Document:

EXHIBIT 10.2

 

 

March 14,
2008

 

«Name»

«Address1»

«Address2»

«Address3»

«Address4»

 

Dear
Participant:

 

Congratulations.  On February 26, 2008, the Compensation
Committee of our Board of Directors granted you the following stock option and
performance-vesting share units.

 

	
   

  	
  Stock
  Option Award:

  	
  «Option_Shares»

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Target
  PVS Units:

  	
  «PVS»

  	
   

  

 

The
awards were made under the terms of our 2007 Omnibus Incentive Compensation
Plan.  We have attached a summary of the
terms of your awards.  Please read it
carefully.

 

I
am pleased that you are a participant in this long-term incentive compensation
program and trust that your participation will be beneficial to both you and
the Company.

 

	
  Sincerely,

  
	
   

  
	
  

  
	
   

  
	
  Enclosure

  

 

 

Summary
of Your Stock Options

 

What is a stock option?

 

A
stock option is the right to purchase a fixed number of shares at a set
exercise price.  The option granted by
this award is a non-qualified stock option. 
The stock option gains value when the price of our common stock exceeds
the exercise price.

 

How many shares may I purchase and what is the price?

 

The
number of shares you may purchase and the exercise price are as follows:

 

	
  Exercise Price

  	
   

  	
  Total shares that may

  be purchased upon

  exercise

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  $

  	
  41.70

  	
   

  	
  «Option_Shares»

  	
   

  
					

 

May I purchase the shares immediately?

 

No. 
So long as your employment with us continues, 25% of your option becomes
exercisable – or “vests” – each year for the first four years following the
grant date.  At the end of the four-year
period, you may exercise the entire option. 
The following chart shows when and what portion of your option becomes
exercisable.

 

	
  Date

  	
   

  	
  Portion of the option

  that becomes exercisable

  	
   

  
	
  February 26, 2008 (grant date)

  	
   

  	
  0

  	
  %

  
	
  February 26, 2009

  	
   

  	
  25

  	
  %

  
	
  February 26, 2010

  	
   

  	
  50

  	
  %

  
	
  February 26, 2011

  	
   

  	
  75

  	
  %

  
	
  February 26, 2012 and thereafter

  	
   

  	
  100

  	
  %

  

 

However,
in no event will your option be exercisable after the Expiration Date.

 

When will my option expire?

 

The
option expires on February 26, 2018, which will be referred to as the “Expiration
Date.”  This means that once it becomes
exercisable, the option may be exercised until February 25,
2018.  In addition,

 

·        if you
die, the option will remain exercisable for one year from your date of death;

 

·        if your
employment terminates for any reason other than retirement, disability, death
or removal for cause, the option will expire on 90 days after the termination
date;

 

2

 

·        if we
terminate your employment for cause, the option will expire on the commencement
of business on your date of termination.

 

How do I exercise my stock option?

 

There
are four ways to exercise a stock option.

 

·        Cash.  You
write a check to the Company for the exercise price, plus any applicable
withholding taxes.

 

·        Already
owned shares.  You may deliver (or have the Company
withhold) shares of common stock you own with a fair market value equal to the
exercise price, plus any applicable withholding taxes.

 

·        Combination
of shares and cash.  You may use a combination of cash and stock.

 

·        Reduction
of proceeds.  With the consent of the Committee, you may
elect to have shares you would otherwise receive upon the exercise reduced by
an amount equal to the total exercise cost divided by the fair market value of
the shares at the time of your exercise. 
In effect, you would receive the “net” shares otherwise due you after
deducting for the exercise cost, plus applicable withholding taxes.

 

Enclosed
with this award is an Information Sheet about Computershare, the Company’s
stock plan administrator.  This contains
important additional information about how to exercise your Options.  Please review it carefully.

 

When do I have to pay for the exercise?

 

The
full exercise price and applicable taxes must be paid within three days of
exercise.

 

Are there any other restrictions on my ability to exercise my option?

 

All
option exercise transactions by West’s officers who are subject to Section 16
of the Securities and Exchange Act of 1934 must comply with the restrictions
contained in our Securities Trading Policy, including review by and written
pre-approval of our General Counsel.

 

Are there circumstances that would lead to a forfeiture of my award?

 

Yes,
in certain situations you must give up amounts you receive as a result of the
option you exercise.  These situations
are described below.

 

If
within (i) the term of the option or (ii) within 3 months following
termination of employment or (iii) within 3 months after you exercise any
portion of the option, whichever is the latest, you directly or indirectly
engage in conduct deemed to be any activity in competition with any activity of
the Company, or inimical, contrary or harmful to, or not in the best interests
of, the Company or if you fail to comply with any of the terms and conditions
of the Plan or this award (unless the failure is remedied within ten days after
having been notified of such failure), then any and all rights to exercise this
option will terminate and you must pay us an amount equal to any gain realized
by you from exercising all or any portion of this option.

 

3

 

We
may also deduct from any amounts we owe you, such as amounts owed as wages or
other compensation, fringe benefits, or vacation paid.  Whether or not we elect to make any deduction,
if we do not recover the full amount you owe, you agree to pay us immediately
the unpaid balance.  By agreeing to
accept this award, you consent to our right to make these deductions.

 

Are there any other things I should be aware of?

 

This
is a summary of the terms of your stock option award.  Your award is subject to the terms of
the 2007 Omnibus Incentive Compensation Plan. This award is being delivered with an Information Statement, which
gives additional information about your award and the 2007 Omnibus Incentive
Compensation Plan under which it was granted. 
We encourage you to read the Information Statement.  Additional terms and conditions may apply to
your award under the terms of the Omnibus Plan.

 

4

 

Summary
of Your Performance-Vesting Share Unit Award

 

What is a performance-vesting share unit?

 

A
PVS Unit award represents the conditional right to receive a distribution of
shares.  The number of shares you will
receive depends on how well the Company’s actual performance compares to
specified performance goals at the end of the performance period.

 

What are the performance goals?

 

The
performance levels are based on two equally weighted performance measures.  The two measures of Company performance are:

 

·        Average
return on invested capital – also called “ROIC” – is measured by dividing the
average of the Company’s net operating profit (without regard to taxes) over
the performance period by the average outstanding equity plus debt over that
period.

 

·        Compounded
annual revenue growth – also called “CAGR” – is the compound annual growth rate
in net sales for the Company over the same period.

 

What is the performance period?

 

The
Company’s performance against the goals is measured over a three-year period
that begins January 1, 2008 and ends December 31, 2010 (“Performance
Period VII”).

 

Your
target PVS Units award presented on the first page of this letter  is the number of shares of West Common Stock that you would
receive if the Company obtains 100% of both of the ROIC and CAGR performance
targets.  Additional shares of Common
Stock will be distributable under this PVS award if actual performance exceeds
the target performance level, and fewer shares of Common Stock will be
distributable if actual performance falls short of the target performance
level.  No shares of  Common
Stock  will be paid out  if
actual performance falls below the minimum acceptable level.

 

The following table shows
the performance targets for CAGR and Average ROIC and the corresponding PVS
Units payouts for Performance Period
VII.

 

	
   

  	
   

  	
  CAGR

  	
   

  	
  Average ROIC

  	
   

  
	
   

  	
   

  	
  (applies to 50% of PVS Units)

  	
   

  	
  (applies to 50% of PVS Units)

  	
   

  
	
  Performance Range

  	
   

  	
  Performance

  	
   

  	
  Payout

  	
   

  	
  Performance

  	
   

  	
  Payout

  	
   

  
	
  Maximum:

  	
  150

  	
  %

  	
  15

  	
  %

  	
  200

  	
  %

  	
  15

  	
  %

  	
  200

  	
  %

  
	
   

  	
  125

  	
  %

  	
  12.5

  	
  %

  	
  150

  	
  %

  	
  12.5

  	
  %

  	
  150

  	
  %

  
	
   

  	
  110

  	
  %

  	
  11

  	
  %

  	
  120

  	
  %

  	
  11

  	
  %

  	
  120

  	
  %

  
	
  Target:

  	
  100

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  
	
   

  	
  85

  	
  %

  	
  8.5

  	
  %

  	
  75

  	
  %

  	
  8.5

  	
  %

  	
  75

  	
  %

  
	
  Threshold:

  	
  70

  	
  %

  	
  7.0

  	
  %

  	
  50

  	
  %

  	
  7.0

  	
  %

  	
  50

  	
  %

  
	
  Less than 70%:

  	
   

  	
   

  	
  Less than 7.0

  	
  %

  	
  -0-

  	
   

  	
  Less than 70

  	
  %

  	
  -0-

  	
   

  

 

If
actual CAGR or ROIC falls between any of the performance range percentages
above, the payout for that portion of your PVS Units will be determined by
applying a mathematical formula 

 

5

 

to
estimate the value based on the two nearest percentages.  For more information on the calculation,
please see below.

 

Can my award be changed?

 

Yes,
the Committee can change or revise the targets as it considers
appropriate.  In the event of
acquisitions or divestitures the Committee will on a case-by-case basis determine
the necessity to change or revise the performance targets.

 

When will I know how many shares I am eligible to receive?

 

The
shares will be distributed to you in early 2011 after the ROIC and CAGR for the
performance period are calculated. This will be done by the Compensation
Committee after review of the Company’s audited financial statements.

 

Will I receive dividends on my PVS Units?

 

During
the Performance Period, your account will be credited with additional PVS Units
as if the target PVS Units award had been reinvested in dividends paid on
Common Stock during the period.  At the
end of the Performance Period, you may receive additional shares of Common
Stock equal to the amount of PVS Units credited through this
dividend-reinvestment feature.  If
performance falls below the target levels, you may forfeit some or all of these
PVS Units.

 

May I defer receipt of my shares?

 

Yes.  Delivery of shares upon payout may be
deferred under the Deferred Compensation Plan for eligible participants in
certain countries.  If you are eligible,
you will receive details on this deferral opportunity before the end of each
Performance Period.  You may similarly
defer receipt of additional shares you would otherwise receive due to the
deemed dividend reinvestment feature.

 

Are there circumstances under which my right to receive shares would
terminate?

 

You will not be entitled to receive a
distribution with respect to any PVS Units granted by this award if:

 

1.                     Your
employment terminates for any reason before the end of Performance Period ; or

 

2.                     If
at any time during your employment or within 3 months following termination of
your employment, you directly or indirectly engage in activity harmful to, or
not in the best interest of, the Company. 
Such activity includes, without limitation:

 

·        conduct
related to your employment for which either criminal or civil penalties against
you may be sought;

 

·        acquisition
of a direct or indirect interest or an option to acquire such an interest in
any person or entity engaged in competition with the Company’s business (other
than an interest of not more than 5 percent of the outstanding stock of any
publicly traded company);

 

6

 

·        accepting
employment with or serving as a director, officer, employee or consultant of,
or furnishing information to, or otherwise facilitating the efforts of, any
person or entity engaged in competition with the Company’s business;

 

·        soliciting,
employing, interfering with, or attempting to entice away from the Company any
employee who has been employed by the Company in an executive or supervisory
capacity within one year before such solicitation, employment, interference or
enticement;

 

·        violation
of Company policies, including the Company’s insider-trading policy; or

 

·        using
for yourself or others, or disclosing to others, any confidential or
proprietary information of the Company in contravention of any Company policy
or agreement.

 

Are
there any other things I should be aware of?

 

This is summary of your PVS Unit award. 
Your award is subject to the terms of the 2007 Omnibus Incentive
Compensation Plan.   This award is being
delivered with an Information Statement, which gives additional information
about your award and the 2007 Omnibus Incentive Compensation Plan under which
it is granted.  We encourage you to read
the Information Statement.  Additional
terms and conditions may apply to your award under the terms of the Plan.

 

7Exhibit 10.1

 

THE EQUITY RESIDENTIAL

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

AS AMENDED AND RESTATED

EFFECTIVE JANUARY 1, 2008

 

 

Table of Contents

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE 1

  	
  INTRODUCTION

  	
  1

  
	
  1.1

  	
  Purpose of Plan

  	
  1

  
	
  1.2

  	
  Status of Plan

  	
  1

  
	
  1.3

  	
  Good Faith Compliance

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2

  	
  DEFINITIONS

  	
  2

  
	
  2.1

  	
  Account

  	
  2

  
	
  2.2

  	
  Code

  	
  2

  
	
  2.3

  	
  Compensation

  	
  2

  
	
  2.4

  	
  Elective Deferral

  	
  2

  
	
  2.5

  	
  Eligible Employee

  	
  3

  
	
  2.6

  	
  Eligible Trustee

  	
  3

  
	
  2.7

  	
  Employer

  	
  3

  
	
  2.8

  	
  Enrollment Form

  	
  3

  
	
  2.9

  	
  Entry Date

  	
  3

  
	
  2.10

  	
  EQR

  	
  3

  
	
  2.11

  	
  ERISA

  	
  3

  
	
  2.12

  	
  Extended Company

  	
  4

  
	
  2.13

  	
  Funding Trust

  	
  4

  
	
  2.14

  	
  Funding Trustee

  	
  4

  
	
  2.15

  	
  Participant

  	
  4

  
	
  2.16

  	
  Plan

  	
  4

  
	
  2.17

  	
  Plan Administrator

  	
  4

  
	
  2.18

  	
  Plan Year

  	
  5

  
	
  2.19

  	
  Restricted Share

  	
  5

  
	
  2.20

  	
  Separation from Service

  	
  5

  
	
  2.21

  	
  Share

  	
  5

  
	
  2.22

  	
  Share Appreciation Right

  	
  5

  
	
  2.23

  	
  Share Deferral

  	
  5

  
	
  2.24

  	
  Specified Employee

  	
  6

  
	
  2.25

  	
  Unforeseeable Emergency

  	
  6

  

 

-i-

 

Table of Contents

(Continued)

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  2.26

  	
  Unrestricted Share

  	
  6

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3

  	
  PARTICIPATION

  	
  6

  
	
  3.1

  	
  Satisfaction of Eligibility Requirements

  	
  6

  
	
  3.2

  	
  Commencement of Participation

  	
  7

  
	
  3.3

  	
  Continued Participation

  	
  7

  
	
  3.4

  	
  Suspension of Participation

  	
  7

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4

  	
  ELECTIVE AND SHARE
  DEFERRALS

  	
  8

  
	
  4.1

  	
  Elective Deferrals

  	
  8

  
	
  4.2

  	
  Share Deferrals

  	
  10

  
	
  4.3

  	
  Enrollment Forms

  	
  11

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5

  	
  ACCOUNTS

  	
  11

  
	
  5.1

  	
  Accounts

  	
  11

  
	
  5.2

  	
  Investments

  	
  12

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6

  	
  VESTING

  	
  13

  
	
  6.1

  	
  General

  	
  13

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7

  	
  PAYMENTS

  	
  14

  
	
  7.1

  	
  Election as to Time and Form of Payment

  	
  14

  
	
  7.2

  	
  Separation from Service

  	
  16

  
	
  7.3

  	
  Death

  	
  16

  
	
  7.4

  	
  Withdrawal Due to Unforeseeable Emergency

  	
  17

  
	
  7.5

  	
  Taxes

  	
  18

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8

  	
  PLAN ADMINISTRATOR

  	
  18

  
	
  8.1

  	
  Plan Administration and Interpretation

  	
  18

  
	
  8.2

  	
  Powers, Duties, Procedures, Etc

  	
  19

  
	
  8.3

  	
  Information

  	
  19

  
	
  8.4

  	
  Indemnification of Plan Administrator

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE 9

  	
  CLAIMS PROCEDURES

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE 10

  	
  AMENDMENT AND
  TERMINATION

  	
  21

  
	
  10.1

  	
  Amendment

  	
  21

  
	
  10.2

  	
  Termination of Plan

  	
  21

  

 

-ii-

 

Table of Contents

(Continued)

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  10.3

  	
  Existing Rights

  	
  22

  
	
  10.4

  	
  409A

  	
  22

  
	
   

  	
   

  	
   

  
	
  ARTICLE 11

  	
  MISCELLANEOUS

  	
  23

  
	
  11.1

  	
  No Funding

  	
  23

  
	
  11.2

  	
  Non-assignability

  	
  23

  
	
  11.3

  	
  Limitation of Participant’s Rights

  	
  23

  
	
  11.4

  	
  Participants Bound

  	
  24

  
	
  11.5

  	
  Receipt and Release

  	
  24

  
	
  11.6

  	
  Governing Law

  	
  24

  
	
  11.7

  	
  Headings and Subheadings

  	
  25

  

 

-iii-

 

ARTICLE 1

 

INTRODUCTION

 

1.1                               Purpose of Plan

 

EQR
initially adopted the Plan to provide a means by which certain employees could
elect to defer receipt of portions of their Compensation and to provide
opportunities for such individuals to save for retirement.  This Plan shall apply to amounts which were
not earned and vested as of December 31, 2004 and are therefore subject to
Code Section 409A.  Amounts which
are earned and vested as of December 31, 2004 shall remain subject to the
terms of a separate plan, the Equity Residential Grandfathered Supplemental
Executive Retirement Plan.

 

1.2                               Status of Plan

 

Except
with respect to the participation of trustees, it is intended that the Plan be “a
plan which is unfunded
and is maintained by an employer primarily for the purpose of providing
deferred compensation for a select group of management or highly compensated
employees” within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of
ERISA, and that the Plan be interpreted and administered consistent with that
intent.  The Plan is also intended to
comply in all respects with Code Section 409A and it is intended that the
Plan be interpreted consistent with that intent.

 

1.3                               Good Faith Compliance.

 

Notwithstanding
anything in this Plan to the contrary, EQR may permit a Participant to take an
action prior to December 31, 2008 that violates the provision of this Plan
so long as such action is either:  (i) permitted
under the transitional rules contained in Treasury Regulations and 

 

1

 

other guidance issued pursuant to Code Section 409A,
or (ii) is otherwise consistent with a reasonable good faith
interpretation of Code Section 409A.

 

ARTICLE 2

 

DEFINITIONS

 

Wherever
used herein, the following terms have the meanings set forth below, unless a
different meaning is clearly required by the context:

 

2.1                               Account  means, for each Participant, the account established
for his or her benefit under Section 5.1.

 

2.2                               Code 
means the Internal Revenue Code of 1986, as amended from time to
time.  Reference to any section or
subsection of the Code includes reference to any comparable or succeeding
provisions of any legislation which amends, supplements or replaces such
section or subsection.

 

2.3                               Compensation  means cash compensation payable by an Employer
(before deductions) for service performed for the
Employer that currently would be includable in gross income and may consist of
either the Participant’s (i) salary, (ii) commissions, and/or (iii) incentive pay.  In the case of an Eligible Trustee, “Compensation”
means all cash remuneration
otherwise payable to him or her for service as a member of the Board of
Trustees, including but not limited to any retainer and committee or chair
fees.

 

2.4                               Elective Deferral 
means the portion of Compensation which is deferred
by a Participant under Section 4.1.

 

2

 

2.5                               Eligible Employee  means an employee of an Employer whose annual base
salary on an Entry Date is not less than the threshold for determining whether
the employee is a highly compensated employee under Code Section 414(q).

 

2.6                               Eligible Trustee  means, on any Entry Date, a member of the Board of
Trustees of EQR who is not an employee of EQR.

 

2.7                               Employer  means Equity Residential, Equity Residential Properties Management
Limited Partnership, Equity Residential Properties Management Limited
Partnership II, Equity Residential Properties Management Corp. and each other
entity that is affiliated with EQR and that adopts the Plan with the consent of
EQR.

 

2.8                               Enrollment Form   means the
document or documents prescribed by the Plan Administrator and pursuant to
which a Participant may make elections to defer Compensation and/or defer
income with respect to Unrestricted Shares, Restricted Shares or Share
Appreciation Rights, and related elections, hereunder.

 

2.9                               Entry Date  means (i) the January 1, April 1, July 1 and October 1
(or such other date as is determined by the Plan Administrator with respect to
a Participant) after an individual first becomes an Eligible Employee or an
Eligible Trustee (the “Initial Entry Date”); or (ii) the beginning of any
Plan Year after the Participant’s Initial Entry Date.

 

2.10                        EQR  means
Equity Residential, and any successor thereto.

 

2.11                        ERISA  means the Employee Retirement Income Security Act of 1974, as amended
from time to time.  Reference to any
section or subsection of ERISA includes reference  

 

3

 

to any
comparable or succeeding provisions of any legislation that amends, supplements
or replaces such section or subsection.

 

2.12                        Extended Company  means an
Employer and any other entity so designated by the Plan Administrator, but only
if such other entity maintains a non-qualified deferred compensation
arrangement that provides that if an employee terminates his or her employment
with the entity and immediately accepts a position with EQR, his or her
employment is not treated as having terminated for purposes of distributions
under such arrangement.  The Plan Administrator may change the entities designated as Extended Companies
from time to time as it deems appropriate. 
For purposes of determining whether a Participant has had a Separation
from Service, the term “Extended Company” shall include all entities which must
be aggregated when determining whether a participant has had a Separation from
Service under Code Section 409A.

 

2.13                        Funding Trust 
means the grantor trust established by EQR to hold
assets contributed under the Plan.

 

2.14                        Funding Trustee  means the trustee
or trustees under the Funding Trust.

 

2.15                        Participant 
means any individual who participates in the Plan
in accordance with Article 3.

 

2.16                        Plan  means The Equity Residential Supplemental Executive Retirement Plan as
amended and restated herein, and as further amended from time to time.

 

2.17                        Plan Administrator 
means the Senior Vice President, Human Resources,
or such other person, persons or entity designated by EQR to administer the
Plan and to serve as the agent for the settlor of the Funding Trust as
contemplated by the agreement establishing the 

 

4

 

Funding Trust.  If no such person or entity is so serving at
any time, EQR shall be the Plan Administrator.

 

2.18                        Plan Year  means the
12-month period ending on December 31.

 

2.19                        Restricted Share 
means a Share that is subject to a substantial risk
of forfeiture for
purposes of Section 83 of the Code.

 

2.20                        Separation from Service  means, with respect to an Eligible Employee,
a termination of employment and with respect to an Eligible Trustee means the
complete termination of services as a trustee. 
Whether a termination of employment has occurred with respect to an
Eligible Employee is based on whether the facts and circumstances indicate that
no further services be will performed for the Extended Company after a certain
date or that the level of bona fide services that the employee would perform
after such date (whether as an employee or independent contractor) would
permanently decrease to no more than 20 percent of the average level of bona
fide services performed (whether as an employee or as an independent
contractor) over the immediately preceding 36-month period (or the full period
of services to the employer if the employee has been providing services to the
employer for less than 36 months).

 

2.21                        Share  means a
share of beneficial interest, par value $.01 per share, of EQR.

 

2.22                        Share Appreciation Right  means a right to share in the appreciation of Shares
granted by EQR.

 

2.23                        Share Deferral 
means the portion of a Share or Share Appreciation
Right deferred by a Participant under Section 4.2.

 

5

 

2.24                        Specified Employee   means a service provider to the Extended
Company who, was a key employee (within the meaning of Code Section 416(i)(1)(A)(i),
(ii) or (iii)) with respect to the Extended Company at any time during the
12-month period ending as of the previous December 31.

 

2.25                        Unforeseeable Emergency 
means a severe financial hardship to the Participant
resulting from any of the following:

 

(a)                         an illness or accident of the Participant, the Participant’s spouse,
the Participant’s beneficiary, or the Participant’s dependent (as defined in
Code Section 152, without regard to Section 152(b)(1), (b)(2) and
(d)(1)(B)).

 

(b)                        loss of the Participant’s property due to casualty; or

 

(c)                         any other similar extraordinary and unforeseeable circumstances arising
as a result of events beyond the control of the Participant.

 

2.26                        Unrestricted Share 
means a Share that is subject to Section 83 of
the Code and is not subject to a substantial risk of forfeiture.

 

ARTICLE 3

 

PARTICIPATION

 

3.1                               Satisfaction of Eligibility Requirements

 

Prior
to each Entry Date, the Plan Administrator shall determine in its discretion the
identity of those Eligible Employees and Eligible Trustees who may commence or
continue their participation in the Plan as of such Entry Date.  The Plan Administrator will notify Eligible
Employees and Eligible Trustees of their eligibility to participate in the Plan
and provide them with an Enrollment Form. 
If the Plan Administrator determines that a Participant currently 

 

6

 

making
Elective Deferrals or Share Deferrals is not eligible to participate in the
Plan as of an upcoming Entry Date because he or she no longer satisfies the
eligibility requirements described in Section 2.5 or 2.6 (as applicable), the Participant will be subject to a
suspension of participation as described in Section 3.4 below.

 

3.2                               Commencement of Participation

 

An
Eligible Employee or Eligible Trustee shall become a Participant in the Plan on
the first date as of
which an Elective Deferral or Share Deferral is credited to his or her Account.

 

3.3                               Continued Participation

 

A
Participant in the Plan shall continue to be a Participant so long as any
amount remains credited to his or her Account.

 

3.4                               Suspension of Participation

 

If,
pursuant to Section 3.1, the Plan Administrator determines that an active
Participant no longer satisfies the eligibility requirements of Section 2.5
or 2.6 (as applicable), the Participant’s Elective Deferrals and Share
Deferrals currently in effect shall continue. 
The Participant shall not be permitted to make deferrals for any
subsequent Plan until the Plan Administrator, pursuant to Section 3.1,
determines that the Participant again satisfies the eligibility requirements of
Section 2.5 or 2.6 (as applicable). 
In such case, the Plan Administrator shall notify the Participant, and
the Participant shall be permitted to resume active participation in the Plan
as of the beginning of the next Plan Year in accordance with Article 4.

 

7

 

ARTICLE
4

 

ELECTIVE
AND SHARE DEFERRALS

 

4.1          Elective Deferrals

 

(a)        An
individual who is an Eligible Employee or Eligible Trustee may elect to defer
receipt of a whole percentage or whole dollar amount of up to 25% (or 100% in
the case of an Eligible Trustee) of the Compensation (exclusive of any bonus)
otherwise payable to him or her, on and after a subsequent Entry Date for the
applicable Plan Year.  In addition,
subject to the provisions of subsection (b) (iii) below, an Eligible
Employee may elect to defer up to 100% of any incentive pay Compensation
payable during a Plan Year.  For purposes
of the foregoing, the Elective Deferral of each Eligible Employee will equal
the greater of (i) the elected percentage of his or her Compensation or
elected dollar amount, as the case may be; or (ii) the entire amount of
his or her Compensation remaining after (A) all contributions that the
Eligible Employee has elected to make under all other retirement and welfare
benefit plans maintained by his or her Employer have been deducted from his or
her Compensation, and (B) deductions from Compensation required by law,
including Social Security and Medicare taxes. 
An Eligible Employee or Eligible Trustee who desires to elect such a
deferral shall complete and file an Enrollment Form with the Plan
Administrator.

 

(b)        Each
Enrollment Form shall be effective as described in clauses (i) or (ii) below.

 

(i)            An Enrollment Form with
respect to salary and commissions paid from and
after the Entry Date shall be filed on or before a deadline

 

8

 

established by the Plan Administrator, but in no event later than the date that precedes such Entry Date.

 

(ii)           Notwithstanding clause (i) in
the case of a Participant’s Initial Entry Date, the Enrollment Form will
be effective with respect to salary and commissions received for services
preferred after the Enrollment Form is filed, if it is filed within 30
days after the Participant’s Initial Entry Date.

 

(iii)          An Enrollment Form with
respect to incentive pay which is performance based compensation, within the
meaning of Treas. Reg. 1.409A-1(e), shall be filed on or before July 1 of
the Plan Year in which the incentive pay is earned.  An enrollment form with respect to incentive
pay which is not performance based compensation, within the meaning of Treas.
Reg. 1.409A-1(e), shall be filed on or before January 1 of the Plan Year
in which the incentive pay is earned.

 

(c)        Except as provided in Section 4.1(b)(ii), each Enrollment Form shall
be effective for all Compensation to be paid to the Participant filing such
Enrollment Form from and after the Entry Date to which such Enrollment Form applies.  An election to defer salary or commissions
also shall apply from and after subsequent Entry Dates unless changed as
provided herein, or until such time (if any) that the Participant is suspended
from the Plan, as provided under Section 3.4.

 

9

 

4.2          Share Deferrals

 

(a)        An
individual who is an Eligible Employee and who has received (or is to receive)
a Restricted Share or Share Appreciation Right or is to receive an Unrestricted
Share may elect to defer (i) with respect to a Restricted Share, the
ownership of the Share when it is an Unrestricted Share; (ii) with respect
to an Unrestricted Share, the ownership of the Unrestricted Share; or (iii) with
respect to a Share Appreciation Right, the ownership of the Shares or other
proceeds of an exercise thereof.  An
Eligible Employee who desires to elect a Share Deferral shall complete and file
an Enrollment Form with the Plan Administrator.

 

(b)        An election
pursuant to paragraph (a) must be made prior to the later of: (i) the
beginning of the calendar year for which the Unrestricted Share, Restricted
Share or Share Appreciation Right is granted; or (ii) within 30 days of
the grant of the Restricted Share or Share Appreciation Right, if the
Restricted Share or Share Appreciation Right continues to be subject to a
forfeiture condition for at least one year after the date of the election.  Deferrals will only be effective if the
individual making the election is still an Eligible Employee or Eligible
Trustee on (i) in the case of a deferral of a Restricted Share, the date
such Share would become an Unrestricted Share; or (ii) in the case of a
deferral of a Share Appreciation Right, the date that a Share Appreciation
Right is exercised.

 

(c)        Notwithstanding the foregoing provisions of this Section 4.2, the
Funding Trustee shall not hold on behalf of a Participant any Unrestricted
Share, Restricted Share or Share Appreciation Right deferred by the Participant
in accordance with paragraph (a) above. 
Instead, the Funding Trustee shall credit to the Participant’s Account
an amount equal to (i) in the case of an Unrestricted Share or Restricted
Share, the number of Share Units equal to the number of 

 

10

 

Shares that
would otherwise be received by the Participant on the award of the Unrestricted
Shares or the vesting of the Restricted Shares; and (ii) in the case of a
Share Appreciation Right, the excess of the fair market value of the underlying
Shares over the exercise or base price thereof on the date of exercise.

 

4.3          Enrollment Forms

 

All
Enrollment Forms filed pursuant to Article 4 shall be irrevocable (i) with
respect to Elective Deferrals
under Section 4.1, except as provided therein; and (ii) for Share
Deferrals under Section 4.2, with respect to
the Unrestricted Share, Restricted Share or Share Appreciation Right subject thereto.  Notwithstanding the foregoing, if a
Participant incurs an Unforeseeable Emergency, he or she revoke his or her
Enrollment Form (but only to the extent reasonably needed to relieve the
Unforeseeable Emergency)
and only prospectively.

 

ARTICLE 5

 

ACCOUNTS

 

5.1          Accounts

 

The
Plan Administrator shall establish an Account for each Participant reflecting
Elective Deferrals and Share Deferrals credited to the Participant’s benefit
together with any adjustments for income, gain or loss and any payments from the Account. 
Elective Deferrals will be credited to the Account of each applicable
Participant as of the later of the date they are received by the Funding
Trustee or the date the Funding Trustee receives from the Plan Administrator
such instructions
as the Funding Trustee may reasonably require to
allocate the amount received among the investments maintained by the Funding
Trustee.  Share Deferrals will be
credited to the Account of the Participant on the date of an award of an
Unrestricted Share, on the date a 

 

11

 

Restricted
Share becomes an Unrestricted Share and on the date the Share Appreciation
Rights are exercised.  As soon as practicable following the last business
day of each calendar quarter, the Plan Administrator (or its designee) shall
provide the Participant with a statement of such Participant’s Account
reflecting the income, gains and losses (realized and unrealized), amounts of
deferrals and distributions with respect to such Account since the prior
statement.

 

5.2          Investments

 

(a)        The assets of the Funding Trust shall be invested in
such investments, including Shares, as the Funding Trustee shall
determine.  The Funding Trustee may (but
is not required to) consider the Employer’s or a Participant’s investment
preferences when investing the assets attributable to a Participant’s Account.

 

(b)        EQR may, at its discretion, provide the Funding
Trustee with the opportunity to purchase Shares at a discounted price on behalf
of one (1) or more Eligible Employees and/or Eligible Trustees, subject to
conditions established by EQR (which may include the condition that any such
Eligible Employee has surrendered other similar opportunities to purchase
Shares).  If the Employer provides such
opportunity, it will either sell such common Shares
directly to the Funding Trustee or make cash contributions as necessary to
permit the Funding Trustee to buy such Shares on the open market or from other
sources.  The Plan Administrator may
impose restrictions on the purchase of Shares in accordance with the Securities
Act of 1933, the Securities Exchange Act of 1934 or any other applicable
law.  Shares may be purchased at a
discounted price (or considered purchased at a discounted price) on a
Participant’s request pursuant to this Section on a quarterly basis.

 

12

 

(c)        Subject to paragraph (a) above, a Participant may request that the
Funding Trustee hold mutual funds (load or
no-load) in such Participant’s Account.

 

(d)        Expense charges for transactions performed for each Participant’s
Account shall be paid from each respective Account and will be listed on the
quarterly statement for
such Account.  Other Plan charges and
administrative expenses will be paid by the Employer.

 

(e)        Notwithstanding
anything in this Plan to the contrary, no Participant’s investments in Shares
shall be increased or decreased through the discretionary action of a
Participant or the Funding Trustee during either:

 

(i)            lockout periods established
by EQR in connection with the quarterly release of earnings results; or

 

(ii)           blackout periods (periods
during which Participants may not provide investment direction, other than
lockout periods established by EQR in connection with the quarterly release of earnings
results) with respect to the Equity Residential Advantage Retirement Savings
Plan.

 

ARTICLE
6

 

VESTING

 

6.1          General

 

A
Participant shall at all times have a fully vested and non-forfeitable right to
all Elective Deferrals and Share Deferrals credited to his or her Account,
adjusted for income, gain and loss attributable thereto.

 

13

 

A Participant shall at all times have a fully
vested and non-forfeitable right to all Share Deferrals credited to his or her
account and attributable to Share Appreciation Rights when such Share
Appreciation Rights become vested under the terms of the Plan under which they
were granted.

 

ARTICLE 7

 

PAYMENTS

 

7.1          Election as to Time and Form of
Payment

 

(a)        Subject to
the limitations of this Article 7, a Participant may specify on the
Participant’s initial Enrollment Form the distribution date at which the
Participant’s Account will be paid or commence to be paid to the
Participant.  Such commencement date may
be the Participant’s Separation from Service or any January 1 following
the Participants Separation from Service.

 

(b)        The
Participant’s election under this Section 7.1 may provide for payments to
be made in the form of:

 

(i)            A single lump-sum payment;

 

(ii)           Annual installments over a
period elected by the Participant of up to ten (10) years, the amount of
each installment to equal the then balance of the Account divided by the number
of installments remaining to be paid; or

 

(iii)          a combination of (i) and
(ii).

 

14

 

All
distributions must be completed within ten (10) years of the Participant’s
Separation from Service.

 

(c)        A
Participant may change a date and/or form elected for distribution pursuant to
paragraphs (a) and (b); provided that (i) the change is filed with
the Plan Administrator at least one year before the date on which the previously
elected distribution date occurs; (ii) the new distribution date and/or
form does not take effect for a year after the new election is made; and (iii) the
first distribution under the new election occurs no earlier than 5 years after
the date on which the distribution would otherwise have occurred.

 

(d)        Except as
provided in Sections 7.2, 7.3 and 7.4, payments from a Participant’s Account
shall be made in accordance with the Participant’s elections under this Section 7.1.  If no election is made by a Participant with
respect to all or a part of a Participant’s Deferrals, or an election is
invalid, distribution shall be made in a single lump sum upon the termination
of the Participant’s employment.

 

(e)        Payments
from a Participant’s Account shall be in cash or in kind (comprising assets of
the Funding Trust), as determined by the Funding Trustee.  The Funding Trustee may (but is not required
to) consider the Employer’s or a Participant’s preferences when determining the
form in which payment is made from the Participant’s Account.

 

(f)         Notwithstanding
any provision of this Plan to the contrary, no payments to a Specified Employee
shall be made during the 6 months after such Specified Employee’s Separation
from Service unless the Separation from service is due to death.  Any payments deferred pursuant to this Section 7.1(f) shall
be paid immediately following the end of such 6 month period

 

15

 

(g)        Notwithstanding
any provision in this Plan to the contrary, if the Participant’s Account is
less than the applicable dollar amount under Code Section 402(g) at
the time of the Participant’s Separation from Service, the Participant shall
receive the value of his Account in the form of a lump sum distribution.

 

(h)        All
Participants will be provided with a one time opportunity, pursuant to the
transitional rules issued by the IRS pursuant to Code Section 409A,
to change the form and timing of the distribution of their Accounts, including
the opportunity to receive a lump sum distribution of all or a part of their
deferrals through December 31, 2008, prior to December 31, 2008
without satisfying the requirements of Section 7.1(c).

 

7.2          Separation from Service

 

Upon a
Participant’s Separation from Service for any reason other than death, the
vested portion of the Participant’s Account shall be paid to the Participant
according to the Participant’s distribution election.  An Employer shall have the right to offset
against any payments made to a Participant under this Section 7.2 an
amount as is necessary to reimburse the Employer for liabilities or obligations
of the Participant to the Employer, including for amounts misappropriated by
the Participant.

 

7.3          Death

 

(a)        If a Participant dies prior to the complete distribution of his or her
Account, the vested portion of the Participant’s Account shall be paid to the
Participant’s designated beneficiary or beneficiaries, according to the
Participant’s distribution election.

 

16

 

(b)        A
Participant may designate a beneficiary by notifying the Plan Administrator in writing, at any time before
Participant’s death, on a form prescribed by the Plan Administrator for that
purpose.  A Participant may revoke any
beneficiary designation or designate a new beneficiary at any time without the
consent of a beneficiary or any other person. 
If no
beneficiary is designated or no designated beneficiary survives the
Participant, payment shall be made to the Participant’s surviving spouse, or,
if none, to the Participant’s issue per stirpes, in
a single payment.  If no spouse or issue
survives the Participant, payment shall be made in a single lump sum to the
Participant’s estate.

 

7.4          Withdrawal Due to Unforeseeable Emergency

 

If a
Participant experiences an Unforeseeable Emergency, the Plan Administrator, in
its sole discretion, may pay to the Participant only that portion, if any, of
the vested portion of such Participant’s Account which the Plan Administrator
determines is necessary to satisfy the emergency need, including any amounts
necessary to pay any federal, state or local income taxes reasonably anticipated to
result from the distribution.  A
Participant requesting an emergency payment shall apply for the payment in
writing using a form prescribed by the Plan Administrator for that purpose and shall
provide such additional information as the Plan Administrator may require.  A Participant receiving a withdrawal under
this Section 7.4 shall be suspended from making Elective
Deferrals under the Plan for the balance of the Plan Year of the withdrawal and
for the next following Plan Year.

 

17

 

7.5          Taxes

 

Income taxes and other taxes payable with
respect to an Account shall be deducted from such Account.  All federal, state or local taxes that the
Plan Administrator determines are required to be withheld from any payments
made pursuant to this Article 7 shall be withheld.

 

ARTICLE 8

PLAN ADMINISTRATOR

 

8.1          Plan Administration and Interpretation

 

The Plan Administrator shall oversee the
administration of the Plan. 
Notwithstanding any other provision of the Plan to the contrary, the
Plan Administrator shall have complete control and authority to determine the
rights and benefits and all claims, demands and actions arising out of the
provisions of the Plan of any Participant, beneficiary, deceased Participant,
or other person having or claiming to have any interest under the Plan.  The Plan Administrator shall have complete
discretion to interpret the Plan and to decide all matters under the Plan.  Such interpretation and
decision shall be final, conclusive and binding on
all Participants and any person claiming under or
through any Participant, in the absence of clear and convincing evidence that
the Plan Administrator acted arbitrarily and capriciously.  Any individual(s) serving as Plan
Administrator who is a Participant shall not vote or act on any matter relating
solely to himself or herself.  When
making a determination or calculation, the Plan Administrator shall be entitled
to rely on information furnished by a Participant, a beneficiary, the Employer
or the Funding Trustee.  The Plan
Administrator shall have the responsibility for complying with any reporting
and disclosure requirements of ERISA.

 

18

 

8.2          Powers, Duties, Procedures, Etc.

 

The Plan
Administrator shall have such powers and duties, may adopt such rules and
tables, may act in accordance with such procedures, may appoint such officers
or agents, may delegate such powers and duties, may receive such reimbursements
and compensation, may determine fees to be paid by Participants in connection
with Plan administration, and shall follow such claims and
appeal procedures with respect to the Plan as the Plan Administrator may
establish.

 

8.3          Information

 

To enable the Plan
Administrator to perform its functions, the Employer shall supply full and
timely information to the Plan Administrator on all matters relating to the
compensation of Participants, their employment, retirement, death, termination
of employment, and such other pertinent facts as the Plan Administrator may
require.

 

8.4         Indemnification of Plan Administrator

 

EQR agrees to
indemnify and to defend to the fullest extent permitted by law any officer(s) or
employee(s) who serve as Plan Administrator (including any such individual
who formerly served as Plan Administrator) against all liabilities, damages,
costs and expenses  (including reasonable attorneys’ fees and
amounts paid in settlement of any claims approved by EQR in
writing in advance) occasioned by any act or omission to act in connection with
the Plan, if such act or omission is in good faith.

 

19

 

ARTICLE 9

CLAIMS PROCEDURES

 

A Participant,
beneficiary or an authorized representative (a “claimant”) shall make all claims for benefits under the Plan in writing
addressed to the Administrator at the address of the Company.  Each claim shall be reviewed by the
Administrator within a reasonable time after it is submitted, but in no event
longer than ninety (90) days after it is received by the Administrator.  If a claim is wholly or partially denied, the
claimant shall be sent written notice of such fact.  If a decision on a claim cannot be rendered
by the Administrator within the ninety (90) day period, the Administrator may
extend the period in which to render the decision up to one hundred eighty
(180) days after receipt of the written claim. 
The denial notice, which shall be written in a manner calculated to be
understood by the claimant, shall contain (a) the specific reason(s) for
the adverse determination, (b) reference to the specific Plan provisions
on which the adverse determination is based, (c) a description of any
additional material information necessary for the claim to be granted and an
explanation of why such information is necessary, and (d) a description of
the Plan’s claim review procedures, the time limits under the procedures and a
statement regarding the claimant’s right to bring a civil action under Section 502(a) of
the Employee Retirement Income Security Act of 1974 (“ERISA”) following an
adverse benefit determination on appeal.

 

Within sixty (60)
days after receipt by the claimant of written notice of the denial, the
claimant or his duly authorized representative may appeal such denial by filing
a written application for review with the Administrator at the address of the
Company.  Each such application shall
state the grounds upon which the claimant seeks to have the claim
reviewed.  The claimant or his
representative may request access to all pertinent documents relative to the 

 

20

 

claim for the
purpose of preparing the application. 
The Administrator will then review the decision and notify the claimant
in writing of the result within sixty (60) days of receipt of the application
for review.  The sixty (60) day period
may be extended if specific circumstances require an extension of time for
processing, in which case the decision shall be rendered as soon as possible,
but no later than one hundred twenty (120) days after receipt of the
application for review.  The appeal
denial notice, which shall be written in a manner calculated to be understood
by the claimant, shall contain (a) the specific reason or reasons for the
adverse determination, (b) reference to the specific Plan provisions on
which the adverse determination is based, (c) a statement that the
claimant is entitled to receive, upon written request and free of charge,
access to and copies of all documents, records and other information relevant
to the benefit claim, and (d) a statement regarding the claimant’s right
to bring a civil action under Section 502(a) of ERISA following an
adverse benefit determination on appeal.

 

ARTICLE 10

AMENDMENT AND TERMINATION

 

10.1       Amendment

 

EQR shall have the right to amend the
Plan from time to time, subject to Section 10.3 and 10.4, by
an instrument in writing which has been
executed on its behalf by a duly authorized officer.

 

10.2       Termination
of Plan

 

The Plan is strictly a voluntary
undertaking on the part of the Employers and shall not be
deemed to constitute a contract between an
Employer and any Eligible Employee (or any
other employee) or any Eligible Trustee, a
consideration for, or an inducement or condition of 

 

21

 

employment for, the
performance of the services by any Eligible Employee (or other employee) or any
Eligible Trustee.  EQR reserves the right
to terminate the Plan at any time, subject to Section 10.3, by an instrument in
writing which has been executed on its behalf by a duly authorized officer.  Upon termination, EQR may (a) elect to
continue to maintain the Funding Trust to pay benefits hereunder
as they become due as if the Plan had not terminated or (b) direct the
Funding Trustee to pay promptly to Participants (or their beneficiaries) the vested
balance of their Accounts.  For purposes
of the preceding sentence, in the event clause (b) is implemented, the
Account balance of all Participants who are in the employ of an Employer at the
time the Funding Trustee is directed to pay such balances shall become fully
vested and nonforfeitable.  After
Participants and their beneficiaries are paid all Plan benefits to which they
are entitled, all remaining assets of the Funding Trust attributable to
Participants who terminated employment with the Employers prior to termination of the
Plan and who were not fully vested in their Accounts under Article 6 at
that time shall be returned to the Employers.

 

10.3       Existing Rights

 

No amendment or
termination of the Plan shall adversely affect the rights of any Participant
with respect to amounts that have been credited to his or her Account prior to
the date of such amendment or termination.

 

10.4       409A

 

No
amendment or termination of the Plan shall cause the Plan to violate Code Section 409A.

 

22

 

ARTICLE 11

MISCELLANEOUS

 

11.1       No Funding

 

The Plan constitutes
a mere promise by the Employers to make payments in accordance with the terms
of the Plan and Participants and beneficiaries shall have the status of general
unsecured creditors of the Employers. 
Nothing in the Plan will be construed to give any employee or any other
person rights to any specific assets of an Employer or of any other person.  In all events, it is the intent of the
Employers that the Plan be treated as unfunded for tax purposes and for
purposes of Title I of ERISA.  Subject to
the foregoing, EQR shall have the authority to establish and maintain a grantor
trust for the purpose of providing benefits under the terms of the Plan.

 

11.2       Non-assignability

 

None of the
benefits, payments, proceeds or claims of any Participant or beneficiary shall
be subject to any claim of any creditor of any Participant or beneficiary and,
in particular, the same shall not be subject to attachment or garnishment or other
legal process by any creditor of such Participant or beneficiary,
nor shall any Participant or beneficiary have any right to alienate,
anticipate, commute, pledge, encumber or assign any of the benefits or payments
or proceeds which he or she may expect to receive, contingently or otherwise
under the Plan.

 

11.3       Limitation of Participant’s Rights

 

Nothing contained in
the Plan shall confer upon any person a right to be employed or to continue in
the employ of an Employer or on the Board of Trustees of EQR, or interfere in
any 

 

23

 

way with the right
of an Employer to terminate the employment of a Participant in the Plan at any
time, with or without cause.

 

11.4        Participants
Bound

 

Any action with
respect to the Plan taken by the Plan Administrator or the Funding Trustee or
any action authorized by or taken at the direction of the Plan Administrator,
an Employer or the Funding Trustee shall be conclusive upon all
Participants and beneficiaries entitled to benefits under the Plan.

 

11.5        Receipt
and Release

 

Any payment to any Participant or beneficiary in accordance with the
provisions of the Plan shall, to the extent thereof, be in full satisfaction of
all claims against the Employers, the Plan Administrator and the Funding
Trustee under the Plan, and the Plan Administrator may require such Participant
or beneficiary, as a condition precedent to such payment, to execute a receipt
and release to such effect.  If any Participant
or beneficiary is determined by the Plan Administrator to be incompetent by
reason of physical or mental disability (including minority) to give
a valid receipt and release, the Plan Administrator may cause the payment or
payments becoming due to such person to be made to another person for his or
her benefit without responsibility on the part of the Plan Administrator, the
Employers or the Funding Trustee to follow the application of such funds.

 

11.6        Governing
Law

 

The Plan shall be construed, administered, and governed in all respects
under and by the laws of the State of Illinois to the extent not superseded by
federal law.  If any provision shall be 

 

24

 

held by a court of competent jurisdiction to be invalid or
unenforceable, the remaining provisions hereof shall continue to be fully
effective.

 

11.7        Headings
and Subheadings

 

Headings and
subheadings in this Plan are inserted for convenience only and are not to be
considered in the construction of the provisions hereof.

 

 

EXECUTED,
on behalf of EQR, this 24th day of April, 2008.

 

	
   

  	
   

  
	
   

  	
  EQUITY RESIDENTIAL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
    /s/ Catherine
  Carraway

  	
   

  

 

25

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