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Exhibit 4.1    
  

 
 

AMENDMENT NO. 2 TO RIGHTS AGREEMENT    
  

        This Amendment No. 2 (this "Amendment") dated as of December 31, 2002 amends that certain Rights
Agreement, dated as September 15, 1998, as amended as of April 30, 2001 (the "Rights Agreement"), by and between Fleetwood
Enterprises, Inc., a Delaware corporation (the "Company") and EquiServe Trust Company, N.A., f/k/a Fleet National Bank, f/k/a BankBoston, N.A., a
national banking association (the "Rights Agent"), and is made by and between the Company and the Rights Agent Capitalized terms used herein but not
defined herein shall have their defined meanings set forth in the Rights Agreement. 

BACKGROUND  

        A.    The
Company and the Rights Agent entered into the Rights Agreement dated as of September 15, 1998. 

        B.    The
Company and the Rights Agent have heretofore executed and entered into an amendment to the Rights Agreement dated as of April 30, 2001. 

        C.    Pursuant
to Section 27 of the Rights Agreement, the Company may from time to time supplement or amend the Rights Agreement in accordance with the provisions of
such Section 27. 

        D.    The
Board of Directors of the Company has determined that it is in the best interest of the Company and its stockholders to amend the Rights Agreement to provide that any
Person that is a "Passive Institutional Investor" (as defined herein) will not be deemed an "Acquiring Person," except in the specific circumstances set forth below. 

        E.    BankBoston,
N.A. merged with and into Fleet Financial Group Inc. in October 1999; pursuant to this merger the name of the Rights Agent changed from
BankBoston, N.A. to Fleet National Bank, f/k/a BankBoston, N.A., and the name has since been changed to EquiServe Trust Company, N.A. 

AGREEMENT  

        NOW, THEREFORE, the parties hereby agree as follows: 

        1.    Section 1(a)
is hereby deleted in its entirety and the following is inserted in lieu thereof: 

        "(a)
"Acquiring Person" means any Person who or which, together with all Affiliates and Associates of such Person, without the prior
approval of the Board of Directors of the Company, shall become, after the date hereof, the Beneficial Owner of 15% or more of the shares of Common Stock then outstanding, but shall not include: 

          (i)  an
Exempt Person; or 

        (ii)  a
Person who or which, together with its Affiliates and Associates, shall become the Beneficial Owner of 15% or more of the shares of Common Stock then outstanding
solely as a result of a reduction in the number of shares of Common Stock outstanding due to a repurchase of Common Stock by the Company, unless such Person shall thereafter purchase or otherwise
become the Beneficial Owner of additional shares of Common Stock representing 1% of the shares of Common Stock then outstanding; or 

        (iii)  a
Person who is a Passive Institutional Investor; provided, however, that if a Passive Institutional Investor becomes
the Beneficial Owner of 171/2% or more of the shares of Common Stock then outstanding (other than solely as the result of a reduction in the number of shares of Common Stock outstanding
due to a repurchase of Common Stock by the Company, and provided in that event that such Passive Institutional Investor shall not thereafter purchase or otherwise become the Beneficial Owner of
additional shares of 

Common Stock representing 1% of the shares of Common Stock then outstanding) then such Passive Institutional Investor shall be deemed an "Acquiring Person." 

        Notwithstanding
the foregoing, if the Board of Directors of the Company determines in good faith that a Person who would otherwise be an "Acquiring Person," as defined pursuant to the
foregoing
provisions of this paragraph (a), has become such inadvertently, and such Person divests as promptly as practicable a sufficient number of shares of Common Stock so that such Person would no
longer be an "Acquiring Person," as defined pursuant to the foregoing provisions of this paragraph (a), then such Person shall not be deemed to be an "Acquiring Person" for any purposes of this
Agreement." 

        2.    Section 1
is further amended to add the following paragraph as Section 1(t), and the remaining paragraphs of Section 1 shall be deemed rearranged in
alphabetical order and re-lettered accordingly: 

        "(t)
"Passive Institutional Investor" shall mean a Person that (i) is principally engaged in the business of managing investment
funds for unaffiliated securities investors and, as part of such Person's duties as agent for fully managed accounts, holds or exercises voting or dispositive power over shares of Common Stock,
(ii) became the Beneficial Owner of shares of Common Stock pursuant to trading activities undertaken in the normal and ordinary course of such Person's business and not with the purpose nor the
effect, either alone or in concert with any other Person, of exercising the power to direct or cause the direction of the management and policies of the Company or of otherwise changing or influencing
the control, management or policies of the Company, nor in connection with or as a participant in any transaction having such purpose or effect, including any transaction subject to
Rule 13d-3(b) under the Exchange Act, and (iii) is a Person described in Rule 13d-1(b)(1) under the Exchange Act and is eligible to report (and, if such
Person is the Beneficial Owner of greater than 5% of the shares of Common Stock then outstanding, does in fact report) beneficial ownership of Common Stock on Schedule 13G, and is not obligated
to, and does not, file a Schedule 13D (or any comparable or successor report) with respect to its beneficial ownership of Common Stock." 

        3.    Section 11(a)(ii) is
hereby deleted in its entirety and the following is inserted in lieu thereof: 

        "(ii) Subject
to Section 23(a) and Section 24, in the event any
Person (other than an Exempt Person), alone or together with its Affiliates and Associates, shall, at any time after the Rights Dividend Declaration Date, become an Acquiring Person, unless the event
causing the percentage threshold to be crossed is a transaction set forth in Section 13(a), or is an acquisition of shares of Common Stock
pursuant to a tender offer or an exchange offer for all outstanding shares of Common Stock at a price and on terms determined by at least a majority of the Board of Directors of the Company who are
not representatives, nominees, Affiliates or Associates of an Acquiring Person, after receiving advice from one or more investment banking firms, to be (a) at a price which is fair to
stockholders of the Company (taking into account all factors which such members of the Board deem relevant including, without limitation, prices which could reasonably be achieved if the Company or
its assets were sold on an orderly basis designed to realize maximum value) and (b) otherwise in the best interests of the Company and its stockholders, then, proper provision shall be made so
that each holder of a Right (except as provided below and in Section 7(e)) shall thereafter have the right to receive, upon exercise thereof at
the then current Purchase Price in accordance with the terms of this Agreement, in lieu of a number of one one-thousandths of a share of Preferred Stock, such number of shares of Common
Stock of the Company as shall equal the result obtained by (x) multiplying the then current Purchase Price by the then number of one one-thousandths of a share of Preferred Stock
for which a Right was exercisable immediately prior to the occurrence of a Section 11(a)(ii) Event, and (y) dividing that product (which, following such occurrence, shall
thereafter be referred to as the "Purchase Price" for each Right and for all purposes of this Agreement) by 50% of the Current Market Price (determined
pursuant to Section 11(d)) per share of Common Stock on the date of such occurrence (such number of
shares is herein called the "Adjustment Shares"); provided that the Purchase Price and the number of
Adjustment Shares shall be further adjusted as provided in this 

Agreement to reflect any events occurring after the date of such occurrence; and provided, further, that if the transaction that would otherwise give
rise to the foregoing adjustment is also subject to the provisions of Section 13, then only the provisions of  Section 13 shall apply and no
adjustment shall be made pursuant to this  Section 11(a)(ii)."
 

        4.    Section 13(a)
is hereby deleted in its entirety and the following is inserted in lieu thereof: 

        "(a)
In the event that, following the Stock Acquisition Date, directly or indirectly, (x) the Company shall consolidate with, or merge with and into, any other Person (other than
a Subsidiary of the Company in a transaction which complies with Section 11(o)), and the Company shall not be the continuing or surviving
corporation of such consolidation or merger, (y) any Person (other than a Subsidiary of the Company in a transaction which complies with  Section 11(o)) shall consolidate with, or merge with or
into, the Company, and the Company shall be the continuing or surviving corporation of
such consolidation or merger, and, in connection with such consolidation or merger, all or part of the outstanding shares of Common Stock shall be changed into or exchanged for stock or other
securities of any other Person or cash or any other property, or (z) the Company shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer), in one
transaction or a series of related transactions, assets or earning power aggregating more than 50% of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any Person
or Persons (other than the Company or any Subsidiary of the Company in one or more transactions each of which complies with Section 11(o)), then,
and in each such case, proper provisions shall be made so that (i) each holder of a Right, except as provided in Section 7(e), shall
thereafter have the right to receive, upon the exercise thereof at the then current Purchase Price in accordance with the terms of this Agreement, such number of validly authorized and issued, fully
paid, non-assessable and freely tradable shares of Common Stock of the Principal Party (as such term is hereinafter defined), not subject to any liens, encumbrances, rights of first
refusal or other adverse claims, as shall be equal to the result obtained by (1) multiplying the then current Purchase Price by the number of one one-thousandths of a share of
Preferred Stock for which a Right was exercisable immediately prior to the occurrence of a Section 11(a)(ii) Event, and (2) dividing that product (which, following the first
occurrence of a Section 13 Event, shall be referred to as the "Purchase Price" for each Right and for all purposes of this Agreement) by 50% of
the Current Market Price (determined pursuant to Section 11(d)(i)) per share of the Common Stock of such Principal Party on the date of
consummation of such Section 13 Event (or the fair market value on such date of other securities or property of the Principal Party, as provided for herein); provided,
however, that the Purchase Price and the number of shares of Common Stock of such Principal Party issuable upon exercise of each Right shall be further adjusted as provided in
this Agreement to reflect any events occurring after the date of the first occurrence of a Section 13 event; (ii) such Principal Party shall thereafter be liable for, and shall assume,
by virtue of such Section 13 Event, all the obligations and duties of the Company pursuant to this Agreement; (iii) the term "Company"
shall thereafter be deemed to refer to such Principal Party, it being specifically intended that the provisions of Section 11 shall apply only to
such Principal Party following the first occurrence of a Section 13 Event; (iv) such Principal Party shall take such steps (including, but not limited to, the reservation of a sufficient
number of shares of its Common Stock) in connection with the consummation of any such transaction as may be necessary to assure that the provisions hereof shall thereafter be applicable, as nearly as
reasonably may be, in relation to its shares of Common Stock thereafter deliverable upon the exercise of the Rights; provided, however, that upon the
subsequent
occurrence of any merger, consolidation, sale of all or substantially all assets, recapitalization, reclassification of shares, reorganization or other extraordinary transaction in respect of such
Principal Party, each holder of a Right shall thereupon be entitled to receive, upon exercise of a Right and payment of the Purchase Price, such cash, shares, rights, warrants and other property which
such holder would have been entitled to receive had he, at the time of such transaction, owned the shares of Common Stock of the Principal Party purchasable upon the exercise of a Right, and such
Principal Party shall take such steps (including, but not limited to, reservation of shares of stock) as may be necessary to permit the subsequent exercise of the Rights in accordance with the terms
hereof for such cash, shares, rights, warrants 

and other property; and (v) the provisions of Section 11(a)(ii) shall be of no effect following the first occurrence of any
Section 13 Event." 

        5.    Exhibit C
is hereby deleted in its entirety and Exhibit C attached hereto and incorporated by reference herein is inserted in lieu thereof. 

        6.    Except
as expressly set forth in this Amendment all other terms of the Rights Agreement shall remain in full force and effect. 

        7.    This
Amendment shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made and to be performed entirely within
such State. 

        8.    This
Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts
shall together constitute but one and the same instrument. 

        9.    The
undersigned officer of the Company, being duly authorized on behalf of the Company, hereby certifies on behalf of the Company to the Rights Agent that (a) he
is an "appropriate officer" as such term is used in Section 27 of the Rights Agreement, and (b) this Amendment is in compliance with Section 27 of the Rights Agreement. 

        IN
WITNESS WHEREOF, the Company and the Rights Agent have executed this Amendment effective as of the date first above written. 

	 	 	The Company:
	

 	
 	

Fleetwood Enterprises, Inc.,

a Delaware corporation
	

 	
 	

By:	
 	

/s/ Forrest D. Theobald

	 	 	Title:	 	Sr. Vice President—General Counsel and Secretary
	

 	
 	
The Rights Agent:
	

 	
 	

EquiServe Trust Company, N.A.

(f/k/a Fleet National Bank)

(f/k/a BankBoston, N.A.),

a national banking association
	

 	
 	
By:	
 	

/s/ Katherine Anderson

	 	 	Title:	 	Managing Director, Client Administration

EXHIBIT C  

SUMMARY OF RIGHTS TO PURCHASE

PREFERRED STOCK

OF

FLEETWOOD ENTERPRISES, INC.  

        On September 15, 1998 (the "Rights Dividend Declaration Date") the Board of Directors of Fleetwood
Enterprises, Inc. (the "Company") declared a dividend of one Right (a "Right") for each
outstanding share of Company Common Stock to be distributed to stockholders of record at the close of business on November 9, 1998 (the "Record
Date"). Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share (a
"Unit") of Series A Junior Participating Preferred Stock
(the "Preferred Stock") at a "Purchase Price" of $160, subject to adjustment. The description and terms
of the Rights are set forth in a Rights Agreement ("Rights Agreement") dated as of September 15, 1998, between the Company and EquiServe Trust
Company, N.A., f/k/a Fleet National Bank, f/k/a BankBoston, N.A., as Rights Agent (the "Rights Agent"), as amended by those certain amendments (the
"Amendments"), dated as of April 30, 2001 and December 31, 2002, respectively, to Rights Agreement, each by and between the Company and
the Rights Agent. 

        A
copy of the Rights Agreement has been filed with the Securities and Exchange Commission as an Exhibit to a Registration Statement on Form 8-A dated
October 28, 1998, and copies of the Amendments have been filed with the Securities and Exchange Commission as Exhibits to an amended Registration Statement on Form 8-A/A
filed January    , 2003. A copy of the Rights Agreement and the Amendments are available to shareholders free of charge from the Company, if requested in writing. This summary description
of the Rights does not purport to be complete and is qualified in its entirety by reference to the Rights Agreement and the Amendments, which are incorporated herein by reference. 

        The
holders of shares of Common Stock of the Company outstanding at the close of business on the Record Date received one Right per share of Common Stock. In addition, prior to the
earliest of the Distribution Date, a Section 13 Event or the Expiration Date (as each is described below), one additional Right (as such number may be adjusted pursuant to the provisions of the
Rights Agreement) shall be issued with each share of Common Stock issued after the Record Date. Following the Distribution Date and prior to the expiration or redemption of the Rights, the Company
will issue one Right (as such number may be adjusted pursuant to the provisions of the Rights Agreement) for each share of Common Stock issued pursuant to the exercise of stock options or under
employee plans or upon the exercise, conversion or exchange of securities issued by the Company prior to the Distribution Date. 

        Until
the Distribution Date (as described below), (i) the Rights will attach to and be evidenced by the Common Stock certificates and will be transferred with and only with such
Common Stock certificates, (ii) new Common Stock certificates issued after November 9, 1998 will contain a notation incorporating the Rights Agreement by reference and (iii) the
surrender for transfer of any certificates for Common Stock outstanding will also constitute the transfer of the Rights associated with the Common Stock represented by such certificate. 

        The
Rights are not exercisable until the Distribution Date and will expire at the earliest of (i) the close of business on September 15, 2008; (ii) the date of
redemption of the Rights; (iii) the date the Board of Directors of the Company orders the exchange of Rights; or (iv) the date of consummation of a tender offer approved as fair to and
in the best interests of the Company and its stockholders and adequately priced with each stockholder receiving the same consideration per share in the same manner (the
"Expiration Date"). 

        The
Rights will separate from the Common Stock and a Distribution Date will occur (the "Distribution Date") upon the earlier of
10 days (or such longer time as may be determined by the Company's Board of Directors following (i) a public announcement (or determination by the 

Company's Board of Directors) that a person or group of affiliated or associated persons (an "Acquiring Person") has acquired, or obtained the right to
acquire, beneficial ownership of 15% or more (171/2% or more in the case of a passive institutional investor) of the outstanding shares of Common Stock (the
"Stock Acquisition Date"), or (ii) the commencement of a tender offer or exchange offer that would result in a person or group beneficially
owning 15% or more of such outstanding shares of Common Stock. 

        As
soon as practicable after the Distribution Date, Rights Certificates will be mailed to holders of record of the Common Stock as of the close of business on the Distribution Date and,
thereafter, the separate Rights Certificates alone will represent the Rights. 

        At
any time after the Distribution Date but prior to the Expiration Date of the Rights, each right may be exercised at the stated purchase price of $160 (subject to adjustment, the
"Exercise Price") for one one-thousandth of a share of the Preferred Stock; provided, however, that upon the occurrence of any of the events
described below, the Rights may no longer be exercised for Preferred Stock and may only be exercised for certain other securities described below. 

        In
the event that on or at any time following the Rights Dividend Declaration Date a person becomes an Acquiring Person (except pursuant to an offer for all outstanding shares of Common
Stock which the Board of Directors determines to be fair to and otherwise in the best interests of the Company and its shareholders), then each holder of a Right will thereafter have the right to
receive, upon exercise, Common Stock (or, in certain circumstances, cash, property or other securities of the Company) having a value equal to two times the Purchase Price of the Right. Rights are
exercisable following the occurrence of the foregoing only after such time as the Rights are no longer redeemable by the Company, as set forth below. Notwithstanding any of the foregoing, following
the occurrence of the event set forth in this paragraph, all Rights that are, or (under certain circumstances specified in the Rights Agreement) were, beneficially owned by any Acquiring Person will
be null and void. 

        In
the event that, at any time following the Stock Acquisition Date, (i) the Company is acquired in a merger or other business combination transaction in which the Company is not
the surviving entity or in which the Company's outstanding Common Stock is exchanged for cash, stock or other property (other than a merger which follows an offer for all outstanding shares described
in the preceding paragraph), or (ii) 50% or more of the Company's assets or earning power is sold or transferred, each holder of a Right (except Rights which previously have been voided as set
forth above) shall thereafter have the right to receive, upon exercise, common stock of the acquiring company having a value equal to two times the Purchase Price of the Right. (An event described in
this paragraph is a "Section 13 Event."). 

        The
Purchase Price payable, and the number of Units of Preferred Stock or other securities or property issuable, upon exercise of the Rights are subject to adjustment from time to time
to prevent dilution, as set forth in the Rights Agreement. With certain exceptions, no adjustment in the Purchase Price will be
required until cumulative adjustments amount to at least 1% of the Purchase Price. No fractional Rights, fractions of shares of Preferred Stock (other than fractions which are integral multiples of
one one-thousandth of a share), or fractional shares of Common Stock will be issued and, in lieu thereof, an adjustment in cash will be made based on the market price of the Rights,
Preferred Stock, or Common Stock, respectively, on the last trading date prior to the date of exercise. 

        In
general, the Company may redeem the Rights in whole, but not in part, at a price of $.002 per Right, at any time until ten days following the Stock Acquisition Date (or such later
date as may be determined by the Company's Board of Directors). Immediately upon the action of the Board of Directors ordering redemption of the Rights, the Rights will terminate and the only right of
the holders of Rights will be to receive the $.002 redemption price. 

        At
any time after a person or a group of affiliated or associated persons becomes an Acquiring Person, and prior to the first date upon which that person becomes the beneficial owner of
at least 50% of the outstanding Common Stock, the Company may, by majority vote of the Board of Directors, exchange some or all of the outstanding Rights (other than those that have become void) for
shares of 

Common Stock at an exchange ratio of one share of Common Stock per Right, appropriately adjusted for splits, dividends, and similar transactions (the "Ratio of
Exchange"). Immediately upon the action of the Board of Directors ordering the exchange of the Rights, the Rights will terminate and the only right of the holders of Rights
will be to receive the number of Common Shares equal to the Ratio of Exchange. 

        Until
a Right is exercised, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation, the right to vote or to receive dividends. 

        Other
than those provisions relating to the redemption price or the final expiration date of the Rights, any of the provisions of the Rights Agreement may be supplemented or amended by
the Board of Directors prior to the Distribution Date, without approval of the Rights holders, whether or not a supplement or amendment is adverse to the Rights holders. After the Distribution Date,
the provisions of the Rights Agreement (other than the provisions relating to the redemption price or the final expiration date of the Rights) may be amended by the Board of Directors in order to make
changes which do not materially and adversely affect the interests of holders of Rights (excluding the interests of any Acquiring Person), provided,
however, that the Rights Agreement may not be amended to (i) make the Rights again redeemable after the Rights have ceased to be redeemable, or (ii) change any
other time period unless such change is for the benefit of the holders (excluding any Acquiring Person). 

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Exhibit 4.1

AMENDMENT NO. 2 TO RIGHTS AGREEMENTQuickLinks
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Exhibit 4.4    
  

EQUITY RESIDENTIAL PROPERTIES TRUST

2002 SHARE INCENTIVE PLAN  

        1.    Purpose.    

        (b)  The
Plan provides a means whereby such individuals may: (i) receive authorized common shares of beneficial interest of the Company ("Shares"), subject to
conditions and restrictions described herein and otherwise determined by the Committee (as defined below) ("Share Awards"); (ii) acquire Shares pursuant to grants of options to purchase such
Shares ("Options"); (iii) acquire Share Appreciation Rights ("SARs") in tandem with or independent of Options referred to in item (ii) above; or (iv) receive dividend equivalent
rights with respect to Shares ("Dividend Equivalents"). The term "Subsidiary" means each entity the Company owns or controls directly or indirectly either through voting control, equity ownership or
as a general partner, managing member or similar control position, provided that, for purposes of Incentive Stock Options (as defined below) such term shall have the meaning given in
Section 424 of the Internal Revenue Code of 1986, as amended (the "Code"). 

        2.    Administration.    The authority to manage and control the operation and administration of the Plan shall be
vested in a Committee (the "Committee") consisting of three or more members appointed by the Board of Trustees of the Company from among its members. A person may serve on the Committee only if he or
she (i) is a "Non-Employee Director" for purposes of Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the "1934 Act") and (ii) satisfies
the requirements of an "outside director" for purposes of Section 162(m) of the Code. Any interpretation of the Plan by the Committee and any decision made by the Committee on any other matter
within its discretion is final and binding on all persons. No member of the Committee shall be liable for any action or determination made with respect to the Plan. The Committee may delegate any of
its authority to administer the Plan as it deems appropriate, except that no delegation may be made in the case of awards intended to be qualified under Code Section 162(m) or
Rule 16b-3 promulgated under the Exchange Act. The day-to-day administration of the Plan may be carried out by an Option Coordinator designated by the
General Counsel of the Company. 

        3.    Participation.    

        (a)    Generally.    Subject to the terms and conditions of the Plan, the Committee shall determine and designate from
time to time the key employees, officers, trustees and consultants of the Company and its Subsidiaries to whom Share Awards, Options, SARs or Dividend Equivalents are to be granted (a "Grantee") and
the number of Shares subject to such Share Awards, Options, SARs or Dividend Equivalents to be granted to the Grantees. Notwithstanding the foregoing, the maximum number of Shares with respect to
which Options and SARs may be granted during any calendar year to any Grantee is 1,000,000 Shares, and the maximum number of shares with respect to Share Awards and Dividend Equivalents may be granted
during any calendar year to any Grantee is 250,000 shares. 

        (b)    Board of Trustees.    An annual award of an Option to purchase 10,000 Shares shall be awarded to each member of
the Board of Trustees of the Company in January of each year on the same day as the annual Option grant to the Company's employees or on such other date as the Committee designates which coincides
with the date scheduled for the consideration of awards of Options to Company employees. Each Trustee has the right to convert up to one-half of the annual Option grant into a Share Award
of restricted Shares as of the date of grant (including the grant awarded to the Trustee upon his or her first being elected or appointed to the Board), thus reducing the number of Options granted.
Trustee's desiring to exercise their rights to convert Options to Share Awards must do so by written notice to the Company's General Counsel within 14 days following the Grant. The number of
Shares shall be determined by dividing the total dollar value of the Option grant being converted, using the same valuation criteria utilized by the Committee in its employee Option grants made as of
the same date, by the closing price of the Company's common share on the date of grant. The Options vest in equal installments six months, twelve months and twenty-four months from the
Grant Date. The restricted Shares vest in full on the third anniversary of the Grant Date. If an individual first becomes a Trustee following the annual grant, an Option will be granted to him or her
covering a number of Shares equal to 10,000 multiplied by a fraction, the numerator of which is the number of days left in said calendar year on and following such Trustee's election or appointment to
the Board of Trustees, and the denominator of which is 365. Trustees may, in addition to Options and Share Awards awarded under this paragraph, also receive grants of Options and Share Awards under
paragraph 3(a). 

        4.    Shares Subject to the Plan.    Subject to the provisions of paragraph 13, (i) the maximum number
of Shares which may be granted under the Plan shall not exceed 7.5% of the Company's outstanding Shares from time to time, calculated on a "fully-diluted" basis (defined as the Company's outstanding
common shares, limited 

partnership interests in ERP Operating Limited Partnership and all other currently convertible debt and equity securities, but excluding options) determined annually on the first day of each calendar
year; and (ii) no more than twenty-five percent (25%) of the number of Shares described in clause (i) may be subject to Share Awards granted under the Plan. Shares subject to
the Plan may be authorized but unissued Shares, Shares now held in the treasury of the Company or Shares hereafter acquired by the Company. Any Shares which are not purchased or awarded under an
Option or other award which has terminated or lapsed for any reason as well as Shares which were the subject of a Share Award that are forfeited prior to vesting may be used for the further grant of
awards. For purposes of this Plan, the "Fair Market Value" of a Share shall equal the closing price paid for Shares on the New York Stock Exchange on the first trading day immediately preceding the
date for which such Fair Market Value is being determined. 

        5.    Share Awards.    

        (a)  Share
Awards granted shall be subject to the following conditions and/or restrictions: 

        (i)    A
Share Award shall be subject to a minimum vesting period of at least three years from the date of Grant, with the Share Award vesting either in annual equal
installments over, or in full at the end of, the three-year
period, and may be subject to such other conditions and restrictions as are established by the Committee as of the Date of Grant; provided, however, that up to five percent (5%) of the total number of
Shares which may be granted under the Plan may be subject to a minimum vesting period of one year. The Committee may, but need not, establish performance goals to be achieved within such performance
periods as may be selected by it, using such measures of individual performance or the performance of the Company and/or one (1) or more of its Subsidiaries as it may select. Any Share Award
containing conditions, terms or restrictions as established by the Committee but not set forth herein shall be described in such term sheets or employment, award or similar agreements as are approved
by the Committee from time to time. 

        (ii)  A
Share Award that has not vested or continues to be subject to restrictions (including any restrictions set forth on term sheets or employment, award or similar
agreements approved by the Committee from time to time) will be forfeited to the Company upon the termination of the Grantee's Service, unless the circumstances described in
paragraph 5(a)(iii) have occurred (it being the express intent of this document that Share Awards will not be forfeited in the event of a "Change in Control" (defined below) of the
Company, or the termination of the Grantee's Service as a result of any of the circumstances described in paragraph 5(a)(iii)). An individual's "Service" shall continue until he or she is no
longer an employee, officer, director, trustee or consultant of the Company or a Subsidiary. 

        (iii)  Notwithstanding
the foregoing, the conditions and restrictions described in paragraph 5(a)(i) and (ii) that are contained in the terms of any
Share Award shall immediately lapse and be of no effect, and the Share Awards subject to such conditions and restrictions shall fully vest (with any performance goals deemed to be met in full at the
maximum amount possible unless otherwise provided by the specific terms of an award) in favor of the Grantee, in the event of (I) a "Change in Control" of the Company, or (II) the
termination of a Grantee's Service: 

        (A)  because
of the Grantee's death; 

        (B)  with
respect to a Grantee who is an employee, officer or Chairman of the Board, in connection with his or her disability (as defined in 5(d)) or retirement at or after
the age of 62; or 

        (C)  with
respect to a Grantee who is a member of the Board (excluding Share Awards to employee trustees and the Company's Chairman of the Board that are in addition to the
annual Share Awards made under paragraph 3(b)), in connection with his or her retirement or failure to be re-elected to the Board. 

If
the Service of a Grantee terminates other than as described above (other than if the termination occurs for Good Cause as defined in paragraph 6(f)), the Committee may determine that the
conditions and restrictions described in paragraph 5(a)(i) and (ii) that are contained in the terms of any Share Award shall immediately lapse and be of no effect, and, in such
event, the Share Awards subject to such conditions shall fully vest in favor of the Grantee. The Committee may make the determination described in the preceding sentence and communicate such
determination in the Grantee's award agreement or in any other manner. 

        (b)    Rights of Grantee.    The Grantee shall be entitled to all of the rights of a shareholder with respect to the
Share Awards including the right to vote such Shares and to receive dividends and other distributions payable with respect to such Shares from and after the Date of Grant; provided that any securities
or other property (but not cash) received in any such distribution with respect to a Share Award that is still subject to the restrictions set forth above, shall be subject to all of the restrictions
set forth herein with respect to such Share Award. 

        (c)    Change in Control.    For purposes of this Plan, a "Change in Control" shall mean any of the following events: 

        (i)    An
acquisition (other than directly from the Company) of any voting securities of the Company (the "Voting Securities") by any "Person" (as the term person is used for
purposes of Section 13(d) or 14(d) of the 1934 Act, immediately after which such Person has "Beneficial Ownership" (within the meaning of Rule 13d-3 promulgated under the
1934 Act) of 30% or more of the combined voting power of the Company's then outstanding Voting Securities; provided, however, that in determining
whether a Change in Control has occurred, Voting Securities which are acquired in a "Non-Control Acquisition" (as hereinafter defined) shall not constitute an acquisition which would cause
a Change in Control. A "Non-Control Acquisition" shall mean an acquisition by (i) an employee benefit plan (or a trust forming a part thereof) maintained by (x) the Company
or (y) any corporation or other Person of which a majority of its voting power or its equity securities or equity interest is owned directly or indirectly by the Company (a "Subsidiary"),
(ii) the Company or any Subsidiary or (iii) any Person in connection with a "Non-Control Transaction" (as hereinafter defined); 

        (ii)  Approval
by shareholders of the Company of: 

        (A)  A
merger, consolidation or reorganization involving the Company, unless: 

        (1)  the
shareholders of the Company, immediately before such merger, consolidation or reorganization, own, directly or indirectly, immediately following such merger,
consolidation or reorganization, at least seventy percent (70%) of the combined voting power of the outstanding Voting Securities of the corporation resulting from such merger or consolidation or
reorganization (the "Surviving Corporation") in substantially the same proportion as their ownership of the Voting Securities immediately before such merger, consolidation or reorganization; and 

        (2)  the
individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization
constitute at least a majority of the members of the board of directors of the Surviving Corporation or a corporation beneficially owning, directly or indirectly, a majority of the Voting Securities
of the Surviving Corporation; 

        (A
transaction described above shall herein be referred to as a "Non-Control Transaction); 

        (B)  A
complete liquidation or dissolution of the Company; or 

        (C)  An
agreement for the sale or other disposition of all or substantially all of the assets of the Company to any Person (other than to an entity of which the Company
directly or indirectly owns at least 70% of the Voting Securities). Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the "Subject Person")
acquired Beneficial Ownership of more than the permitted amount of the
outstanding Voting Securities as a result of the acquisition of Voting Securities by the Company which, by reducing the number of Voting Securities outstanding, increases the proportional number of
shares Beneficially Owned by the Subject Person, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the
Company, and after such share acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which increases the percentage of the then outstanding
Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur. 

        (iii)  The
rejection by the voting Beneficial Owners of the outstanding Shares of the entire slate of trustees that the Board proposes at a single election of trustees; or 

        (iv)  The
rejection by the voting Beneficial Owners of the outstanding Shares of one-half or more of the trustees that the Board proposes over any two or more
consecutive elections of trustees. 

        (d)  For
purposes of this Plan, "disability" shall mean a physical condition or mental condition which, the Committee determines, based upon medical reports and other
evidence satisfactory to such Committee, prevents a Grantee from satisfactorily performing his or her usual duties for the Company or the duties of such other position or job which the Company makes
available to him or her and for which such Grantee is qualified by reason of his or her training, education or experience. 

        6.    Share Options.    This paragraph 6 addresses specific terms and conditions for Share Options. 

        (a)    ISO/NQSO.    Any Option to purchase Shares granted under paragraph 3(a) that satisfies all of the
requirements of Section 422 of the Code, may be designated by the Committee as an "Incentive Stock Option." 

Options that are not so designated, or that do not satisfy the requirements of Section 422 of the Code shall not constitute Incentive Stock Options and shall be Non-Qualified Share
Options. 

        (b)    Exercise Price.    The Option price of an Incentive Stock Option shall not be less than the Fair Market Value
of a Share on the date the Option is awarded under the Plan. The price at which a Share may be purchased pursuant to the exercise of any Non-Qualified Share Option shall not be less than
100% of its Fair Market Value on the date the Option is awarded under the Plan. The repricing of Options under this Plan is specifically prohibited. 

        (c)    General Exercisability.    Each Option granted under paragraph 3(a) shall be exercisable, either in
whole or in part, at such time or times as shall be determined by the Committee at the time the Option is granted or at such earlier times as the Committee shall subsequently determine, but in no
event later than the Option's "Expiration Date" (defined below). The Committee may establish performance goals to be achieved within such periods as may be selected by it in its discretion using such
measures of performance of the Grantee, the Company and/or its subsidiaries as it may select. Unless the Committee provides for earlier exercisability at the time of grant or subsequently, each Option
granted under paragraph 3(b) shall be exercisable, either in whole or in part, (i) with respect to one-third of the Shares at any time on or after six (6) months from
the Date of Grant, (ii) with respect to an additional one-third of the Shares at any time on or after the first anniversary of the Date of Grant and (iii) with respect to the
remaining Shares at any time on or after the second anniversary of the Date of Grant, but, in each case, not after the Option's Expiration Date. The "Expiration Date" with respect to an Option or any
portion thereof granted under paragraph 3(a) means the date established by the Committee at the Date of Grant (subject to any earlier termination by the Committee), but in no event later than
the date which is ten (10) years after the date on which the Option is granted. The Expiration Date with respect to an Option or any portion thereof granted under paragraph 3(b) means
the date which is ten (10) years after the date on which the Option is granted. All rights to purchase Shares pursuant to an Option shall cease as of the Option's Expiration Date. 

        (d)    ISO Exercisability.    The aggregate exercise price for Shares with respect to which Incentive Stock Options
are exercisable for the first time by a Grantee during any calendar year may not exceed one hundred thousand dollars ($100,000) or such different maximum amount as may be established by the Code after
February 2002. Any Options that are intended to be Incentive Stock Options but that become exercisable in excess of such amount shall be deemed to be a Non-Qualified Stock Option to
the extent of such excess. 

        (e)    Immediate Vesting.    Notwithstanding the provisions of paragraph 6(c), each Option granted under the
Plan to a Grantee and as to which the Expiration Date has not occurred shall be immediately and fully exercisable, for the period indicated, in the event of (I) a Change in Control of the
Company (in which case it shall be exercisable until its Expiration Date), or (II) the termination of a Grantee's Service: 

        (i)    because
of the Grantee's death (in which case it shall be exercisable by the person or persons to whom the Grantee's right passes by will or by the laws of descent and
distribution) until the earlier of (A) the third anniversary of such termination or (B) its Expiration Date, 

        (ii)  with
respect to a Grantee who is an employee, officer or Chairman of the Board in connection with his or her "disability" (as defined in paragraph 5(d)) or
retirement at or after age 62, in which case it shall be exercisable until its Expiration Date; or 

        (iii)  with
respect to a Grantee who is a member of the Board (excluding Options granted to employee trustees and the Company's Chairman of the Board that are in addition to
the annual grant of Options made under paragraph 3(b)) in connection with his or her retirement or failure to be re-elected to the Board, in which case it shall be exercisable until
its Expiration Date. 

If
the Service of a Grantee terminates other than as described above, his or her Options shall not become exercisable with respect to any additional Shares, unless (other than if the termination
occurs for Good Cause) the Committee determines that the exercisability of the Options shall accelerate (in whole or in part) in connection with such termination, and each Option shall be exercisable
until the earlier of (i) 90 days after such termination unless extended by the Committee or (ii) its Expiration Date. 

        (f)    Good Cause.    If the Service of a Grantee terminates for Good Cause, as determined by the Committee, his
Option shall expire immediately. "Good Cause" shall include, but not be limited to, the Grantee's engaging in conduct which (i) breaches his or her duty of loyalty to the Company;
(ii) is injurious to the Company or a Subsidiary; or (iii) disparages the Company, any Subsidiary, or any of their respective officers or trustees. The Committee may also establish
guidelines for determining whether a Grantee's Service has terminated for Good Cause and communicate such guidelines in the Grantee's award agreement, or in any other manner, including but not limited
to such term sheets and supplements hereto as are approved by the Committee from time to time. 

        (g)    Exercise Procedure.    A Grantee may exercise an Option by giving written notice thereof prior to the Option's
expiration to the Company at the principal executive offices of the Company. Contemporaneously with the delivery of notice with respect to exercise of an Option, the full purchase price of the Shares
purchased pursuant to the exercise of the Option, together with any required state or federal withholding taxes, shall be paid in cash, by tender of share certificates in proper form for transfer to
the Company valued at the Fair Market Value of the Shares on the preceding day, by any combination of the foregoing or with any other consideration authorized by the terms of the Grantee's Option
Award. The Committee may also permit the exercise of an option and payment of any applicable withholding tax in respect of an Option by delivery of written notice, subject to the Company's receipt of
a third party payment in full in cash for the exercise price and the applicable withholding prior to issuance of Common Shares, in the manner and subject to the procedures as may be established by the
Committee. 

        (h)    Suspension of Right.    Notwithstanding any other provision of this paragraph 6, the Compensation
Committee, in its sole and absolute discretion, may suspend the right of any person to exercise an Option for up to 30 days if the Grantee's Service has been or may be suspended or terminated
for any reason. Following such suspension, the rights of the person to exercise such Option shall be controlled by any determination with respect to employment termination made prior to the end of the
period of suspension. 

        7.    Share Appreciation Rights.    The Committee may grant an SAR to any key employee, officer, trustee or consultant
of the Company. Each SAR shall be subject to such restrictions and conditions and other terms as the Committee may specify when the SAR is granted. 

        (a)    Grant.    An SAR granted at the time a related Option is granted may be granted either in addition to the
related Option ("Non-Tandem SAR") or in tandem with the related Option ("Tandem SAR"). An SAR not related to an Option will be subject to the provisions applicable to
Non-Tandem SARs. At the time a Non-Tandem SAR is granted, the Committee shall specify the base price of the Shares to be used in connection with the calculation described in
paragraph (b)(i) below. The base price of a Non-Tandem SAR shall be a percentage (as low as zero) of the Fair Market Value of a Share on the date of grant. The number of
Shares subject to a Tandem SAR shall not exceed one for each Share subject to the related Option. No Tandem SAR may be granted to a key employee in connection with an Incentive Stock Option in a
manner that will disqualify the Incentive Stock Option under Section 422 of the Code unless the key employee consents thereto. 

        (b)    Value.    Upon exercise, an SAR shall entitle the Grantee to receive from the Company the number of Shares (or
cash equivalent thereof) having an aggregate Fair Market Value equal to the following: 

        (i)    in
the case of a Non-Tandem SAR, the excess of the Fair Market Value of one Share as of the date on which the SAR is exercised over the base Share price
specified in such SAR, multiplied by the number of Shares then subject to the SAR, or the portion thereof being exercised. 

        (ii)  in
the case of a Tandem SAR, the excess of the Fair Market Value of one Share as of the date on which the SAR is exercised over the exercise price per Share specified
in such Option, multiplied by the number of Shares then subject to the Option, or the portion thereof as to which the SAR is being exercised. 

Cash
shall be delivered in lieu of any fractional shares. The Committee, in its discretion, shall be entitled to cause the Company to elect to settle any part or all of its obligation arising out of
the exercise of an SAR by the payment of cash in lieu of all or part of the Shares it would otherwise be obligated to deliver in an amount equal to the Fair Market Value of such Shares on the date of
exercise. So long as the Grantee is subject to Section 16(b) of the 1934 Act with respect to securities of the Company, the Committee may not cause the Company to elect to settle any part or
all of its obligation arising out of the exercise of an SAR by the payment of cash pursuant to this subparagraph, unless (A) such exercise occurs no earlier than six months after the date of
grant of the SAR, and (B) the Committee approves such form of settlement. 

        (c)    Exercise of Tandem SARs.    A Tandem SAR shall be exercisable during such time, and be subject to such
restrictions and conditions and other terms, as the Committee shall specify at the time such Tandem SAR is granted which restrictions and conditions and other terms need not be the same for all
Grantees. Notwithstanding the preceding sentence, the Tandem SAR shall be exercisable only at such time as the Option to which it relates is exercisable and shall be subject to the restrictions and
conditions and other terms applicable to such Option. Upon the exercise of a Tandem SAR, the unexercised Option, or the portion thereof to which the exercised portion of the Tandem SAR is related,
shall expire. The exercise of any Option shall cause the expiration of the Tandem SAR related to such Option, or portion thereof, that is exercised. 

        (d)    Non-Tandem SAR Exercisabilty.    Each Non-Tandem SAR granted under the Plan shall be
exercisable, either in whole or in part, at such time or times as shall be determined by the Committee at the time the Non-Tandem SAR is granted or at such earlier times as the Committee
shall subsequently determine, but in no 

event later than the Non-Tandem SAR's "Expiration Date" (defined below). The Committee may establish performance goals to be achieved within such periods as may be selected by it in its
discretion using such measures of performance of the Grantee, the Company and/or its subsidiaries as it may select. The "Expiration Date" with respect to a Non-Tandem SAR or any portion
thereof granted under the Plan means the date established by the Committee at the Date of Grant (subject to any earlier termination by the Committee), but in no event later than the date which is ten
(10) years after the date on which the Non-Tandem SAR is granted. 

        (e)    Acceleration.    Notwithstanding the above, each SAR granted under the Plan to a Grantee and as to which the
Expiration Date has not occurred shall be immediately and fully exercisable, for the period indicated, in the event of (I) a Change in Control of the Company (in which case it shall be
exercisable until its Expiration Date), or (II) the termination of a Grantee's Service under the same conditions described in paragraph 6(e). 

        (f)    Other Termination.    Except as otherwise determined by the Committee, if the Service of a Grantee who is an
employee terminates other than as described above and other than for Good Cause, or the Service of a Grantee who is a consultant or a member of the Board of Trustees terminates for any reason other
than for Good Cause, his SAR shall not become exercisable with respect to any additional Shares unless the Committee accelerates the exercisability of the SAR pursuant to paragraph (d), and the
SAR shall be exercisable until the earlier of (i) 90 days after such termination unless extended by the Committee or (ii) its Expiration Date. 

        (g)    Good Cause.    If the Service of a Grantee terminates for Good Cause, his SAR shall expire immediately. The
Committee may establish guidelines for determining whether a Grantee's Service has terminated for good cause and communicate such guidelines in the Grantee's award agreement, or in any other manner,
including but not limited to such term sheets and supplements hereto as are approved by the Committee from time to time. 

        (h)    Exercise Procedure.    A Grantee may exercise an SAR by giving written notice thereof prior to the SAR
expiration to the Company at the principal executive offices of the Company. 

        (i)    Settlement of SARs.    As soon as is reasonably practicable after the exercise of an SAR, the Company shall
issue, in the name of the Grantee, share certificates representing the total number of full Shares to which the Grantee is entitled pursuant to subparagraph 7(d) hereof and cash in an amount equal to
the Fair Market Value, as of the date of exercise, of any resulting fractional Shares; or if the Committee causes the Company to elect to settle all or part of its obligations arising out of the
exercise of the SAR in cash, deliver to the Grantee an amount in cash equal to the Fair Market Value, as of the date of exercise, of the Shares it would otherwise be obligated to deliver, subject to
any required withholding of state, federal and local taxes. 

        (j)    Suspension of Right.    Notwithstanding any other provisions of this paragraph 7, the Compensation
Committee in its sole and absolute discretion, may suspend the right of any person to exercise an SAR for up to 30 days if the Grantee's Service has been or may be suspended or terminated for
any reason. Following such suspension, the rights of the person to exercise such SAR shall be controlled by any determination with respect to employment termination made prior to the end of the period
of suspension. 

        8.    Dividend Equivalents.    A Dividend Equivalent shall be related to a number of Shares specified at the time of
grant and shall entitle the holder to cash payments that equal the cash dividend, if any, paid with respect to such Shares provided that the Dividend Equivalent is outstanding on the record date
thereof and that it is not subject to any condition limiting the Grantee's right to receive such payments. A Dividend Equivalent shall be subject to such restrictions and conditions and other terms
including those relating to expiration and forfeiture, as the Committee shall specify at the time such Dividend Equivalent is granted. Notwithstanding the foregoing, any restriction or condition
(other than expiration or forfeiture) limiting the Grantee's right to receive the cash payment described above shall lapse under the same circumstances in which option exercisability accelerates as
described in paragraph 6(e). 

        9.    Withholding.    Whenever under the Plan a Grantee recognizes income with respect to any Share Award, Option, SAR
or Dividend Equivalent (the "Award") hereunder, the Company shall have the right to withhold from any award under the Plan or to collect as a condition of any payment under the Plan, any taxes
required by law to be withheld. 

        10.    Compliance with Applicable Laws.    

        (a)  Notwithstanding
any other provision in the Plan, the Company shall have no liability to issue any Shares under the Plan unless such issuance would comply with all
applicable laws and applicable requirements of any securities exchange or similar entity. Notwithstanding any other provision of the Plan, a Grantee or such other persons as are entitled to exercise
an Option or SAR (as described in paragraph 11(b)) will be prohibited from exercising the Option or SAR to the extent that the General Counsel of the Company has determined that purchases and
sales of the Company securities shall be restricted because of the existence or potential existence of material nonpublic information concerning the Company, whether or not such determination has been 

communicated to the Grantee or such persons. If the General Counsel of the Company has made such a determination and the Grantee or such persons give notice of an intent to exercise the Option or SAR
(and satisfy all other conditions to the exercise thereof), the General Counsel of the Company shall advise the Grantee or
such persons concerning such restrictions, and the effective time of the Grantee's exercise shall be postponed to the earlier of the date that the General Counsel of the Company determines that such
restriction is no longer necessary with respect to exercises of the Option or SAR, or the day before the date that the Option or SAR expires. 

        (b)  This
Plan shall be interpreted and construed in accordance with the laws of the State of Maryland. 

        11.    Transferability.    

        (a)    Share Awards.    The Shares subject to Share Awards shall not be sold, assigned, pledged or otherwise
transferred, voluntarily or involuntarily, by the Grantee, while they are subject to the restrictions described in paragraph 5(a). 

        (b)    Options, SARs and Dividend Equivalents.    Options, SARs and Dividend Equivalents granted under the Plan are
not transferable except (i) by will or by the laws of descent and distribution or, to the extent not inconsistent with the applicable provisions of the Code, pursuant to a qualified domestic
relations order (as that term is defined in the Code); and (ii) a Grantee may transfer all or part of an Option that is not an Incentive Stock Option, or an SAR, to the Grantee's spouse, child
or children, grandchild or grandchildren, or other relatives or to a trust for the benefit of the Grantee and/or any of the foregoing; provided that the transferee thereof shall hold such Option or
SAR subject to all of the conditions and restrictions contained herein and otherwise applicable to the Option or SAR, and that, as a condition to such transfer, the Company may require the transferee
to agree in writing (in a form acceptable to the Company) that the transfer is subject to such conditions and restrictions. 

        12.    Employment and Shareholder Status.    The Plan does not constitute a contract of employment or continued
service, and selection as a Grantee will not give any Grantee the right to be retained in the employ of the Company or any Subsidiary or the right to continue as a trustee or consultant of the
Company. Any Option or a Share Award granted under the Plan shall not confer upon the holder thereof any right as a shareholder of the Company prior to the issuance of Shares pursuant to the exercise
thereof. No person entitled to exercise any Option or SAR granted under the Plan shall have any of the rights or privileges of a shareholder of record with respect to any Shares issuable upon exercise
of such Option or SAR until certificates representing such Shares have been issued and delivered. 

        13.    Adjustments.    Subject to the following provisions of this paragraph, in the event of any change in the
outstanding Shares by reason of any share dividend, split, recapitalization, merger, consolidation, combination, exchange of shares or other similar corporate change, the aggregate number and kind of
Shares reserved for issuance under the Plan or subject to Options, SARs or Dividend Equivalents outstanding or to be granted under the Plan shall be proportionately adjusted so that the value of each
such unit shall not be changed, and the terms of any outstanding Option, SAR or Dividend Equivalent may be adjusted by the Committee in such manner as it deems equitable, provided that, (i) if,
in connection with a transaction, Shares are changed into an ownership interest in the Company or another entity, which interest is registered under the Act, then each such unit shall be converted
into an identical unit relating to such interest (it being the intent of the Company that, upon a merger, consolidation or reorganization involving the Company in which the Company's Shares are
exchanged or otherwise converted into publicly traded shares of the acquiring entity (or affiliates thereof)), all Options, SARs and Dividend Equivalents granted under this Plan shall be automatically
converted into fully vested similar interests in the acquiring entity (or affiliates thereof); (ii) in no event shall the Option price for a Share be adjusted below the par value of such Share,
and (iii) in no event shall any fraction of a Share be issued upon the exercise of an Option or SAR. Shares subject to a Share Award shall be treated in the same manner as other outstanding
Shares; provided that any conditions and restrictions applicable to a Share Award shall continue to apply to any Shares, other security or other consideration received in connection with the
foregoing. 

        14.    Special Provisions Under Code Section 162(m).    

        (a)  The
provisions of this paragraph 14 shall apply only to the extent determined by the Committee for purposes of making an award "performance-based compensation"
within the contemplation of Section 162(m) of the Code. In the event of any inconsistencies between this paragraph, and the other Plan provisions within the scope of the foregoing, the
provisions of this paragraph shall control. 

        (b)  As
soon as practicable following the grant of an award subject to this paragraph, (but in no event more than ninety (90) days after the Date of Grant), the
Committee shall establish the performance-related goals to be used in connection with conditions, restrictions and limitations applicable to such award. The performance-related 

goals shall be chosen from among the following factors, or any combination of the following, as the Committee deems appropriate: total shareholder return; growth in Funds from Operations, dividends,
revenues, net income, share price, earnings per share or any similar earnings-based financial measure determined by the Committee; return on assets, capital and/or shareholders' equity; and the
Company's financial performance versus its peers. The Committee may select among the goals specified from award to award, which need not be the same for each Grantee. The foregoing does not limit the
Committee's use of other performance goals, or no performance goals, in connection with the grant of an award not subject to this paragraph. 

        (c)  With
respect to the grant of an award subject to this paragraph, the Committee shall, at the same time it is making the determinations under this paragraph, determine
the relationship between the performance-related goals and the conditions, restrictions and limitations applicable to the award. In connection with an award subject to this paragraph, no
performance-related goal will be considered to be satisfied until the Committee has certified the extent to which the performance-related goals and any other material terms were satisfied. 

        (d)  Once
established, performance-related goals shall not be changed, except to the extent that the Committee has specified adjustments as part of the determinations made
under paragraph 14(b) and (c). Except as provided in the preceding sentence, in connection with an award subject to this paragraph, no performance-related goal applicable to a condition,
restriction or limitation shall be considered to be satisfied if the minimum performance-related goals applicable thereto are not achieved. 

        15.  Repurchase
of Share Awards, SARS and Options. The Committee has the right to determine that it is in the best interests of the Company to repurchase any outstanding
Options (whether vested or unvested), SARS (vested or unvested) and unvested Shares subject to Share Awards for cash payable to the Grantee equal to the Fair Market Value of such Options, SARS and
Shares determined by the Committee in its good faith discretion. All outstanding Options, SARS and unvested Share Awards may be subject to repurchase in accordance with the terms of this
paragraph 15. 

        16.    Miscellaneous.    

        (a)  At
the time of a grant, the Committee may require a Grantee to enter into an agreement with the Company in a form specified by the Committee agreeing to the terms and
conditions of the Plan and to such additional terms and conditions, not inconsistent with the Plan, as the Committee may, in its sole discretion, prescribe. 

        (b)  The
Plan was effective February 21, 2002. No awards may be granted under the Plan after February 20, 2012 or, if earlier, the date on which the Plan is
terminated pursuant to paragraph 16(c). The Plan is subject to the approval of the shareholders of the Company on or before February 20, 2003. If such approval is not secured, any awards
hereunder shall be null and void and without effect. 

QuickLinks

Exhibit 4.4

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