                  Trustees or the shareholders of EQR, in which case by the
                  person or persons or in the manner provided in clauses (ii) or
                  (iii) of this paragraph 6(B)); (ii) if a Change in Control
                  shall not have occurred, (A) by the Board of Trustees by a
                  majority vote of a quorum consisting of Disinterested
                  Trustees, or (B) if a quorum of the Board of Trustees
                  consisting of Disinterested Trustees is not obtainable, or,
                  even if obtainable, if such quorum of Disinterested Trustees
                  so directs, by Independent Counsel in a written opinion to the
                  Board of Trustees, a copy of which shall be delivered to the
                  Trustee, or (C) by the shareholders of EQR; or (iii) as
                  provided in paragraph 7(B) of this Agreement. If it is so
                  determined that the Indemnitee is entitled to indemnification,
                  payment to the Indemnitee shall be made within ten (10) days
                  after such determination.

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

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                  and EQR hereby indemnifies and agrees to hold the Indemnitee's
                  harmless therefrom.

         (D)      In the event the determination of entitlement to
                  indemnification is to be made by Independent Counsel pursuant
                  to paragraph 6(B) hereof, the Independent Counsel shall be
                  selected as provided in this paragraph 6(D). If a Change in
                  Control shall not have occurred, the Independent Counsel shall
                  be selected by the Board of Trustees, and EQR shall give
                  written notice to the Indemnitee advising such Indemnitee of
                  the identity of the Independent Counsel so selected. If a
                  Change in Control shall have occurred, the Independent Counsel
                  shall be selected by the Indemnitee (unless the Indemnitee
                  shall request that such selection be made by the Board of
                  Trustees, in which event the preceding sentence shall apply),
                  and the Indemnitee shall give written notice to EQR advising
                  it of the identity of the Independent Counsel so selected. In
                  either event, the Indemnitee, or EQR, as the case may be, may,
                  within seven (7) days after such written notice of selection
                  shall have been given, deliver to EQR or to the Indemnitee, as
                  the case may be, a written objection to such selection. Such
                  objection may be asserted only on the grounds that the
                  Independent Counsel so selected does not meet the requirements
                  of "Independent Counsel" as defined in paragraph 1 of this
                  Agreement. If such written objection is made, the Independent
                  Counsel so selected may not serve as Independent Counsel until
                  a court has determined that such objection is without merit.
                  If, within twenty (20) days after submission by the Indemnitee
                  of a written request for indemnification pursuant to paragraph
                  6(A) hereof, no Independent Counsel shall have been selected
                  or, if selected, shall have been objected to, either EQR or
                  the Indemnitee may petition a court for resolution of any
                  objection which shall have been made by EQR or the Indemnitee
                  to the other's selection of Independent Counsel and/or for the
                  appointment as Independent Counsel of a person selected by the
                  court or by such other person as the court shall designate,
                  and the person with respect to whom an objection is so
                  resolved or the person so appointed shall act as Independent
                  Counsel under paragraph 6(B) hereof. EQR shall pay all
                  reasonable fees and expenses of Independent Counsel incurred
                  in connection with acting pursuant to paragraph 6(B) hereof,
                  and all reasonable fees and expenses incident to the selection
                  of such Independent Counsel pursuant to this paragraph 6(D).
                  In the event that a determination of entitlement to
                  indemnification is to be made by Independent Counsel and such
                  determination shall not have been made and delivered in a
                  written opinion within ninety (90) days after the receipt by
                  EQR of the Indemnitee's request in accordance with paragraph
                  6(A), upon the due commencement of any judicial proceeding in
                  accordance with paragraph 8(A) of this Agreement, Independent
                  Counsel shall be discharged and relieved of any further
                  responsibility in such capacity.

7.       PRESUMPTIONS

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         (A)      In making a determination with respect to entitlement or
                  indemnification hereunder, the person or entity making such
                  determination shall presume that the Indemnitee is entitled to
                  indemnification under this Agreement and EQR shall have the
                  burden of proof to overcome such presumption.

         (B)      If the person or entity making the determination whether the
                  Indemnitee is entitled to indemnification shall not have made
                  a determination within sixty (60) days after receipt by EQR of
                  the request therefor, the requisite determination of
                  entitlement to indemnification shall be deemed to have been
                  made and the Indemnitee shall be entitled to such
                  indemnification, absent: (i) a misstatement by the Indemnitee
                  of a material fact, or an omission of a material fact
                  necessary to make the Indemnitee's statement not materially
                  misleading, in connection with the request for
                  indemnification, or (ii) a prohibition of such indemnification
                  under applicable law. Such sixty (60)-day period may be
                  extended for a reasonable time, not to exceed an additional
                  thirty (30) days, if the person or entity making said
                  determination in good faith requires additional time for the
                  obtaining or evaluating of documentation and/or information
                  relating thereto. The foregoing provisions of this paragraph
                  7(B) shall not apply: (i) if the determination of entitlement
                  to indemnification is to be made by the shareholders and if
                  within fifteen (15) days after receipt by EQR of the request
                  for such determination the Board of Trustees resolves to
                  submit such determination to the shareholders for
                  consideration at an annual or special meeting thereof to be
                  held within seventy-five (75) days after such receipt and such
                  determination is made at such meeting, or (ii) if the
                  determination of entitlement to indemnification is to be made
                  by Independent Counsel pursuant to paragraph 6(B) of this
                  Agreement.

         (C)      The termination of any Proceeding or of any claim, issue or
                  matter therein, by judgment, order, settlement, or conviction,
                  or upon a plea of nolo contendere or its equivalent, shall not
                  (except as otherwise expressly provided in this Agreement) of
                  itself adversely affect the right of the Indemnitee to
                  indemnification.

8.       REMEDIES

         (A)      In the event that: (i) a determination is made that the
                  Indemnitee is not entitled to indemnification under this
                  Agreement, or (ii) advancement of Expenses is not timely made
                  pursuant to this Agreement, or (iii) payment of
                  indemnification due the Indemnitee under this Agreement is not
                  timely made, the Indemnitee shall be entitled to an
                  adjudication in an appropriate court of competent jurisdiction
                  of such Indemnitee's entitlement to such indemnification or
                  advancement of Expenses.

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         (B)      In the event that a determination shall have been made
                  pursuant to this Agreement that the Indemnitee is not entitled
                  to indemnification, any judicial proceeding commenced pursuant
                  to this paragraph 8 shall be conducted in all respects as a de
                  novo trial, on the merits and the Indemnitee shall not be
                  prejudiced by reason of that adverse determination. In any
                  judicial proceeding or arbitration commenced pursuant to this
                  paragraph 8, EQR shall have the burden of proving that the
                  Indemnitee is not entitled to indemnification or advancement
                  of Expenses, as the case may be.

         (C)      If a determination shall have been made or deemed to have been
                  made pursuant to this Agreement that the Indemnitee is
                  entitled to indemnification, EQR shall be bound by such
                  determination in any judicial proceeding commenced pursuant to
                  this paragraph 8, absent: (i) a misstatement by the Indemnitee
                  of a material fact, or an omission of a material fact
                  necessary to make the Indemnitee's statement not materially
                  misleading, in connection with the request for
                  indemnification, or (ii) a prohibition of such indemnification
                  under applicable law.

         (D)      EQR shall be precluded from asserting in any judicial
                  proceeding commenced pursuant to this paragraph 8 that the
                  procedures and presumptions of this Agreement are not valid,
                  binding and enforceable and shall stipulate in any such court
                  that EQR is bound by all the provisions of this Agreement.

         (E)      In the event that the Indemnitee, pursuant to this paragraph
                  8, seeks a judicial adjudication of such Indemnitee's rights
                  under, or to recover damages for breach of, this Agreement, if
                  successful in whole or in part, the Indemnitee shall be
                  entitled to recover from EQR, and shall be indemnified by EQR
                  against, any and all Expenses actually and reasonably incurred
                  by such Indemnitee in such judicial adjudication.

9.       ESTABLISHMENT OF TRUST

         In the event of a Change in Control, EQR shall, upon written request by
         the Indemnitee, create a trust for the benefit of the Indemnitee
         ("Trust") and from time-to-time upon written request by the Indemnitee,
         shall fund such Trust in an amount sufficient to satisfy any and all
         Expenses, judgments, penalties, fines and settlement amounts actually
         and reasonably incurred by or on behalf of such Indemnitee or claimed,
         reasonably anticipated or proposed to be paid in accordance with the
         terms of this Agreement. The amount to be deposited in the Trust
         pursuant to the foregoing funding obligation shall be determined by
         Independent Counsel. The terms of the Trust shall provide that upon a
         Change in Control: (i) the Trust shall not be revoked or the principal
         thereof invaded, without the prior written consent of the Indemnitee,
         (ii) the trustee of the Trust ("Trustee") shall advance, within two
         business days of a request by the Indemnitee and in accordance with
         paragraph 5 of this Agreement, any and all

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         Expenses to the Indemnitee, (iii) the Trust shall continue to be funded
         by EQR in accordance with the funding obligation set forth above, (iv)
         the Trustee shall promptly pay to the Indemnitee all amounts for which
         the Indemnitee shall be entitled to indemnification pursuant to this
         Agreement or otherwise, and (v) all unexpended funds in such Trust
         shall revert to EQR upon a final determination by Independent Counsel
         that the Indemnitee has been fully indemnified under the terms of this
         Agreement. The Trustee shall be chosen by the Indemnitee and agreed to
         by EQR. Nothing in this Section 9 shall relieve EQR of any of its
         obligations under this Agreement.

10.      NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE SUBROGATION

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

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

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

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

11.      CONTINUATION OF INDEMNITY

         All agreements and obligations of EQR contained herein shall continue
during the period the Indemnitee is an officer or a member of the Board of
Trustees of EQR and shall continue thereafter so long as the Indemnitee shall be
subject to any threatened, pending or completed Proceeding by reason of such
Indemnitee's

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Corporate Status and during the period of statute of limitations for any act or
omission occurring during the Indemnitee's term of Corporate Status. No legal
action shall be brought and no cause of action shall be asserted by or on behalf
of EQR against the Indemnitee, the Indemnitee's spouse, heirs, executors or
personal or legal representatives after the expiration of two (2) years from the
date of accrual of such cause of action, and any claim or cause of action of EQR
shall be extinguished and deemed released unless asserted by the timely filing
of a legal action within such two (2) year period; provided, however, that if
any shorter period of limitations is otherwise applicable to any such cause of
action such shorter period shall govern. This Agreement shall be binding upon
EQR and its successors and assigns and shall inure to the benefit of the
Indemnitee and such Indemnitee's heirs, executors and administrators.

12.      SEVERABILITY

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

13.      EXCEPTIONS TO RIGHT OF INDEMNIFICATION OR ADVANCEMENT OF EXPENSES

         Notwithstanding any other provisions of this Agreement, the Indemnitee
shall not be entitled to indemnification or advancement of Expenses under this
Agreement: (i) with respect to any Proceeding initiated by such Indemnitee
against EQR other than a proceeding commenced pursuant to paragraph 8, or (ii)
with respect to any Proceeding in which such Indemnitee's act or omission was
material to the cause of action adjudicated and was committed in bad faith or
was the result of active and deliberate dishonesty, or (iii) if the Indemnitee
actually received an improper personal benefit in money, property, or services.

14.      HEADINGS

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

15.      MODIFICATION AND WAIVER

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

16.      NOTICE BY THE INDEMNITEE

         The Indemnitee agrees promptly to notify EQR in writing upon being
served with any summons, citation, subpoena, complaint, indictment, information,
or other document relating to any Proceeding or matter which may be subject to
indemnification or advancement of Expenses covered hereunder.

17.      NOTICES

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

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

         If to EQR, to:      Equity Residential Properties Trust
                             Two North Riverside Plaza, Suite 450
                             Chicago, Illinois 60606
                             Attn.: General Counsel

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

18.      GOVERNING LAW

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

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

                                         EQUITY RESIDENTIAL PROPERTIES TRUST, a
                                         Maryland real estate investment trust

                                         By:
                                            ------------------------------------

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                                         Its:
                                             -----------------------------------

                                         ---------------------------------------
                                         [[Name]], an individual

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                                                                   Exhibit 10.15

                        EXECUTIVE COMPENSATION AGREEMENT

         THIS EXECUTIVE COMPENSATION AGREEMENT ("this Agreement") is entered
into this 18th day of October 2001, by and between Samuel Zell ("Executive") and
Equity Residential Properties Trust ("Company"), a Maryland real estate
investment trust.

                                    RECITALS

         WHEREAS, Executive has served as Chairman of Company's Board of
Trustees since 1993; and

         WHEREAS, in recognition of the extraordinary services previously
rendered by Executive and to give Executive incentive to continue rendering such
services, Company wishes to enter into this Agreement; and

         WHEREAS, Executive also wishes to enter into this Agreement;

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

         I.       EXECUTIVE'S COMPENSATION

                  Executive's compensation for each full calendar year that this
                  Agreement is in effect shall be as follows:

                  A.       In each of the months of January 2002, January 2003,
                           and January 2004, Company shall grant Executive
                           Company share options having a value of $1,625,000
                           ("the Share Options Grant") for services rendered
                           during the calendar year preceding the date of grant.
                           The number of options in each Share Options Grant
                           will be determined using the same value per option
                           that Company's Compensation Committee uses at that
                           time to determine annual share option grants to the
                           Company's employees. For example, if Company's
                           Compensation Committee values one Share Option at 20%
                           of the Company common stock price on the day of
                           grant, and if the price of one Company common share
                           is $55.00 as of said day, the value of one Share
                           Option is $11.00 ($55.00 x 20%). In such a case,
                           Executive would receive a grant of 147,727 Share
                           Options ($1,625,000 / $11.00). Each Share Options
                           Grant will vest over a three year period, with
                           one-third of each grant vesting on each of the first,
                           second, and third anniversary dates of said grant,
                           subject to Executive's continuous service as
                           Company's Chairman of the Board of Trustees on each
                           vesting date, unless such grant is otherwise vested
                           pursuant to the terms and conditions of Company's
                           Share Option and Share Award Plan, as amended, or any
                           successor plan thereto (the "Plan").

                  B.       In each of the months of January 2002, January 2003,
                           and January 2004, Company shall grant Executive
                           restricted common shares of Company Stock having a
                           market value of $1,625,000, based on the closing
                           price of

                                                                     Page 1 of 5
<Page>

                           Company's common stock on the date of the grant ("the
                           Restricted Shares Grant") for services rendered
                           during the calendar year preceding the date of grant.
                           For example, assuming the price of one Company common
                           share on the date of grant is $55.00, Executive would
                           receive 29,545 Restricted Shares ($1,625,000 /
                           $55.00). Each Restricted Shares Grant will vest in
                           full on the third anniversary date of said grant,
                           subject to Executive's continuous service as
                           Company's Chairman of the Board of Trustees on said
                           vesting date, unless such grant is otherwise vested
                           pursuant to the terms and conditions of the Plan.

                  C.       Notwithstanding the above, and in his sole
                           discretion, Executive may elect by written notice to
                           Company within 30 days after the date on which he
                           receives written notice from Company of any Share
                           Options Grant to take all or any part of the dollar
                           amount of his Restricted Shares Grant for that year
                           (thus reducing the amount of the Restricted Shares
                           Grant) in the form of an additional Share Options
                           Grant. For example, if Executive elected to take
                           $625,000 of the $1,625,000 as an additional Share
                           Options Grant, Executive would receive 56,818
                           additional Share Options ($625,000 / $11.00).

                  D.

                           (i)      Each Share Options Grant and Restricted
         Shares Grant shall be subject to the terms and conditions of the Plan,
         including but not limited to, the vesting conditions of the Plan. Any
         capitalized words used herein and not defined shall have the meaning
         ascribed to them in the Plan.

                           (ii)     Notwithstanding paragraph 6(f) of the Plan,
         the termination of Executive's trusteeship shall be deemed the
         equivalent of an employee's termination of employment under the Plan
         for purposes of the lapse of restrictions on Restricted Shares and the
         accelerated vesting of Share Options.

                           (iii)    Pursuant to the Company's Compensation
         Committee's authority under the Plan to establish guidelines for
         determining whether a grantee's service has terminated for "good
         cause," the Company agrees, with the Executive's approval thereof, that
         for purposes of this Agreement, "good cause" under the Plan shall have
         the same definition as the word "Cause" in the Retirement Benefits
         Agreement of even date herewith entered into by the Company and the
         Executive.

                           (iv)     The Company agrees that any decisions under
         the Plan relating to this Agreement shall be made by the Committee and
         not by the Plan Administrator or the Company's General Counsel.

                           (v)      The Company represents to Executive that
         there shall always be sufficient Shares under the Plan available for
         issuance to cover the potential awards to Executive, and that prior to
         January 1, 2004, it shall enact a successor stock option and share
         award plan to ensure the granting of the awards to Executive required
         after May 21, 2003 (the last date awards can be made under the 1993
         Plan). Any such successor stock option and share award plan shall be,
         insofar as it affects Executive, be substantially equivalent to the
         existing Plan and not inconsistent with any provision of this
         Agreement. The

                                                                     Page 2 of 5
<Page>

         Company further represents to Executive that in the unlikely event the
         Plan is terminated, it shall be required to provide Executive with
         substantially equivalent substitute awards.

                  E.       The parties agree that Executive is not and shall not
                           be deemed an employee of Company and that, Company
                           will not make any withholdings or deductions from any
                           taxable income realized in connection with the Share
                           Options or Restricted Shares and will issue, if
                           required by law, to Executive each year a standard
                           Internal Revenue Service Form 1099.

         II.      TERM AND COMPENSATION UPON TERMINATION

                  A.       This Agreement shall become effective on January 1,
                           2001 and shall continue in effect until the earlier
                           to occur of (i) the death of Executive; (ii)
                           Executive's resignation or removal as Chairman of the
                           Board of Trustees of Company; or (iii) the issuance
                           of the Share Options Grant and Restricted Shares
                           Grant in January 2004.

                  B.       Should this Agreement terminate for any reason prior
                           to the end of any calendar year during the term
                           hereof, other than for "Cause" (as such word is
                           defined in the Retirement Benefits Agreement of even
                           date herewith entered into by Company and Executive),
                           Executive shall receive as his sole compensation for
                           the calendar year in which this Agreement terminates
                           a prorated Share Options Grant and a prorated
                           Restricted Shares Grant, equal to the full dollar
                           amount of each such Grant for said calendar year,
                           multiplied by a fraction, the numerator of which is
                           the number of days in said calendar year that this
                           Agreement was in effect before it terminated, and the
                           denominator of which is 365; provided, however, that
                           any such prorated Share Options Grant or Restricted
                           Shares Grant shall be subject to the vesting terms
                           and conditions described above in this Agreement and
                           in the Plan (i.e., said Grants would be fully vested
                           upon their grant unless Executive resigned without
                           good reason prior to age 62 or was removed for
                           Cause).

         III.     EXECUTIVE'S DUTIES

                  Executive shall perform such duties as are consistent with the
                  office of Chairman of the Board of Trustees and consistent
                  with the services historically performed by Executive.

         IV.      EXPENSES

                  Executive shall be personally responsible for his office rent
                  and office related expenses and all business related expenses
                  which would otherwise be customarily reimbursed as travel and
                  entertainment expenses incurred in connection with Company
                  business and/or his responsibilities as Chairman of the Board
                  of Trustees and will not be reimbursed by Company for any such
                  expenses.

                                                                     Page 3 of 5
<Page>

         V.       ARBITRATION

                  Any controversy or claim arising out of, or relating to this
                  Agreement, or the breach thereof, shall be settled by
                  arbitration in Chicago, Illinois in accordance with the rules
                  of the American Arbitration Association, and judgment upon any
                  award so rendered may be entered in any court having
                  jurisdiction thereof.

         VI.      NOTICES

                  Any notice or other communication required or permitted to be
                  transmitted under this Agreement shall be in writing, and
                  personally delivered or mailed, return receipt requested,
                  postage prepaid, addressed to the parties hereto at their
                  addresses following their signatures below, or at such other
                  addresses as may be hereafter designated by a party by notice
                  delivered in accordance herewith. Any notice delivered
                  personally shall be effective on the date of delivery and any
                  notice mailed, as aforesaid, shall be effective on the second
                  day following posting.

         VII.     WAIVER OF BREACH

                  The waiver by one party of a breach of any provision of this
                  Agreement by the other party shall not operate or be construed
                  as a waiver of any subsequent breach by the one party.

         VIII.    ASSIGNMENT

                  The rights and obligations of Company and Executive under this
                  Agreement shall inure to the benefit of, and shall be binding
                  upon, Company and its successors and assigns and Executive and
                  his heirs and personal representatives.

         IX.      ENTIRE AGREEMENT

                  This Agreement contains the entire agreement between the
                  parties with respect to the subject matter hereof. It may not
                  be changed orally but only by agreement in writing signed by
                  the party against whom enforcement of any waiver, change,
                  modification or discharge is sought.

         X.       GOVERNING LAW AND SEVERABILITY

                  This Agreement shall be construed and enforced, and all
                  questions concerning compliance by any person with its terms
                  shall be determined under the laws of the State of Illinois.
                  All provisions of this Agreement are severable and this
                  Agreement shall be interpreted and enforced as if all
                  completely invalid or unenforceable provisions were not
                  contained herein, and partially valid and enforceable
                  provisions shall be enforced to the extent valid and
                  enforceable.

                                                                     Page 4 of 5
<Page>

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

                                         ERPT:

                                         EQUITY RESIDENTIAL PROPERTIES TRUST,
                                         a Maryland real estate investment trust

                                         By: /s/    Douglas Crocker II
                                            ------------------------------------
                                             Douglas Crocker II, President & CEO

                                         Address:

                                         Two North Riverside Plaza
                                         Chicago, Illinois 60606

                                         EXECUTIVE:

                                         /s/ Samuel Zell
                                         ---------------------------------------
                                                SAMUEL ZELL

                                         Address:

                                         Two North Riverside Plaza

                                                                     Page 5 of 5

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