Exhibit 10.35

 

AMENDMENT NUMBER 2

TO

THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDMENT NUMBER 2 TO THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this
“Agreement”) is made and entered into effective as of December 1, 2004, by and
among Nelson C. Rising (the “Executive”) and Catellus Development Corporation, a
Delaware corporation (“Catellus”), Catellus Operating Limited Partnership, a
Delaware limited partnership (“Operating Partnership”), and Catellus Commercial
Development Corporation, a Delaware corporation (“CCDC”);

 

WITNESSETH THAT:

 

WHEREAS, Catellus, Operating Partnership, CCDC and the Executive are parties to
that certain Third Amended and Restated Employment Agreement dated as of
December 24, 2001, as amended by Amendment Number 1 thereto dated as of January
1, 2004 (the “Employment Agreement”)

 

WHEREAS, Catellus, the Operating Partnership, CCDC and the Executive desire to
amend the Employment Agreement to extend the Agreement Term to January 1, 2008
and to make certain other modifications.

 

NOW, THEREFORE, in consideration of the mutual agreements set forth below,
Catellus, Operating Partnership, CCDC and Executive hereby agree that the
Employment Agreement is amended as follows:

 

1. Agreement Term. Paragraph 1(g) is amended by changing the date “December 31,
2006” to “January 1, 2008”.

 

2. Transition Period. A new Paragraph 1(i) is added to read as follows:

 

“(i) Transition Period. The Executive and the Company agree that,
notwithstanding anything to the contrary in this Agreement, during the period
from January 1, 2006 through January 1, 2008, the Board may require the
Executive to transfer to another person or persons duties that are normally
associated with the position, authority or responsibilities of the position of
Chief Executive Officer and that, during the period from July 1, 2007 through
January 1, 2008, the Board may require the Executive to relinquish the title of
Chief Executive Officer of Catellus, in order to facilitate the transition to a
new Chief Executive Officer and that these actions shall not constitute a breach
of the Company’s obligations nor a ‘Constructive Discharge’ under this
Agreement; provided that, (1) the compensation to which Executive is entitled
under paragraph 2 of this Agreement shall not be reduced, and (2) this paragraph
1(i) shall not reduce any amount to which the Executive would otherwise be
entitled under paragraph 10 of this Agreement relating to ‘Change of Control
Payments’ in the absence of this paragraph 1(i).”

 

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3. Exhibit B to the Employment Agreement is amended as follows: the date
“December 31, 2006” is changed to “January 1, 2008” in each place in which it
appears; and the amount “$7,000,000” in paragraph 5 of Exhibit B is changed to
“$8,000,000.”

 

IN WITNESS WHEREOF, the Executive has hereto set his hand, and each of Catellus,
Operating Partnership and CCDC has caused these presents to be executed in its
name and on its behalf, as of the date first written above.

 

CATELLUS DEVELOPMENT CORPORATION,

a Delaware corporation

     

CATELLUS OPERATING LIMITED PARTNERSHIP,

a Delaware limited partnership

By:  

/s/ Richard D. Farman

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Richard D. Farman

Lead Independent Director

      By:  

Catellus Development Corporation,

a Delaware corporation, its general partner

By:  

/s/ William M. Kahane

--------------------------------------------------------------------------------

William M. Kahane

Chairman of the Compensation and

Benefits Committee of the Board of

          By:  

/s/ Richard D. Farman

--------------------------------------------------------------------------------

Richard D. Farman

Lead Independent Director

    Directors           By:  

/s/ William M. Kahane

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William M. Kahane

Chairman of the Compensation and

Benefits Committee of the Board

of Directors

CATELLUS COMMERCIAL DEVELOPMENT CORPORATION       EXECUTIVE By:  

Catellus Operating Limited

Partnership, a Delaware limited

partnership, its sole stockholder

     

/s/ Nelson C. Rising

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Nelson C. Rising

    By:  

Catellus Development

Corporation, a Delaware

corporation, its general partner

                By:  

/s/ Richard D. Farman

--------------------------------------------------------------------------------

                           

Richard D. Farman

Lead Independent Director

                        By:  

/s/ William M. Kahane

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William M. Kahane

Chairman of the

Compensation and Benefits

Committee of the Board of

Directors

               

 

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