Document:

<Page>

                                                                   EXHIBIT 10.10

                          CENTERPOINT PROPERTIES TRUST
                        DIRECTOR'S STOCK GRANT AGREEMENT

     THIS STOCK GRANT AGREEMENT (the "Agreement") is dated as of May 16, 2003
between CenterPoint Properties Trust, a Maryland real estate investment trust
(the "Company"), and Nicholas C. Babson (the "Grantee").

          This Agreement is made pursuant to, and is governed by, the
CENTERPOINT PROPERTIES TRUST 1995 RESTRICTED STOCK INCENTIVE PLAN (the "Plan").
Capitalized terms not otherwise defined herein shall have the meanings set forth
in the Plan. The purpose of this Agreement is to establish a written agreement
evidencing a grant of stock made in accordance with the terms of the Plan. In
this Agreement, "Shares" means the Company's Common Stock granted pursuant to
this Agreement or other securities resulting from an adjustment under Section
4.3 of the Plan.

The parties agree as follows:

1.   GRANT OF STOCK. The Company hereby grants to the Grantee 206 shares of
     Common Stock under the terms and conditions hereof.

2.   SHARE PRICE. The Share Price of the Shares is $60.55.

3.   ASSIGNABILITY. The Shares shall not be transferable other than by will or
     the laws of descent and distribution until the later of (a) six months from
     the date of this Agreement.

4.   VESTING. The Shares shall be fully vested at the time of the award.

5.   RIGHTS OF SHAREHOLDER. Except as otherwise provided in the Plan or in this
     Agreement, the Grantee shall have rights of a shareholder with respect to
     Shares as provided in Article 8 of the Plan.

6.   RIGHTS OF THE COMPANY. This Agreement does not affect the Company's right
     to take any corporate action, including other changes in its right to
     recapitalize, reorganize or consolidate, issue bonds, notes or stock,
     including preferred stock or options therefor, to dissolve or liquidate, or
     to sell or transfer any part of its assets or business.

7.   CHANGES IN CAPITALIZATION. Upon the occurrence of an event described in
     Section 4.3(a) of the Plan, the Committee shall make the adjustments
     specified in Section 4.3(b) of the Plan.

8.   COMPLIANCE WITH LAWS. Shares can be delivered under this Agreement only in
     compliance with all applicable federal and state laws and regulations,
     including without limitation state and federal securities laws, and the
     rules of all stock exchanges on which the Common Stock is listed at any
     time. Shares may not be issued under this Agreement until the Company has
     obtained the consent or approval of every regulatory body, federal or
     state, having jurisdiction over such matters as the Committee deems
     advisable. Each person or estate that acquired the right to receive shares
     by bequest or inheritance may be required by the Committee to furnish
     reasonable evidence of ownership of the shares as a condition to their
     issuance. In addition, the Committee may require such consents and releases
     of taxing authorities as the Committee deems advisable.

<Page>

CenterPoint Properties Trust                                        May 16, 2003
Director's Stock Grant Agreement
9.   STOCK LEGENDS. Any certificate issued to evidence Shares issued pursuant to
     this Agreement shall bear such legends and statements as the Committee
     deems advisable to assure compliance with all federal and state laws and
     regulations.

10.  AMENDMENT OF AGREEMENT. The Company may alter, amend, or terminate the
     Agreement only with the Grantee's consent, except for adjustments expressly
     provided by this Agreement.

11.  CHOICE OF LAW. The provisions of Section 9.7 of the Plan, concerning choice
     of law, shall govern this Agreement.

12.  MISCELLANEOUS. This Agreement is subject to and controlled by the Plan. Any
     inconsistency between this Agreement and said Plan shall be controlled by
     the Plan. This Agreement is the final, complete, and exclusive expression
     of the understanding between the parties and supersedes any prior or
     contemporaneous agreement or representation, oral or written, between them.
     Modification of this Agreement or waiver of a condition herein must be
     written and signed by the party to be bound. In the event that any
     paragraph or provision of this Agreement shall be held to be illegal or
     unenforceable, such paragraph or provision shall be severed from the
     Agreement and the entire Agreement shall not fail on account thereof, but
     shall otherwise remain in full force and effect.

13.  NOTICES. All notices and other communications required or permitted under
     this Agreement shall be written, and shall be either delivered personally
     or sent by registered or certified first-class mail, postage prepaid and
     return receipt requested, or by telex or telecopier, addressed as follows:
     if to the Company, to the Company's principal office, and if to the Grantee
     or his successor, to the address last furnished by such person to the
     Company. Each such notice and communication delivered personally shall be
     deemed to have been given when delivered. Each such notice and
     communication given by mail shall be deemed to have been given when it is
     deposited in the United States mail in the manner specified herein, and
     each such notice and communication given by telex or telecopier shall be
     deemed to have been given when it is so transmitted and the appropriate
     answer back is received. A party may change its address for the purpose
     hereof by giving notice in accordance with the provisions of this Section
     17.

          IN WITNESS WHEREOF, the Company has executed this Agreement as of the
          date first written above.

                      CENTERPOINT PROPERTIES TRUST

                          By:
                                ------------------------------------------------
                                Rockford O. Kottka
                                Its: Executive Vice President and Treasurer

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

                                GRANTEE

                                ------------------------------------------------
                                Name: Nicholas C. Babson

                                        2
<Page>

                          CENTERPOINT PROPERTIES TRUST
                        DIRECTOR'S STOCK GRANT AGREEMENT

     THIS STOCK GRANT AGREEMENT (the "Agreement") is dated as of May 16, 2003
between CenterPoint Properties Trust, a Maryland real estate investment trust
(the "Company"), and Norman Bobins (the "Grantee").

          This Agreement is made pursuant to, and is governed by, the
CENTERPOINT PROPERTIES TRUST 1995 RESTRICTED STOCK INCENTIVE PLAN (the "Plan").
Capitalized terms not otherwise defined herein shall have the meanings set forth
in the Plan. The purpose of this Agreement is to establish a written agreement
evidencing a grant of stock made in accordance with the terms of the Plan. In
this Agreement, "Shares" means the Company's Common Stock granted pursuant to
this Agreement or other securities resulting from an adjustment under Section
4.3 of the Plan.

The parties agree as follows:

1.   GRANT OF STOCK. The Company hereby grants to the Grantee 206 shares of
     Common Stock under the terms and conditions hereof.

2.   SHARE PRICE. The Share Price of the Shares is $60.55.

3.   ASSIGNABILITY. The Shares shall not be transferable other than by will or
     the laws of descent and distribution until the later of (a) six months from
     the date of this Agreement.

4.   VESTING. The Shares shall be fully vested at the time of the award.

5.   RIGHTS OF SHAREHOLDER. Except as otherwise provided in the Plan or in this
     Agreement, the Grantee shall have rights of a shareholder with respect to
     Shares as provided in Article 8 of the Plan.

6.   RIGHTS OF THE COMPANY. This Agreement does not affect the Company's right
     to take any corporate action, including other changes in its right to
     recapitalize, reorganize or consolidate, issue bonds, notes or stock,
     including preferred stock or options therefor, to dissolve or liquidate, or
     to sell or transfer any part of its assets or business.

7.   CHANGES IN CAPITALIZATION. Upon the occurrence of an event described in
     Section 4.3(a) of the Plan, the Committee shall make the adjustments
     specified in Section 4.3(b) of the Plan.

8.   COMPLIANCE WITH LAWS. Shares can be delivered under this Agreement only in
     compliance with all applicable federal and state laws and regulations,
     including without limitation state and federal securities laws, and the
     rules of all stock exchanges on which the Common Stock is listed at any
     time. Shares may not be issued under this Agreement until the Company has
     obtained the consent or approval of every regulatory body, federal or
     state, having jurisdiction over such matters as the Committee deems
     advisable. Each person or estate that acquired the right to receive shares
     by bequest or inheritance may be required by the Committee to furnish
     reasonable evidence of ownership of the shares as a condition to their
     issuance. In addition, the Committee may require such consents and releases
     of taxing authorities as the Committee deems advisable.

<Page>

CenterPoint Properties Trust                                        May 16, 2003
Director's Stock Grant Agreement
9.   STOCK LEGENDS. Any certificate issued to evidence Shares issued pursuant to
     this Agreement shall bear such legends and statements as the Committee
     deems advisable to assure compliance with all federal and state laws and
     regulations.

10.  AMENDMENT OF AGREEMENT. The Company may alter, amend, or terminate the
     Agreement only with the Grantee's consent, except for adjustments expressly
     provided by this Agreement.

11.  CHOICE OF LAW. The provisions of Section 9.7 of the Plan, concerning choice
     of law, shall govern this Agreement.

12.  MISCELLANEOUS. This Agreement is subject to and controlled by the Plan. Any
     inconsistency between this Agreement and said Plan shall be controlled by
     the Plan. This Agreement is the final, complete, and exclusive expression
     of the understanding between the parties and supersedes any prior or
     contemporaneous agreement or representation, oral or written, between them.
     Modification of this Agreement or waiver of a condition herein must be
     written and signed by the party to be bound. In the event that any
     paragraph or provision of this Agreement shall be held to be illegal or
     unenforceable, such paragraph or provision shall be severed from the
     Agreement and the entire Agreement shall not fail on account thereof, but
     shall otherwise remain in full force and effect.

13.  NOTICES. All notices and other communications required or permitted under
     this Agreement shall be written, and shall be either delivered personally
     or sent by registered or certified first-class mail, postage prepaid and
     return receipt requested, or by telex or telecopier, addressed as follows:
     if to the Company, to the Company's principal office, and if to the Grantee
     or his successor, to the address last furnished by such person to the
     Company. Each such notice and communication delivered personally shall be
     deemed to have been given when delivered. Each such notice and
     communication given by mail shall be deemed to have been given when it is
     deposited in the United States mail in the manner specified herein, and
     each such notice and communication given by telex or telecopier shall be
     deemed to have been given when it is so transmitted and the appropriate
     answer back is received. A party may change its address for the purpose
     hereof by giving notice in accordance with the provisions of this Section
     17.

          IN WITNESS WHEREOF, the Company has executed this Agreement as of the
          date first written above.

                      CENTERPOINT PROPERTIES TRUST

                          By:
                                ------------------------------------------------
                                Rockford O. Kottka
                                Its: Executive Vice President and Treasurer

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

                                GRANTEE

                                ------------------------------------------------
                                Name: Norman Bobins

                                        2
<Page>

                          CENTERPOINT PROPERTIES TRUST
                        DIRECTOR'S STOCK GRANT AGREEMENT

     THIS STOCK GRANT AGREEMENT (the "Agreement") is dated as of May 16, 2003
between CenterPoint Properties Trust, a Maryland real estate investment trust
(the "Company"), and Martin Barber (the "Grantee").

          This Agreement is made pursuant to, and is governed by, the
CENTERPOINT PROPERTIES TRUST 1995 RESTRICTED STOCK INCENTIVE PLAN (the "Plan").
Capitalized terms not otherwise defined herein shall have the meanings set forth
in the Plan. The purpose of this Agreement is to establish a written agreement
evidencing a grant of stock made in accordance with the terms of the Plan. In
this Agreement, "Shares" means the Company's Common Stock granted pursuant to
this Agreement or other securities resulting from an adjustment under Section
4.3 of the Plan.

The parties agree as follows:

1.   GRANT OF STOCK. The Company hereby grants to the Grantee 289 shares of
     Common Stock under the terms and conditions hereof.

2.   SHARE PRICE. The Share Price of the Shares is $60.55.

3.   ASSIGNABILITY. The Shares shall not be transferable other than by will or
     the laws of descent and distribution until the later of (a) six months from
     the date of this Agreement.

4.   VESTING. The Shares shall be fully vested at the time of the award.

5.   RIGHTS OF SHAREHOLDER. Except as otherwise provided in the Plan or in this
     Agreement, the Grantee shall have rights of a shareholder with respect to
     Shares as provided in Article 8 of the Plan.

6.   RIGHTS OF THE COMPANY. This Agreement does not affect the Company's right
     to take any corporate action, including other changes in its right to
     recapitalize, reorganize or consolidate, issue bonds, notes or stock,
     including preferred stock or options therefor, to dissolve or liquidate, or
     to sell or transfer any part of its assets or business.

7.   CHANGES IN CAPITALIZATION. Upon the occurrence of an event described in
     Section 4.3(a) of the Plan, the Committee shall make the adjustments
     specified in Section 4.3(b) of the Plan.

8.   COMPLIANCE WITH LAWS. Shares can be delivered under this Agreement only in
     compliance with all applicable federal and state laws and regulations,
     including without limitation state and federal securities laws, and the
     rules of all stock exchanges on which the Common Stock is listed at any
     time. Shares may not be issued under this Agreement until the Company has
     obtained the consent or approval of every regulatory body, federal or
     state, having jurisdiction over such matters as the Committee deems
     advisable. Each person or estate that acquired the right to receive shares
     by bequest or inheritance may be required by the Committee to furnish
     reasonable evidence of ownership of the shares as a condition to their
     issuance. In addition, the Committee may require such consents and releases
     of taxing authorities as the Committee deems advisable.

<Page>

CenterPoint Properties Trust                                        May 16, 2003
Director's Stock Grant Agreement
9.   STOCK LEGENDS. Any certificate issued to evidence Shares issued pursuant to
     this Agreement shall bear such legends and statements as the Committee
     deems advisable to assure compliance with all federal and state laws and
     regulations.

10.  AMENDMENT OF AGREEMENT. The Company may alter, amend, or terminate the
     Agreement only with the Grantee's consent, except for adjustments expressly
     provided by this Agreement.

11.  CHOICE OF LAW. The provisions of Section 9.7 of the Plan, concerning choice
     of law, shall govern this Agreement.

12.  MISCELLANEOUS. This Agreement is subject to and controlled by the Plan. Any
     inconsistency between this Agreement and said Plan shall be controlled by
     the Plan. This Agreement is the final, complete, and exclusive expression
     of the understanding between the parties and supersedes any prior or
     contemporaneous agreement or representation, oral or written, between them.
     Modification of this Agreement or waiver of a condition herein must be
     written and signed by the party to be bound. In the event that any
     paragraph or provision of this Agreement shall be held to be illegal or
     unenforceable, such paragraph or provision shall be severed from the
     Agreement and the entire Agreement shall not fail on account thereof, but
     shall otherwise remain in full force and effect.

13.  NOTICES. All notices and other communications required or permitted under
     this Agreement shall be written, and shall be either delivered personally
     or sent by registered or certified first-class mail, postage prepaid and
     return receipt requested, or by telex or telecopier, addressed as follows:
     if to the Company, to the Company's principal office, and if to the Grantee
     or his successor, to the address last furnished by such person to the
     Company. Each such notice and communication delivered personally shall be
     deemed to have been given when delivered. Each such notice and
     communication given by mail shall be deemed to have been given when it is
     deposited in the United States mail in the manner specified herein, and
     each such notice and communication given by telex or telecopier shall be
     deemed to have been given when it is so transmitted and the appropriate
     answer back is received. A party may change its address for the purpose
     hereof by giving notice in accordance with the provisions of this Section
     17.

          IN WITNESS WHEREOF, the Company has executed this Agreement as of the
          date first written above.

                       CENTERPOINT PROPERTIES TRUST

                          By:
                                ------------------------------------------------
                                Rockford O. Kottka
                                Its: Executive Vice President and Treasurer

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

                                GRANTEE

                                ------------------------------------------------
                                Name: Martin Barber

                                        2
<Page>

CenterPoint Properties Trust                                        May 16, 2003
Director's Stock Grant Agreement

                          CENTERPOINT PROPERTIES TRUST
                        DIRECTOR'S STOCK GRANT AGREEMENT

     THIS STOCK GRANT AGREEMENT (the "Agreement") is dated as of May 16, 2003
between CenterPoint Properties Trust, a Maryland real estate investment trust
(the "Company"), and Alan D. Feld (the "Grantee").

          This Agreement is made pursuant to, and is governed by, the
CENTERPOINT PROPERTIES TRUST 1995 RESTRICTED STOCK INCENTIVE PLAN (the "Plan").
Capitalized terms not otherwise defined herein shall have the meanings set forth
in the Plan. The purpose of this Agreement is to establish a written agreement
evidencing a grant of stock made in accordance with the terms of the Plan. In
this Agreement, "Shares" means the Company's Common Stock granted pursuant to
this Agreement or other securities resulting from an adjustment under Section
4.3 of the Plan.

The parties agree as follows:

14.  GRANT OF STOCK. The Company hereby grants to the Grantee 206 shares of
     Common Stock under the terms and conditions hereof.

15.  SHARE PRICE. The Share Price of the Shares is $60.55.

16.  ASSIGNABILITY. The Shares shall not be transferable other than by will or
     the laws of descent and distribution until the later of (a) six months from
     the date of this Agreement.

17.  VESTING. The Shares shall be fully vested at the time of the award.

18.  RIGHTS OF SHAREHOLDER. Except as otherwise provided in the Plan or in this
     Agreement, the Grantee shall have rights of a shareholder with respect to
     Shares as provided in Article 8 of the Plan.

19.  RIGHTS OF THE COMPANY. This Agreement does not affect the Company's right
     to take any corporate action, including other changes in its right to
     recapitalize, reorganize or consolidate, issue bonds, notes or stock,
     including preferred stock or options therefor, to dissolve or liquidate, or
     to sell or transfer any part of its assets or business.

20.  CHANGES IN CAPITALIZATION. Upon the occurrence of an event described in
     Section 4.3(a) of the Plan, the Committee shall make the adjustments
     specified in Section 4.3(b) of the Plan.

21.  COMPLIANCE WITH LAWS. Shares can be delivered under this Agreement only in
     compliance with all applicable federal and state laws and regulations,
     including without limitation state and federal securities laws, and the
     rules of all stock exchanges on which the Common Stock is listed at any
     time. Shares may not be issued under this Agreement until the Company has
     obtained the consent or approval of every regulatory body, federal or
     state, having jurisdiction over such matters as the Committee deems
     advisable. Each person or estate that acquired the right to receive shares
     by bequest or inheritance may be required by the Committee to furnish
     reasonable evidence of ownership of the shares as a condition to their
     issuance. In addition, the Committee may require such consents and releases
     of taxing authorities, as the Committee deems advisable.

                                        2
<Page>

CenterPoint Properties Trust                                        May 16, 2003
Director's Stock Grant Agreement

1.   STOCK LEGENDS. Any certificate issued to evidence Shares issued pursuant to
     this Agreement shall bear such legends and statements as the Committee
     deems advisable to assure compliance with all federal and state laws and
     regulations.

2.   AMENDMENT OF AGREEMENT. The Company may alter, amend, or terminate the
     Agreement only with the Grantee's consent, except for adjustments expressly
     provided by this Agreement.

3.   CHOICE OF LAW. The provisions of Section 9.7 of the Plan, concerning choice
     of law, shall govern this Agreement.

4.   MISCELLANEOUS. This Agreement is subject to and controlled by the Plan. Any
     inconsistency between this Agreement and said Plan shall be controlled by
     the Plan. This Agreement is the final, complete, and exclusive expression
     of the understanding between the parties and supersedes any prior or
     contemporaneous agreement or representation, oral or written, between them.
     Modification of this Agreement or waiver of a condition herein must be
     written and signed by the party to be bound. In the event that any
     paragraph or provision of this Agreement shall be held to be illegal or
     unenforceable, such paragraph or provision shall be severed from the
     Agreement and the entire Agreement shall not fail on account thereof, but
     shall otherwise remain in full force and effect.

5.   NOTICES. All notices and other communications required or permitted under
     this Agreement shall be written, and shall be either delivered personally
     or sent by registered or certified first-class mail, postage prepaid and
     return receipt requested, or by telex or telecopier, addressed as follows:
     if to the Company, to the Company's principal office, and if to the Grantee
     or his successor, to the address last furnished by such person to the
     Company. Each such notice and communication delivered personally shall be
     deemed to have been given when delivered. Each such notice and
     communication given by mail shall be deemed to have been given when it is
     deposited in the United States mail in the manner specified herein, and
     each such notice and communication given by telex or telecopier shall be
     deemed to have been given when it is so transmitted and the appropriate
     answer back is received. A party may change its address for the purpose
     hereof by giving notice in accordance with the provisions of this Section
     17.

          IN WITNESS WHEREOF, the Company has executed this Agreement as of the
          date first written above.

                      CENTERPOINT PROPERTIES TRUST

                          By:
                                ------------------------------------------------
                                Rockford O. Kottka
                                Its: Executive Vice President and Treasurer

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

                                GRANTEE

                                        2
<Page>

CenterPoint Properties Trust                                        May 16, 2003
Director's Stock Grant Agreement

                                ------------------------------------------------
                                Name: Alan D. Feld

                                        2
<Page>

                          CENTERPOINT PROPERTIES TRUST
                        DIRECTOR'S STOCK GRANT AGREEMENT

     THIS STOCK GRANT AGREEMENT (the "Agreement") is dated as of May 16, 2003
between CenterPoint Properties Trust, a Maryland real estate investment trust
(the "Company"), and Thomas E. Robinson (the "Grantee").

          This Agreement is made pursuant to, and is governed by, the
CENTERPOINT PROPERTIES TRUST 1995 RESTRICTED STOCK INCENTIVE PLAN (the "Plan").
Capitalized terms not otherwise defined herein shall have the meanings set forth
in the Plan. The purpose of this Agreement is to establish a written agreement
evidencing a grant of stock made in accordance with the terms of the Plan. In
this Agreement, "Shares" means the Company's Common Stock granted pursuant to
this Agreement or other securities resulting from an adjustment under Section
4.3 of the Plan.

The parties agree as follows:

1.   GRANT OF STOCK. The Company hereby grants to the Grantee 206 shares of
     Common Stock under the terms and conditions hereof.

2.   SHARE PRICE. The Share Price of the Shares is $60.55.

3.   ASSIGNABILITY. The Shares shall not be transferable other than by will or
     the laws of descent and distribution until the later of (a) six months from
     the date of this Agreement.

4.   VESTING. The Shares shall be fully vested at the time of the award.

5.   RIGHTS OF SHAREHOLDER. Except as otherwise provided in the Plan or in this
     Agreement, the Grantee shall have rights of a shareholder with respect to
     Shares as provided in Article 8 of the Plan.

6.   RIGHTS OF THE COMPANY. This Agreement does not affect the Company's right
     to take any corporate action, including other changes in its right to
     recapitalize, reorganize or consolidate, issue bonds, notes or stock,
     including preferred stock or options therefor, to dissolve or liquidate, or
     to sell or transfer any part of its assets or business.

7.   CHANGES IN CAPITALIZATION. Upon the occurrence of an event described in
     Section 4.3(a) of the Plan, the Committee shall make the adjustments
     specified in Section 4.3(b) of the Plan.

8.   COMPLIANCE WITH LAWS. Shares can be delivered under this Agreement only in
     compliance with all applicable federal and state laws and regulations,
     including without limitation state and federal securities laws, and the
     rules of all stock exchanges on which the Common Stock is listed at any
     time. Shares may not be issued under this Agreement until the Company has
     obtained the consent or approval of every regulatory body, federal or
     state, having jurisdiction over such matters as the Committee deems
     advisable. Each person or estate that acquired the right to receive shares
     by bequest or inheritance may be required by the Committee to furnish
     reasonable evidence of ownership of the shares as a condition to their
     issuance. In addition, the Committee may require such consents and releases
     of taxing authorities as the Committee deems advisable.

<Page>

CenterPoint Properties Trust                                        May 16, 2003
Director's Stock Grant Agreement
9.   STOCK LEGENDS. Any certificate issued to evidence Shares issued pursuant to
     this Agreement shall bear such legends and statements as the Committee
     deems advisable to assure compliance with all federal and state laws and
     regulations.

10.  AMENDMENT OF AGREEMENT. The Company may alter, amend, or terminate the
     Agreement only with the Grantee's consent, except for adjustments expressly
     provided by this Agreement.

11.  CHOICE OF LAW. The provisions of Section 9.7 of the Plan, concerning choice
     of law, shall govern this Agreement.

12.  MISCELLANEOUS. This Agreement is subject to and controlled by the Plan. Any
     inconsistency between this Agreement and said Plan shall be controlled by
     the Plan. This Agreement is the final, complete, and exclusive expression
     of the understanding between the parties and supersedes any prior or
     contemporaneous agreement or representation, oral or written, between them.
     Modification of this Agreement or waiver of a condition herein must be
     written and signed by the party to be bound. In the event that any
     paragraph or provision of this Agreement shall be held to be illegal or
     unenforceable, such paragraph or provision shall be severed from the
     Agreement and the entire Agreement shall not fail on account thereof, but
     shall otherwise remain in full force and effect.

13.  NOTICES. All notices and other communications required or permitted under
     this Agreement shall be written, and shall be either delivered personally
     or sent by registered or certified first-class mail, postage prepaid and
     return receipt requested, or by telex or telecopier, addressed as follows:
     if to the Company, to the Company's principal office, and if to the Grantee
     or his successor, to the address last furnished by such person to the
     Company. Each such notice and communication delivered personally shall be
     deemed to have been given when delivered. Each such notice and
     communication given by mail shall be deemed to have been given when it is
     deposited in the United States mail in the manner specified herein, and
     each such notice and communication given by telex or telecopier shall be
     deemed to have been given when it is so transmitted and the appropriate
     answer back is received. A party may change its address for the purpose
     hereof by giving notice in accordance with the provisions of this Section
     17.

          IN WITNESS WHEREOF, the Company has executed this Agreement as of the
          date first written above.

                      CENTERPOINT PROPERTIES TRUST

                          By:
                                ------------------------------------------------
                                Rockford O. Kottka
                                Its: Executive Vice President and Treasurer

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

                                GRANTEE

                                ------------------------------------------------
                                Name: Thomas E. Robinson

                                        2
<Page>

                          CENTERPOINT PROPERTIES TRUST
                        DIRECTOR'S STOCK GRANT AGREEMENT

     THIS STOCK GRANT AGREEMENT (the "Agreement") is dated as of May 16, 2003
between CenterPoint Properties Trust, a Maryland real estate investment trust
(the "Company"), and John C. Staley (the "Grantee").

          This Agreement is made pursuant to, and is governed by, the
CENTERPOINT PROPERTIES TRUST 1995 RESTRICTED STOCK INCENTIVE PLAN (the "Plan").
Capitalized terms not otherwise defined herein shall have the meanings set forth
in the Plan. The purpose of this Agreement is to establish a written agreement
evidencing a grant of stock made in accordance with the terms of the Plan. In
this Agreement, "Shares" means the Company's Common Stock granted pursuant to
this Agreement or other securities resulting from an adjustment under Section
4.3 of the Plan.

The parties agree as follows:

1.   GRANT OF STOCK. The Company hereby grants to the Grantee 206 shares of
     Common Stock under the terms and conditions hereof.

2.   SHARE PRICE. The Share Price of the Shares is $60.55

3.   ASSIGNABILITY. The Shares shall not be transferable other than by will or
     the laws of descent and distribution until the later of (a) six months from
     the date of this Agreement.

4.   VESTING. The Shares shall be fully vested at the time of the award.

5.   RIGHTS OF SHAREHOLDER. Except as otherwise provided in the Plan or in this
     Agreement, the Grantee shall have rights of a shareholder with respect to
     Shares as provided in Article 8 of the Plan.

6.   RIGHTS OF THE COMPANY. This Agreement does not affect the Company's right
     to take any corporate action, including other changes in its right to
     recapitalize, reorganize or consolidate, issue bonds, notes or stock,
     including preferred stock or options therefore, to dissolve or liquidate,
     or to sell or transfer any part of its assets or business.

7.   CHANGES IN CAPITALIZATION. Upon the occurrence of an event described in
     Section 4.3(a) of the Plan, the Committee shall make the adjustments
     specified in Section 4.3(b) of the Plan.

8.   COMPLIANCE WITH LAWS. Shares can be delivered under this Agreement only in
     compliance with all applicable federal and state laws and regulations,
     including without limitation state and federal securities laws, and the
     rules of all stock exchanges on which the Common Stock is listed at any
     time. Shares may not be issued under this Agreement until the Company has
     obtained the consent or approval of every regulatory body, federal or
     state, having jurisdiction over such matters as the Committee deems
     advisable. Each person or estate that acquired the right to receive shares
     by bequest or inheritance may be required by the Committee to furnish
     reasonable evidence of ownership of the shares as a condition to their
     issuance. In addition, the Committee may require such consents and releases
     of taxing authorities as the Committee deems advisable.

<Page>

CenterPoint Properties Trust                                        May 16, 2003
Director's Stock Grant Agreement
9.   STOCK LEGENDS. Any certificate issued to evidence Shares issued pursuant to
     this Agreement shall bear such legends and statements as the Committee
     deems advisable to assure compliance with all federal and state laws and
     regulations.

10.  AMENDMENT OF AGREEMENT. The Company may alter, amend, or terminate the
     Agreement only with the Grantee's consent, except for adjustments expressly
     provided by this Agreement.

11.  CHOICE OF LAW. The provisions of Section 9.7 of the Plan, concerning choice
     of law, shall govern this Agreement.

12.  MISCELLANEOUS. This Agreement is subject to and controlled by the Plan. Any
     inconsistency between this Agreement and said Plan shall be controlled by
     the Plan. This Agreement is the final, complete, and exclusive expression
     of the understanding between the parties and supersedes any prior or
     contemporaneous agreement or representation, oral or written, between them.
     Modification of this Agreement or waiver of a condition herein must be
     written and signed by the party to be bound. In the event that any
     paragraph or provision of this Agreement shall be held to be illegal or
     unenforceable, such paragraph or provision shall be severed from the
     Agreement and the entire Agreement shall not fail on account thereof, but
     shall otherwise remain in full force and effect.

13.  NOTICES. All notices and other communications required or permitted under
     this Agreement shall be written, and shall be either delivered personally
     or sent by registered or certified first-class mail, postage prepaid and
     return receipt requested, or by telex or telecopier, addressed as follows:
     if to the Company, to the Company's principal office, and if to the Grantee
     or his successor, to the address last furnished by such person to the
     Company. Each such notice and communication delivered personally shall be
     deemed to have been given when delivered. Each such notice and
     communication given by mail shall be deemed to have been given when it is
     deposited in the United States mail in the manner specified herein, and
     each such notice and communication given by telex or telecopier shall be
     deemed to have been given when it is so transmitted and the appropriate
     answer back is received. A party may change its address for the purpose
     hereof by giving notice in accordance with the provisions of this Section
     17.

          IN WITNESS WHEREOF, the Company has executed this Agreement as of the
          date first written above.

                      CENTERPOINT PROPERTIES TRUST

                          By:
                                ------------------------------------------------
                                Rockford O. Kottka
                                Its: Executive Vice President and Treasurer

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

                                GRANTEE

                                        2
<Page>

CenterPoint Properties Trust                                        May 16, 2003
Director's Stock Grant Agreement

                                ------------------------------------------------
                                Name: John C. Staley

                                        2
<Page>

                          CENTERPOINT PROPERTIES TRUST
                        DIRECTOR'S STOCK GRANT AGREEMENT

     THIS STOCK GRANT AGREEMENT (the "Agreement") is dated as of May 16, 2003
between CenterPoint Properties Trust, a Maryland real estate investment trust
(the "Company"), and Robert L. Stovall (the "Grantee").

          This Agreement is made pursuant to, and is governed by, the
CENTERPOINT PROPERTIES TRUST 1995 RESTRICTED STOCK INCENTIVE PLAN (the "Plan").
Capitalized terms not otherwise defined herein shall have the meanings set forth
in the Plan. The purpose of this Agreement is to establish a written agreement
evidencing a grant of stock made in accordance with the terms of the Plan. In
this Agreement, "Shares" means the Company's Common Stock granted pursuant to
this Agreement or other securities resulting from an adjustment under Section
4.3 of the Plan.

The parties agree as follows:

1.   GRANT OF STOCK. The Company hereby grants to the Grantee 206 shares of
     Common Stock under the terms and conditions hereof.

2.   SHARE PRICE. The Share Price of the Shares is $60.55

3.   ASSIGNABILITY. The Shares shall not be transferable other than by will or
     the laws of descent and distribution until the later of (a) six months from
     the date of this Agreement.

4.   VESTING. The Shares shall be fully vested at the time of the award.

5.   RIGHTS OF SHAREHOLDER. Except as otherwise provided in the Plan or in this
     Agreement, the Grantee shall have rights of a shareholder with respect to
     Shares as provided in Article 8 of the Plan.

6.   RIGHTS OF THE COMPANY. This Agreement does not affect the Company's right
     to take any corporate action, including other changes in its right to
     recapitalize, reorganize or consolidate, issue bonds, notes or stock,
     including preferred stock or options therefore, to dissolve or liquidate,
     or to sell or transfer any part of its assets or business.

7.   CHANGES IN CAPITALIZATION. Upon the occurrence of an event described in
     Section 4.3(a) of the Plan, the Committee shall make the adjustments
     specified in Section 4.3(b) of the Plan.

8.   COMPLIANCE WITH LAWS. Shares can be delivered under this Agreement only in
     compliance with all applicable federal and state laws and regulations,
     including without limitation state and federal securities laws, and the
     rules of all stock exchanges on which the Common Stock is listed at any
     time. Shares may not be issued under this Agreement until the Company has
     obtained the consent or approval of every regulatory body, federal or
     state, having jurisdiction over such matters as the Committee deems
     advisable. Each person or estate that acquired the right to receive shares
     by bequest or inheritance may be required by the Committee to furnish
     reasonable evidence of ownership of the shares as a condition to their
     issuance. In addition, the Committee may require such consents and releases
     of taxing authorities as the Committee deems advisable.

<Page>

CenterPoint Properties Trust                                        May 16, 2003
Director's Stock Grant Agreement
9.   STOCK LEGENDS. Any certificate issued to evidence Shares issued pursuant to
     this Agreement shall bear such legends and statements as the Committee
     deems advisable to assure compliance with all federal and state laws and
     regulations.

10.  AMENDMENT OF AGREEMENT. The Company may alter, amend, or terminate the
     Agreement only with the Grantee's consent, except for adjustments expressly
     provided by this Agreement.

11.  CHOICE OF LAW. The provisions of Section 9.7 of the Plan, concerning choice
     of law, shall govern this Agreement.

12.  MISCELLANEOUS. This Agreement is subject to and controlled by the Plan. Any
     inconsistency between this Agreement and said Plan shall be controlled by
     the Plan. This Agreement is the final, complete, and exclusive expression
     of the understanding between the parties and supersedes any prior or
     contemporaneous agreement or representation, oral or written, between them.
     Modification of this Agreement or waiver of a condition herein must be
     written and signed by the party to be bound. In the event that any
     paragraph or provision of this Agreement shall be held to be illegal or
     unenforceable, such paragraph or provision shall be severed from the
     Agreement and the entire Agreement shall not fail on account thereof, but
     shall otherwise remain in full force and effect.

13.  NOTICES. All notices and other communications required or permitted under
     this Agreement shall be written, and shall be either delivered personally
     or sent by registered or certified first-class mail, postage prepaid and
     return receipt requested, or by telex or telecopier, addressed as follows:
     if to the Company, to the Company's principal office, and if to the Grantee
     or his successor, to the address last furnished by such person to the
     Company. Each such notice and communication delivered personally shall be
     deemed to have been given when delivered. Each such notice and
     communication given by mail shall be deemed to have been given when it is
     deposited in the United States mail in the manner specified herein, and
     each such notice and communication given by telex or telecopier shall be
     deemed to have been given when it is so transmitted and the appropriate
     answer back is received. A party may change its address for the purpose
     hereof by giving notice in accordance with the provisions of this Section
     17.

          IN WITNESS WHEREOF, the Company has executed this Agreement as of the
          date first written above.

                      CENTERPOINT PROPERTIES TRUST

                          By:
                                ------------------------------------------------
                                Rockford O. Kottka
                                Its: Executive Vice President and Treasurer

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

                                GRANTEE

                                        2
<Page>

CenterPoint Properties Trust                                        May 16, 2003
Director's Stock Grant Agreement

                                ------------------------------------------------
                                Name: Robert L. Stovall

                                        2Exhibit
10.23

 

THIS AGREEMENT made in duplicate as of November 4,
2003.

 

BETWEEN:

 

ARIDIA
CORP., a
body corporate under the laws of the Province of Nova Scotia 

 

(the “Company”)

 

OF
THE ONE PART

 

 - and -

 

CEPHEID, a body corporate and INFECTIO
DIAGNOSTIC (I.D.I.) INC. , a body corporate

 

(individually a “Parent Co.” and collectively, “Parent Cos.”)

 

OF THE OTHER PART

 

 

WHEREAS Parent Cos. are the beneficial
owners of all the issued and outstanding shares in the capital stock of the
Company;

 

AND WHEREAS the Company has resolved to wind up
its affairs, to surrender its certificate of incorporation and to distribute
its assets to Parent Cos.;

 

WITNESSETH that in consideration of the
premises the parties hereto agree as follows:

 

1.             The Company shall, and does hereby, transfer all of its assets and
undertaking of every nature and kind to Parent Cos. in equal shares and each of
the Parent Cos. shall, and does hereby, accept such transfer.

 

2.             Each of the Parent Cos. has been cooperating with each other in connection
with the operation of Aridia Corp. and agrees that certain Intellectual
Property and Confidential Information have been developed during the operation
of Aridia, which Intellectual Property and Confidential Information is more
fully described in Exhibit A hereof. Each of the Parent Cos. shall be free to
use such Intellectual Property and Confidential Information for its own
business operation, as outlined in, and in conformance with, the provisions and
restrictions of Exhibit A. Each of the Parent Cos. agrees, that without the
express written agreement of the other Parent Co., it will not have the right
to

 

 

The symbol [***] is used
to indicate that a portion of the exhibit has been omitted and filed separately
with the commission.  Confidential
treatment has been requested with respect to the omitted portion.

 

 

(i)            grant rights or disclose to a third party the
Intellectual Property and Confidential Information of the other Parent Co.; and

 

(ii)           assign, sell, license, transfer or
dispose to a third party the Intellectual Property and Confidential Information
of the other Parent Co.

 

3.             The following agreements previously entered into between the parties are
hereby terminated and of no further force and effect, including those
provisions relating to winding down of the agreements or the relationships
created thereunder and those provisions identified as surviving any
termination: (l) Shareholders Agreement dated February 4, 2000 among Infectio
Diagnostic (I.D.I.) Inc., Cepheid and Aridia Corp.; (2) Joint Technology
and Collaboration Agreement dated February 4, 2000 among Aridia Corp., Infectio
Diagnostic (I.D.I.) Inc. and Cepheid; (3) License and Supply Agreement dated
February 4, 2000 between Aridia Corp. and Cepheid; and (4) License and Supply
Agreement dated February 4, 2000 between Aridia Corp. and Infectio Diagnostic
(I.D.I.) Inc.

 

4.             Each of the Parent Cos. shall, and does hereby, assume jointly and
severally all of the outstanding obligations and liabilities of the Company of
every nature and kind effective as of the date of transfer, including liability
for all taxes, interest or penalties that have been assessed or may properly be
assessed against the Company under the Income Tax Act (Canada).

 

5.             The transfer shall be effective as and from immediately following the
close of business on the date hereof and each of the parties hereto shall
execute all documents and do any and all things necessary or desirable to give
full effect to this Agreement.

 

6.             The prices at which the assets and undertaking of the Company shall be
transferred to Parent Cos. shall be determined pursuant to the agreement of the
parties hereto.

 

7.             The Company hereby appoints each of the Parent Cos. its true and lawful
attorney in its name and on its behalf to do all acts and execute all documents
which may hereafter be necessary or desirable to complete the transfer of
assets hereinbefore provided for.

 

8.             This Agreement shall enure to the benefit of and be binding upon the
parties hereto and their respective successors and assigns.

 

 

The symbol [***] is used to indicate that a portion of the exhibit has
been omitted and filed separately with the commission.  Confidential treatment has been requested
with respect to the omitted portion.

 

 

IN WITNESS WHEREOF the parties hereto have properly
executed this agreement as of the day and year first above written.

 

	
   

  	
   

  	
  ARIDIA
  CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CEPHEID

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  INFECTIO
  DIAGNOSTIC (I.D.I.) INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

The symbol [***] is used to indicate that a portion of the exhibit has
been omitted and filed separately with the commission.  Confidential treatment has been requested
with respect to the omitted portion.

 

 

EXHIBIT
A

 

 

Patents/Patent Applications/Disclosures owned by either Party but to be
cross-licensed by the Parties, as defined below, and used by the each of the
licensed Parties under non-exclusive license in the field of PCR, on a
royalty-free basis, without the right or ability to sub-license or assign to a
Third Party

 

•      Cepheid US patents #[***]

•      Cepheid US patent application Ser. #
[***]

•      IDI Disclosure “Site Check” (License
to Cepheid)

•      Cepheid US Patent Application Ser.
No. [***]

•      Cepheid US Patent Application Ser.
No. [***]

•      Cepheid US Patent Application Ser.
No. [***]

•      IDI disclosure of [***]

•      Cepheid patent applications,
covering freeze-drying master mix:

•      US Patent Application Ser. No. [***]

•      IDI disclosure [***]

 

•      Cepheid patents and patent applications,
covering [***]:

•      US Patent [***]

•      US Patent Application Ser.
No. [***]

•      US Patent Application Ser.
No. [***]

•      US Patent Application Ser.
No. [***]

•      US Patent Application Ser.
No. [***]

•      US Patent Application Ser.
No. [***]

•      [***]

•      IDI patent application [***]

•      IDI disclosure of [***]

•      IDI disclosure of [***]

•      IDI disclosure of [***]

•      IDI disclosure of [***]

•      IDI disclosure [***]

•      IDI disclosure of [***]

•      IDI disclosure of [***]

•      IDI disclosure of [***]

•      IDI disclosure of [***]

 

Patent
Applications owned by either party, but usable by the other Party only under
terms to be negotiated between the Parties

 

 

The symbol [***] is used to indicate that a portion of the exhibit has
been omitted and filed separately with the commission.  Confidential treatment has been requested
with respect to the omitted portion.

 

 

•      Cepheid US Patent Application Ser.
No. [***]

•      Cepheid US Patent Application Ser.
No. [***]

•      IDI Provisional Patent Application
Ser. No. [***]

 

 

Joint Know-How
developed in the course of developing software, usable by either Party 

•      Interpretation algorithms for
diagnostic assays

•      Real-time PCR interpretation
algorithms

 

Confidential
Information generated during meetings or contacts with clinical experts,
scientific advisors or other third parties shall be held by the Parties
according the confidentiality provisions outlined in the agreements
concurrently executed between the Parties, and either party may use such
Confidential Information for the purposes for which the Confidential
Information was disclosed

•      Brainstorming session with [***]

•      IDI Scientific Advisory Board
meeting of 2002

•      Meetings with or disclosures by
third party companies: [***]

 

 

The symbol [***] is used to indicate that a portion of the exhibit has
been omitted and filed separately with the commission.  Confidential treatment has been requested
with respect to the omitted portion.

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