---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-261709"
form_type: "8-K"
ticker: null
cik: "0000931182"
company_name: "ERP OPERATING LTD PARTNERSHIP"
filed_at: "2026-06-08T20:06:46+00:00"
generated_at: "2026-06-08T20:09:03.080665+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# EQR/AvalonBay merger leadership team set; Schall CEO, Manelis COO, O'Shea CFO; comp disclosed

## Summary
- Benjamin Schall (AvalonBay CEO) to be President & CEO of combined company; annual base salary $1M, target total comp $12.5M.
- Michael Manelis (EQR COO) to continue as COO; base salary $800K; eligible for Transaction Award of $4.5M.
- Kevin O'Shea (AvalonBay CFO) to be CFO of combined company; base salary $675K; Transaction Award of $3.5625M.
- Scott Fenster (EQR GC) to continue as General Counsel; base salary $580K; Transaction Award of $3M.
- Transaction Awards (50% time-vest, 50% performance) granted at closing; Schall award $6.25M, others also disclosed.

## SEC filing metadata
- accession: 0001193125-26-261709
- form_type: 8-K
- cik: 0000931182
- company_name: ERP OPERATING LTD PARTNERSHIP
- filed_at: 2026-06-08T20:06:46+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/931182/000119312526261709/0001193125-26-261709-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/906107/000119312526261709/d126845d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-261709
- JSON: https://secwatch.observer/filing/0001193125-26-261709.json
- Plain text: https://secwatch.observer/filing/0001193125-26-261709.txt

## Key facts
- Executive change
  Michael Manelis was appointed as Executive Vice President and Chief Operating Officer at ERP OPERATING LTD PARTNERSHIP.
  - Action: continuing
  - Role: Executive Vice President and Chief Operating Officer
  source text: The Manelis Offer Letter provides that, following the Closing, Mr. Manelis will continue to serve as Executive Vice President and Chief Operating Officer of the combined company and will report directly to its Chief Executive Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/931182/000119312526261709/0001193125-26-261709-index.htm
- Executive change
  Kevin O'Shea was appointed as Executive Vice President and Chief Financial Officer at ERP OPERATING LTD PARTNERSHIP.
  - Action: appointed
  - Role: Executive Vice President and Chief Financial Officer
  source text: Kevin O’Shea, AvalonBay’s Chief Financial Officer, and Scott Fenster, Equity Residential’s Executive Vice President, General Counsel and Corporate Secretary, each entered into offer letters confirming their roles, compensation and terms of employment with the combined company following the Closing
  evidence_url: https://www.sec.gov/Archives/edgar/data/931182/000119312526261709/0001193125-26-261709-index.htm
- Executive change
  Benjamin Schall was appointed as President and Chief Executive Officer at ERP OPERATING LTD PARTNERSHIP.
  - Action: appointed
  - Role: President and Chief Executive Officer
  source text: Benjamin Schall, current President and Chief Executive Officer of AvalonBay and the incoming President and Chief Executive Officer of the combined company effective as of the Closing pursuant to the terms of an offer letter between Mr. Schall and Equity Residential dated May 20, 2026, entered into an amended offer letter, confirming his compensation for fiscal year 2027
  evidence_url: https://www.sec.gov/Archives/edgar/data/931182/000119312526261709/0001193125-26-261709-index.htm
- Executive change
  Scott Fenster was appointed as Executive Vice President, General Counsel and Corporate Secretary at ERP OPERATING LTD PARTNERSHIP.
  - Action: continuing
  - Role: Executive Vice President, General Counsel and Corporate Secretary
  source text: The Fenster Offer Letter provides that, following the Closing, Mr. Fenster will continue to serve as Executive Vice President, General Counsel and Corporate Secretary of the combined company and will report directly to its Chief Executive Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/931182/000119312526261709/0001193125-26-261709-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.