Document:

EXHIBIT 4.1

                      FORM OF SUPPLEMENTAL INDENTURE NO. 8

                                 by and between

                              HRPT PROPERTIES TRUST

                                       and

                       STATE STREET BANK AND TRUST COMPANY

                               as of July 31, 2000

             SUPPLEMENTAL TO THE INDENTURE DATED AS OF JULY 9, 1997

                      ------------------------------------

                              HRPT PROPERTIES TRUST
                          8.875% Senior Notes due 2010

<PAGE>

         This SUPPLEMENTAL INDENTURE NO. 8 (this "Supplemental  Indenture") made
and entered into as of July 31, 2000 between HRPT  PROPERTIES  TRUST, a Maryland
real estate  investment trust (the  "Company"),  and STATE STREET BANK AND TRUST
COMPANY, a Massachusetts trust company, as Trustee (the "Trustee"),

                                WITNESSETH THAT:

         WHEREAS,  the Company and the Trustee have  executed  and  delivered an
Indenture, dated as of July 9, 1997 (the "Indenture"), relating to the Company's
issuance, from time to time, of various series of debt securities; and

         WHEREAS,  the Company has determined to issue debt securities  known as
its 8.875% Senior Notes due 2010; and

         WHEREAS,  the Indenture  provides that certain terms and conditions for
each series of debt securities issued by the Company thereunder may be set forth
in an indenture supplemental to the Indenture;

         NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

                                    ARTICLE 1

                                  DEFINED TERMS

         Section 1.1 The following  definitions  supplement,  and, to the extent
inconsistent with, replace the definitions in Section 101 of the Indenture:

         "Acquired  Debt"  means Debt of a Person (i)  existing at the time such
Person becomes a Subsidiary or (ii) assumed in connection  with the  acquisition
of assets from such Person, in each case, other than Debt incurred in connection
with,  or in  contemplation  of,  such  Person  becoming  a  Subsidiary  or such
acquisition.  Acquired  Debt shall be deemed to be  incurred  on the date of the
related  acquisition  of assets from any Person or the date the acquired  Person
becomes a Subsidiary.

         "Annual Debt Service" as of any date means the maximum  amount which is
expensed  in any  12-month  period for  interest  on Debt of the Company and its
Subsidiaries.

         "Business  Day" means any day other than a Saturday  or Sunday or a day
on which  banking  institutions  in the City of New York or in the city in which
the Corporate Trust Office of the Trustee is located, are required or authorized
to close.

         "Capital  Stock" means,  with respect to any Person,  any capital stock
(including preferred stock), shares, interests, participation or other ownership
interests  (however  designated)  of such Person and any rights (other than debt
securities  convertible  into or exchangeable  for capital  stock),  warrants or
options to purchase any thereof.
<PAGE>
                                      -2-

         "Consolidated  Income  Available for Debt Service" for any period means
Earnings from Operations of the Company and its Subsidiaries  plus amounts which
have been deducted,  and minus amounts which have been added,  for the following
(without duplication): (i) interest on Debt of the Company and its Subsidiaries,
(ii)  provision for taxes of the Company and its  Subsidiaries  based on income,
(iii)   amortization  of  debt  discount  and  deferred  financing  costs,  (iv)
provisions  for gains and losses on properties  and property,  depreciation  and
amortization,  (v) the effect of any noncash  charge  resulting from a change in
accounting  principles in determining  Earnings from  Operations for such period
and (vi) amortization of deferred charges.

         "Debt" of the Company or any Subsidiary means, without duplication, any
indebtedness  of the Company or any Subsidiary,  whether or not  contingent,  in
respect of (i)  borrowed  money or  evidenced  by bonds,  notes,  debentures  or
similar  instruments,  (ii)  indebtedness  for  borrowed  money  secured  by any
Encumbrance existing on property owned by the Company or any Subsidiary,  to the
extent of the lesser of (x) the amount of  indebtedness  so secured  and (y) the
fair  market  value of the  property  subject  to such  Encumbrance,  (iii)  the
reimbursement  obligations,  contingent  or otherwise,  in  connection  with any
letters of credit  actually  issued  (other  than  letters  of credit  issued to
provide credit  enhancement or support with respect to other indebtedness of the
Company or any  Subsidiary  otherwise  reflected as Debt  hereunder)  or amounts
representing  the  balance  deferred  and  unpaid of the  purchase  price of any
property  or  services,  except any such  balance  that  constitutes  an accrued
expense or trade payable,  or all  conditional  sale  obligations or obligations
under  any  title  retention  agreement,   (iv)  the  principal  amount  of  all
obligations  of the  Company  or any  Subsidiary  with  respect  to  redemption,
repayment or other  repurchase of any  Disqualified  Stock,  or (v) any lease of
property by the Company or any  Subsidiary  as lessee  which is reflected on the
Company's  consolidated  balance sheet as a capitalized lease in accordance with
GAAP,  to the  extent,  in the case of items of  indebtedness  under (i) through
(iii) above,  that any such items (other than letters of credit) would appear as
a liability on the Company's consolidated balance sheet in accordance with GAAP,
and also includes,  to the extent not otherwise included,  any obligation by the
Company or any Subsidiary to be liable for, or to pay, as obligor,  guarantor or
otherwise  (other than for  purposes of  collection  in the  ordinary  course of
business), Debt of another Person (other than the Company or any Subsidiary) (it
being  understood that Debt shall be deemed to be incurred by the Company or any
Subsidiary  whenever  the  Company  or such  Subsidiary  shall  create,  assume,
guarantee or otherwise become liable in respect thereof).

         "Disqualified  Stock"  means,  with respect to any Person,  any Capital
Stock of such Person which by the terms of such  Capital  Stock (or by the terms
of any security into which it is convertible or for which it is  exchangeable or
exercisable),  upon the  happening of any event or  otherwise  (i) matures or is
mandatorily  redeemable,  pursuant to a sinking  fund  obligation  or  otherwise
(other than  Capital  Stock which is  redeemable  solely in exchange  for common
stock or shares),  (ii) is convertible  into or  exchangeable or exercisable for
Debt or  Disqualified  Stock, or (iii) is redeemable at the option of the holder
thereof,  in whole or in part (other  than  Capital  Stock  which is  redeemable
solely in exchange for common stock or shares),  in each case on or prior to the
stated maturity of the Notes.

         "Earnings from Operations" for any period means net earnings  excluding
gains  and  losses on sales of  investments,  extraordinary  items and  property
valuation  losses,  as reflected in the financial  statements of the Company and
its  Subsidiaries  for  such  period,  determined  on a  consolidated  basis  in
accordance with GAAP.
<PAGE>
                                      -3-

         "Encumbrance"  means any  mortgage,  lien,  charge,  pledge or security
interest of any kind.

         "Make-Whole  Amount" means, in connection with any optional  redemption
or accelerated  payment of any Notes,  the excess,  if any, of (i) the aggregate
present value as of the date of such  redemption or accelerated  payment of each
dollar of principal being redeemed or paid and the amount of interest (exclusive
of interest accrued to the date of redemption or accelerated payment) that would
have been payable in respect of such dollar if such  redemption  or  accelerated
payment had not been made,  determined by  discounting,  on a semiannual  basis,
such principal and interest at the  Reinvestment  Rate  (determined on the third
Business  Day  preceding  the  date  such  notice  of  redemption  is  given  or
declaration of  acceleration  is made) from the  respective  dates on which such
principal and interest would have been payable if such redemption or accelerated
payment had not been made, over (ii) the aggregate principal amount of the Notes
being  redeemed or paid.  For purposes of this  Supplemental  Indenture  and the
Notes, references in the Indenture to the payment of the principal (and premium,
if any) and  interest on the Notes shall be deemed to include the payment of the
Make-Whole  Amount,  if any, due upon redemption with respect to the Notes.  The
Make-Whole  Amount  shall  be  calculated  by the  Company  and set  forth in an
Officer's  Certificate  delivered  to the  Trustee,  and the  Trustee  shall  be
entitled to rely on said Officer's Certificate.

         "Notes" means the Company's 8.875% Senior Notes due 2010,  issued under
this Supplemental  Indenture and the Indenture,  as amended or supplemented from
time to time.

         "Reinvestment  Rate"  means a rate per annum  equal to the sum of 0.50%
(fifty  one-hundredths of one percent) plus the yield on treasury  securities at
constant  maturity under the heading "Week Ending"  published in the Statistical
Release  under the  caption  "Treasury  Constant  Maturities"  for the  maturity
(rounded to the nearest month)  corresponding to the remaining life to maturity,
as of the payment date of the principal  being  redeemed or paid. If no maturity
exactly  corresponds to such maturity,  yields for the two published  maturities
most closely  corresponding to such maturity shall be calculated pursuant to the
immediately  preceding  sentence and the Reinvestment Rate shall be interpolated
or extrapolated from such yields on a straight-line  basis,  rounding in each of
such relevant  periods to the nearest  month.  For purposes of  calculating  the
Reinvestment  Rate, the most recent  Statistical  Release published prior to the
date of determination of the Make-Whole Amount shall be used.

         "Secured Debt" means Debt secured by any mortgage, lien, charge, pledge
or security interest of any kind.

         "Statistical   Release"  means  the  statistical   release   designated
"H.15(519)"  or any  successor  publication  which is  published  weekly  by the
Federal  Reserve System and which  establishes  yields on actively traded United
States  government  securities  adjusted  to  constant  maturities  or,  if such
statistical release is not published at the time of any determination under this
Supplemental  Indenture,  then any publicly  available  source of similar market
data which shall be designated by the Company.

          "Subsidiary" means any corporation or other entity of which a majority
of (i) the voting power of the voting equity  securities or (ii) the outstanding
equity interests of which are owned,  directly or indirectly,  by the Company or
one or  more  other  Subsidiaries  of the  Company.  For  the  purposes  of this
definition,  "voting equity  securities"  means equity  securities having voting
power
<PAGE>
                                      -4-

for the election of directors, whether at all times or only so long as no senior
class of security has such voting power by reason of any contingency.

         "Total  Assets" as of any date  means the sum of (i) the  Undepreciated
Real Estate Assets and (ii) all other assets of the Company and its Subsidiaries
determined  in  accordance  with GAAP (but  excluding  accounts  receivable  and
intangibles).

         "Total  Unencumbered  Assets" means the sum of (i) those  Undepreciated
Real Estate Assets not subject to an Encumbrance for borrowed money and (ii) all
other assets of the Company and its  Subsidiaries  not subject to an Encumbrance
for borrowed money  determined in accordance  with GAAP (but excluding  accounts
receivable and intangibles).

         "Undepreciated  Real  Estate  Assets"  as of any  date  means  the cost
(original cost plus capital  improvements)  of real estate assets of the Company
and its  Subsidiaries  on  such  date,  before  depreciation  and  amortization,
determined on a consolidated basis in accordance with GAAP.

         "Unsecured  Debt"  means  Debt  which  is  not  secured  by  any of the
properties of the Company or any Subsidiary.

                                    ARTICLE 2

                               TERMS OF THE NOTES

         Section 2.1 Pursuant to Section 301 of the  Indenture,  the Notes shall
have the following terms and conditions:

         (a) Title;  Aggregate  Principal Amount; Form of Notes. The Notes shall
be Registered Securities under the Indenture and shall be known as the Company's
"8.875%  Senior  Notes due 2010."  The Notes  will be  limited  to an  aggregate
principal  amount of $30,000,000,  subject to the right of the Company to reopen
such series for issuances of additional  securities of such series and except as
provided  in  this  Section  and in  Section  306 of the  Indenture.  The  Notes
(together   with  the  Trustee's   certificate  of   authentication)   shall  be
substantially in the form of Exhibit A hereto,  which is hereby  incorporated in
and made a part of this Supplemental Indenture.

         The Notes will be issued in the form of one or more  registered  global
securities  without coupons  ("Global Notes") that will be deposited with, or on
behalf of, The Depository Trust Company  ("DTC"),  and registered in the name of
DTC's nominee,  Cede & Co. Except under the  circumstance  described  below, the
Notes will not be issuable in definitive form.  Unless and until it is exchanged
in whole or in part for the individual notes represented  thereby, a Global Note
may not be  transferred  except  as a whole by DTC to a  nominee  of DTC or by a
nominee of DTC to DTC or another  nominee of DTC or by DTC or any nominee of DTC
to a successor depositary or any nominee of such successor.

         So long as DTC or its nominee is the registered owner of a Global Note,
DTC or such nominee,  as the case may be, will be  considered  the sole owner or
holder of the Notes  represented by such Global Note for all purposes under this
Supplemental Indenture. Except as described below, owners of beneficial interest
in Notes  evidenced  by a Global  Note will not be  entitled  to have any of the
individual Notes represented by such Global Note registered in their names, will
not  receive or be entitled  to
<PAGE>
                                      -5-

receive  physical  delivery of any such Notes in definitive form and will not be
considered   the  owners  or  holders   thereof  under  the  Indenture  or  this
Supplemental Indenture.

         If DTC is at any time  unwilling,  unable or  ineligible to continue as
depositary and a successor  depositary is not appointed by the Company within 90
days, the Company will issue individual Notes in exchange for the Global Note or
Global Notes  representing such Notes. In addition,  the Company may at any time
and in its sole  discretion,  subject  to certain  limitations  set forth in the
Indenture,  determine not to have any of such Notes  represented  by one or more
Global Notes and, in such event, will issue individual Notes in exchange for the
Global Note or Global Notes  representing the Notes.  Individual Notes so issued
will be issued in denominations of $1,000 and integral multiples thereof.

         (b) Interest and Interest  Rate. The Notes will bear interest at a rate
of 8.875% per annum,  from July 31, 2000 (or,  in the case of Notes  issued upon
the reopening of this series of Notes,  from the date  designated by the Company
in connection with such reopening) or from the  immediately  preceding  Interest
Payment  Date to which  interest  has been paid or duly  provided  for,  payable
semiannually on each February 1 and August 1, commencing  February 1, 2001 (each
of which shall be an "Interest Payment Date"), to the Persons in whose names the
Notes are  registered  in the Security  Register at the close of business on the
day falling 14 calendar days (whether or not a Business Day) next preceding such
Interest Payment Date (each, a "Regular Record Date").

         (c) Principal Repayment;  Currency. The stated maturity of the Notes is
August 1, 2010,  provided,  however,  the Notes may be earlier  redeemed  at the
option of the Company as provided in paragraph (d) below.  The principal of each
Note  payable  on its  maturity  date  shall be paid  against  presentation  and
surrender  thereof  at  the  Corporate  Trust  Office  of the  Trustee,  located
initially at Two Avenue de Lafayette,  Boston, Massachusetts 02111, in such coin
or currency  of the United  States of America as at the time of payment is legal
tender for the  payment of public or private  debts.  The  Company  will not pay
Additional Amounts (as defined in the Indenture) on the Notes.

         (d)  Redemption at the Option of the Company;  Acceleration.  The Notes
will be subject to redemption at any time at the option of the Company, in whole
or in part,  upon not less than 30 nor more than 60 days'  notice to each Holder
of Notes to be redeemed at its address appearing in the Security Register,  at a
price equal to the sum of (i) the principal  amount of the Notes being redeemed,
plus accrued and unpaid  interest to but  excluding  the  applicable  Redemption
Date,  plus (ii) the Make-Whole  Amount.  Upon the  acceleration of the Notes in
accordance with Section 502 of the Indenture, the principal amount of the Notes,
plus accrued and unpaid interest thereon and the Make-Whole  Amount shall become
due and payable immediately.

         (e) Notices. All notices and other communications hereunder shall be in
writing and shall be deemed to have been duly given if mailed or  transmitted by
any standard form of telecommunication. Notices to the Company shall be directed
to it at 400 Centre Street, Newton,  Massachusetts 02458, Attention:  President;
notices to the  Trustee  shall be  directed  to it at Two  Avenue de  Lafayette,
Boston,  Massachusetts 02111,  Attention:  Corporate Trust Department,  Re: HRPT
Properties  Trust 8.875 % Senior Notes due 2010; or as to either party,  at such
other address as shall be  designated  by such party in a written  notice to the
other party.
<PAGE>
                                      -6-

         (f) Global  Note  Legend.  Each  Global  Note shall bear the  following
legend on the face thereof:

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY,  A NEW YORK CORPORATION  ("DTC"),  TO THE
         ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE OR PAYMENT,
         AND ANY  CERTIFICATE  ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
         IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED  REPRESENTATIVE  OF
         DTC (AND ANY  PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER  ENTITY AS
         IS REQUESTED BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC),  ANY TRANSFER,
         PLEDGE OR OTHER USE HEREOF FOR VALUE OR  OTHERWISE  BY OR TO ANY PERSON
         IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
         INTEREST HEREIN.

         (g)  Applicability  of Discharge,  Defeasance  and Covenant  Defeasance
Provisions.  The  Discharge,  Defeasance and Covenant  Defeasance  provisions in
Article Fourteen of the Indenture will apply to the Notes.

                                    ARTICLE 3

                              ADDITIONAL COVENANTS

         Section 3.1 In addition  to the  covenants  of the Company set forth in
Article Ten of the Indenture, for the benefit of the holders of the Notes:

         (a) Limitations on Incurrence of Debt.

                  (i) The Company will not,  and will not permit any  Subsidiary
         to,  incur  any  Debt  if,  immediately  after  giving  effect  to  the
         incurrence of such  additional Debt and the application of the proceeds
         thereof,  the aggregate principal amount of all outstanding Debt of the
         Company and its  Subsidiaries  on a  consolidated  basis  determined in
         accordance  with GAAP is greater than 60% of the sum  ("Adjusted  Total
         Assets") of (without  duplication)  (A) the Total Assets of the Company
         and its  Subsidiaries as of the end of the calendar  quarter covered in
         the Company's  Annual  Report on Form 10-K, or the Quarterly  Report on
         Form 10-Q, as the case may be, most recently  filed with the Securities
         and Exchange  Commission (or, if such filing is not permitted under the
         Securities Exchange Act of 1934, as amended, with the Trustee) prior to
         the  incurrence of such  additional  Debt and (B) the purchase price of
         any real estate assets or mortgages receivable acquired, and the amount
         of any securities  offering  proceeds received (to the extent that such
         proceeds  were not used to  acquire  real  estate  assets or  mortgages
         receivable  or used to reduce Debt),  by the Company or any  Subsidiary
         since  the end of  such  calendar  quarter,  including  those  proceeds
         obtained in connection with the incurrence of such additional Debt.

                  (ii)  In  addition  to  the  foregoing   limitations   on  the
         incurrence  of Debt,  the  Company  will not,  and will not  permit any
         Subsidiary  to,  incur any Secured  Debt if,  immediately  after
<PAGE>
                                      -7-

         giving effect to the incurrence of such additional Secured Debt and the
         application of the proceeds thereof,  the aggregate principal amount of
         all outstanding  Secured Debt of the Company and its  Subsidiaries on a
         consolidated basis is greater than 40% of Adjusted Total Assets.

                  (iii)  In  addition  to  the  foregoing   limitations  on  the
         incurrence  of Debt,  the  Company  will not,  and will not  permit any
         Subsidiary  to,  incur  any Debt if the  ratio of  Consolidated  Income
         Available  for Debt  Service to the Annual  Debt  Service  for the four
         consecutive  fiscal  quarters most recently  ended prior to the date on
         which such  additional Debt is to be incurred shall have been less than
         1.5 to 1.0, on a pro forma basis after giving effect thereto and to the
         application of the proceeds therefrom, and calculated on the assumption
         that (A) such Debt and any other Debt  incurred  by the Company and its
         Subsidiaries  since the first day of such  four-quarter  period and the
         application  of the proceeds  therefrom,  including to refinance  other
         Debt,  had occurred at the beginning of such period;  (B) the repayment
         or  retirement  of any other Debt by the Company  and its  Subsidiaries
         since the first date of such  four-quarter  period  had been  repaid or
         retired at the  beginning of such period  (except  that, in making such
         computation,  the amount of Debt under any  revolving  credit  facility
         shall be  computed  based upon the average  daily  balance of such Debt
         during such period);  (C) in the case of Acquired Debt or Debt incurred
         in  connection  with  any  acquisition  since  the  first  day of  such
         four-quarter  period,  the related  acquisition  had occurred as of the
         first day of such period with  appropriate  adjustments with respect to
         such acquisition being included in such pro forma calculation;  and (D)
         in the case of any  acquisition  or  disposition  by the Company or its
         Subsidiaries  of any  asset or group of  assets  since the first day of
         such four-quarter period, whether by merger, stock purchase or sale, or
         asset purchase or sale, such  acquisition or disposition or any related
         repayment  of Debt had occurred as of the first day of such period with
         the  appropriate  adjustments  with  respect  to  such  acquisition  or
         disposition being included in such pro forma  calculation.  If the Debt
         giving rise to the need to make the foregoing  calculation or any other
         Debt incurred after the first day of the relevant  four-quarter  period
         bears interest at a floating rate then, for purposes of calculating the
         Annual Debt  Service,  the interest rate on such Debt shall be computed
         on a pro forma basis as if the average  interest  rate which would have
         been in effect during the entire such four-quarter  period had been the
         applicable rate for the entire such period.

         (b)  Maintenance  of Total  Unencumbered  Assets.  The  Company and its
Subsidiaries  will maintain at all times Total  Unencumbered  Assets of not less
than 200% of the aggregate outstanding principal amount of the Unsecured Debt of
the Company and its Subsidiaries on a consolidated basis.

                                    ARTICLE 4

                          ADDITIONAL EVENTS OF DEFAULT

         Section 4.1. For purposes of this Supplemental Indenture and the Notes,
in addition to the Events of Default set forth in Section 501 of the  Indenture,
it shall also  constitute  an "Event of  Default"  if a default  under any bond,
debenture,  note or other evidence of indebtedness  of the
<PAGE>
                                      -8-

Company (including a default with respect to any other series of securities), or
under any  mortgage,  indenture or other  instrument  of the Company under which
there  may  be  issued  or by  which  there  may be  secured  or  evidenced  any
indebtedness  for money  borrowed  by the  Company  (or by any  Subsidiary,  the
repayment  of which the  Company  has  guaranteed  or for which the  Company  is
directly  responsible  or liable as obligor or  guarantor)  having an  aggregate
principal amount outstanding of at least $20,000,000,  whether such indebtedness
now exists or shall  hereafter be incurred or created,  which default shall have
resulted in such  indebtedness  becoming or being declared due and payable prior
to the date on which it would  otherwise  have become due and  payable,  without
such  indebtedness  having been  discharged,  or such  acceleration  having been
rescinded or  annulled,  within a period of ten days after there shall have been
given,  by registered or certified mail, to the Company by the Trustee or to the
Company and the Trustee by the  Holders of at least 25% in  principal  amount of
the  outstanding  Notes, a written notice  specifying such default and requiring
the  Company  to  cause  such  indebtedness  to  be  discharged  or  cause  such
acceleration  to be  rescinded  or annulled  and  stating  that such notice is a
"Notice of Default" hereunder.

         Section  4.2.  Notwithstanding  any  provisions  to the contrary in the
Indenture,  upon  any  acceleration  of  the  Notes  under  Section  502  of the
Indenture,  the amount immediately due and payable in respect of the Notes shall
equal the Outstanding principal amount thereof, plus accrued interest,  plus the
Make-Whole Amount.

                                    ARTICLE 5

                                  EFFECTIVENESS

         This  Supplemental  Indenture shall be effective for all purposes as of
the date and time this Supplemental Indenture has been executed and delivered by
the Company and the Trustee in accordance with Article Nine of the Indenture. As
supplemented  hereby,  the Indenture is hereby  confirmed as being in full force
and effect.

                                    ARTICLE 6

                                  MISCELLANEOUS

         Section 6.1 In the event any provision of this  Supplemental  Indenture
shall be held invalid or unenforceable  by any court of competent  jurisdiction,
such holding shall not invalidate or render  unenforceable  any other  provision
hereof or any provision of the Indenture.

         Section 6.2 To the extent that any terms of this Supplemental Indenture
or the Notes are inconsistent with the terms of the Indenture, the terms of this
Supplemental Indenture or the Notes shall govern and supersede such inconsistent
terms.

         Section  6.3  This  Supplemental  Indenture  shall be  governed  by and
construed in accordance with the laws of The Commonwealth of Massachusetts.

         Section  6.4 This  Supplemental  Indenture  may be  executed in several
counterparts,  each  of  which  shall  be an  original  and all of  which  shall
constitute but one and the same instrument.
<PAGE>
                                      -9-

         IN WITNESS  WHEREOF,  the  Company  and the  Trustee  have  caused this
Supplemental  Indenture  to be  executed  as an  instrument  under seal in their
respective corporate names as of the date first above written.

                                            HRPT PROPERTIES TRUST

                                            By:___________________________
                                                  Name:
                                                  Title:

                                            STATE STREET BANK AND TRUST COMPANY,
                                            as Trustee

                                            By:___________________________
                                                  Name:
                                                  Title:

<PAGE>
                                                                       EXHIBIT A

                                  FORM OF NOTE

                                 [Face of Note]

                           8.875% Senior Note due 2010

No. ______                                                         $_________

                              HRPT PROPERTIES TRUST

promises to pay to ______________________________________ or registered assigns,
the  principal sum of  _____________________________________  on August 1, 2010,
subject to the terms set forth on the  reverse of this Note and the terms of the
Indenture referred to therein.

Interest  Payment Dates:  each February 1 and August 1,  commencing  February 1,
2001.

Record  Dates:  the day falling 14 calendar  days prior to any Interest  Payment
Date.

CUSIP No.:

                                              HRPT PROPERTIES TRUST

                                              By:____________________________
                                                   Name:
                                                   Title:

Attest:____________________________
[SEAL]

                          CERTIFICATE OF AUTHENTICATION

Dated:

This is one of the Notes referred to in the within-mentioned Indenture:

                                        STATE STREET BANK AND TRUST COMPANY,
                                        as Trustee

                                        By:_______________________________
                                           Authorized Officer

                                      A-1
<PAGE>
             [THE FOLLOWING CONSTITUTES THE REVERSE OF THE SECURITY]

                              HRPT PROPERTIES TRUST

                           8.875% Senior Note due 2010

         Capitalized terms used herein have the meanings assigned to them in the
Indenture (as defined below) unless otherwise indicated.

         1. Interest.  HRPT Properties  Trust, a Maryland real estate investment
trust (the "Company"),  promises to pay interest on the principal amount of this
Note at the rate and in the manner specified below.

         The Company shall pay in cash interest on the principal  amount of this
Note  at  the  rate  per  annum  of  8.875%.   The  Company  will  pay  interest
semi-annually in arrears on each February 1 and August 1, commencing on February
1,  2001,  or,  if any  such  day is  not a  Business  Day  (as  defined  in the
Indenture),  on the next  succeeding  Business  Day (each an  "Interest  Payment
Date"),  to Holders of record on the day  falling 14 calendar  days  immediately
preceding such Interest Payment Date (whether or not a Business Day).

         Interest will be computed on the basis of a 360-day year  consisting of
twelve 30-day  months.  Interest shall accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from July 31, 2000.

         2.  Method of  Payment.  The  Company  will pay  interest  on the Notes
(except defaulted  interest) to the Persons who are registered  Holders of Notes
at the close of business on the record date next preceding the Interest  Payment
Date,  even if such Notes are  canceled  after such record date and on or before
such Interest Payment Date. The Company will pay principal and interest in money
of the United  States that at the time of payment is legal tender for payment of
public and private debts. The Company,  however, may pay principal,  premium, if
any, and interest by check payable in such money.  It may mail an interest check
to a Holder's registered address.

         3. Indenture. The Company issued the Notes under an Indenture, dated as
of July 9, 1997,  and a Supplemental  Indenture No. 8 thereto,  dated as of July
31, 2000 (collectively,  the "Indenture"),  between the Company and the Trustee.
The terms of the Notes include those stated in the Indenture and those made part
of the Indenture by reference to the Trust Indenture Act of 1939 as in effect on
the date of the Indenture.  The Notes are subject to all such terms, and Holders
of the Notes are referred to the  Indenture and such Act for a statement of such
terms. The terms of the Indenture shall govern any  inconsistencies  between the
Indenture and the Notes.  The Notes are  unsecured  general  obligations  of the
Company  limited  to  $30,000,000  in  aggregate  principal  amount,  except  as
otherwise provided in the Indenture.

         4. Optional Redemption.  The Notes will be subject to redemption at any
time at the option of the  Company,  in whole or in part,  upon not less than 30
nor more than 60 days' notice, at a redemption price equal to the sum of (i) the
principal  amount of the Notes being redeemed,  plus accrued and unpaid interest
to but excluding the applicable Redemption Date and (ii) the Make-Whole Amount.

                                      A-2
<PAGE>

         As used herein the term  "Make-Whole  Amount" means, in connection with
any optional redemption or accelerated payment of any Notes, the excess, if any,
of (i)  the  aggregate  present  value  as of the  date of  such  redemption  or
accelerated  payment of each dollar of principal  being redeemed or paid and the
amount of interest  (exclusive of interest  accrued to the date of redemption or
accelerated  payment)  that would have been payable in respect of such dollar if
such  redemption  or  accelerated  payment  had not  been  made,  determined  by
discounting,  on  a  semiannual  basis,  such  principal  and  interest  at  the
Reinvestment  Rate (as defined  herein)  (determined  on the third  Business Day
preceding  the date  such  notice  of  redemption  is given  or  declaration  of
acceleration  is made) from the  respective  dates on which such  principal  and
interest would have been payable if such  redemption or accelerated  payment had
not been  made,  over (ii) the  aggregate  principal  amount of the Notes  being
redeemed or paid.

         As used  herein  the term  "Reinvestment  Rate"  means a rate per annum
equal to the sum of 0.50% (fifty  one-hundredths  of one percent) plus the yield
on treasury  securities  at constant  maturity  under the heading  "Week Ending"
published  in the  Statistical  Release  (as defined  herein)  under the caption
"Treasury  Constant  Maturities" for the maturity (rounded to the nearest month)
corresponding  to the remaining life to maturity,  as of the payment date of the
principal  being  redeemed or paid. If no maturity  exactly  corresponds to such
maturity,  yields for the two published maturities most closely corresponding to
such maturity shall be calculated pursuant to the immediately preceding sentence
and the Reinvestment Rate shall be interpolated or extrapolated from such yields
on a  straight-line  basis,  rounding  in each of such  relevant  periods to the
nearest  month.  For purposes of  calculating  the  Reinvestment  Rate, the most
recent  Statistical  Release published prior to the date of determination of the
Make-Whole Amount shall be used.

         As used herein the term  "Statistical  Release"  means the  statistical
release designated  "H.15(519)" or any successor  publication which is published
weekly by the Federal  Reserve System and which  establishes  yields on actively
traded United States government  securities  adjusted to constant maturities or,
if such  statistical  release is not published at the time of any  determination
under the Supplemental Indenture,  then any publicly available source of similar
market data which shall be designated by the Company.

         5.  Mandatory  Redemption.  The  Company  shall not be required to make
sinking fund or redemption payments with respect to the Notes.

         6. Notice of Redemption.  Notice of redemption shall be mailed at least
30 days but not more than 60 days before the  Redemption  Date to each Holder of
Notes to be redeemed at its  registered  address.  Notes may be redeemed in part
but only in whole multiples of $1,000,  unless all of the Notes held by a Holder
are to be redeemed.  On and after the redemption date, interest ceases to accrue
on Notes or portions of them called for redemption.

         7. Denominations,  Transfer, Exchange. The Notes are in registered form
without coupons in denominations  of $1,000 and integral  multiples of $1,000 in
excess  thereof.  The  transfer  of Notes  may be  registered  and  Notes may be
exchanged as provided in the Indenture.  The Security  Registrar and the Trustee
may require a Holder,  among other things, to furnish  appropriate  endorsements
and  transfer  documents  and to pay  any  taxes  and  fees  required  by law or
permitted by the Indenture. The Security Registrar need not exchange or register
the transfer of any

                                      A-3
<PAGE>

Note or portion of a Note selected for redemption. Also, it need not exchange or
register the transfer of any Notes for a period of 15 days before the mailing of
a notice of redemption of Notes,  or during the period between a record date and
the corresponding Interest Payment Date.

         8.  Defaults and  Remedies.  In case an Event of Default (as defined in
the Indenture)  with respect to the Notes shall have occurred and be continuing,
the principal hereof may be declared,  and upon such  declaration  shall become,
due and payable,  in the manner,  with the effect and subject to the  provisions
provided in the Indenture.

         9. Actions of Holders. The Indenture contains provisions permitting the
holders of not less than a majority  of the  aggregate  principal  amount of the
outstanding  Notes,  subject to certain exceptions as provided in the Indenture,
on behalf of the holders of all such Notes at a meeting  duly called and held as
provided  in  the  Indenture,  to  make,  give  or  take  any  request,  demand,
authorization,  direction,  notice,  consent, waiver or other action provided in
the Indenture to be made, given or taken by the holders of the Notes,  including
without  limitation,   waiving  (a)  compliance  by  the  Company  with  certain
provisions of the  Indenture,  and (b) certain past defaults under the Indenture
and their  consequences.  Any resolution passed or decision taken at any meeting
of the holders of the Notes in accordance  with the  provisions of the Indenture
shall be conclusive and binding upon such holders and upon all future holders of
this Note and other Notes issued upon the  registration of transfer hereof or in
exchange heretofore or in lieu hereof

         10. Persons Deemed Owners. The Company,  the Trustee,  and any agent of
the Company or the Trustee may deem and treat the Person in whose name this Note
is registered on the Security Register as its absolute owner for all purposes.

         11. Authentication. This Note shall not be valid until authenticated by
the manual signature of the Trustee or an authenticating agent.

         12.   Governing   Law.  THE  INTERNAL  LAW  OF  THE   COMMONWEALTH   OF
MASSACHUSETTS SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THE NOTES.

         13. No Personal  Liability.  THE AMENDED AND  RESTATED  DECLARATION  OF
TRUST OF THE  COMPANY,  DATED JULY 1, 1994, A COPY OF WHICH,  TOGETHER  WITH ALL
AMENDMENTS  THERETO  (THE  "DECLARATION"),  IS DULY  FILED IN THE  OFFICE OF THE
DEPARTMENT OF ASSESSMENTS  AND TAXATION OF THE STATE OF MARYLAND,  PROVIDES THAT
THE NAME "HRPT  PROPERTIES  TRUST" REFERS TO THE TRUSTEES UNDER THE  DECLARATION
COLLECTIVELY  AS  TRUSTEES,  BUT NOT  INDIVIDUALLY  OR  PERSONALLY,  AND THAT NO
TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF THE COMPANY SHALL BE HELD TO
ANY PERSONAL  LIABILITY,  JOINTLY OR SEVERALLY,  FOR ANY OBLIGATION OF, OR CLAIM
AGAINST,  THE COMPANY.  ALL PERSONS DEALING WITH THE COMPANY,  IN ANY WAY, SHALL
LOOK  ONLY  TO THE  ASSETS  OF THE  COMPANY  FOR THE  PAYMENT  OF ANY SUM OR THE
PERFORMANCE OF ANY OBLIGATION.

         The Company will furnish to any Holder upon written request and without
charge a copy of the Indenture. Request may be made to:

         HRPT Properties Trust
         400 Centre Street
         Newton, MA 02458
         Telecopier No.:  (617) 332-2261
         Attention: President

or such other address as the Company may specify pursuant to the Indenture.

                                      A-4
<PAGE>

                                 ASSIGNMENT FORM

                  To assign this Note, fill in the form below:

[I] [We] assign and transfer this Note to _____________________________________

__________________________ [Print or type assignee's name, address and zip code]

_______________________________ [Insert assignee's soc. sec. or tax I.D. no.]

and irrevocably appoint_________________________________________________________

to  transfer  this Note on the books of the  Company.  The agent may  substitute
another to act for him.

Date:  _______________

                                   Your Signature: _____________________________
                                   [Sign exactly as your name appears on the
                                   face of this Note]

Signature Guarantee:

____________________________________
[The signature must be guaranteed by
an officer of a participant in a recognized
signature guarantee program.  Notarized
or witnessed  signatures are not acceptable.]<PAGE>

                                 EMPLOYMENT AGREEMENT

       This Employment Agreement (the "Agreement") is entered into as of the 1st
day of April, 2000 (the "Effective Date"), between IHOP CORP., a Delaware
corporation (the "Company"), and Robin L. Elledge (the "Employee").

       Whereas, the Board of Directors of the Company (the "Board") has approved
and authorized the entry into this Agreement with the Employee; and

       Whereas, the parties desire to enter into this Agreement setting forth
the terms and conditions for the employment relationship of the Employee with
the Company.

       Now, Therefore, in consideration of the promises and mutual covenants and
agreements herein contained and intending to be legally bound hereby, the
Company and the Employee hereby agree as follows:

       1.     Employment.  The Employee is employed as Vice President-Human
Resources of the Company from the Effective Date through the Term of this
Agreement (as defined in Section 2 hereof).  In this capacity, the Employee
shall have such duties and responsibilities as may be designated to her  by the
Board from time to time and as are not inconsistent with the Employee's position
with the Company, including the performance of duties with respect to any
subsidiaries of the Company, as may be designated by the Board.  During the
Employee's period of employment hereunder, the Employee shall be based in the
principal offices of the Company in Southern California, and shall not be
required to relocate outside of Southern California to perform services
hereunder, except for travel as reasonably required in the performance of her
duties hereunder.

       2.     Term.  The "initial term" of this Agreement shall be for the
period commencing on the Effective Date and ending on the second anniversary of
the Effective Date; provided, however, that on the second anniversary of the
Effective Date, and on each subsequent anniversary date thereafter, the term of
this Agreement shall automatically be extended for one additional year unless,
not later than 90 days prior to such applicable anniversary date, the Company or
the Employee shall give notice not to extend this Agreement; and provided
further, however, that, if a Change in Control (as defined in Section 11(g))
occurs prior to the expiration of the Term of this Agreement, this Agreement
shall remain in full force and effect and shall not expire prior to the last day
of the 24th month following the date of such Change in Control.  The "Term of
this Agreement" or "Term" shall mean, for purposes of this Agreement, both the
"initial term" (as hereinbefore described) and any additional term (created by
extension, as described above), and the Term of this Agreement shall not be
affected by the Employee's termination of employment.

<PAGE>

       3.     Salary.  Subject to the further provisions of this Agreement, the
Company shall pay the Employee during the Term of this Agreement a salary at an
annual rate equal to $160,000, with such salary to be increased at such times,
if any, and in such amounts as determined by the Board, which increases shall be
consistent with the historical business practices of the Company and the salary
adjustments for other senior executives of the Company.  Such salary shall be
payable by the Company to the Employee not less frequently than monthly and
shall not be decreased at any time during the Term of this Agreement.
Participation in deferred compensation, discretionary bonus, retirement, and
other employee benefit plans and in fringe benefits shall not reduce the salary
payable to the Employee under this Section.

       4.     Participation in Bonus, Retirement and Employee Benefit Plans.
The Employee shall be entitled to participate equitably with other senior
executives in any plan of the Company relating to bonuses, stock options, stock
purchases, pension, thrift, profit sharing, life insurance, medical coverage,
education, or other retirement or employee benefits that the Company has adopted
or may adopt for the benefit of its senior executives. For purposes of the
Company's Executive Incentive Plan, Employee's target bonus will be 35% of her
base pay.

       5.     Hiring Incentive.  Upon the Effective Date, or as soon as
practicable thereafter, Employee shall receive an option to purchase a total of
20,000 shares of IHOP Corp. common stock. Such stock option shall be subject to
the terms of the IHOP Corp. 1991 Stock Incentive Plan, as amended, and a Stock
Option Agreement setting forth, among other things, the option exercise vesting
schedule and option exercise price.

       6.     Fringe Benefits; Automobile.  The Employee shall be entitled to
receive all other fringe benefits which are now or may be provided to the
Company's senior executives.  In addition, the Company shall provide the
Employee during the Term of this Agreement with a car allowance of $700 per
month, plus reimbursement of all automobile expenses such as gasoline,
maintenance, insurance and vehicle registration, in accordance with the
Company's general policy on providing cars to senior executives.
Notwithstanding the foregoing, the benefits provided under this Section 6 shall
cease upon the Employee's Date of Termination (as defined in Section 11(d)).

       7.     Vacations.  The Employee shall be entitled to an annual paid
vacation as determined in accordance with the Company's general policy for
senior executives.

       8.     Business Expenses.  During such time as the Employee is rendering
services hereunder, the Employee shall be entitled to incur and be reimbursed
for all reasonable business expenses and be provided allowances as are furnished
to the Company's most senior executives under the Company's then current
policies. The Company agrees that it will reimburse the Employee for all such
expenses upon the presentation by the Employee,

                                      -2-
<PAGE>

from time to time, of an itemized account of such expenditures, setting forth
the date, the purposes for which incurred, and the amounts thereof, together
with such receipts showing payments in conformity with the Company's
established policies. Reimbursement shall be made within a reasonable period
after the Employee's submission of an itemized account.

       9.     Insurance and Indemnity.  The Employee shall be added as an
additional named insured under all appropriate insurance policies now in force
or hereafter obtained covering any officers or directors of the Company.  The
Company shall indemnify and hold the Employee harmless from any cost, expense or
liability arising out of or relating to any acts or decisions made by the
Employee on behalf of or in the course of performing services for the Company to
the same extent the Company indemnifies and holds harmless other senior
executive officers and directors of the Company and in accordance with the
Company's established policies.

       10.    Professional Services Allowance.  The Employee shall be entitled
to reimbursement by the Company for expenses incurred by her for personal legal,
accounting, investment, estate planning services or other similar services as
outlined in the Company's Professional Services Allowance policy, in an amount
to be determined by the Board, but in no event greater than $10,000 annually (or
a pro rata portion of such amount for any period of employment less than a full
year); provided, however, that no reimbursement shall be made for any such
expenses incurred by the Employee after such Employee's Date of Termination.

       11.    Termination.

       (a)    Disability.  If, as a result of the Employee's incapacity due to
physical or mental illness, she shall have been absent from the full-time
performance of her duties with the Company for 90 consecutive days or 180 days
within any 12-month period, her employment may be terminated by the Company for
"Disability."

       (b)    Cause.  Subject to the notice provisions set forth below, the
Company may terminate the Employee's employment for "Cause" at any time.
"Cause" shall mean termination upon:  (1) the willful failure by the Employee to
substantially perform her duties with the Company (other than any such failure
resulting from her incapacity due to physical or mental illness), after a
written demand for substantial performance is delivered to her  by the Board,
which demand specifically identifies the manner in which the Board believes that
she has not substantially performed her duties; (2) the Employee's willful
misconduct that is demonstrably and materially injurious to the Company,
monetarily or otherwise; or (3) the Employee's commission of such acts of
dishonesty, fraud, misrepresentation or other acts of moral turpitude as would
prevent the effective performance of her duties.  For purposes of this
subsection (b), no act, or failure to act, on the Employee's part shall be
deemed "willful" unless done, or omitted to be done, by her not in good faith
and without the

                                      -3-
<PAGE>

reasonable belief that her action or omission was in the best interest of the
Company.  Notwithstanding the foregoing, the Employee shall not be deemed to
have been terminated for Cause unless and until there shall have been
delivered to her  a copy of a resolution duly adopted by the affirmative vote
of a majority of the non-employee members of the Board at a meeting of such
members (after reasonable notice to her  and an opportunity for her ,
together with her counsel, to be heard before such members of the Board),
finding that she has engaged in the conduct set forth above in this
subsection (b) and specifying the particulars thereof in detail.

       (c)    Notice of Termination.  Any termination of the Employee's
employment by the Company or by the Employee shall be communicated by written
Notice of Termination to the other party hereto in accordance with Section 15.
"Notice of Termination" shall mean a notice that indicates the specific
termination provision in this Agreement relied upon and sets forth in reasonable
detail the facts and circumstances claimed to provide a basis for the
termination of the Employee's employment under the provision so indicated.

       (d)    Date of Termination.  "Date of Termination" shall mean:  (1) if
the Employee's employment is terminated by her death, the date of her death; (2)
if the Employee's employment is terminated for Disability, 30 days after Notice
of Termination is given; and (3) if the Employee's employment is terminated for
any other reason, the date specified in the Notice of Termination.

       (e)    Dispute Concerning Termination.  If within the later of (i)
fifteen (15) days after Notice of Termination is given, or (ii) fifteen (15)
days prior to the Date of Termination (as determined without regard to this
Section 11(e), the party receiving such Notice of Termination notifies the other
party that a dispute exists concerning a termination by the Employee for Good
Reason (as defined in Section 11(h)) following a Change in Control (as defined
in Section 11(g)), the Date of Termination shall be the earlier of the
expiration date of the Agreement, or the date on which the dispute is finally
resolved, either by mutual written agreement of the parties or by a final
judgment, order or decree of a court of competent jurisdiction (which is not
appealable or with respect to which the time for appeal therefrom has expired
and no appeal has been perfected); provided, however, that the Date of
Termination shall be extended by a notice of dispute only if such notice is
given in good faith and the party giving such notice pursues the resolution of
such dispute with reasonable diligence.

       (f)    Compensation During Dispute.  If a purported termination by the
Employee for Good Reason occurs following a Change in Control and during the
Term of this Agreement, and such termination is disputed in accordance with
Section 11(e) hereof, the Company shall continue to pay the Employee the full
compensation in effect when the notice giving rise to the dispute was given
(including, but not limited to, salary) and continue the Employee as a
participant in all compensation, benefit and insurance plans in which

                                      -4-
<PAGE>

the Employee was participating when the notice giving rise to the dispute was
given, until the dispute is finally resolved in accordance with Section 11(e)
hereof or, if earlier, the expiration date of the Agreement.  Amounts paid
under this Section 11(f) are in addition to all other amounts due under this
Agreement (other than those due under Section 12(b) hereof) and shall not be
offset against or reduce any other amounts payable under this Agreement.

       (g)    Change in Control.  A "Change in Control" shall be deemed to have
occurred if the conditions set forth in any one of the following paragraphs
shall have been satisfied:

       (i)    any "person" (as such term is used in Sections 14(d) and 15(d) of
the Securities Exchange Act of 1934, as amended (the "Exchange Act")) (other
than the Company; any trustee or other fiduciary holding securities under an
employee benefit plan of the Company; or any Company owned, directly or
indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of the stock of the Company) is or becomes after
the Effective Date the "beneficial owner" (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company (not
including in the securities beneficially owned by such person any securities
acquired directly from the Company or its affiliates) representing 25% or more
of the combined voting power of the Company's then outstanding securities; or

       (ii)   during any period of two consecutive years (not including any
period prior to the Effective Date), individuals who at the beginning of such
period constitute the Board and any new director (other than a director
designated by a person who has entered into an agreement with the Company to
effect a transaction described in subparagraph (i), (iii) or (iv) of this
Section 11(g)) whose election by the Board or nomination for election by the
Company's stockholders was approved by a vote of at least 2/3 of the directors
then still in office who either were directors at the beginning of the period or
whose election or nomination for election was previously so approved, cease for
any reason to constitute a majority thereof; or

       (iii)  the stockholders of the Company approve a merger or consolidation
of the Company with any other corporation, other than (A) a merger or
consolidation which would result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the
surviving entity), in combination with the ownership of any trustee or other
fiduciary holding securities under an employee benefit plan of the Company, at
least 75% of the combined voting power of the voting securities of the Company
or such surviving entity outstanding immediately after such merger or
consolidation, or (B) a merger or consolidation effected to implement a
recapitalization of the Company (or similar

                                      -5-
<PAGE>

transaction) in which no person acquires more than 50% of the combined voting
power of the Company's then outstanding securities; or

       (iv)   the stockholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the
Company of all or substantially all the Company's assets.

       (h)    Good Reason.  At any time following a Change in Control, the
Employee may terminate her employment hereunder for "Good Reason."  "Good
Reason" shall mean the occurrence (without the Employee's express written
consent) of any material breach of this Agreement, including, without
limitation, any one of the following acts by the Company, or failures by the
Company to act, unless, in the case of any act or failure to act described in
subsections (i), (iv), (v), (vi) or (vii) below, such act or failure to act is
corrected prior to the Date of Termination specified in the Notice of
Termination given in respect thereof:

       (i)    the assignment to the Employee of any duties inconsistent with the
Employee's status as a senior executive of the Company or a substantially
adverse alteration in the nature or status of the Employee's responsibilities
from those in effect immediately prior to the Change in Control;

       (ii)   a reduction by the Company in the Employee's annual base salary as
in effect on the date hereof or as the same may be increased from time to time;

       (iii)  the relocation of the Company's principal offices to a location
outside Southern California (or, if different, the metropolitan area in which
such offices are located immediately prior to the Change in Control) or the
Company's requiring the Employee to be based anywhere other than the Company's
principal executive offices, except for required travel on the Company's
business to an extent substantially consistent with the Employee's present
business travel obligations;

       (iv)   the failure by the Company to pay to the Employee any portion of
the Employee's current compensation, or to pay to the Employee any portion of an
installment of deferred compensation under any deferred compensation program of
the Company, within seven days of the date such compensation is due;

       (v)    the failure by the Company to continue in effect any compensation
plan in which the Employee participates immediately prior to the Change in
Control which is material to the Employee's total compensation, unless an
equitable arrangement (embodied in an ongoing substitute or alternative plan)
has been made with respect to such plan, or the failure by the Company to
continue the Employee's participation therein (or in such substitute or
alternative plan) on a basis not materially less favorable, both in terms of the

                                      -6-

<PAGE>

amount of benefits provided and the level of the Employee's participation
relative to other participants, as existed immediately prior to the Change in
Control;

       (vi)   the failure by the Company to continue to provide the Employee
with benefits substantially similar to those enjoyed by the Employee under any
of the Company's pension, life insurance, medical, health and accident, or
disability plans in which the Employee was participating immediately prior to
the Change in Control; or the taking of any action by the Company which would
directly or indirectly materially reduce any of such benefits or deprive the
Employee of any material fringe benefit enjoyed by the Employee immediately
prior to the Change in Control;

       (vii)  any purported termination of the Employee's employment which is
not effected pursuant to a Notice of Termination satisfying the requirements of
this Agreement; for purposes of this Agreement, no such purported termination
shall be effective; or

       (viii) any failure by the Company to comply with and satisfy Section
13(b) of this Agreement.

       The Employee's right to terminate the Employee's employment for Good
Reason shall not be affected by the Employee's incapacity due to physical or
mental illness.  The Employee's continued employment shall not constitute
consent to, or a waiver of rights with respect to, any act or failure to act
constituting Good Reason hereunder.

       (i)    Voluntary Termination.  The Employee may terminate her employment
hereunder ("Voluntary Termination") upon a material breach of this Agreement by
the Company, unless the Company shall fully correct such breach within 30 days
of the Employee's Notice of Termination given in respect thereof.

       12.    Compensation Upon Termination or During Disability.  The Employee
shall be entitled to the following benefits during a period of disability, or
upon termination of her employment, as the case may be, provided that such
period or termination occurs during the Term of this Agreement:

       (a)    During any period that the Employee fails to perform her full-time
duties with the Company as a result of incapacity due to physical or mental
illness, she shall continue to receive her base salary at the rate in effect at
the commencement of any such period, together with all compensation payable to
her  under the Company's disability plan or program or other similar plan during
such period, until her employment is terminated pursuant to Section 11 hereof.
Thereafter, or in the event the Employee's employment shall be terminated by
reason of her death, her benefits shall be determined under the Company's
retirement, insurance and other compensation programs then in effect in
accordance with the terms of such programs.

                                      -7-
<PAGE>

       (b)    If at any time the Employee's employment shall be terminated:  (i)
by the Company for Cause or Disability or (ii) by her  for any reason (other
than in a Voluntary Termination or for Good Reason following the occurrence of a
Change in Control), the Company shall pay the Employee her full base salary
through the Date of Termination at the rate in effect at the time Notice of
Termination is given, plus all other amounts to which she is entitled through
the Date of Termination under any compensation plan of the Company at the time
such payments are due, and the Company shall have no further obligations to her
under this Agreement.

       (c)    If the Employee's employment should be terminated:  (1) by reason
of her death, (2) by the Company other than for Cause or Disability or (3) by
the Employee in a Voluntary Termination, she shall be entitled to the benefits
provided below:

       (i)    the Company shall pay to the Employee or the appropriate payee (as
determined in accordance with Section 13(c)) (A) her full base salary through
the Date of Termination at the rate in effect at the time Notice of Termination
is given; plus (B)(x) in the case of death or a Voluntary Termination all salary
and bonus payments that would have been payable to the Employee pursuant to this
Agreement for the remaining Term of this Agreement, or (y) in all other cases,
all salary and bonus payments that would have been payable to the Employee had
the Employee continued to be employed for a period of 12 months, assuming for
the purpose of such payments that her salary for such remaining period is equal
to her salary at the Date of Termination and that her annual bonus for such
remaining Term is equal to the average of the annual bonuses paid to her  by the
Company with respect to the three fiscal years ended immediately prior to the
fiscal year in which the Date of termination occurs; plus (C) all other amounts
to which she is entitled under any compensation plan of the Company, in cash in
a lump sum no later than the 15th day following the Date of Termination;

       (ii)   for a 12-month period after the Date of Termination, the Company
shall arrange to provide the Employee with life, disability, accident and health
insurance benefits substantially similar to those which the Employee and her
covered family members are receiving immediately prior to the Notice of
Termination (without giving effect to any reduction in such benefits subsequent
to a Change in Control); provided, however, that such continued benefits shall
be reduced to the extent comparable benefits are actually received by or made
available to the Employee without cost during the 12-month period following the
Employee's termination of employment (and the Employee agrees that she shall
promptly report any such benefits actually received to the Company); and

       (iii)   the Company shall continue in effect for the benefit of the
Employee all insurance or other provisions for indemnification and defense of
officers or directors of the Company which are in effect on the date the Notice
of Termination is sent to the Employee

                                      -8-
<PAGE>

with respect to all of her acts and omissions while an officer or director as
fully and completely as if such termination had not occurred, and until the
final expiration or running of all periods of limitation against actions
which may be applicable to such acts or omissions.

       (d)    If the Employee's employment should be terminated by the Employee
for Good Reason following a Change in Control, she shall be entitled to the
benefits provided below:

       (i)    the Company shall pay to the Employee or the appropriate payee (as
determined in accordance with Section 13(c)) (A) her full base salary through
the Date of Termination at the rate in effect at the time Notice of Termination
is given; plus (B)(x) in the case of death or a Voluntary Termination all salary
and bonus payments that would have been payable to the Employee pursuant to this
Agreement for the remaining Term of this Agreement, or (y) in all other cases,
all salary and bonus payments that would have been payable to the Employee had
the Employee continued to be employed for a period of 24 months, assuming for
the purpose of such payments that her salary for such remaining period is equal
to her salary at the Date of Termination and that her annual bonus for such
remaining Term is equal to the average of the annual bonuses paid to her  by the
Company with respect to the three fiscal years ended immediately prior to the
fiscal year in which the Date of termination occurs; plus (C) all other amounts
to which she is entitled under any compensation plan of the Company, in cash in
a lump sum no later than the 15th day following the Date of Termination;

       (ii)   for a 24-month period after the Date of Termination, the Company
shall arrange to provide the Employee with life, disability, accident and health
insurance benefits substantially similar to those which the Employee and her
covered family members are receiving immediately prior to the Notice of
Termination (without giving effect to any reduction in such benefits subsequent
to a Change in Control); provided, however, that such continued benefits shall
be reduced to the extent comparable benefits are actually received by or made
available to the Employee without cost during the 24-month period following the
Employee's termination of employment (and the Employee agrees that she shall
promptly report any such benefits actually received to the Company); and

       (iii)   the Company shall continue in effect for the benefit of the
Employee all insurance or other provisions for indemnification and defense of
officers or directors of the Company which are in effect on the date the Notice
of Termination is sent to the Employee with respect to all of her acts and
omissions while an officer or director as fully and completely as if such
termination had not occurred, and until the final expiration or running of all
periods of limitation against actions which may be applicable to such acts or
omissions.

                                      -9-
<PAGE>

       (e)    Notwithstanding any other provisions of this Agreement, in the
event that any payment or benefit received or to be received by the Employee in
connection with the termination of the Employee's employment (whether such
benefit is pursuant to the terms of this Agreement or any other plan,
arrangement or agreement with the Company, and all such payments and benefits
being hereinafter called "Total Payments") would not be deductible (in whole or
part), by the Company as a result of the application of Section 280G of the
Internal Revenue Code of 1986, as amended ("Code"), then, to the extent
necessary to make the nondeductible portion of the Total Payments deductible,
(i) the cash payments under this Agreement shall first be reduced (if necessary,
to zero), and (ii) all other non-cash payments under this Agreement shall next
be reduced (if necessary, to zero).

       (f)    If it is established as described in the preceding subsection (d)
that the aggregate benefits paid to or for the Employee's benefit are in an
amount that would result in any portion of such "parachute payments" not being
deductible by reason of Section 280G of the Code, then the Employee shall have
an obligation to pay the Company upon demand an amount equal to the sum of:  (i)
the excess of the aggregate "parachute payments" paid to or for the Employee's
benefit over the aggregate "parachute payments" that could have been paid to or
for the Employee's benefit without any portion of such "parachute payments" not
being deductible by reason of Section 280G of the Code; and (ii) interest on the
amount set forth in clause (i) of this sentence at the rate provided in Section
1274(b)(2)(B) of the Code from the date of the Employee's receipt of such excess
until the date of such payment.

       (g)    The Employee shall not be required to mitigate the amount of any
payment provided for in this Agreement by seeking other employment or otherwise.

       (h)    If the employment of the Employee is terminated by the Company
without Cause or the Employee's employment is terminated by the Employee under
conditions entitling her  to payment hereunder and the Company fails to make
timely payment of the amounts then owed to the Employee under this Agreement,
the Employee shall be entitled to interest on such amounts at the rate of 1%
above the prime rate (defined as the base rate on corporate loans at large U.S.
money center commercial banks as published by the Wall Street Journal),
compounded monthly, for the period from the date such amounts were otherwise due
until payment is made to the Employee (which interest shall be in addition to
all rights which the Employee is otherwise entitled to under this Agreement).

       13.    Assignment.

       (a)    This Agreement is personal to each of the parties hereto.  No
party may assign or delegate any rights or obligations hereunder without first
obtaining the written consent of the other party hereto, except that this
Agreement shall be binding upon and inure to the benefit of any successor
corporation to the Company.

                                     -10-
<PAGE>

       (b)    The Company shall require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to expressly
assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place.  As used in this Agreement, "Company" shall mean the Company as
hereinbefore defined and any successor to its business and/or assets as
aforesaid which assumes this Agreement by operation of law, or otherwise.

       (c)    This Agreement shall inure to the benefit of and be enforceable by
the Employee and her personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees.  If the
Employee should die while any amount would still be payable to her  hereunder
had she continued to live, all such amounts, unless otherwise provided herein,
shall be paid in accordance with the terms of this Agreement to her devisee,
legatee or other designee or, if there is no such designee, to her estate.

       14.    (a)    Confidential Information.  During the Term of this
Agreement and thereafter, the Employee shall not, except as may be required to
perform her duties hereunder or as required by applicable law, disclose to
others for use, whether directly or indirectly, any Confidential Information
regarding the Company.  "Confidential Information" shall mean information about
the Company, its subsidiaries and affiliates, and their respective clients and
customers that is not available to the general public and that was learned by
the Employee in the course of her employment by the Company, including (without
limitation) any data, formulae, information, proprietary knowledge, trade
secrets and client and customer lists and all papers, resumes, records and the
documents containing such Confidential Information.  The Employee acknowledges
that such Confidential Information is specialized, unique in nature and of great
value to the Company, and that such information gives the Company a competitive
advantage.  Upon the termination of her employment, the Employee will promptly
deliver to the Company all documents (and all copies thereof) containing any
Confidential Information.

       (b)    Non-competition.  The Employee agrees that during the Term of this
Agreement, and for a period of one year thereafter, she will not, directly or
indirectly, without the prior written consent of the Company, provide
consultative service with or without pay, own, manage, operate, join, control,
participate in, or be connected as a stockholder, partner, or otherwise with any
business, individual, partner, firm, corporation, or other entity which is then
in competition with the Company or any present affiliate of the Company;
provided, however, that the "beneficial ownership" by the Employee, either
individually or as a member of a "group," as such terms are used in Rule 13d of
the General Rules and Regulations under the Exchange Act, of not more than 1% of
the voting stock of any publicly held corporation shall not be a violation of
this Agreement.  It is further expressly agreed that the Company will or would
suffer irreparable injury if the

                                     -11-
<PAGE>

Employee were to compete with the Company or any subsidiary or affiliate of
the Company in violation of this Agreement and that the Company would by
reason of such competition be entitled to injunctive relief in a court of
appropriate jurisdiction, and the Employee further consents and stipulates to
the entry of such injunctive relief in such a court prohibiting the Employee
from competing with the Company or any subsidiary or affiliate of the Company
in violation of this Agreement.

       (c)    Right to Company Materials.  The Employee agrees that all styles,
designs, recipes, lists, materials, books, files, reports, correspondence,
records, and other documents ("Company Material") used, prepared, or made
available to the Employee, shall be and shall remain the property of the
Company.  Upon the termination of her employment or the expiration of this
Agreement, all Company Materials shall be returned immediately to the Company,
and Employee shall not make or retain any copies thereof.

       (d)    Antisolicitation.  The Employee promises and agrees that during
the Term of this Agreement, and for a period of one year thereafter, she will
not influence or attempt to influence customers, franchisees, landlords, or
suppliers of the Company or any of its present or future subsidiaries or
affiliates, either directly or indirectly, to divert their business to any
individual, partnership, firm, corporation or other entity then in competition
with the business of the Company, or any subsidiary or affiliate of the Company.

       15.    Notice.  For the purpose of this Agreement, notices and all other
communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
certified or registered mail, return receipt requested, postage prepaid,
addressed to the respective addresses set forth below, or to such other
addresses as either party may have furnished to the other in writing in
accordance herewith, except that notice of a change of address shall be
effective only upon actual receipt:

<TABLE>
       <S>                  <C>
       Company:             IHOP Corp.
                            525 North Brand Blvd.
                            Glendale, California  91203-1903
                            to the attention of the Board;
       with a copy to:      the Secretary of the Company

       Employee:            Robin Elledge
                            525 North Brand Boulevard
                            Glendale  California  91203.
</TABLE>

       16.    Amendments or Additions.  No amendments or additions to this
Agreement shall be binding unless in writing and signed by both parties hereto.

                                     -12-
<PAGE>

       17.    Section Headings.  The section headings used in this Agreement are
included solely for convenience and shall not affect, or be used in connection
with, the interpretation of this Agreement.

       18.    Severability.  The provisions of this Agreement shall be deemed
severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions hereof.

       19.    Counterparts.  This Agreement may be executed in counterparts,
each of which shall be deemed to be an original, but both of which together will
constitute one and the same instrument.

       20.    Arbitration.  Any dispute or controversy arising under or in
connection with this Agreement shall be settled exclusively by arbitration,
conducted before a panel of three arbitrators in Los Angeles, California, in
accordance with the rules of the American Arbitration Association then in
effect. Judgment may be entered on the arbitrator's award in any court having
jurisdiction; provided, however, that the Employee shall be entitled to seek
specific performance of her right to be paid until the Date of Termination
during the pendency of any dispute or controversy arising under or in connection
with this Agreement.

       21.    Attorneys' Fees.  The Company shall pay to the Employee all out-
of-pocket expenses, including attorneys' fees, incurred by the Employee in
connection with any claim, legal action or proceeding involving this Agreement
in which the Employee prevails in whole or in part, whether brought by the
Employee or by or on behalf of the Company or by another party.  The Company
shall pay prejudgment interest on any money judgment obtained by the Employee
calculated at 3% above the prime rate (defined as the base rate on corporate
loans at large U.S. money center commercial banks as published by the Wall
Street Journal), from the date that payment(s) to the Employee should have been
made under this Agreement.

       22.    Miscellaneous.  No provision of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by the Employee and such officer as may be specifically
designated by the Board.  No waiver by either party hereto at any time of any
breach by the other party hereto of, or compliance with, any condition or
provision of this Agreement to be performed by such other party shall be deemed
a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time.  No agreements or representations, oral or otherwise,
express or implied, with respect to the subject matter hereof have been made by
either party which are not expressly set forth in this Agreement and this
agreement shall supersede any prior understanding or agreement either written or
oral, will respect to the subject matter hereto.  The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of
the State of California without regard to its

                                     -13-
<PAGE>

conflicts of law principles.  All references to sections of the Exchange Act
or the Code shall be deemed also to refer to any successor provisions to such
sections.

       Any payments provided for hereunder shall be paid net of any applicable
withholding required under federal, state or local law.  The obligations of the
Company under Section 12 and Section 20 and the obligations of the Employee
under Section 14 and Section 20 shall survive the expiration of the Term of this
Agreement.

       IN WITNESS WHEREOF, each of the parties hereto has executed this
Agreement on the date first indicated above.

ATTEST:                                          IHOP CORP.

___________________________             By:________________________________
Mark D. Weisberger                      Richard K. Herzer
Secretary                               President

                                        EMPLOYEE:

                                        ___________________________________
                                        Robin L. Elledge

                                     -14-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00012-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00012-of-00352.parquet"}]]