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Summary Description of Annual Executive Incentive Compensation Program

 EXHIBIT 10.32 
  
 SunGard Data Systems Inc. 
 Summary Description of the Company’s 
 Annual Executive Incentive Compensation Program 
  
  
 SunGard Data
Systems Inc. has an annual executive incentive compensation (“EIC”) program for its executive officers and other key management employees. The principal purpose of this program is to link a significant portion of annual cash compensation
to financial results and other goals, so as to reward successful performance. 
  
 Each participant’s EIC program contains certain financial and/or business goals as targets. These targets are established at the beginning of each year and take into account the Company’s overall financial and business goals for
the year. The performance goals for executive officers are based primarily upon either targeted rates of increase in the Company’s earnings per share over the previous year or budgeted operating income of the business units that report to the
officer. Sometimes, there are additional performance goals specific to the officer’s function. For other key management employees, the targets are based upon financial and/or business goals related to the business units they manage and,
sometimes, additional performance goals specific to their individual functions. 
  
 Generally, the EIC programs contain an incentive compensation amount related to each target. If the target is achieved, then the related incentive compensation amount is earned. For most financial goals, there are three to four designated
targets. If the actual result is less than the minimum target, then no incentive amount is earned. If the actual result is between two targets, then the incentive amount earned is calculated by interpolation. If the actual result is more than the
maximum target, then the incentive amount earned is equal to the amount related to the maximum target plus, in some cases, an additional incentive amount based upon the extent to which the maximum target was exceeded.Summary Description of Long Term Executive Compensation Plan

 EXHIBIT 10.33 
  
 SunGard Data Systems Inc. 
 Summary Description
of the Company’s 
 Long-Term Executive Incentive Compensation Plan 
  
 SunGard Data Systems Inc. has a long-term incentive compensation plan for its executive officers and other key management employees. The
principal purposes of this plan are to further align the interests of the executives and key employees with those of the Company’s stockholders and to further reward successful performance. 
  
 The plan currently involves the grant of performance accelerated stock options
(“PASOs”) to purchase shares of the Company’s common stock. PASOs are nonqualified options (i.e., will not qualify as incentive stock options for tax purposes) that are granted annually. Each PASO has a term of ten years beginning on
the date of grant. Shares vest under PASOs nine and one-half years after the date of grant, except vesting may be accelerated in part or in full at the end of the third year after the date of grant depending upon the extent of achievement of the
stated performance goals. 
  
 The number of option shares granted to each
participant under a PASO is determined on the basis of an analysis of competitive equity compensation programs and is subject to subjective adjustments based upon individual factors. The financial performance goals for each PASO are based upon the
cumulative growth, during the performance period covered by the PASO, in the operating income of the businesses managed by the participant, with the growth targets for all PASOs, taken together, being consistent with SunGard’s overall growth
objectives. 
  
 The Company currently plans, but will have no legal obligation or
commitment, to continue granting such PASOs (or comparable awards) on an annual basis, subject to approval by the Compensation Committee of the Company’s Board of Directors.First Amendment to the Executive Transition Employment Agreement

 Exhibit 10.22 
  
 AMENDMENT TO 
  
 EXECUTIVE TRANSITION AGREEMENT 
  
 This Amendment to the Executive Transition Agreement (“the Agreement”) between Frank McDowell
(“Executive”), and BRE Properties, Inc., (the “Company”), is entered into as of December 13, 2004 (“the Amendment”). 
  
 1. Effective Date. 
  
 This Amendment shall become effective upon execution by Executive.

  
 2. Termination without Cause. 

  
 Pursuant to Section 18.3 of the Agreement, the Company and
Executive agree that Executive’s employment with the Company will terminate effective January 1, 2005 and that Executive will receive the compensation set forth in Section 19.4 of the Agreement as a result of such termination without cause,
subject to his obligation under Section 19.6 to execute a general release. The amount of the annual bonuses and the number of shares to be issued under the Bonus Arrangements and Performance Stock Award Agreements will be calculated and provided to
Executive as soon as practicable, but no later than March 15, 2005. Excluding these three items and accelerated vesting of certain options as outlined in Exhibit A, Executive and the Company agreed that the compensation due to Executive under
Section 19.4, is $1,325,359. This amount will be paid to Executive no later than January 21, 2004. Executive agrees to waive 30-day written notice of termination. 
  
 3. Additional Consideration. 
  
 Although Executive would not have been eligible for company-sponsored health benefits due to the reduction in his hours as
of January 1, 2005, the Company nonetheless agrees to pay the equivalent of the Company’s former share of Executive’s health insurance premiums toward Executive’s COBRA premiums through December 31, 2006. In the event that the Company
requests that Executive provide any services following the termination of his employment, Executive shall be compensated at a mutually-agreed rate for such services. 
  
 4. Surviving and Continuing Obligations. 
  
 Executive’s obligations of confidentiality, non-solicitation, and
mandatory mediation and arbitration set forth in Sections 16, 17, and 28 of the Agreement survive the termination of Executive’s employment. Executive further agrees that, through December 31, 2006, he will not: (1) compete with the Company in
any way, whether on his own behalf or on behalf of others, as a consultant, employee, director, or otherwise; (2) accept employment, a consulting engagement or other relationship that provides remuneration of any kind with an aggregate value of
greater than $200,000 per year; (3) serve on boards of directors or advisory boards of business entities involved in development, construction and/or management of multi-family residential housing; or (4) have an active ownership interest in any
business entity that competes with the Company. 
  

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 5. Successors and Assigns. 
  
 This Amendment shall be binding upon Executive’s heirs, executors,
administrators and other legal representatives and will be binding on and inure to the benefit of the Company, its successors and assigns. 
  
 6. Waiver. 
  
 No waiver by either party of any condition or provision of this Amendment shall be considered a waiver of any other condition or provision or a waiver of
the same condition or provision at another time. 
  
 7. [Offset Upon Termination of this Agreement.  
  
 The Company shall have the right, without any notice to the Executive, to offset any amounts payable to the Company under the Loan Agreements against any amount payable to the Executive pursuant to this Amendment or the Agreement.]

  
 8. Notices. 
  
 Written notices required by this Amendment shall be sent to Company or
Executive by certified mail, with a return receipt requested, to Company’s registered address and to Executive’s last shown address on Company’s records, respectively. Such notice shall be deemed to be delivered two days after
mailing. 
  

			
	If to Company:	  	BRE Properties, Inc.
	 	  	44 Montgomery Street, Suite 3600
	 	  	San Francisco, CA 94104-4809
	 	  	Attn: Chairman of the Board and CEO
		
	With copy to:	  	William E. Borsari
	 	  	Chairman, Compensation Committee
	
	 Or to the current Compensation Committee Chair

		
	And copy to:	  	Jennifer G. Redmond
	 	  	Bingham McCutchen LLP
	 	  	Three Embarcadero Center
	 	  	San Francisco, CA 94111
		
	If to Executive:	  	Frank C. McDowell

  

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 9. Entire Agreement.  
  
 This Amendment and Agreement contain the entire agreement and understanding
between the Company and Executive relating to the subject matters herein and supersedes all prior or contemporaneous discussions and agreements between the parties, except as specifically provided herein. 
  
 10. Governing Law; Consent to Personal Jurisdiction.

  
 This Amendment shall be governed by the laws of the State of
California, without regard to the choice of law provisions of California. Executive expressly consents to personal jurisdiction in the state and federal courts located in California for any lawsuit arising from or relating to this Amendment or the
Agreement, without regard to his then-current residence or domicile. 
  
 11. Severability. 
  
 The
invalidity or unenforceability of one or more provisions of this Amendment shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect to the maximum extent of the law. 
  
 12. Counterparts. 
  
 This Amendment may be executed in counterparts, each of which shall be
deemed an original, but all of which together will constitute one and the same instrument. 
  
 IN WITNESS WHEREOF, each of the parties has executed this Amendment, in the case of the Company by its duly authorized officer, as of the day and year first above written. 
  

					
	BRE PROPERTIES, INC.	 	 
			
	By:	 	 /s/ William E. Borsari

	 	Date: January 10, 2005
	 	 	William E. Borsari	 	 
	Title:	 	Chair, Compensation Committee,	 	 
	 	 	BRE Properties, Inc. Board of Directors	 	 
		
	Executive	 	 
		
	 /s/ Frank C. McDowell

	 	Date: January 8, 2005
	Frank C. McDowell	 	 

  

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