EQUITY RESIDENTIAL
EX-10.2
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<DESCRIPTION>EX-10.2
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<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
10.2</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECOND AMENDMENT TO EQUITY RESIDENTIAL<br>
<u>2002 SHARE INCENTIVE PLAN</u></font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS SECOND
AMENDMENT (the &#147;Second Amendment&#148;) to EQUITY RESIDENTIAL 2002 SHARE INCENTIVE
PLAN (&#147;Plan&#148;) is executed as of the 10<sup>th</sup> day of June 2003.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">RECITALS</font></u></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the
Board of Trustees of Equity Residential (&#147;the Company&#148;) adopted the 2002 Share
Incentive Plan (&#147;Plan&#148;) on February 21, 2002, which was approved by the
shareholders of the Company at the 2002 annual meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the
Company entered into a First Amendment to the Plan dated as of February 7,
2003.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the
Board of Trustees have adopted a resolution to amend the terms of all
outstanding Trustee Share Awards and Options as well as the annual grants of
Trustee Share awards and Options to be made after the date of this Second
Amendment.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, each
member of the Board of Trustees to be affected by this Second Amendment has
agreed to the terms hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the
Company desires to further amend the Plan pursuant to this Second Amendment.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW THEREFORE,
the Plan is further amended as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDMENTS</font></u></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160; Section 3 (b) of the Plan is hereby deleted
in its entirety and the following Section 3 (b) is substituted therefor:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b) <i><font style="font-style:italic;">Board of Trustees</font></i>.&#160; Each member of the Board of Trustees
(excluding the Chairman of the Board and the employee trustees) will receive an
annual award (relating to the Trustee&#146;s term as Trustee for the one-year period
following the subsequent shareholders&#146; meeting at which trustees are elected)
of Share Awards and Options equal to $50,000 in value on the same day as the
annual grant of Share Awards and Options to the Company&#146;s executive
officers.&#160; The annual $50,000 award will
be allocated between Options (valued by using the same valuation criteria
utilized by the Committee in its employee option grants made as of the same
date) and Share Awards (valued at the closing price of the Company&#146;s common
shares on the date of grant), in the same ratio as approved by the Committee
for the annual long term incentive awards to the Company&#146;s executive
officers.&#160; The Share Award will vest in
full on the third anniversary of the Grant Date.&#160; The Options will vest in equal installments six months, twelve
months and twenty-four months from the Grant Date.&#160; The annual award of Share Awards and Options is also subject to
the Trustee receiving the grant being re-elected as a Trustee at the subsequent
shareholders&#146; meeting.&#160; If an individual
first becomes a Trustee following the annual grant, the Trustee will receive a
grant of Share Awards and Options in the same ratio as the prior annual
Trustee&#146;s grant equal to $50,000 multiplied by a fraction, the numerator of
which is the number of days left in said one year Trustee term from the date of
such Trustee&#146;s election or appointment to the Board of Trustees, until the
anniversary of the immediately preceding shareholders&#146; meeting at which
trustees were re-elected, and the denominator of which is 365.&#160; Trustees may, in addition to Options and
Share Awards awarded under this paragraph, also receive grants of Options and
Share Awards under paragraph 3(a).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Section
5 (a) (iii) (C) is hereby deleted in its entirety and the following 5 (a) (iii)
(C) is substituted therefor, to be effective as of February 21, 2002:</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with respect
to a Grantee who is a member of the Board (excluding employee trustees and the
Company&#146;s Chairman of the Board) in connection with his or her retirement at or
after age 70, the Board&#146;s decision not to renominate him or her for re-election
to the Board at any shareholders&#146; meeting at which Trustees are elected, or the
failure to be re-elected to the Board at any such shareholders&#146; meeting, or the
Trustee&#146;s resignation from the Board by reason of either: (i) a material change
in the Trustee&#146;s employment or job responsibilities; or (ii) the Trustee&#146;s
disability.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Section
6 (e) (iii) is hereby deleted in its entirety and the following 6 (e) (iii) is
substituted therefor, to be effective as of February 21, 2002:</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with respect
to a Grantee who is a member of the Board (excluding employee trustees and the
Company&#146;s Chairman of the Board) in connection with his or her retirement at or
after age 70, the Board&#146;s decision not to renominate him or her for re-election
to the Board at any shareholders&#146; meeting at which Trustees are elected, or the
failure to be re-elected to the Board at any such shareholders&#146; meeting, or the
Trustee&#146;s resignation from the Board by reason of either: (i) a material change
in the Trustee&#146;s employment or job responsibilities; or (ii) the Trustee&#146;s
disability, in which case it shall be exercisable until its Expiration Date.</font></p>

<p align="left" style="font-style:italic;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p align="left" style="font-style:italic;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">4.</font></i><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">PLAN IN FULL FORCE AND EFFECT.</font></u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&#160; After giving effect
to this Second Amendment, the Plan remains in full force and effect.</font></p>

<p align="left" style="font-style:italic;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p align="left" style="font-style:italic;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">IN
WITNESS WHEREOF, this Second Amendment has been executed as of the date first
written above.</font></i></p>

<p align="left" style="font-style:italic;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p align="left" style="font-style:italic;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

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  <p align="left" style="font-style:italic;margin:0in 0in .0001pt;text-align:left;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">EQUITY
  RESIDENTIAL</font></i></p>
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  <p align="left" style="font-size:12.0pt;font-style:italic;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
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  <p align="left" style="font-size:1.0pt;font-style:italic;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
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  <p align="left" style="font-style:italic;margin:0in 0in .0001pt;text-align:left;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">By: </font></i></p>
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  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:16.42%;">
  <p align="left" style="font-style:italic;margin:0in 0in .0001pt;text-align:left;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">/s/
  Bruce C. Strohm</font></i></p>
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  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.96%;">
  <p align="left" style="font-size:1.0pt;font-style:italic;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
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  <p align="left" style="font-size:1.0pt;font-style:italic;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
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  <p align="left" style="font-size:1.0pt;font-style:italic;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
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  <td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.38%;">
  <p align="left" style="font-style:italic;margin:0in 0in .0001pt;text-align:left;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">Bruce
  C. Strohm</font></i></p>
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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive
  Vice President and General Counsel</font></p>
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<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">2</font></b></p>


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