EX-10.3
EQUITY RESIDENTIAL
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Exhibit 10.3
NewCo
Benjamin W. Schall (“Executive”)
Chief Executive Officer and President Role and Compensation Proposal
A.
Position:
(1)
Title; Reporting: The Executive will serve as the Chief Executive Officer and President of NewCo, reporting to NewCo’s Board of Directors (“Board”).
(2)
Location: The Executive’s primary office location will continue to be located in the Arlington, VA headquarters.
B.
Effective Date: The closing of the transactions contemplated by that certain Agreement and Plan of Merger, dated as of May 20, 2026, by and among AvalonBay Communities, Inc., Equity Residential, ERP Operating Limited Partnership, and Canopy Merger Sub LLC (the “Merger Agreement”).
C.
Annual Compensation:
(1)
Base Salary:The Executive’s base salary will continue to be $1,000,000 per year, payable in accordance with NewCo’s customary payroll practices. Subject to periodic review on cycle with other senior executives.
(2)
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