EQUITY RESIDENTIAL
EX-10.19
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<TYPE>EX-10.19
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<FILENAME>j8049_ex10d19.htm
<DESCRIPTION>EX-10.19
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 10.19</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><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><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FIRST
AMENDMENT TO LETTER AGREEMENT</font></u></b></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>

<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>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">THIS FIRST AMENDMENT TO LETTER AGREEMENT </font></b>(&#147;Amendment&#148;) is
entered into this 17<sup>th</sup> day of February, 2003, by and between Bruce
W. Duncan (&#147;Executive&#148;) and Equity Residential (&#147;Company&#148;), a Maryland real estate
investment trust.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">WHEREAS</font></b>, the Company and the Executive entered into a letter
agreement dated March 14, 2002 (&#147;2002 Agreement&#148;) describing Executive&#146;s 2002
compensation.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">WHEREAS</font></b>, the Company and the Executive desire to amend the
2002 Agreement.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">NOW, THEREFORE,</font></b> in consideration of the mutual covenants and
promises contained herein, and for other good and valuable consideration, the
payment and adequacy of which is hereby acknowledged, the parties agree to
amend the 2002 Agreement as follows:</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Paragraph A of the 2002 Agreement
is amended by deleting it in its entirety and replacing it with the following
paragraph A:</font></p>

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

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">My annual
salary shall be $550,000, and my cash bonus, payable in February 2003, shall be
$550,000.&#160; Effective as of the date of
this letter, I will also receive the following long-term compensation awards as
a signing bonus:&#160; 41,361 options award,
8,272 restricted shares award and 4,595 performance share units award.&#160; I will also receive in February of 2003 at
the same time as the other senior executives receive their 2002 long term
incentive grants, the following long-term compensation awards for services
rendered in 2002:&#160; 168,820 options award
(priced at $23.55); 35,644 restricted shares award and 6,985 performance share
units award (collectively the &#147;February 2003 Grants&#148;).&#160; These awards are issued subject to the terms
of the Company&#146;s Share Option and Share Award Plan and the Company&#146;s 2002 Share
Incentive Plan.</font></p>

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

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

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">, the parties have executed this First Amendment to
Letter Agreement as of the day and year first above written</font></p>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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  <td width="53%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:53.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EQUITY
  RESIDENTIAL, a Maryland real estate investment trust</font></p>
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  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="38%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:38.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Bruce C. Strohm</font></p>
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  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.6%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:48.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bruce
  C. Strohm</font></p>
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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <td width="48%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:48.74%;">
  <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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXECUTIVE:</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Bruce W. Duncan</font></p>
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  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  </td>
  <td width="26%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:26.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bruce
  W. Duncan</font></p>
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