Document:

Exhibit

Exhibit 10.3

BRE PROPERTIES, INC.

2005 AMENDED AND RESTATED DEFERRED COMPENSATION PLAN

Effective As Of January 1, 2005

TABLE OF CONTENTS	
			
	ARTICLE 1 ELIGIBILITY AND PARTICIPATION
	 
	 

	1.1 Selection by Committee
	 
	1

	1.2 Deferral Elections
	 
	1

	(a) Initial Election
	 
	1

	(b) Subsequent Elections
	 
	1

	(c) Irrevocability of Deferral Elections
	 
	1

	(d) Applicable Compensation
	 
	1

	1.3 Minimum and Maximum Deferrals
	 
	1

	1.4 Withholding of Deferrals
	 
	2

	 
	 
	 

	ARTICLE 2 ACCOUNTS
	 
	 

	2.1 Accounts
	 
	2

	2.2 Vesting
	 
	2

	2.3 Crediting Earnings on Accounts
	 
	2

	2.4 Investment Elections
	 
	2

	(a) Participants to Elect Investments
	 
	2

	(b) Committee to Prescribe Investment Options
	 
	2

	(c) Committee May Change Investment Options
	 
	2

	 
	 
	 

	ARTICLE 3 DISTRIBUTIONS
	 
	 

	3.1 Unscheduled In Service Withdrawals
	 
	2

	3.2 Scheduled In Service Withdrawals
	 
	2

	3.3 Hardship Distributions
	 
	2

	3.4 Distribution Following Termination of Employment Including Retirement
	 
	3

	(a) Form of Distribution
	 
	3

	(b) Initial Distribution Election
	 
	3

	(c) Subsequent Distribution Elections
	 
	3

	(d) Cashout of Installment Payments
	 
	4

	(e) Acceleration of Payments
	 
	4

	3.5 Distribution Following Death
	 
	4

	3.6 Time for Payment
	 
	4

	 
	 
	 

	ARTICLE 4 BENEFICIARIES
	 
	 

	4.1 Beneficiaries
	 
	4

	4.2 Procedure for Designating Beneficiaries
	 
	4

	4.3 Failure to Designate a Beneficiary
	 
	4

	4.4 Doubt as to Beneficiary
	 
	4

	 
	 
	 

	ARTICLE 5 AMENDMENT OR TERMINATION OF THE PLAN
	 
	 

	5.1 Amendment
	 
	4

	5.2 Termination
	 
	5

	 
	 
	 

	ARTICLE 6 ADMINISTRATION
	 
	 

	6.1 Committee Duties
	 
	5

	6.2 Agents
	 
	5

	6.3 Binding Effect of Decisions
	 
	5

	6.4 Indemnity
	 
	5

	 
	 
	 

	ARTICLE 7 CLAIMS PROCEDURES
	 
	 

	7.1 Claims Normally Not Required
	 
	5

	7.2 Disputes
	 
	5

	7.3 Time for Filing Claims
	 
	5

	7.4 Procedures
	 
	6

	 
	 
	6

	ARTICLE 8 TRUST
	 
	 

	8.1 Establishment of Trust
	 
	6

	8.2 Relationship Between the Plan and the Trust
	 
	6

i

	
			
	ARTICLE 9 MISCELLANEOUS
	 
	 

	9.1 Unsecured General Creditor
	 
	6

	9.2 Company's Liability
	 
	6

	9.3 Nonassignability
	 
	6

	9.4 Not a Contract of Employment
	 
	6

	9.5 Furnishing Information
	 
	6

	9.6 Terms
	 
	6

	9.7 Captions
	 
	6

	9.8 Governing Law
	 
	6

	9.9 Validity
	 
	7

	9.10 Notice
	 
	7

	9.11 Successors
	 
	7

	9.12 Spouse's Interest
	 
	7

	9.13 Incompetency
	 
	7

	9.14 Taxes and Withholding
	 
	7

	 
	 
	 

	ARTICLE 10 DEFINITIONS
	 
	 

	10.1 "Account"
	 
	7

	10.2 "Beneficiary"
	 
	7

	10.3 "Beneficiary Designation Form"
	 
	7

	10.4 "Board"
	 
	7

	10.5 "Bonus"
	 
	7

	10.6 "Claimant"
	 
	8

	10.7 "Code"
	 
	8

	10.8 "Committee"
	 
	8

	10.9 "Company"
	 
	8

	10.10 "Compensation"
	 
	8

	10.11 "Deferral"
	 
	8

	10.12 "Election Form"
	 
	8

	10.13 "ERISA"
	 
	8

	10.14 "Participant"
	 
	8

	10.15 "Plan"
	 
	8

	10.16 "Plan Year"
	 
	8

	10.17 "Pre-2005 Deferrals"
	 
	8

	10.18 "Retirement"
	 
	8

	10.19 "Termination of Employment"
	 
	8

	10.20 "Trust"
	 
	8

ii

BRE PROPERTIES, INC.

2005 AMENDED AND RESTATED DEFERRED COMPENSATION PLAN

Effective As Of January 1, 2005 Preamble

This Plan provides salary reduction deferred compensation benefits to management or highly compensated employees who can contribute materially to the continued growth, development, and future business success of BRE Properties, Inc., and its affiliates. Capitalized terms are defined in the last Article of this Plan. The Plan is intended to be a plan maintained for the purpose of providing deferred compensation to a "select group of management or highly compensated employees" within the meaning of Section 201(2) of ERISA.

As amended and restated effective as of January 1, 2005, this Plan is further intended to meet the requirements of paragraphs (2), (3) and (4) of Section 409A(a) of the Code with respect to Deferrals which do not constitute Pre-2005 Deferrals.  As to Pre- 2005 Deferrals, no change effected by this amendment and restatement of the Plan is intended to or shall be construed as materially modifying the terms and conditions of the Plan as in effect prior to January 1, 2005.

The Plan is intended to be exempt from the participation, vesting, funding, and fiduciary requirements of Title I of ERISA.  The benefits under this Plan shall be paid out of the general assets of the Company, except to the extent they are paid from the assets of a Trust established by the Company to pay these benefits. No Participant shall have any interest whatsoever in any specific asset of the Company or its affiliates.  To the extent that any person acquires a right to receive payment under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Company.

Article 1
Eligibility and Participation

		
	1.1
	Selection by Committee. Participation in the Plan is limited to management or highly compensated employees of the Company that hold the title "Vice President," or a more senior title. If you are eligible to participate in the Plan, you will become a Participant on the date specified by the Committee.  If the Committee thereafter elects to discontinue your active participation in the Plan, you will cease to be eligible to make further Deferrals beginning with the Plan Year following the Plan Year in which the Committee makes such election, but you will remain a Participant and retain all your other rights under this Plan.

		
	1.2
	Deferral Elections.

a.Initial Election. To commence Deferrals after first being selected to become a Participant, you must make an initial Deferral election within 30 days after the date on which you were selected to become a Participant by delivering to the Committee a completed and signed Election Form, which will become effective as of the date the Committee prescribes after its receipt of the Form or the first day of the next Plan Year, if earlier.

b.Subsequent Elections. For any succeeding Plan Year in which you wish to make or change the amount of your Deferrals, you must file a new Election Form with the Committee by December 1, or such other date as determined by the Committee, before the Plan Year for which the election is made. Your new Election Form will be effective with your first payroll period in the new Plan Year.

c.Irrevocability of Deferral Elections. Except as provided in subsection (b) above, or pursuant to Sections 3.1 or 3.3, Deferral elections are irrevocable and cannot be changed.

d.Applicable Compensation or Bonus. Your Election Form will be effective only with regard to Compensation and Bonuses for services performed after the effective date of the Election Form as established under this Section 1.2. In any case where an amount of Compensation, or Bonus,  is paid after the effective date of your Election  Form  but in whole or in part  for services performed before the effective date, any Deferral from such amount will be determined based on your Election Form which was last in effect before any part of such services  were performed,  if any, except  to  the extent the Committee otherwise determines would  be  consistent  with the requirements  of paragraph (4) of Section  409A(a) of the Code.

		
	1.3
	Maximum Deferrals. The maximum amount that you may elect to defer during a Plan Year is 25 percent of the Compensation and 50 percent of the Bonus you would otherwise have earned during the Plan Year, except as limited pursuant to Section 9.14.

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	1.4
	Withholding of Deferrals. Your Deferrals will be withheld from your Compensation and Bonus in accordance with your Election Form, subject to any rules established by the Committee prescribing how Deferrals are to be withheld.

Article 2
Accounts

		
	2.1
	Accounts. For recordkeeping purposes only, a separate Account will be maintained for you and each other Participant.  In connection with the maintenance of such Account, the amount of your Pre-2005 Deferrals, if any, and any amounts attributable to any Pre-2005 Deferrals, will be separately identified. Participants will receive periodic Account statements.

		
	2.2
	Vesting. All Accounts are fully vested at all times. The only reasons you could forfeit all or a portion of your Account would be if you choose to resolve a dispute relating to the Plan other than under the Plan's claim procedures (see Section 7.4), elect to make an early withdrawal subject to early withdrawal penalties pursuant to Section 3.1, or in the event of the Company’s insolvency.

		
	2.3
	Crediting Earnings on Accounts. Earnings will be credited (or debited, as the case may be) to your Account based on your investment election under Section 2.4. Deferrals shall be credited to your Account when they are invested. For purposes of determining earnings of your Account, your Deferrals will be deemed to be invested as of the date your Deferrals are credited to your Account up to the date of distribution. The Committee retains the discretion to make adjustments for earnings after the date of distribution, but before the Participant receives such distribution, as they may deem necessary.

		
	2.4
	Investment Elections.

a.Participants to Elect Investments. In accordance with rules prescribed by the Committee, you will be entitled to elect the form of investment that will apply to your Account from among the options made available by the Committee. You may change your election to the extent, in the manner, and at such times as the Committee prescribes. To the extent that you fail to elect a then available investment option, the investment option then specified by the Committee will be applied.

b.Committee to Prescribe Investment Options. The Committee will offer Participants one or more investment options. The Committee may offer different options to different groups of Participants.

c.Committee May Change Investment Options. The Committee may add or discontinue investment options, but no change shall become effective until at least 30 days after the Committee has made a good faith effort to give Participants advance written notice of the change and an opportunity to make new investment elections.

Article 3
Distributions

		
	3.1
	Unscheduled In Service Withdrawals. You may at any time elect to withdraw all of the balance then credited to your Account attributable to Pre-2005 Deferrals, less a 10 percent withdrawal penalty. For the succeeding two Plan Years, you may not make any Deferrals under this Plan.

		
	3.2
	Scheduled In Service Withdrawals. When making a Deferral election for a Plan Year, you may elect to schedule a withdrawal of the undistributed portion of your Account. This election may only be made with your Deferral election, and may not be changed. The scheduled distribution date must be at least two years after the date you elect the scheduled in service withdrawal. Your future scheduled in service withdrawal elections will become void when your Company employment ends, and the balance in your Account will thereafter be distributed  in accordance with this Article. No scheduled   in  service  withdrawals  shall   be  allowed  of amounts attributable  to Deferrals other than Pre-2005 Deferrals.

		
	3.3
	Hardship Distributions. Upon a finding that you have suffered a severe financial hardship due to an unforeseeable emergency, you shall cease Deferrals, and, if necessary, the Committee may make distributions from your Account prior to the time specified for payment of benefits under the Plan. The amount of such Hardship Distribution will be limited to the amount reasonably necessary to meet your requirements during the financial hardship. For purposes  of  this  Plan,  a severe financial hardship due to an unforeseeable emergency may result from an illness or accident, including an illness or accident involving you, your spouse, beneficiary, or dependent (as defined in Code Section 

2

152, without regard  to  Section 152(b)(1), (b)(2), and (d)(l )(B)), loss of your property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond your control. Examples of an unforeseeable emergency include the imminent foreclosure or eviction from your primary residence, the need to rebuild  a home following damage to a home not otherwise covered  by insurance, the need  to pay for medical expenses (including non-refundable deductibles) including the costs of prescription drug  medication,  or the need  to pay for the funeral expenses  of a spouse, beneficiary, or dependent (as defined in Code Section 152, without regard to Section 152(b)(1), (b)(2), and (d)(l )(B)). Examples of what are not considered unforeseeable emergencies include the purchase of a home and payment of college tuition. The circumstances that will constitute the unforeseeable emergency will depend on the facts of each case, but, in any case, payment may not be made to the extent that such hardship is or may be   relieved:

a.Through reimbursement or compensation by insurance or otherwise,

b.By liquidation of the your assets, to the extent the liquidation of such assets would not itself cause severe financial hardship, or

c.By cessation of Deferrals under the Plan.

The Committee shall be entitled to rely on the truthfulness of facts and representations set forth by you in this request without the need for independent certification. For the balance of the Plan Year in which the you cease Deferrals or receive a Hardship Distributions, and for the succeeding Plan Year, you may not make any Deferrals under this Plan.

		
	3.4
	Distribution Following Termination of Employment Including Retirement.

a.Form of Distribution. Following your Termination of Employment, you will be paid that portion of your Account attributable to Pre-2005 Deferrals as a lump sum payment. Following your Retirement, you will be paid that portion of your Account attributable to Pre-2005 Deferrals in accordance with the distribution method you have elected. Following your Termination of Employment, including Retirement, you will be paid that portion of your Account not attributable to Pre-2005 Deferrals in accordance with the distribution method you have elected.

b.Initial Distribution Election.  On your initial Election Form, you may elect to receive distributions in either a lump sum or in 5, 10, or 15 annual installment payments (or other installments, as determined by the Committee); if you fail to make a valid election, you will be deemed to have elected lump sum. The amount of each installment payment will be determined by multiplying the balance then credited to your Account by a fraction, the numerator of which is 1 and the denominator of which is the number of unpaid installment payments (i.e., if you elect to receive 15 installments,  the  first 5 installments would be 1/15th, 1/14th, 1/13th, 1/12th, and 1/11th of the balance credited to your Account just before each installment (distribution is made).

c.Subsequent Distribution Elections.

i.Pre-2005 Deferrals. You may change your post Retirement distribution election with respect to that portion of your Account attributable to Pre-2005 Deferrals by filing a new Election Form. Any new Election Form filed in accordance with this Section 3.4(c)(i) will not take effect unless it is filed with the Committee at least 365 days before the date of your Retirement.

ii.Other Deferrals.

(A) During calendar year 2005 only, you may change your distribution election with respect to that portion of your Account not attributable to Pre-2005 Deferrals by filing a new Election Form. Any new Election Form filed in accordance with this subparagraph will be immediately effective.

(B) After calendar year 2005, you may only change your distribution election with  respect  to that portion of your Account  not attributable to Pre-2005 Deferrals  by  electing  on  a  new Election Form any form of payment permitted under Section 3.4(b)  if you file the  new  Election  Form  with  the  Committee  at  least  12 months before the payment otherwise due you would be made  and such election shall not take effect until at least 12 months after the date on which the election is made. Where such a new Election Form becomes effective, it will determine the time and form of the payment of all of that portion of your Account not attributable to Pre-2005 Deferrals. The first 

3

payment to be made in connection with the filing of a new Election Form in accordance with this subparagraph may not be made until the fifth anniversary of the date on which the payment would otherwise have been made pursuant to your prior Election Form.

d.Cashout of Installment Payments. After installment payments to you of amounts attributable to your Pre-2005 Deferrals commence, you may at any time elect to receive a lump sum payment of the balance then credited   to your Account attributable to Pre-2005 Deferrals, less a 10 percent early withdrawal penalty. You may not accelerate installment payments of amounts attributable to other Deferrals.

e.Acceleration of Payments. The Committee may unilaterally accelerate distributions of balances in Participants’ respective Accounts attributable to Pre-2005 Deferrals at any time for any reason except to the extent any such acceleration would result in such amounts becoming subject to the requirements of paragraphs (2), (3) and (4) of the Section 409A of the Code. For example, if the Plan is terminated, subject to the proviso concerning Section 409A of the Code, the Committee may distribute the balance then credited to your Account attributable to Pre-2005 Deferrals in a lump sum. Similarly, subject to the proviso concerning Section 409A of the Code, the Committee may elect to accelerate your installment payments if the amount in your Account attributable to Pre-2005 Deferrals is $25,000 or less. The Committee may likewise unilaterally accelerate distribution of the balance of your Account not attributable to Pre-2005 Deferrals at any time for any reason, but only if and to the extent permitted under paragraphs (2), (3) and (4) of Section 409A(a) of the Code.

		
	3.5
	Distribution Following Death. The amount in your Account will be paid to your Beneficiary, as determined under Article 4, in lump sum.

		
	3.6
	Time for Payment. Unless otherwise specified herein, payments under this Article will be made or commenced on the first day of the seventh month following your Termination of Employment (including Retirement), and on the 60th  day  following  an  unscheduled  withdrawal   election,  scheduled  distribution date, or your death, whichever is applicable.

Article 4
Beneficiaries

		
	4.1
	Beneficiaries. You will have the right, at any time, to designate Beneficiaries (both primary as well as contingent) to receive any benefits payable under the Plan after your death. You may designate the same or different Beneficiaries under this Plan as you designate under any other Company program in which you participate.

		
	4.2
	Procedure for Designating Beneficiaries. To designate your Beneficiaries, you must complete and sign a Beneficiary Designation Form and file it with the Committee. You may change your Beneficiaries by completing and signing a new Beneficiary Designation Form and filing it with the Committee. If you are married and name someone other than your then current spouse as a Beneficiary, your spouse must consent by signing the Beneficiary Designation Form unless the Committee, in its sole discretion, waives this spousal consent requirement. On filing with the Committee a properly executed new Beneficiary Designation Form, all of your previously filed Beneficiary designations will be canceled. The Committee shall be entitled to rely on the last Beneficiary Designation Form you filed prior to your death.

		
	4.3
	Failure to Designate a Beneficiary. If you fail to designate a Beneficiary or no designated Beneficiary is then alive and can be located to receive Plan distributions on account of your death, your Beneficiary will be deemed to be your surviving spouse or, if none, your estate.

		
	4.4
	Doubt as to Beneficiary. Notwithstanding any other Plan provision, if the Committee has any doubt as to your proper Beneficiary, the Committee may, in its discretion, withhold payments until the matter is resolved to the Committee's satisfaction.

Article 5
Amendment Or Termination Of The Plan

		
	5.1
	Amendment. The Company (acting through its Board or other persons as the Board may designate) may amend the Plan in whole or in part, but no amendment may materially decrease the rights you or your Beneficiary have under this Plan, nor may the protections set forth in this sentence be materially reduced by means of a Plan amendment. Notwithstanding the foregoing, the Plan may be amended by the Company (acting through its Board or other 

4

persons as the Board may designate), retroactively if required, if found necessary, in the opinion of the Company, in order to ensure that the Plan:

a.is characterized as a plan of deferred compensation maintained for a select group of employees as described under ERISA Section 201(2),

b.as to amounts attributable to Pre-2005 Deferrals, has not been not materially modified after October 3, 2004, and

c.as to amounts not attributable to Pre-2005 Deferrals, meets the requirements of paragraphs (2), (3) and (4) of Section 409A(a) of the Code.

		
	5.2
	Termination.   The Company (acting through its Board or other persons as the Board may designate) reserves the right to terminate the Plan at any time. However, the Company may not terminate the Plan in any manner that would cause the Plan to fail to comply with the requirements of Code Section 409A.  Any distribution on account of Plan termination that permits acceleration of payment shall be consistent with Final Treasury Regulation Section l.409A- 3(j)(4)(ix) or successor guidance thereto.

Article 6
Administration

		
	6.1
	Committee Duties. This Plan will be administered by the Compensation Committee of the Board, or other persons as the Compensation Committee may designate. The Board may also, in its sole discretion, appoint additional members of the Committee. The Committee shall have the discretion and authority to make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Plan and decide or resolve any and all questions, including interpretations of this Plan, as may arise in connection with the Plan, including questions that may affect their own personal interests under the Plan.

		
	6.2
	Agents. In the administration of this Plan, the Committee may, from time to time, employ agents and delegate to them such administrative duties as it sees fit and may, from time to time, consult with counsel who may be counsel to the Company.

		
	6.3
	Binding Effect of Decisions. The decision or action of the Committee with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan shall be final, conclusive, and binding on all persons having any interest in the Plan.

		
	6.4
	Indemnity. The Company shall indemnify and hold harmless each member of its Board, each member of the Committee, and any other person or persons (other than a corporate trustee) to whom any duty with respect to the Plan is allocated or delegated, from and against any and all liabilities, damages, claims, demands, losses, costs, or expenses, including reasonable attorneys fees, arising out of or as a result of the performance or nonperformance of their duties under the Plan or applicable law, other than such liabilities, damages, claims, demands, losses, costs, and expenses for which indemnification is prohibited by law.

Article 7
Claims Procedures

		
	7.1
	Claims Normally Not Required. Normally, you do not need to present a formal claim to receive benefits payable under this Plan.

		
	7.2
	Disputes. If any person (Claimant) believes that benefits are being denied improperly, that the Plan is not being operated properly, that any person has breached his, her, or its duties under the Plan, or that the Claimant's legal rights are being violated with respect to the Plan, the Claimant must file a formal claim with the Committee. This requirement applies to all claims that any Claimant has with respect to the Plan, except to the extent the Committee determines, in its sole discretion, that it does not have the power to grant all relief reasonably being sought by the Claimant.

		
	7.3
	Time for Filing Claims. A formal claim must be filed within 90 days after the date the Claimant first knew or should have known of the facts on which the claim is based, unless the Committee in writing consents otherwise.  The Committee shall provide a Claimant, on request, with a copy of the claims procedures established under Section 7.4.

5

		
	7.4
	Procedures. If and when needed, or before then, the Committee shall adopt procedures for considering claims, which it may amend from time to time, as it sees fit. These procedures shall comply with all applicable legal requirements. These procedures may provide that final and binding arbitration will be the ultimate means of contesting a denied claim (even if the Committee or its delegates have failed to follow the prescribed procedures with respect to the claim). The right to receive benefits under this Plan is contingent on a Claimant using the prescribed claims and arbitration procedures to resolve any claim. Therefore, if a Claimant (or his or her successor or assign) seeks to resolve any claim by any means other than the prescribed claims and arbitration provisions, he or she must repay all benefits received under this Plan and will not be entitled to any further Plan benefits.

Article 8
Trust

		
	8.1
	Establishment of Trust. At its discretion, the Company may establish a Trust, with such trustees as the Board may approve, for the purpose of providing for the payment of Plan benefits. Such Trust may be irrevocable, but the assets of the Trust will be general assets of the Company subject to the claims of its general creditors. If the Company establishes a Trust, it shall transfer to the Trust an amount equal to the Deferrals credited to Accounts when such amounts are credited. The Company shall transfer to the Trust any additional amounts, if any, as the Committee, in its sole discretion, determines to be appropriate.

		
	8.2
	Relationship Between the Plan and the Trust. The provisions of the Plan shall govern your right to receive distributions pursuant to the Plan.  The provisions of the Trust shall govern your right to Trust assets. The Company shall at all times remain liable to carry out its obligations under the Plan.

Article 9
Miscellaneous

		
	9.1
	Unsecured General Creditor. Participants and their Beneficiaries, heirs, successors, and assigns shall have no legal or equitable rights, interest, or claims in any property or assets of the Company.  The Company's obligation under the Plan is merely an unfunded and unsecured promise to pay money in the future.

		
	9.2
	Company’s Liability. The Company shall be liable for all benefits due under the Plan except to the extent they are paid by a Trust.

		
	9.3
	Nonassignability. Neither you nor any other person shall have any right to  commute, sell, assign, transfer, pledge, anticipate, mortgage  or  otherwise  encumber, transfer, hypothecate, or convey in advance of actual receipt, the  amounts, if any, payable under this Plan, or any part thereof, which are, and all  rights to which are, expressly declared to be unassignable and non-transferable. Except pursuant to Section 2.2 or a domestic relations order, unpaid Plan benefits shall not be subject to seizure or sequestration for the payment of any debts, judgments, alimony, separate maintenance, or family support owed by you or any other person, nor be transferable by operation of law in the event of your or any other person's bankruptcy or insolvency.

		
	9.4
	Not a Contract of Employment. This Plan shall not be deemed to constitute a contract of employment between you and the Company.  Nothing in this Plan gives you the right to be retained in the service of the Company or to interfere with the right of the Company to discipline or discharge you at any time.

		
	9.5
	Furnishing Information.  You must cooperate with the Committee by furnishing all information and by taking any other actions it requests, including taking physical examinations.

		
	9.6
	Terms. Wherever any words are used herein in the singular or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where they would so apply.

		
	9.7
	Captions. The captions in this Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions.

		
	9.8
	Governing Law. Except to the extent preempted by the Employee Retirement Income Security Act of 1974, as amended, this Plan shall be construed and interpreted according to the laws of the State of California without regard to its conflicts of laws principles.

6

		
	9.9
	Validity. The illegality or invalidity of any Plan provision shall not affect the other provisions of the Plan.

		
	9.10
	Notice. Any notice or filing required or permitted to be given to the Committee under this Plan shall be sufficient in writing and hand-delivered, or sent by registered or certified mail, to the address shown below (or such other address or telefax number specified in notice given specified in notice given pursuant to this Section): Chief Financial Officer, BRE Properties, Inc., 44 Montgomery Street 36th Floor San  Francisco, CA  94104  Notice shall  be deemed given as of the date of delivery  or, if delivery  is made by mail, as of the date shown on the postmark on the  receipt  for  registration or certification.  Any notice or filing required or permitted to be given   to a Participant under this Plan shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of   the Participant.

		
	9.11
	Successors. The provisions of this Plan shall bind and inure to the benefit of the Company and its successors and assigns and the Participant, his or her Beneficiary and their permitted successors and assigns. If the Company sells or transfers all or a portion of its business in a bona fide arms' length transaction and you cease to be employed by the Company in connection with the transaction, the Company (acting through its Board or other persons as the Board may designate) may assign to the buyer or transferee its obligations to you under this Plan, after which the Company shall cease to have any further obligations to you under the Plan.

		
	9.12
	Spouse's Interest. The interest in the benefits hereunder of a spouse of a Participant who has predeceased the Participant shall automatically pass to the Participant and shall not be transferable by the spouse in any manner, including under the spouse's will or the laws of intestate succession.

		
	9.13
	Incompetency. If a benefit under this Plan is to be paid to a person declared incompetent or to a person incapable of handling the disposition of his or her property, the Committee may direct payment of the benefit to the guardian, legal representative, or person having the care and custody of the incompetent or incapable person. The Committee may require proof of incompetency, incapacity, or guardianship, as it may deem appropriate, prior to distribution of the benefit. Any payment of a benefit shall be a payment for the Participant or his or her Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for the payment.

		
	9.14
	Taxes and Withholding. For each Plan Year in which Deferrals are being withheld, the Company shall withhold from that portion of the Participant's Compensation that is not being deferred, the Participant's share of FICA and other employment taxes. If necessary, the Committee shall reduce a Participant's Deferrals in order to comply with this Section. The Company (or the trustee of the Trust) shall withhold from benefits distributed under the Plan all federal, state and local income, employment, and other taxes required to be withheld by applicable law.

Article 10
Definitions

Unless otherwise clearly apparent from the context, the following phrases or terms used in this Plan shall have the meanings set forth below:

		
	10.1
	"Account" shall mean, as to a Participant, his or her Deferrals and any Company contributions credited to the Participant, adjusted for earnings and reduced by distributions to the Participant (including any taxes withheld from distributions).  As to a Beneficiary, the term "Account" shall mean the portion of the Participant's Account initially payable to the Beneficiary, adjusted for earnings and reduced by distributions to the Beneficiary (including any taxes withheld from distributions). Accounts are bookkeeping entries utilized solely to determine the amounts payable to Participants and Beneficiaries pursuant to this Plan.

		
	10.2
	"Beneficiary" shall mean one or more persons, trusts, estates or other entities, designated or determined in accordance with Article 4 to receive benefits under this Plan on the death of a Participant.

		
	10.3
	"Beneficiary Designation Form" shall mean the form prescribed by the Committee that a Participant completes, signs, and files with the Committee to designate Beneficiaries.

		
	10.4
	"Board" shall mean the Board of Directors of BRE Properties, Inc.

		
	10.5
	"Bonus" shall mean any amounts, other than Compensation, paid in a Plan Year to a Participant that the Committee so designates as a Bonus, for employment services rendered to the Company, before reduction for amounts contributed to or deferred under any Company benefit plan and excluding any severance   benefits.

7

		
	10.6
	"Claimant" shall have the meaning set forth in Section   7.2.

		
	10.7
	"Code" shall mean the Internal Revenue Code of 1986, as   amended.

		
	10.8
	"Committee" shall mean the administrative committee appointed to manage and administer the Plan in accordance with Article 6, or any agent it designates.

		
	10.9
	"Company" shall mean BRE Properties, Inc., and all its affiliates as determined by the Committee, and their successors. However, as to all Plan provisions giving the Company powers and duties, the term "Company" only refers to BRE Properties, Inc., or its successor.

		
	10.10
	"Compensation" shall mean base salary paid in the Plan Year in question to a Participant for employment services rendered to the Company, before reduction for amounts contributed to or deferred under any Company benefit plan and excluding any severance benefits. "Compensation" also includes any amounts distributed to a Participant in the Plan Year in question from a company sponsored qualified retirement plan to comply with Code nondiscrimination requirements or benefit limits.

		
	10.11
	"Deferral" shall mean Compensation and Bonus that a Participant defers in accordance with Article 1.

		
	10.12
	"Election Form" shall mean the form prescribed by the Committee that a Participant completes, signs, and files with the Committee to elect to make Deferrals under the Plan.

		
	10.13
	"ERISA" shall mean the Employee Retirement Income Security Act of 1974, as amended.

		
	10.14
	"Participant" shall mean any current or former employee of the Company who is then eligible to make Deferrals or who has any amount credited to his or her Account.

		
	10.15
	"Plan" shall mean the BRE Properties, Inc.  Deferred Compensation Plan, as set forth in this document, as amended from time to time.

		
	10.16
	"Plan Year" shall mean the calendar year.

		
	10.17
	"Pre-2005 Deferrals" shall mean a Participant's Deferrals made prior to January 1, 2005, if and to the extent such amounts are not subject to the requirements of paragraphs (2), (3) and (4) of Section 409A(a) of the Code assuming the Plan is not materially modified as to those Deferrals after October 3, 2004.

		
	10.18
	"Retirement" shall mean a Participant's termination of Company employment (other than by death) after attaining age 65. "Retirement"  also  means  a Participant's commencement of a long term disability absence, the date of which shall be the date on which the Participant first receives benefits under a Company long-term disability plan (or the date on which the  Participant  would  have qualified for benefits under such a plan had he or she been covered by it, as determined  by the Committee).  As to any portion of an Account not attributable to Pre-2005 Deferrals, however, a Participant shall not be considered to have entered Retirement on account of disability unless the Participant is considered disabled within the meaning of Section 409A(a)(2)(C) of the Code.  Notwithstanding any other Plan provision, if a disabled Participant returns to substantially full time employment with the Company while distributions from the Plan are still being made, except to the extent prohibited by the requirements of paragraphs (2), (3) and (4) of Section 409A(a) of the Code, distributions  shall  cease, but the remaining balance of the Participant's Account shall be  held  for future payment  in accordance  with Article 3.

		
	10.19
	"Termination of Employment" shall mean a Participant's termination of Company employment (other than by death) for any reason.

		
	10.20
	"Trust" shall mean a "rabbi" trust, as that term is defined in Revenue Procedure 92-64, 1992-2 C.B. 422, that may be established at the Company's discretion to pay Plan benefits. Despite the existence of a Trust, this Plan is technically an unfunded plan for all legal purposes.

8

AMENDMENT NUMBER 1

BRE PROPERTIES, INC.

2005 AMENDED AND RESTATED DEFERRED COMPENSATION PLAN
Effective as of January 1, 2005

WHEREAS, BRE Properties, Inc. ("Company") has established the BRE Properties, Inc. 2005 Amended and Restated Deferred Compensation Plan, Effective As of January 1, 2005 (the "Plan").

WHEREAS, Section 5.1 of the Plan reserves to the Company, acting through its Board of Directors or other persons as the Board may designate, the right to amend the Plan.

The Company desires to amend the Plan as follows:

Section 1.1 shall be amended in its entirety to read:

		
	1.1
	Selection by Committee.   Prior to May 1, 2010, participation in the Plan was limited to management or highly compensated employees of the Company that held the title "Vice President," or a more senior title.  Effective May 1, 2010, participation in the Plan is limited to management or highly compensated employees of the Company that hold the title "Director," or a more senior title.  If you are eligible to participate in the Plan, you will become a Participant on the date specified by the Committee.  If the Committee thereafter elects to discontinue your active participation in the Plan, you will cease to be eligible to make further Deferrals beginning with the Plan Year following the Plan Year in which the Committee makes such election, but you will remain a Participant and retain all your other rights under this Plan.

IN WITNESS WHEREOF, the Company has caused this Amendment Number 1 to be executed this 18th day of May, 2010.

BRE PROPERTIES, INC.

By:  /s/ Constance B. Moore
Constance B. Moore, Chief Executive Officer

Amendment No 1 to Deferred Compensation Plan May 2010

SECOND AMENDMENT TO THE

BRE PROPERTIES, INC.

2005 AMENDED AND RESTATED

DEFERRED COMPENSATION PLAN

Effective As Of January 1, 2005

The BRE Properties, Inc. 2005 Amended and Restated Deferred Compensation Plan Effective As Of January 1, 2005 is hereby amended effective January 1, 2015 as follows:

		
	1.
	The name of the Plan shall be changed to Essex Property Trust, Inc. Deferred Compensation Plan.

		
	2.
	Section 1.1 shall be amended to add at the end of the section:

Those employees of Essex Property Trust, Inc. who, prior to January 1, 2015, participated in the Essex Portfolio, LP. 2005 Deferred Compensation Plan shall be Participants in this Plan

All other terms and conditions of the Plan shall remain unchanged.

IN WITNESS WHEREOF, the undersigned has affixed his/her signature this 17 day of November, 2014.

ESSEX  PROPERTY  TRUST, INC.

By:  /s/ Michael T. Dance
Chief Executive Officer

THIRD AMENDMENT TO THE

ESSEX PROPERTY TRUST, INC.

DEFERRED COMPENSATION PLAN

The Essex Property Trust, Inc. Deferred Compensation Plan ("Plan") is hereby clarified as follows:

		
	1.
	The Plan is hereby clarified by removing the last sentence from Plan Section 3.2, "No scheduled in service withdrawals shall be allowed of amounts attributable to Deferrals other than Pre-2005 Deferrals.", as such sentence was not intended to be a part of the Plan.

		
	2.
	The Plan is hereby clarified by correcting a typographical error in Plan Section 5.l(b) so that it reads as follows: "as to amounts attributable to Pre-2005 Deferrals, has not been materially modified after October 3, 2004, and".

All other terms and conditions of the Plan shall remain unchanged.

IN WITNESS WHEREOF, the undersigned has affixed his/her signature this 9th day of December, 2016.

ESSEX PROPERTY TRUST, INC.

By:  /s/ Deborah Jones
Its: Senior Vice President, Human ResourcesExhibit 10.4

          

       

      
      INDEMNIFICATION AGREEMENT

      

      

      THIS INDEMNIFICATION AGREEMENT (“Agreement”) is made and entered into as of the _____ day of __________, 20____, by and between Essex
          Property Trust, Inc., a Maryland corporation (the “Company”), and ________________________ (“Indemnitee”).

      

      

      WHEREAS, at the request of the Company, Indemnitee currently serves as a director and/or an officer of the Company and may, therefore, be
          subjected to claims, suits or proceedings arising as a result of such service;

      

      

      WHEREAS, as an inducement to Indemnitee to serve or continue to serve in such capacity, the Company has agreed to indemnify Indemnitee
          and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent permitted by law;

      

      

      WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses; and

      

      

      WHEREAS, if the Indemnitee has previously entered into an indemnification agreement (a “Prior Agreement”) with the Company with respect
          to the indemnification provided by the Company’s charter (the “Charter”) and amended and restated bylaws, as amended from time to time (the “Bylaws”) (the form of such Prior Agreement was filed as exhibit 99.1 to the Company’s Current Report on
          Form 8-K, filed with the U.S. Securities and Exchange Commission on February 25, 2011 (SEC File No. 001-13106)), this Agreement is intended to entirely supersede, amend and replace such Prior Agreement.

      

      

      NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and
          agree as follows:

      

      

      Section 1.          Definitions.  For purposes of this Agreement:

      

      

      (a)          “Change in Control” means a change in control of the
          Company occurring after the Effective Date of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the
          Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if,
          after the Effective Date (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the
          Company representing 30% or more of the combined voting power of all of the Company’s then-outstanding securities entitled to vote generally in the election of directors without the prior approval of at least two-thirds of the members of the
          Board of Directors in office immediately prior to such person’s attaining such percentage interest; (ii) the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least
          two-thirds of the members of the Board of Directors then in office, as a consequence of which members of the Board of Directors in office immediately prior to such transaction or event constitute less than a majority of the Board of Directors
          thereafter; or (iii) at any time, a majority of the members of the Board of Directors are not individuals (A) who were directors as of the Effective Date or (B) whose election by the Board of Directors or nomination for election by the Company’s
          stockholders was approved by the affirmative vote of at least two-thirds of the directors then in office who were directors as of the Effective Date or whose election or nomination for election was previously so approved.

      

      

      
        
          

      

      
      (b)          “Corporate Status” means the status of a person as a
          present or former director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust,
          partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company.  As a clarification and without limiting the circumstances
          in which Indemnitee may be serving at the request of the Company, service by Indemnitee shall be deemed to be at the request of the Company: (i) if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member,
          fiduciary, employee or agent of any corporation, partnership, limited liability company, joint venture, trust or other enterprise (1) of which a majority of the voting power or equity interest is or was owned directly or indirectly by the Company
          or (2) the management of which is controlled directly or indirectly by the Company and (ii) if, as a result of Indemnitee’s service to the Company or any of its affiliated entities, Indemnitee is subject to duties by, or required to perform
          services for, an employee benefit plan or its participants or beneficiaries, including as a deemed fiduciary thereof.

      

      

      (c)          “Disinterested Director” means a director of the
          Company who is not and was not a party to the Proceeding in respect of which indemnification and/or advance of Expenses is sought by Indemnitee.

      

      

      (d)          “Effective Date” means the date set forth in the first
          paragraph of this Agreement.

      

      

      (e)          “Expenses” means any and all reasonable and
          out-of-pocket attorneys’ fees and costs, retainers, court costs, arbitration and mediation costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage,
          delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses
          incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in a Proceeding.  Expenses shall also include Expenses incurred in connection
          with any appeal resulting from any Proceeding, including, without limitation, the premium for, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent.

      

      

      (f)          “Independent Counsel” means a law firm, or a member of
          a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent:  (i) the Company or Indemnitee in any matter material to either such party (other than with respect to
          matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification or advance of
          Expenses hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either
          the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

      

      

      
        -2-

        
          

      

      (g)          “Proceeding” means any threatened, pending or
          completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, claim, demand or discovery request or any other actual, threatened or completed proceeding, whether brought by or in the
          right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed
          on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee, or if it would have been covered by a Prior Agreement.  If Indemnitee reasonably believes that a given situation may lead to or
          culminate in the institution of a Proceeding, such situation shall also be considered a Proceeding.

      

      

      Section 2.          Services by Indemnitee.  Indemnitee serves or will serve in the capacity or capacities set forth in the first WHEREAS clause above.  However, this Agreement shall not impose any independent obligation on
          Indemnitee or the Company to continue Indemnitee’s service to the Company.  This Agreement shall not be deemed an employment contract between the Company (or any other entity) and Indemnitee.

      

      

      Section 3.          General.  The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the maximum extent permitted by Maryland law in effect on the Effective Date and
          as amended from time to time; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the Effective Date.  The rights of Indemnitee
          provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by the Maryland General Corporation Law (the “MGCL”), including,
          without limitation, Section 2-418 of the MGCL.  In addition, the Company shall indemnify Indemnitee’s spouse (whether by statute or at common law and without regard to the location of the governing jurisdiction) and children to the same extent
          and subject to the same limitations applicable to Indemnitee hereunder for claims arising out of the status of such person as a spouse or child of Indemnitee, including claims seeking damages from marital property (including community property)
          or property held by such Indemnitee and such spouse or child or property transferred to such spouse or child but such indemnity shall not otherwise extend to protect the spouse or child against liabilities caused by the spouse’s or child’s own
          acts.

      

      

      Section 4.          Standard for Indemnification.  If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall indemnify Indemnitee against all
          judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding unless it is established that (a) the act or omission of
          Indemnitee was material to the matter giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (b) Indemnitee actually received an improper personal benefit in money, property or
          services or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

      

      

      
        -3-

        
          

      

      Section 5.          Certain Limits on Indemnification.  Notwithstanding any other provision of this Agreement (other than Section 6), Indemnitee shall not be entitled to:

      

      

      (a)          indemnification hereunder if the Proceeding was one by
          or in the right of the Company and Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to be liable to the Company;

      

      

      (b)          indemnification hereunder if Indemnitee is adjudged,
          in a final adjudication of the Proceeding not subject to further appeal, to be liable on the basis that personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether or not involving action
          in Indemnitee’s Corporate Status; or

      

      

      (c)          indemnification or advance of Expenses hereunder if
          the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to enforce indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the
          Company’s Charter or Bylaws, a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly
          provide otherwise.

      

      

      Section 6.          Court-Ordered Indemnification.  Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order
          indemnification of Indemnitee by the Company in the following circumstances:

      

      

      (a)          if such court determines that Indemnitee is entitled
          to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or

      

      

      (b)          if such court determines that Indemnitee is fairly and
          reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper
          personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper without regard to any limitation on such court-ordered indemnification contemplated by Section 2-418(d)(2)(ii) of the
          MGCL.

      

      

      Section 7.          Indemnification for Expenses of an Indemnitee Who is Wholly or Partially Successful.  Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that
          Indemnitee was or is, by reason of Indemnitee’s Corporate Status, made a party to (or otherwise becomes a participant in) any Proceeding and is successful, on the merits or otherwise, in the defense of such Proceeding, the Company shall indemnify
          Indemnitee for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.  If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or
          more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each
          such claim, issue or matter, allocated on a reasonable and proportionate basis.  For purposes of this Section 7 and, without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice,
          shall be deemed to be a successful result as to such claim, issue or matter.

      

      

      
        -4-

        
          

      

      Section 8.          Advance of Expenses for Indemnitee.  If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall, without requiring a preliminary
          determination of Indemnitee’s ultimate entitlement to indemnification hereunder, advance all Expenses incurred by or on behalf of Indemnitee in connection with such Proceeding.  The Company shall make such advance within ten days after the
          receipt by the Company of a statement or statements requesting such advance from time to time, whether prior to or after final disposition of such Proceeding, which advance may be in the form of, in the reasonable discretion of Indemnitee (but
          without duplication), (a) payment of such Expenses directly to third parties on behalf of Indemnitee, (b) advance of funds to Indemnitee in an amount sufficient to pay such Expenses or (c) reimbursement to Indemnitee for Indemnitee’s payment of
          such Expenses.  Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee and a written undertaking by or on behalf of
          Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution
          thereof.  To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis.  The undertaking required by this Section
          8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor.

      

      

      Section 9.          Indemnification and Advance of Expenses as a Witness or Other Participant.  Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is or may be, by reason of Indemnitee’s Corporate
          Status, made a witness or otherwise asked to participate in any Proceeding, whether instituted by the Company or any other person, and to which Indemnitee is not a party, Indemnitee shall be advanced and indemnified against all Expenses actually
          and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith within ten days after the receipt by the Company of a statement or statements requesting any such advance or indemnification from time to time, whether prior
          to or after final disposition of such Proceeding.  Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee.  In connection with any such advance of Expenses, the Company may require Indemnitee to provide an
          undertaking and affirmation substantially in the form attached hereto as Exhibit A.

      

      

      Section 10.        Procedure for Determination of Entitlement to Indemnification.

      

      

      (a)          To obtain indemnification under this Agreement,
          Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary or appropriate to determine whether and to what
          extent Indemnitee is entitled to indemnification.  Indemnitee may submit one or more such requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion.  The officer of the Company receiving any
          such request from Indemnitee shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification.

      

      

      
        -5-

        
          

      

      (b)          Upon written request by Indemnitee for indemnification
          pursuant to Section 10(a) above, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control has occurred, by Independent Counsel, in a
          written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL,
          which approval shall not be unreasonably withheld; or (ii) if a Change in Control has not occurred, (A) by a majority vote of the Disinterested Directors or by the majority vote of a  group of Disinterested Directors designated by the
          Disinterested Directors to make the determination, (B) if Independent Counsel has been selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved by Indemnitee, which approval shall not be unreasonably
          withheld or delayed, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed by the Board of Directors, by the stockholders of the Company, other than
          directors or officers who are parties to the Proceeding.  If it is so determined that Indemnitee is entitled to indemnification, the Company shall make payment to Indemnitee within ten days after such determination.  Indemnitee shall cooperate
          with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which
          is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary or appropriate to such determination in the discretion of the Board of Directors or Independent Counsel if retained
          pursuant to clause (ii)(B) of this Section 10(b).  Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to
          Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom.

      

      

      (c)          The Company shall pay the reasonable fees and expenses
          of Independent Counsel, if one is appointed.

      

      

      Section 11.        Presumptions and Effect of Certain Proceedings.

      

      

      (a)          In making any determination with respect to
          entitlement to indemnification hereunder, the person or persons or entity 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 10(a) of this Agreement, and the Company shall have the burden of overcoming that presumption in connection with the making 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, upon a plea of nolo contendere or its equivalent, or entry of an order of probation
          prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

      

      

      
        -6-

        
          

      

      (c)          The knowledge and/or actions, or failure to act, of
          any other director, officer, employee or agent of the Company or any other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability
          company, joint venture, trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement.

      

      

      Section 12.        Remedies of Indemnitee.

      

      

      (a)          If (i) a determination is made pursuant to Section
          10(b) of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Sections 8 or 9 of this Agreement, (iii) no determination of entitlement to indemnification
          shall have been made pursuant to Section 10(b) of this Agreement within 60 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 7 or 9 of this Agreement within ten
          days after receipt by the Company of a written request therefor, or (v) payment of indemnification pursuant to any other section of this Agreement or the Charter or Bylaws is not made within ten days after a determination has been made that
          Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Maryland, or in any other court of competent jurisdiction, or in an arbitration conducted by a single
          arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association, of Indemnitee’s entitlement to indemnification or advance of Expenses.  Indemnitee shall commence a proceeding seeking an adjudication or an award in
          arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee
          to enforce Indemnitee’s rights under Section 7 of this Agreement.  Except as set forth herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration.  The Company shall not oppose
          Indemnitee’s right to seek any such adjudication or award in arbitration.

      

      

      (b)          In any judicial proceeding or arbitration commenced
          pursuant to this Section 12, Indemnitee shall be presumed to be entitled to indemnification or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is not entitled to
          indemnification or advance of Expenses, as the case may be.  If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section
          8 of this Agreement until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).  The Company shall, to the fullest extent not prohibited by law,
          be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 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 of the provisions of this Agreement.

      

      

      (c)          If a determination shall have been made pursuant to
          Section 10(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by Indemnitee
          of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification that was not disclosed in connection with the determination.

      

      

      
        -7-

        
          

      

      (d)          In the event that Indemnitee is successful in seeking,
          pursuant to this Section 12, a judicial adjudication of or an award in arbitration to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be
          indemnified by the Company for, any and all Expenses actually and reasonably incurred by Indemnitee in such judicial adjudication or arbitration.  If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled
          to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated.

      

      

      (e)          Interest shall be paid by the Company to Indemnitee at
          the maximum rate allowed to be charged for judgments under the Courts and Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period (i) commencing with either the tenth
          day after the date on which the Company was requested to advance Expenses in accordance with Sections 8 or 9 of this Agreement or the 60th day after the date on
          which the Company was requested to make the determination of entitlement to indemnification under Section 10(b) of this Agreement, as applicable, and (ii) ending on the date such payment is made to Indemnitee by the Company.

      

      

      Section 13.        Defense of the Underlying Proceeding.

      

      

      (a)          Indemnitee shall notify the Company promptly in
          writing upon being served with any summons, citation, subpoena, complaint, indictment, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include
          with such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding.  The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right
          of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then
          only to the extent the Company is thereby actually so prejudiced.

      

      

      (b)          Subject to the provisions of the last sentence of this
          Section 13(b) and of Section 13(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision
          to defend within 15 calendar days following receipt of notice of any such Proceeding under Section 13(a) above.  The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent
          to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all
          liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee.  This Section 13(b) shall not
          apply to a Proceeding brought by Indemnitee under Section 12 of this Agreement.

      

      

      
        -8-

        
          

      

      (c)          Notwithstanding the provisions of Section 13(b) above,
          if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or
          delayed, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel
          approved by the Company, which approval shall not be unreasonably withheld or delayed, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to
          assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably
          withheld or delayed, at the expense of the Company.  In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void
          or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior
          approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense of the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such matter.

      

      

      Section 14.        Non-Exclusivity; Survival of Rights; Subrogation.

      

      

      (a)          The rights of indemnification and advance of Expenses
          as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Charter or Bylaws, any agreement or a resolution of the stockholders entitled to vote
          generally in the election of directors or of the Board of Directors, or otherwise.  Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of the Charter or Bylaws, 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 in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to
          such action or inaction is raised prior or subsequent to such amendment, alteration or repeal.  No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and
          in addition to every other right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of
          any other right or remedy.

      

      

      (b)          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 action necessary to secure such rights, including execution of such documents as are
          necessary to enable the Company to bring suit to enforce such rights.

      

      

      
        -9-

        
          

      

      Section 15.        Insurance.

      

      

      (a)          The Company will use its reasonable best efforts to
          acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of Indemnitee’s Corporate
          Status and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee by reason of Indemnitee’s Corporate Status.  In the event of a Change in Control, the Company
          shall maintain in force any and all directors and officers liability insurance policies that were maintained by the Company immediately prior to the Change in Control for a period of six years with the insurance carrier or carriers and through
          the insurance broker in place at the time of the Change in Control; provided, however, (i) if the carriers will not offer the same policy and an expiring policy needs to be replaced, a policy substantially comparable in scope and amount shall be
          obtained and (ii) if any replacement insurance carrier is necessary to obtain a policy substantially comparable in scope and amount, such insurance carrier shall have an AM Best rating that is the same or better than the AM Best rating of the
          existing insurance carrier; provided, further, however, in no event shall the Company be required to expend in the aggregate in excess of 300% of the annual premium or premiums paid by the Company for directors and officers liability insurance in
          effect on the date of the Change in Control.  In the event that 300% of the annual premium paid by the Company for such existing directors and officers liability insurance is insufficient for such coverage, the Company shall spend up to that
          amount to purchase such lesser coverage as may be obtained with such amount.

      

      

      (b)          Without in any way limiting any other obligation under
          this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee which would otherwise be indemnifiable hereunder arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all
          judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in Section 15(a).  The purchase, establishment and maintenance of any such insurance shall
          not in any way limit or affect the rights or obligations of the Company or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way
          limit or affect the rights or obligations of the Company under any such insurance policies.  If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise)
          the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.

      

      

      (c)          The Indemnitee shall cooperate with the Company or any
          insurance carrier of the Company with respect to any Proceeding.

      

      

      Section 16.        Coordination of Payments.  The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that
          Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

      

      

      
        -10-

        
          

      

      Section 17.        Contribution.  If the indemnification provided in this Agreement is unavailable in whole or in part and may not be paid to Indemnitee for any reason, other than for failure to satisfy the standard of conduct
          set forth in Section 4 or due to the provisions of Section 5, then, with respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), to the fullest extent permissible under
          applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses, judgments, penalties, and/or amounts paid or to be paid in
          settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.

      

      

      Section 18.        Reports to Stockholders.  To the extent required by the MGCL or federal law, the Company shall report in writing to its stockholders the payment of any amounts for indemnification of, or advance of Expenses to,
          Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with the notice of the meeting of stockholders of the Company next following the date of the payment of any such indemnification or advance of Expenses
          or prior to such meeting.

      

      

      Section 19.        Duration of Agreement; Binding Effect.

      

      

      (a)          This Agreement shall continue until and terminate on
          the later of (i) the date that Indemnitee shall have ceased to serve as a director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign
          or domestic corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company and
          (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).

      

      

      (b)          The indemnification and advance of Expenses provided
          by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to
          all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, trustee, officer, partner, manager, managing member,
          fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in
          such capacity at the request of the Company, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

      

      

      (c)          The Company shall require and cause any successor
          (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee,
          expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

      

      

      
        -11-

        
          

      

      (d)          The Company and Indemnitee agree that a monetary
          remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm.  Accordingly, the parties hereto agree that Indemnitee may
          enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be
          precluded from seeking or obtaining any other relief to which Indemnitee may be entitled.  Indemnitee shall further be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions
          and permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith.  The Company acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the
          Company hereby waives any such requirement of such a bond or undertaking.

      

      

      Section 20.        Severability.  If any provision or provisions of this Agreement shall be held to be invalid, void, illegal or otherwise unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of
          the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, void, illegal or otherwise unenforceable that is not
          itself invalid, void, illegal or otherwise unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the
          extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any
          Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, void, illegal or otherwise unenforceable, that is not itself invalid, void, illegal or otherwise unenforceable) shall be construed so as to give
          effect to the intent manifested thereby.

      

      

      Section 21.        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.  One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.

      

      

      Section 22.        Entire Agreement/Prior Indemnification Agreements.  If the Indemnitee has previously entered into a Prior Agreement with the Company with respect to the indemnification provided by the Charter and Bylaws, this
          Agreement shall entirely supersede, amend and replace such Prior Agreement.  This Agreement constitutes the entire agreement among the parties and supersedes any prior understandings, agreements or representations by or among the parties, or any
          of them, written or oral, with respect to the subject matter of the Agreement.

      

      

      Section 23.        Headings.  The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

      

      

      
        -12-

        
          

      

      Section 24.        Modification and Waiver.  No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.  No waiver of any of the provisions of this
          Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor, unless otherwise expressly stated, shall such waiver constitute a continuing waiver.

      

      

      Section 25.        Notices.  All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said
          notice or other communication shall have been directed, on the day of such delivery, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

      

      

      (a)          If to Indemnitee, to the address set forth on the
          signature page hereto.

      

      

      (b)          If to the Company, to:

      

      

      General Counsel and Chief Financial Officer

      Essex Property Trust, Inc.

      1100 Park Place, Suite 200

      San Mateo, CA  94403

      

      

      or to such other address as may have been furnished in writing to Indemnitee by the Company or to the Company by Indemnitee, as the case
          may be.

      

      

      Section 26.        Governing Law.  This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without regard to its conflicts of laws rules.

      

      

      [SIGNATURE PAGE FOLLOWS]

      

      

      
        -13-

        
          

      

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

       

        

      	 	
              COMPANY:

            
	 	 
	 	
              Essex Property Trust, Inc.

            

      

      

      	 	
              By:

            	

            	 

      	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	
              INDEMNITEE:

            	 
	 	

            	 
	 	
              Name:

            	 
	 	
              Address:

            	 

      

      

      
        -14-

        
          

      

      EXHIBIT A

      

      

      AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED

      

      

      To:  The Board of Directors of Essex Property Trust, Inc.

      

      

      Re:  Affirmation and Undertaking

      

      

      Ladies and Gentlemen:

      

      

      This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement dated the _____ day of
          ______________, 20____, by and between Essex Property Trust, Inc., a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification Agreement”), pursuant to which I am entitled to advance of Expenses in connection with
          [Description of Proceeding] (the “Proceeding”).

      

      

      Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement.

      

      

      I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity.  I
          hereby affirm my good faith belief that at all times, insofar as I was involved as [a director] [and] [an officer] of the Company, in any of the facts or events giving rise to the Proceeding, I (1) did not act with bad
          faith or active or deliberate dishonesty, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was
          unlawful.

      

      

      In consideration of the advance by the Company for Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I
          hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and
          deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall
          promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established.

      

      

      IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this ___ day of ____________________, 20____.

      

      

      
        	 	
                Name:

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