Document:

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                                                                   Exhibit 10.53

                              EMPLOYMENT AGREEMENT
                              --------------------

     THIS EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into as of
October 25, 2001 (the "Effective Date"), by and between BRE PROPERTIES, INC., a
Delaware corporation (the "COMPANY"), and DEIRDRE A. KURING (the "Executive").

                                   BACKGROUND
                                   ----------

     WHEREAS, the Company desires to employ Executive, and Executive desires to
be employed by the Company, on the terms and subject to the conditions of this
Agreement.

     NOW, THEREFORE, in consideration of the covenants, duties, terms, and
conditions set forth in this Agreement, the parties agree as follows:

     1. Term. The term of this Agreement is from November 1, 2001 to November 1,
        ----
2003, unless earlier terminated pursuant to Section 7 (the "Term"). Executive
shall commence the rendering of services under this Agreement as of the
Effective Date. This Agreement shall automatically be extended from year to year
for one-year terms beginning on November 1, 2003, provided that (a) the Company
or the Executive does not give notice of termination to the other party, as
described in Section 14.1 below, at least 75 days prior to the end of the
then-current term; (b) the Agreement has not been terminated pursuant to Section
7 below; or (c) the parties have not entered into a new agreement with respect
to the subject matter hereof.

     2. Duties. Executive shall be employed by the Company as its Senior
        ------
Vice-President -- Asset Management. Executive shall be under the direction and
supervision of the Company's Chief Operating Officer ("COO") and its Board of
Directors (the "Board"). Executive shall devote her full business time and best
efforts to the Company, with her powers and duties to be determined by the COO.
Executive shall not, except for incidental management of her personal financial
affairs, engage in any other business, nor shall she serve in any position with
any other corporation or entity, without the prior written consent of the COO.

     3. Compensation. During the Term, Executive shall be entitled to receive
        ------------
compensation in accordance with this Section

        3.1     Base Salary. Executive shall receive an annual base salary
                -----------
("Base Salary") of $225,000 commencing on her first day of work. The Board, in
its discretion, may review the Base Salary annually beginning with the calendar
year 2003 and increase the Base Salary based on relevant

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circumstances. The Base Salary shall be payable by the Company to the Executive
in equal installments on the dates payments of salary are regularly made by the
Company to its executive employees.

        3.2     Annual Performance Bonus. Executive shall be eligible to
                ------------------------
receive an annual incentive bonus (the "Annual Bonus") targeted at 40% of Base
Salary for each fiscal year of the Company during the Term except that the
initial Annual Bonus shall be computed on a pro rata basis for fiscal year 2001.
The amount of the Annual Bonus shall be based on the achievement of management
by objective criteria established by the Board (the "MBO Criteria"). It is
anticipated that, for any given year, the amount of the Annual Bonus could range
from 0% of Base Salary (in the event of a failure to achieve the Annual
Criteria), to 40% of Base Salary (in the event of achievement of the Annual
Criteria), to between 40% and 80% of Base Salary (in the event the Annual
Criteria are exceeded). Except as otherwise specified in this Agreement,
Executive shall earn the Annual Bonus only at the end of each of the Company's
fiscal years during the Term. The Annual Bonus, if earned, shall be paid within
90 days after the end of each fiscal year.

        3.3     Stock Loan. The Company shall also make a full recourse,
                ----------
five-year loan to Executive in an amount equal to the aggregate price for 5,000
shares of Common Stock at Market Value on the Effective Date of this Agreement
(the "Stock Loan"). The Stock Loan shall be made pursuant to a loan agreement
between Company and Executive in the standard Company form (the "Loan and Stock
Pledge Agreement" in the form of Exhibit A), under which the shares so acquired
(and any securities resulting from ownership of such shares) shall be pledged by
Executive to the Company as collateral for amounts payable under the Loan and
Stock Pledge Agreement.

        3.4     Future Long-Term Incentive Awards. Beginning with the year
                ---------------------------------
commencing on January 1, 2002, and continuing with each subsequent fiscal year
during the Term, Executive shall be eligible to receive additional long-term
incentive awards at the discretion of the Board. It is contemplated that such
awards will take into account financial, operating, and other results achieved
during the preceding fiscal year as well as future long-term performance goals.
Such awards may be in the form of options, restricted shares, SARs, stock sales,
stock grants, forgivable loans, long-term bonus arrangements in the form of
Exhibit B (the "Bonus Arrangement"), or any other form of long-term
compensation, as determined by the Board.

     4. Benefits. During the Term, Executive shall be entitled to receive such
        --------
other benefits and to participate in such benefit plans as are generally
provided by the Company to its

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executive employees, including, without limitation, parking and profit sharing
and insurance plans. Executive shall be entitled to four weeks vacation for each
calendar year.

     5. Expenses. The Company shall pay or reimburse Executive for all
        --------
reasonable travel and other expenses incurred by Executive in performing her
duties under this Agreement in accordance with Company policy. In addition,
Executive shall be reimbursed by the Company (upon presentation of appropriate
documentation) in a maximum aggregate amount of $30,000 for reasonable
out-of-pocket expenses related to relocating to the San Francisco Bay Area for
moving expenses for household goods, travel for Executive and family to the San
Francisco Bay Area, trips for locating housing, and either, at Company's
election, a temporary housing allowance not to exceed $1,500 per month for a
period of up to six months or the right to occupy an apartment reasonably
selected by the Company on a rent-free basis for six months.

     6. Transition Assistance. Upon seven (7) business days' notice from
        ---------------------
Executive that she has completed her relocation, the Company shall provide
Executive with a five year, full recourse loan (the "Transition Assistance
Loan") in an original principal amount of $50,000 at an interest rate equal to
the mid-term federal rate as defined in Section 1274 of the Internal Revenue
Code. The Transition Assistance Loan shall be evidenced by a promissory note in
the form of Exhibit C. Interest shall accrue and shall be payable solely at the
            ---------
election of Executive.

     The Transition Assistance Loan documentation shall contain provisions for
acceleration upon termination of employment by the Company with cause or upon
termination by the Executive without good reason as specified below and for
forgiveness on a pro-rata basis of the principal amount of the loan and all
accrued interest on each anniversary of the Effective Date and full forgiveness
in the event Executive remains continuously employed by the Company for five
years, dies, becomes disabled, is terminated without cause, terminates her
employment with good reason pursuant to Section 8.2(c), or if the Company fails
to renew the Initial Term or any renewal term of this Agreement.

     7. Termination of Employment.
        -------------------------

        7.1     Termination Due to Death Or Disability; Voluntary Termination.
                -------------------------------------------------------------
If at any time during the Term, Executive shall die, suffer any Disability (as
defined below), or voluntarily terminate her employment by the Company, then, in
any such event, her employment under this Agreement shall automatically
terminate on the date of death, upon any Disability, or the date of

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voluntary termination, as the case may be. As used herein, the term "Disability"
shall mean the inability of Executive to perform her duties because of physical
or mental illness or incapacity as determined by the Board.

        7.2     Termination by the Company for Good Cause. During the term, the
                -----------------------------------------
Company may terminate this Agreement and Executive's employment at any time for
Good Cause. In such event, this Agreement shall terminate on such date as shall
be specified in writing by the Company. As used herein, the term "Good Cause"
shall mean (i) any act or omission of gross negligence, willful misconduct,
dishonesty, or fraud by Executive in the performance of her duties hereunder or
in material violation of the Company's employment policies and practices, (ii)
the failure or refusal of Executive to perform the duties or to render the
services assigned to her from time to time by the COO or the Board, (iii) the
charging or indictment of Executive in connection with a felony or any
misdemeanor involving dishonesty or moral turpitude, or (iv) the material breach
by Executive of this Agreement or the breach of Executive's fiduciary duty or
duty of trust to the Company.

        7.3     Termination by the Company Other Than for Good Cause. During the
                ----------------------------------------------------
term, the Company may terminate this Agreement and Executive's employment for
any reason other than for Good Cause. In such event, this Agreement shall
terminate on the 30th day following written notice of such termination by the
Company.

     8. Compensation Upon Termination.

        8.1     Termination Other Than in Connection With a Change in Control.
                -------------------------------------------------------------

                (a)  In the event of termination of Executive's employment
pursuant to Section 7.1 or 7.2, the Company shall not be obligated, from and
after the date of termination, to provide to Executive, and Executive shall not
be entitled to receive from the Company, any compensation (including any
payments of Base Salary, Annual Bonus, or other awards) or other benefits;
except that if termination pursuant to Section 7.1 is due to death or
Disability, Executive or her estate shall receive, within 90 days after the
close of the fiscal year in which the death or Disability occurred, a lump-sum
payment equal to the estimated Annual Bonus that the Executive would have earned
for the fiscal year in question (based on actual performance relative to MBO
Criteria for the fiscal year and Executive's contribution up to the date of
death or Disability), calculated on a pro-rated basis to the date of
termination. In the case of any termination of

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employment pursuant to Section 7.1, or upon non-renewal of the Initial Term or
any renewal term, prior to the fifth anniversary of this Agreement, the
outstanding principal balance (but not accrued interest which shall be forgiven)
of the Transition Assistance Loan shall be due and payable in full 180 days
following the termination date; provided, however, that in the case of
termination based upon death or Disability, the outstanding balance on the
Transition Assistance Loan shall be forgiven. In the case of any termination of
employment pursuant to Section 7.2 prior to the fifth anniversary of this
Agreement, the outstanding principal balance (but not accrued interest which
shall be forgiven) of the Transition Assistance Loan shall be due and payable in
full 15 days following the termination date. In the case of any termination of
employment pursuant to Sections 7.1, 7.2, or as a result of non-renewal of the
Initial Term or any renewal term, the outstanding balance under the Loan and
Stock Pledge Agreement, and any other similar agreements Executive and the
Company enter into pursuant to Section 3.4 (collectively the "Stock Loan
Agreements"), and all accrued interest, shall be due and payable in full 15 days
following the termination date. In the case of termination based upon death or
Disability, the amount of any Bonus Arrangement shall be earned in such amount
as determined by the Pro Rata Calculation (in which case, the Company may delay
the due date to complete the Pro Rata Calculation). For the purpose of this
Agreement, "Pro Rata Calculation" shall mean a pro rata application of Sections
2.1, 2.2, and 2.3 of each of the Bonus Arrangements as described in Exhibit B to
                                                                    ---------
this Agreement, taking into consideration the number of full months worked and
the Company's performance data through the last quarter having ended 45 days or
more prior to the termination date, not withstanding the fact that such sections
of the Bonus Arrangements may not provide for such pro rata application.

        (b) In the event of termination of Executive's employment pursuant to
Section 7.3, provided that Executive provides to the Company a full and complete
release of all known and unknown claims against the Company and its
representatives, the Company shall provide Executive with the following
compensation within fifteen (15) days after such termination:

            (i) Executive shall be entitled to receive a lump-sum payment from
the Company equal to (a) one hundred and forty percent (140%) of her then Base
Salary if termination occurs prior to Executive's first Annual Bonus being
determined pursuant to Section 3.2; (b) her then Base Salary plus the amount of
the Annual Performance Bonus awarded in the immediately preceding year if
termination occurs subsequent to the determination of the Annual Performance
Bonus for her first full year and prior to the determination for the second full
year; or

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(c) for any subsequent termination, her then Base Salary plus the average of the
Annual Performance Bonus awarded in the prior two years;

             (ii)  all restrictions (other than applicable federal
and state securities laws) on any shares of Common Stock awarded to Employee
under Section 3.4 would be eliminated and such shares would fully vest in
Executive;

             (iii) the amount payable under the Transition Assistance Loan shall
be forgiven;

             (iv)  the amount payable under each Loan and Stock Pledge Agreement
shall be due and payable within fifteen (15) days after such termination; and

             (v)   Executive shall be entitled to receive payment under the
Bonus Arrangement in such amount as determined by the Pro Rata Calculation.

     8.2     Termination Following a Change in Control. The following
             -----------------------------------------
provisions shall apply in lieu of Section 8.1 if, and only if, the termination
of Executive's employment occurs within 12 months following a Change in Control
(as defined in Section 8.2(d)):

        (a)  In the event of termination of Executive's employment pursuant to
Section 7.1 due to death or disability, or pursuant to Section 7.2, the
provisions of Section 8.1(a) apply.

        (b)  In the event of termination of Executive's employment pursuant
to Section 7.1 due to voluntary termination by Executive without Good Reason (as
defined below) or upon non-renewal of the Initial Term or any renewal term of
this Agreement, the provisions of Section 8.1(a) shall apply except that the
Company shall pay Executive within 15 days after such termination: a lump-sum
payment from the Company equal to: (x) one hundred and forty percent (140%) of
her then Base Salary if termination occurs prior to Executive's first Annual
Bonus being determined pursuant to Section 3.2; (y) her then Base Salary plus
the amount of the Annual Performance Bonus awarded in the immediately preceding
year if termination occurs subsequent to the determination of the Annual
Performance Bonus for her first full year and prior to the determination for the
second full year; or (z) for any subsequent termination, her then Base Salary
plus the average of the Annual Performance Bonus awarded in the prior two years.
As used herein, the term "Good Reason" means (i) a material change in
Executive's duties, responsibilities, or

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authority, or (ii) the Company's relocation of the Executive, without the
Executive's consent, to a location outside of the San Francisco metropolitan
area.

        (c) In the event of termination of Executive's employment pursuant to
Section 7.1 due to voluntary termination by Executive with Good Reason, or
pursuant to Section 7.3, provided that Executive provides to the Company a full
and complete release of all known and unknown claims against the Company and its
representatives, the Company shall provide Executive with the following
compensation within 15 days after such termination:

            (i)   Executive shall be entitled to receive a lump-sum payment
from the Company equal to: (x) two hundred and eighty percent (280%) of her then
Base Salary if termination occurs prior to Executive's first Annual Bonus being
determined pursuant to Section 3.2; (y) her then Base Salary plus two times the
amount of the Annual Performance Bonus awarded in the immediately preceding year
if termination occurs subsequent to the determination of the Annual Performance
Bonus for her first full year and prior to the determination for the second full
year; or (z) for any subsequent termination, two times her then Base Salary plus
the sum of the Annual Performance Bonus awarded in the prior two years;

            (ii)  all restrictions (except applicable federal and state
securities law) on any shares of Common Stock awarded to Employee under
Section 3 would be eliminated and such shares would fully vest in Executive;

            (iii) any unvested stock options (including the
Options) held by Executive at the date of termination, would vest and become
fully exercisable for a period of three months from the date of termination;

            (iv)  the amount payable under the Transition Assistance Loan shall
be forgiven;

            (v)   the amount payable under each Loan and Stock Pledge Agreement
shall be due and payable within fifteen (15) days of termination; and

            (vi)  Executive shall be entitled to receive payment under the
Bonus Arrangement in such amount as determined by the Pro Rata Calculation.

     (d) As used herein, a "Change in Control" shall be deemed to have occurred
when any of the following events occur:

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             (i)   any "person" (as such term is used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934 (the "Exchange Act"), as in effect
on the date hereof, (a "Person")) acquiring "beneficial ownership" (as defined
in Rule 13D-3 under the Exchange Act), of securities of the Company representing
50% or more of the combined voting power of the Company's then outstanding
securities; or

             (ii)  a change in the Board that is the result of a proxy
solicitation(s) or other action(s) to influence voting at a shareholders'
meeting of the Company (other than by voting one's own stock) by a Person or
group of Persons who has Beneficial Ownership of 5% or more of the combined
voting power of the securities of the Company and which causes the Continuing
Directors (as defined below) to cease to constitute a majority of the Board;
provided, however, that neither of the events described in (i) or (ii) of this
Section 8.2(d) shall be deemed to be a Change in Control if the event(s) or
election(s) causing such change shall have been approved specifically for
purposes of this Agreement by the affirmative vote of at least a majority of the
members of the Continuing Directors. For these purposes, a "Continuing Director"
shall mean a member of the Board (i) who is a member of the Board on the date of
this Agreement, or (ii) who subsequently becomes a member of the Board and who
either (x) is appointed or recommended for election with the affirmative vote of
a majority of the Directors then in office who are Directors on the date hereof,
or (y) is appointed or recommended for election with the affirmative vote of a
majority of the Directors then in office who are described in clauses (i) and
(ii) (including clause (ii)(y)), as applicable.

        (e)  Notwithstanding anything to the contrary in this Section 8.2, if
any of the payments or other compensation to be made to Executive pursuant to
this Section 8.2 are determined to be "parachute payments" as defined in Section
280G of the Internal Revenue Code of 1986, as amended (the "Code"), then the
amount of such payments or other compensation shall be reduced to the largest
amount which would not constitute "parachute payments" as so defined.

     9.  Confidentiality.  It is specifically understood and agreed that some of
         ---------------
the Company's business activities are secret in nature and constitute trade
secrets, or are otherwise confidential and/or proprietary in nature, including
but not limited to the Company's "know-how," methods of business and operations,
and property and financial analyses and reports (all such information,
"Proprietary Information"). All of the Company's Proprietary Information is and
shall be the sole property of the Company for its own exclusive use and benefit,
and Executive

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agrees that upon termination of her employment for any reason whatsoever, she
shall return to the Company all Proprietary Information in her possession or
under her control. Executive further agrees that she shall hold all of the
Company's Proprietary Information in strictest confidence and shall not at any
time, either during or after her employment by the Company, use or disclose, or
permit the use or disclosure of, the same for her own benefit or for the benefit
of others, unless authorized to do so by the Company's written consent or by a
contract or agreement to which the Company is a party or by which it is bound.
The provisions of this Section 9 shall perpetually survive the termination of
the Agreement, and Executive shall likewise be bound by all other agreements
between her and the Company relating in any way to the protection of the
Company's Proprietary Information.

     10. Arbitration. If a dispute arises between Company and Executive
         -----------
concerning this Agreement, or in any way relating to Executive's employment by
the Company and/or the termination thereof, the disputed matter shall first be
submitted to mandatory mediation, such mediation to be conducted in the City of
San Francisco pursuant to the then-current rules of the Judicial Arbitration and
Mediation Services ("Jams") by a mediator affiliated with JAMS, or by such other
mediator as is mutually agreeable to the parties. If the mediation does not
successfully resolve such dispute, then the dispute shall be submitted to
mandatory, final, and binding arbitration in the City of San Francisco,
California in accordance with the employment arbitration rules of the American
Arbitration Association ("AAA Rules"). Any judgment upon the award rendered by
the arbitrators may be entered in any court having jurisdiction thereof. The
arbitrators shall have the authority to grant any equitable and legal remedies
that would be available in any judicial proceeding instituted to resolve the
disputed matter. The arbitrators shall apply the law of the State of California
in making any determination hereunder. Notwithstanding anything to the contrary
which may now or hereafter be contained in the AAA Rules, the parties agree any
such arbitration shall be conducted before a panel of three arbitrators, who
shall be compensated for their services at a rate to be determined by the
American Arbitration Association in the event the parties are not able to agree
upon their rate of compensation. Each party shall have the right to appoint one
arbitrator (to be appointed within twenty days of the notice of a dispute to be
resolved by arbitration hereunder), and the two arbitrators so chosen shall
mutually agree upon the selection of the third, impartial arbitrator. The
majority decision of the arbitrators will be final and conclusive upon the
parties hereto. The parties hereby acknowledge and agree that final and binding
arbitration shall be the sole and exclusive means of resolving any such dispute,
that they waive all rights to a civil court action,

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and that the dispute shall be fully and finally resolved by the arbitrators and
shall not be resolved by a jury or a court.

     11. Taxes; Withholdings. All compensation payable by the Company to the
         -------------------
Executive under this Agreement which is or may become subject to withholding
under the Code or other pertinent provisions of laws or regulation shall be
reduced for all applicable income and/or employment taxes required to be
withheld.

     12. Administration by the Board. The Board, or its Compensation
         ---------------------------
Committee as determined by the Board, shall be (i) solely responsible for the
interpretation and administration of this Agreement, the Transition Assistance
Loan, Bonus Arrangements and the Stock Loans, and (ii) entitled to modify this
Agreement and the (including, without limitation, performance criteria and
targets) as necessary or appropriate to achieve the purposes and intents of the
same in light of changing or extenuating circumstances. All such actions,
decisions, and modifications regarding this Agreement, the Transition Assistance
Loan, Bonus Arrangements or the Stock Loans made in good faith by the Board, or
by its Compensation Committee, shall be final and binding on Executive.

     13. Upon Termination of This Agreement. The Company shall have the right,
         ----------------------------------
without any notice to the Executive, to offset any amounts payable to the
Company under any of the Stock Loans or Transition Assistance Loan against any
amount payable to the Executive pursuant to this Agreement.

     14. Miscellaneous.
         -------------

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

              If to Company:            BRE Properties, Inc.
              -------------             Forty Four Montgomery Street, Suite 3600
                                        San Francisco, CA 94104-4809
                                        Attn: Lee Carlson

              With Copy to:             Farella Braun & Martel LLP
              ------------              235 Montgomery Street, Suite 3000
                                        San Francisco, CA 94104
                                        Attn: Daniel E. Cohn, Esq.

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              If to Executive:          Deirdre A. Kuring
              ---------------           400 N. 34th Street, Suite 200
                                        Seattle, WA  98103

         14.2   This Agreement contains the full and complete understanding of
the parties and supersede all prior representations, promises, agreements, and
warranties, whether oral or written.

         14.3   This Agreement shall be governed by and interpreted according to
the laws of the State of California.

         14.4   With respect to the Company, this Agreement shall inure to the
benefit of and be binding upon any successors or assigns of Company. With
respect to Executive, this Agreement shall not be assignable but shall inure to
the benefit of estate of Executive or her legal successor upon death or
disability.

         14.5   The captions of the various sections of this Agreement are
inserted only for convenience and shall not be considered in construing this
Agreement.

         14.6   This Agreement can be modified, amended, or any of its terms
waived only by a writing signed by both parties.

         14.7   If any provision of this Agreement shall be held invalid,
illegal, or unenforceable, the remaining provisions of the Agreement shall
remain in full force and effect, and the invalid, illegal, or unenforceable
provision shall be limited or eliminated only to the extent necessary to remove
such invalidity, illegality, or unenforceability in accordance with the
applicable law at that time.

         14.8   Without limiting the provisions of Section 10, if either
party institutes arbitration proceedings pursuant to Section 10 or an action to
enforce the terms of this Agreement, the prevailing party in such proceeding or
action shall be entitled to recover reasonable attorneys' fees, costs, and
expenses.

        14.9    No remedy made available to Company by any of the provisions of
this Agreement is intended to be exclusive of any other remedy. Each and every
remedy shall be cumulative and shall be in addition to every other remedy given
hereunder as well as those remedies existing at law, in equity, by statute, or
otherwise.

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        14.10   Executive represents that the execution of this Agreement by
Executive will not violate any other agreement to which Executive is a party.

     IN WITNESS WHEREOF, this Agreement has been executed as of the date
specified in the first paragraph.

                                COMPANY: BRE PROPERTIES, INC.

                                By: /s/ LeRoy E. Carlson
                                                        ------------------------

                                Its: Chief Operating Officer
                                                            --------------------

                                EXECUTIVE: DEIRDRE A. KURING

                                /s/ Deirdre A. Kuring
                                ------------------------------------------------

                                       12<PAGE>

                                                                   Exhibit 10.54

                            INDEMNIFICATION AGREEMENT

     INDEMNIFICATION AGREEMENT, dated as of                 (this "Agreement"),
                                            ---------------
by and between BRE Properties, Inc., a Maryland corporation (the "Company"), and
the undersigned director and/or officer ("Indemnitee").

                                  WITNESSETH:

     WHEREAS, the Amended and Restated Articles of Incorporation (the "Charter")
and Amended and Restated Bylaws (the "Bylaws") of the Company provide for
indemnification by the Company of its directors and officers as provided
therein, and the Indemnitee has agreed to serve as a director and/or officer of
the Company or has been serving and continues to serve as a director and/or
officer of the Company in partly reliance on such provision;

     WHEREAS, to provide the Indemnitee with additional contractual assurance of
protection against personal liability in connection with certain proceedings
described below, the Company desires to enter into this Agreement;

     WHEREAS, the Maryland General Corporation Law (the "MGCL") expressly
recognizes that the indemnification provisions of Section 2-418 of the Maryland
Corporations and Associations Annotated Code (the "Maryland Statute") are not
exclusive of any other rights to which a person seeking indemnification may be
entitled under the Charter or By-Laws of the Company, a resolution of
stockholders or directors, an agreement or otherwise, and this Agreement is
being entered into pursuant to and in furtherance of the Charter and By-Laws of
the Company, as permitted by the Maryland Statute and as authorized by the
Charter and the Board of Directors of the Company; and

     WHEREAS, in order to induce the Indemnitee to serve or continue to serve as
a director and/or officer of the Company and in consideration of the
Indemnitee's so serving, the Company desires to indemnify the Indemnitee and to
make arrangements pursuant to which the Indemnitee may be advanced or reimbursed
expenses incurred by the Indemnitee in certain proceedings described below,
according to the terms and conditions set forth below;

     NOW THEREFORE, the Company and Indemnitee hereby agree as follows:

     1. Indemnification.
        ---------------

        (a) Sole Indemnification Agreement. Notwithstanding the nonexclusivity
            ------------------------------
provisions in Section 15(a) of this Agreement, the parties hereto agree that
this Agreement replaces and supercedes any and all prior indemnification
agreements between the Company and Indemnitee.

<PAGE>

        (b) Third-Party Proceedings. The Company shall indemnify Indemnitee to
            -----------------------
the fullest extent of Maryland law, except as otherwise provided in Section 3 of
this Agreement, if Indemnitee is or was a party or is threatened to be made a
party to any threatened, pending or completed suit, action, proceeding,
arbitration or alternative dispute resolution mechanism, investigation or
administrative hearing, whether civil, criminal, administrative or investigative
(any such suit, action, proceeding, arbitration or alternative dispute
resolution mechanism, investigation, administrative hearing being referred to
herein as a "Proceeding") (other than an action by or in the right of the
Company or any subsidiary or affiliated entity (each, a "Subsidiary") of the
Company) by reason of the fact that Indemnitee is or was an officer, director,
employee or agent of the Company or any Subsidiary of the Company, by reason of
any action or inaction on the part of Indemnitee while an officer, director,
employee or agent of the Company or any Subsidiary of the Company or by reason
of the fact that Indemnitee is or was serving at the request of the Company as
an officer, director, employee or agent of another individual, corporation or
any partnership, joint venture, trust, employee benefit plan or other entity or
enterprise (each a "Person"), against expenses (including reasonable attorneys'
fees), judgments, fines and amounts paid in settlement (if such settlement is
approved in advance by the Company, which approval shall not be unreasonably
withheld) actually and reasonably incurred by Indemnitee in connection with the
defense and/or settlement of such Proceeding (collectively, "Expenses") if
Indemnitee (i) acted in good faith and in a manner Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company and its
stockholders, (ii) did not actually receive an improper personal benefit in
money, property or services and (iii) with respect to any criminal action or
proceeding, had no reasonable cause to believe his conduct was unlawful.

        (c) Proceedings by or in the Right of the Company or any Subsidiary.
            ---------------------------------------------------------------
The Company shall indemnify Indemnitee to the fullest extent of Maryland law,
except as otherwise provided in Section 3 of this Agreement, if Indemnitee is or
was a party or is threatened to be made a party to any threatened, pending or
completed Proceeding by or in the right of the Company or any Subsidiary of the
Company by reason of the fact that Indemnitee is or was an officer, director,
employee or agent of the Company or any Subsidiary of the Company, or by reason
of the fact that Indemnitee is or was serving at the request of the Company as
an officer, director, employee or agent of another Person, against Expenses in
each case to the extent actually and reasonably incurred by Indemnitee if
Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to
be in or not opposed to the best interests of the Company and its stockholders,
provided that no indemnification shall be made in respect of any claim, issue or
-------------
matter as to which Indemnitee shall have been adjudged to be liable to the
Company and its stockholders unless and only to the extent that the Circuit
Court of the State of Maryland, or the court in which such action or proceeding
shall have been brought or is pending, shall determine that in view of all the
circumstances of the case, Indemnitee is fairly and reasonably entitled to
indemnity for expense, and then only to the extent that the court shall
determine.

          (d) Selection of Counsel. In the event the Company shall be obligated
              --------------------
under Section 1(b) or (c) hereof to pay the Expenses of any Proceeding against
Indemnitee, the Company shall be entitled to assume the defense of such
Proceeding, with counsel approved by

                                     - 2 -

<PAGE>

Indemnitee (who shall not unreasonably withhold such approval), upon the
delivery to Indemnitee of written notice of its election so to do. After
delivery of such notice, approval of such counsel by Indemnitee and the
retention of such counsel by the Company, the Company will not be liable to
Indemnitee under this Agreement for any fees of counsel subsequently incurred by
Indemnitee with respect to the same Proceeding, provided that, (i) Indemnitee
                                                -------------
shall have the right to employ Indemnitee's counsel in any such proceeding at
Indemnitee's expense; and (ii) if (A) the employment of counsel by Indemnitee
has been previously authorized in writing by the Company, (B) Indemnitee shall
have reasonably concluded that there may be a conflict of interest between the
Company and Indemnitee in the conduct of any such defense and shall have
notified the Company in writing thereof, (C) Indemnitee shall have reasonably
concluded that there may be a conflict of interest between Indemnitee and other
indemnitees of the Company being represented by counsel retained by the Company
in the same Proceeding and shall have notified the Company in writing thereof,
or (D) the Company shall not, in fact, have employed counsel to assume the
defense of such Proceeding within a reasonable time frame, then the reasonable
fees and expenses of Indemnitee's counsel shall be at the expense of the
Company.

        (e) Indemnified Amounts. All amounts payable by the Company pursuant to
            -------------------
this Section 1 or under Section 2 hereof are herein referred to as "Indemnified
Amounts."

     2. Contribution. If, when Indemnitee has met the applicable standard of
        ------------
conduct, the indemnification provisions set forth in Section 1 should, under
applicable law, be to any extent unenforceable, then the Company agrees that it
shall be treated as though it is or was a party to the threatened, pending or
completed Proceeding in which Indemnitee is or was involved and that the Company
shall contribute to the amounts paid or payable by Indemnitee as a result of
such Expenses in third-party Proceedings in such proportion as is appropriate to
reflect the relative fault of the Company on the one hand and Indemnitee on the
other in connection with such action or inaction, or alleged action or inaction,
as well as any other relevant equitable considerations.

     For purposes of this Section 2, the relative fault shall be determined by
reference to, among other things, the fault of the Company and all of its
directors, officers, employees and agents (other than Indemnitee), as a group
and treated as one entity, and such group's relative intent, knowledge, access
to information and opportunity to have altered or prevented the action or
inaction, or alleged action or inaction, forming the basis for the threatened,
pending or contemplated Proceeding, and Indemnitee's relative fault in light of
such factors on the other hand.

     3. Limitations to Rights of Indemnification and Advancement of Expenses.
        --------------------------------------------------------------------
Except as otherwise provided in Sections 8 and 11 of this Agreement, Indemnitee
shall not be entitled to indemnification or advancement of Expenses under this
Agreement:

        (a) with respect to any Proceeding initiated, brought or made by or on
behalf of Indemnitee (i) against the Company, unless a Change in Control (as
defined in Section 3(g) of this Agreement) shall have occurred, or (ii) against
any Person other than the Company, unless approved in advance by the Board of
Directors of the Company (the "Board");

                                     - 3 -

<PAGE>

        (b) on account of Indemnitee's conduct which shall be determined by
final judgment by a court having jurisdiction in the matter that Indemnitee was
knowingly fraudulent, deliberately dishonest, engaged in willful misconduct or
that Indemnitee received an improper personal benefit;

        (c) for any Expenses incurred by Indemnitee with respect to any
Proceeding instituted by Indemnitee to enforce or interpret this Agreement, to
the extent that a court of competent jurisdiction determines that any of the
material assertions made by Indemnitee in such Proceeding was not made in good
faith or was frivolous;

        (d) for Expenses or liabilities of any type whatsoever (including, but
not limited to, judgments, fines, ERISA excise taxes or penalties and amounts
paid in settlement) which have been paid directly to Indemnitee by an insurance
carrier under a policy of officers' and directors' liability insurance
maintained by the Company;

        (e) for expenses or the payment of profits arising from the purchase
and sale by Indemnitee of securities in violation of Section 16 (b) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), or any similar
successor statute; or

        (f) if it shall be determined by final judgment by a court having
jurisdiction in the matter that such indemnification is not lawful.

        (g) "Change in Control" means the occurrence of any of the following
events:

            (i) the Company is merged, consolidated or reorganized into or with
another corporation or other entity, and as a result of such merger,
consolidation or reorganization less than a majority of the combined voting
power of the then-outstanding securities of such corporation or entity
immediately after such transaction are held in the aggregate by the holders of
voting stock immediately prior to such transaction;

            (ii) the Company sells or otherwise transfers all or substantially
all of its assets to another corporation or other entity in which, after giving
effect to such sale or transfer, the holders of voting stock of the Company
immediately prior to such sale or transfer hold in the aggregate less than a
majority of the combined voting power of the then-outstanding securities of such
other corporation;

            (iii) there is a report filed on Schedule 13D or Schedule 14D-1
(or any successor schedule, form or report or item therein), each as promulgated
pursuant to the Exchange Act, disclosing that any person or entity, other than
any shareholder of the Company (and its affiliates) owning 10% or more of the
Company's voting stock on the date hereof, has become the beneficial owner (as
the term "beneficial owner" is defined under Rule 13d-3 or any successor rule or
regulation promulgated under the Exchange Act) of securities representing 50% or
more of the combined voting power of the Company's voting stock; or

            (iv) if during any period of two consecutive years individuals who
at the beginning of any such period constitute the Board cease for any reason to
constitute at least a

                                     - 4 -

<PAGE>

majority thereof; provided, however, that for purposes of this clause (iv) each
                  -----------------
director of the Company who is first elected, or first nominated for election by
the Company's stockholders, by a vote of at least majority of the directors of
the Company (or a committee of the Board) then still in office who were
directors of the Company at the beginning of any such period shall be deemed to
have been a director of the Company at the beginning of such period.

          Notwithstanding the provisions of clause (iii) above, unless otherwise
determined in the specific case by majority vote of the Board, a "Change in
Control" shall not be deemed to have occurred solely because the Company, any
Subsidiary or any employee stock ownership plan or any other employee benefit
plan of the Company or any Subsidiary either files or becomes obligated to file
a report or a proxy statement under or in response to Schedule 13D, Schedule
14D-1 or Schedule 14A (or any successor schedule, form or report or item
therein) under the Exchange Act disclosing beneficial ownership by it of shares
of voting stock of the Company, whether in excess of 50% or otherwise.

     4. Procedure for Determination of Entitlement to Indemnification.
        -------------------------------------------------------------

        (a) To obtain indemnification under this Agreement, Indemnitee shall
submit to the Company a written request, including such documentation and
information as is reasonably available to Indemnitee and is reasonably necessary
to determine whether and to what extent Indemnitee is entitled to
indemnification. The Secretary of the Company shall, promptly upon receipt of
such a request for indemnification, advise the Board in writing that Indemnitee
has requested indemnification.

        (b) Upon written request by Indemnitee for indemnification, a
determination with respect to Indemnitee's entitlement thereto shall be made in
the specific case as follows:

            (i) if a Change in Control shall have occurred, by Independent
Counsel (as defined in Section 4(f) of this Agreement) in a written opinion to
the Board, a copy of which shall be delivered to Indemnitee (unless Indemnitee
shall request that such determination be made by the Board, in which case the
determination shall be made in the manner provided below in clause (ii)); or

            (ii) if a Change in Control shall not have occurred, (A) by the
Board by a majority vote of a quorum consisting of disinterested directors, or
(B) if a quorum of the Board consisting of disinterested directors is not
obtainable or, even if obtainable, such quorum of disinterested directors so
directs, by Independent Counsel in a written opinion to the Board, a copy of
which shall be delivered to Indemnitee.

        (c) If it is so determined that Indemnitee is entitled to
indemnification, payment to Indemnitee shall be made within fifteen (15) days
after such determination. Indemnitee shall cooperate with the Person or Persons
making such determination with respect to Indemnitee's entitlement to
indemnification, including providing to such Person or Persons upon reasonable
advance request any documentation or information that is not privileged or
otherwise protected from disclosure and that is reasonably available to
Indemnitee and reasonably necessary to such determination.

                                     - 5 -

<PAGE>

        (d) If a Change in Control shall not have occurred, the Board shall
select any Independent Counsel, and the Company shall give written notice to
Indemnitee advising him of the identity of the Independent Counsel so selected.
If a Change in Control shall have occurred, the Independent Counsel shall be
selected by Indemnitee (unless Indemnitee shall request that such selection be
made by the Board), and Indemnitee shall give written notice to the Company
advising it of the identity of the Independent Counsel so selected. In either
event, Indemnitee or the Company, as the case may be, may make a written
objection to such selection. Such objection may be asserted only on the ground
that the Independent Counsel so selected may not serve as Independent Counsel
unless and until a court has determined that such objection is without merit.
Either the Company or Indemnitee may petition a court in the State of Maryland
or Indemnitee may petition a court in the State of Maryland for resolution of
any objection which shall have been made by the Company or Indemnitee to the
other's selection of Independent Counsel. The party with respect to whom an
objection is favorably resolved shall be paid all reasonable fees and expenses
incident to the procedures of this Section 4(d). Upon the due commencement of
any judicial proceeding or arbitration pursuant to Section 11 of this Agreement,
Independent Counsel shall be discharged and relieved of any further
responsibility in such capacity (subject to the applicable standards of
professional conduct then prevailing).

        (e) Notwithstanding the foregoing, the Indemnitee may, at any time
after sixty (60) days after a claim for Indemnified Amounts has been filed with
the Company (or upon receipt of written notice that a claim for Indemnified
Amounts has been rejected, if earlier) and before three (3) years after a claim
for Indemnified Amounts has been filed, petition a court of competent
jurisdiction to determine whether the Indemnitee is entitled to indemnification
under the provisions of this Agreement, and such court shall thereupon have the
exclusive authority to make such determination unless and until such court
dismisses or otherwise terminates such action without having made such
determination. The court shall, as petitioned, make an independent determination
of whether the Indemnitee is entitled to indemnification as provided under this
Agreement, irrespective of any prior determination made by the Board of
Directors or independent counsel. If the court shall determine that the
Indemnitee is entitled to indemnification as to any claim, issue or matter
involved in the Proceeding with respect to which there has been no prior
determination pursuant to this Agreement or with respect to which there has been
a prior determination that the Indemnitee was not entitled to indemnification
hereunder, the Company shall pay all expenses (including attorneys' fees and
disbursements) actually incurred by the Indemnitee in connection with such
judicial determination.

        (f) "Independent Counsel" means a law firm or a member of a law firm
that neither at the time in question, nor in the five years immediately
preceding such time has been retained to represent (i) the Company or Indemnitee
in any matter material to either such party or (ii) any other party to the
Proceeding giving rise to a claim for indemnification under this Agreement.
Notwithstanding the foregoing, the term "Independent Counsel" shall not include
any Person who, under the applicable standards of professional conduct then
prevailing under the law of the State of Maryland, would be precluded from
representing either the Company or Indemnitee in an action to determine
Indemnitee's rights under this Agreement.

                                     - 6 -

<PAGE>

     5. Presumptions and Effect of Certain Proceedings.
        ----------------------------------------------

        (a) In making a determination, with respect to entitlement to
indemnification hereunder, the Person or Persons making such determination shall
presume that Indemnitee is entitled to indemnification under this Agreement if
Indemnitee has submitted a request for indemnification in accordance with
Section 4 of this Agreement, and the Company shall bear the burden of proof to
rebut that presumption in connection with the making by any Person or Persons of
any determination contrary to that presumption.

        (b) The termination of any Proceeding or of any claim, issue or matter
therein by judgment, order, settlement or conviction, or upon a plea of nolo
contendere or its equivalent, shall not (except as otherwise expressly provided
in this Agreement) of itself adversely affect the right of Indemnitee to
indemnification or create a presumption that Indemnitee did not act in good
faith and in a manner which he reasonably believed to be in or not opposed to
the best interests of the Company and its stockholders, or, with respect to any
criminal action or proceeding, that Indemnitee had reasonable cause to believe
that his conduct was unlawful.

        (c) Indemnitee's conduct with respect to an employee benefit plan for
a purpose he reasonably believed to be in the interests of the participants in
and beneficiaries of the plan shall be deemed to be conduct that Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company
and its stockholders.

        (d) For purposes of any determination hereunder, Indemnitee shall be
deemed to have acted in good faith and in a manner he reasonably believed to be
in or not opposed to the best interests of the Company and its stockholders, or,
with respect to any criminal action or proceeding, to have had no reasonable
cause to believe his conduct was unlawful, if his action was based on (i) the
records or books of account of the Company or another Person, including
financial statements, (ii) information supplied to him by the officers of the
Company or another Person in the course of their duties, (iii) the advice of
legal counsel for the Company or another Person, or (iv) information or records
given or reports made to the Company or another Person by an independent
certified public accountant or by an appraiser or other expert selected with
reasonable care by the Company or another Person.

     6. Success on Merits or Otherwise. Notwithstanding any other provision of
        ------------------------------
this Agreement, to the extent that Indemnitee has been successful on the merits
or otherwise in defense of any Proceeding described in Section 1 hereof, or in
defense of any claim, issue or matter therein, he shall be indemnified against
Expenses actually and reasonably incurred by him in connection with the
investigation, defense, settlement or appeal thereof. For purposes of this
Section 6, the term "successful on the merits or otherwise" shall include, but
not be limited to, (i) any termination, withdrawal or dismissal (with or without
prejudice) of any Proceeding against Indemnitee without any express finding of
liability or guilt against him, (ii) the expiration of 180 days after the making
of any claim or threat of a Proceeding without the institution of the same and
without any promise of payment or payment made to induce a settlement or (iii)
the settlement of any Proceeding under Section 1, pursuant to which Indemnitee
pays less than $10,000.

                                     - 7 -

<PAGE>

     7. Partial Indemnification. If Indemnitee is entitled under any provision
        -----------------------
of this Agreement to indemnification by the Company for some or a portion of the
Expenses of Indemnitee in connection with the investigation, defense, settlement
or appeal of any Proceeding specified in Section 1, but not, however, for the
total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion thereof to which Indemnitee is entitled. The party or parties making
the determination shall determine the portion (if less than all) of such
Expenses for which Indemnitee is entitled to indemnification under this
Agreement.

     8. Costs. All the costs of making the determination required by Section 4
        -----
hereof shall be borne solely by the Company, including, but not limited to, the
costs of legal counsel and judicial determinations. The Company shall also be
solely responsible for paying (i) all reasonable expenses incurred by Indemnitee
to enforce this Agreement, including, but not limited to, the costs incurred by
Indemnitee to obtain court-ordered indemnification pursuant to Section 11,
regardless of the outcome of any such application or proceeding, and (ii) all
costs of defending any Proceedings challenging payments to Indemnitee under this
Agreement.

     9. Advance of Expenses.
        -------------------

        (a) The Indemnitee hereby is granted the right to receive in advance of
a final, nonappealable judgment or other final adjudication of a Proceeding (a
"Final Determination") the amount of any and all expenses, including, without
limitation, investigation expenses, expert witnesses' and attorneys' fees and
other expenses expended or incurred by the Indemnitee in connection with any
Proceeding or otherwise expended or incurred by the Indemnitee (such amounts so
expended or incurred being referred to as "Advanced Amounts").

        (b) In making any written request for Advanced Amounts, the Indemnitee
shall submit to the Company a schedule setting forth in reasonable detail the
dollar amount expended or incurred and expected to be expended. Each such
listing shall be supported by the bill, agreement, or other documentation
relating thereto, each of which shall be appended to the schedule as an exhibit.
In addition, before the Indemnitee may receive Advanced Amounts from the
Company, the Indemnitee shall provide to the Company (i) a written affirmation
of the Indemnitee's good faith belief that the applicable standard of conduct
required for indemnification by the Company has been satisfied by the
Indemnitee, and (ii) a written undertaking by or on behalf of the Indemnitee to
repay the Advanced Amount if it shall ultimately be determined that the
Indemnitee has not satisfied any applicable standard of conduct. The written
undertaking required from the Indemnitee shall be an unlimited general
obligation of the Indemnitee but need not be secured. The Company shall pay to
the Indemnitee all Advanced Amounts within twenty (20) days after receipt by the
Company of all information and documentation required to be provided by the
Indemnitee pursuant to this paragraph.

     10. Indemnification for Expenses of a Witness. Notwithstanding any other
         -----------------------------------------
provision of this Agreement, to the extent that Indemnitee is, by reason of any
event or occurrence related to the fact that Indemnitee is or was an officer,
director, employee or agent of the Company or any Subsidiary of the Company, or
is or was serving at the request of the Company as an officer, director,
employee or agent of another Person, a witness in any Proceeding, whether
instituted by

                                     - 8 -

<PAGE>

the Company or any other party, and to which Indemnitee is not a party, he shall
be indemnified against all Expenses actually and reasonably incurred by him or
on his behalf in connection therewith.

     11. Enforcement.
         -----------

         (a) If a claim for indemnification or advancement of Expenses made to
the Company pursuant to Section 4 or 9 is not timely paid in full to Indemnitee
by the Company as required by Section 4 or 9, respectively, Indemnitee shall be
entitled to seek judicial enforcement of the Company's obligations to make such
payment in an appropriate court of the State of Maryland. In the event that a
determination is made that Indemnitee is not entitled to indemnification or
advancement of Expenses hereunder, (i) Indemnitee may seek a de novo
adjudication of Indemnitee's entitlement to such indemnification or advancement
either, at Indemnitee's sole option, (A) an appropriate court of the State of
Maryland, or (B) an arbitration to be conducted by a single arbitrator, located
in San Francisco, California, pursuant to the rules of the American Arbitration
Association; (ii) any such judicial proceeding or arbitration shall not in any
way be prejudiced by, and Indemnitee shall not be prejudiced in any way by such
adverse determination; and (iii) in any such judicial proceeding or arbitration
the Company shall have the burden of proving that Indemnitee is not entitled to
indemnification or advancement of Expenses under this Agreement. Indemnitee
shall commence a proceeding seeking an adjudication of Indemnitee's right to
indemnification or advancement of Expenses pursuant to the preceding sentence
within six (6) months following the date on which Indemnitee first has the right
to commence such proceeding pursuant to this Section 11(a).

         (b) The Company shall be precluded from asserting in any judicial
proceeding or arbitration commenced pursuant to the provisions of Section 11(a)
that the procedures and presumptions of this Agreement are not valid, binding
and enforceable and shall stipulate in any such court or before any such
arbitrator that the Company is bound by all the provisions of this Agreement.

         (c) In any action brought under this Section 11, it shall be a defense
to a claim for indemnification (other than an action brought to enforce a claim
for advancement of expenses) that Indemnitee has not met the standards of
conduct which make it permissible under Maryland law for the Company to
indemnify Indemnitee for the amount claimed. The burden of proving such defense
shall be on the Company.

     12. Liability Insurance and Funding. To the extent the Company maintains an
         -------------------------------
insurance policy or policies providing directors' and officers' liability
insurance, Indemnitee shall be covered by such policy or policies, in accordance
with its or their terms, to the maximum extent of the coverage available for any
director or officer of the Company. If, at the time of the receipt of a notice
of a claim pursuant to Section 4 hereof, the Company has directors' and
officers' liability insurance in effect, the Company shall give prompt notice of
the commencement of such proceeding to the insurers in accordance with the
procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf
of Indemnitee, all amounts payable as a result of such

                                     - 9 -

<PAGE>

Proceeding in accordance with the terms of such policies. The Company shall have
no obligation to obtain or maintain such insurance.

     13. Merger or Consolidation. In the event that the Company shall be a
         -----------------------
constituent corporation in a merger, consolidation or other reorganization, the
Company shall require as a condition thereto, (a) if it shall not be the
surviving, resulting or acquiring corporation therein, the surviving, resulting
or acquiring corporation to agree to indemnify Indemnitee to the full extent
provided herein, and (b) whether or not the Company is the surviving, resulting
or acquiring corporation therein, Indemnitee shall also stand in the same
position under this Agreement with respect to the surviving, resulting or
acquiring corporation as Indemnitee would have with respect to the Company if
the Company's separate existence had continued.

     14. Nondisclosure of Payments. Except as expressly required by federal
         -------------------------
securities laws or other applicable laws or regulations or by judicial process,
Indemnitee shall not disclose any payments made under this Agreement, whether
indemnification or advancement of expenses, unless prior written approval of the
Company is obtained.

     15. Nonexclusivity and Severability; Subrogation.
         --------------------------------------------

         (a) The right to indemnification and advancement of Expenses provided
by this Agreement shall not be exclusive of any other rights to which Indemnitee
may be entitled under the Charter or Bylaws of the Company, Maryland law, any
other statute, insurance policy, agreement, vote of stockholders of the Company
or of the Board (or otherwise), both as to actions in his official capacity and
as to actions in another capacity while holding such office, and shall continue
after Indemnitee has ceased to be a director or officer of the Company and shall
inure to the benefit of his heirs, executors and administrators; provided,
                                                                 ---------
however, that to the extent Indemnitee otherwise would have any greater right to
-------
indemnification and/or advancement of Expenses under any provision of the
Charter or the Bylaws of the Company, Indemnitee shall be deemed to have such
greater right pursuant to this Agreement; and, provided, further, that to the
                                               -----------------
extent that any change is made to Maryland law (whether by legislative action or
judicial decision), the Charter and/or the Bylaws that permits any greater right
to indemnification and/or advancement of Expenses than that provided under this
Agreement as of the date hereof, Indemnitee shall be deemed to have such greater
right pursuant to this Agreement. No amendment, alteration, or repeal of this
Agreement or of any provision hereof shall limit or restrict any right of
Indemnitee under this Agreement in respect of any action taken or omitted by
such Indemnitee prior to such amendment, alteration, or repeal.

         (b) If any provision or provisions of this Agreement are held to be
invalid, illegal or unenforceable for any reason whatsoever: (i) the validity,
legality and enforceability of the remaining provisions of this Agreement
(including, without limitation, all portions of any provisions of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that
are not themselves invalid, illegal or unenforceable) shall not in any way be
affected or impaired thereby and (ii) to the fullest extent possible, the
provisions of this Agreement (including, without limitation, all portions of any
provisions of this Agreement containing any such provision held to be invalid,
illegal or unenforceable, that are not themselves

                                     - 10 -

<PAGE>

invalid, illegal or unenforceable) shall be construed so as to give effect to
the intent manifested by the provision held invalid, illegal or unenforceable.

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

     16. Notices. All notices, requests, demands and other communications under
         -------
this Agreement shall be in writing and shall be deemed duly given (i) if
delivered by hand and receipted for by the party addressed, on the date of such
receipt, of (ii) if mailed by domestic certified or registered mail with postage
prepaid, on the third business day after the date postmarked. Addresses for
notice to either party are as shown on the signature page of this Agreement, or
as subsequently modified by written notice.

     17. Mutual Acknowledgement. Both the Company and Indemnitee acknowledge
         ----------------------
that in certain instances federal law or public policy may override applicable
state law and prohibit the Company from indemnifying Indemnitee under this
Agreement or otherwise. For example, the Company and Indemnitee acknowledge that
the Securities and Exchange Commission (the "Commission") has taken the position
that indemnification is not permissable for liabilities arising under certain
federal securities laws, and federal legislation prohibits indemnification for
certain ERISA violations. Indemnitee understands and acknowledges that the
Company shall not be required to provide indemnification or advance Expenses in
violation of any law or public policy.

     18. Governing Law. This Agreement shall be governed by and construed in
         -------------
accordance with the laws of the State of Maryland, without giving effect to
principles of conflict of laws.

     19. Consent to Jurisdiction. The Company and Indemnitee each hereby
         -----------------------
irrevocably consent to the jurisdiction of the courts of the State of Maryland
for all purposes in connection with any action, suit or proceeding which arises
out of or relates to this Agreement.

     20. Identical Counterparts. This Agreement may be executed in one or more
         ----------------------
counterparts, each of which shall for all purposes be deemed to be an original
but all of which together shall constitute one and the same Agreement. Only one
such counterpart signed by the party against whom enforcement is sought needs to
be produced to evidence the existence of this Agreement.

     21. Modification; Survival. This Agreement may be modified only by an
         ----------------------
instrument in writing signed by both parties hereto. The provisions of this
Agreement shall survive the death, disability or incapacity of Indemnitee or the
termination of Indemnitee's service as a director or officer of the Company and
shall inure to the benefit of Indemnitee's heirs, executors and administrators.

                                     - 11 -

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this agreement as of
the date first above written.

                               BRE PROPERTIES, INC.

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

                               Name:
                                    --------------------------------------------

                               Title:
                                     -------------------------------------------

                               INDEMNITEE

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

                               Name:
                                    --------------------------------------------

                                     - 12 -

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