Document:

EXHIBIT 10.2

 

CENTERPOINT PROPERTIES TRUST

DIRECTOR’S STOCK GRANT AGREEMENT

 

THIS STOCK GRANT AGREEMENT (the “Agreement”) is dated
as of May 18, 2004 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 283 shares of Common Stock under the terms and conditions
hereof.

 

2.              Share
Price.  The Share Price of the
Shares is $70.77.

 

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.

 

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: Chief Accounting Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GRANTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Printed Name: 
  Nicholas C. Babson

  
				

 

2

 

CENTERPOINT PROPERTIES TRUST

DIRECTOR’S STOCK GRANT AGREEMENT

 

THIS STOCK GRANT AGREEMENT (the “Agreement”) is dated
as of May 18, 2004 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 424 shares of Common Stock under the terms and conditions
hereof.

 

2.              Share
Price.  The Share Price of the
Shares is $70.77.

 

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.

 

 

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: 

  	
  Chief Accounting Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GRANTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Printed Name: 
  Martin Barber

  
					

 

2

 

CENTERPOINT PROPERTIES TRUST

DIRECTOR’S STOCK GRANT AGREEMENT

 

THIS STOCK GRANT AGREEMENT (the “Agreement”) is dated
as of May 18, 2004 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:

 

14.       Grant
of Stock.  The Company hereby grants
to the Grantee 283 shares of Common Stock under the terms and conditions
hereof.

 

15.       Share
Price.  The Share Price of the
Shares is $70.77.

 

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

 

2

 

issuance.   In
addition, the Committee may require such consents and releases of taxing
authorities as the Committee deems advisable.

 

22.       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.

 

23.       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.

 

24.       Choice
of Law.  The provisions of Section
9.7 of the Plan, concerning choice of law, shall govern this Agreement.

 

25.       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.

 

26.       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:

  	
  Chief Accounting Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GRANTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Printed Name: 
  Norman Bobins

  
					

 

2

 

CENTERPOINT PROPERTIES TRUST

DIRECTOR’S STOCK GRANT AGREEMENT

 

THIS STOCK GRANT AGREEMENT (the “Agreement”) is dated
as of May 18, 2004 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:

 

1.              Grant
of Stock.  The Company hereby grants
to the Grantee 283 shares of Common Stock under the terms and conditions
hereof.

 

2.              Share
Price.  The Share Price of the
Shares is $70.77.

 

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.

 

 

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: 

  	
  Chief Accounting Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GRANTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Printed Name: 
  Alan D. Feld

  
					

 

2

 

CENTERPOINT PROPERTIES TRUST

DIRECTOR’S STOCK GRANT AGREEMENT

 

THIS STOCK GRANT AGREEMENT (the “Agreement”) is dated
as of May 18, 2004 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:

 

6.              Grant
of Stock.  The Company hereby grants
to the Grantee 283 shares of Common Stock under the terms and conditions
hereof.

 

7.              Share
Price.  The Share Price of the
Shares is $70.77.

 

8.              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.

 

9.              Vesting.   The Shares shall be fully vested at the
time of the award.

 

10.       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.

 

11.       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.

 

12.       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.

 

13.       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

 

2

 

issuance.   In
addition, the Committee may require such consents and releases of taxing
authorities as the Committee deems advisable.

 

14.       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.

 

15.       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.

 

16.       Choice
of Law.  The provisions of Section
9.7 of the Plan, concerning choice of law, shall govern this Agreement.

 

17.       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.

 

18.       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: 

  	
  Chief Accounting Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GRANTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Printed Name: 
  Thomas E. Robinson

  
					

 

2

 

CENTERPOINT PROPERTIES TRUST

DIRECTOR’S STOCK GRANT AGREEMENT

 

THIS STOCK GRANT AGREEMENT (the “Agreement”) is dated
as of May 18, 2004 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 283 shares of Common Stock under the terms and conditions
hereof.

 

2.              Share
Price.  The Share Price of the
Shares is $70.77

 

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

 

2

 

issuance.   In
addition, the Committee may require such consents and releases of taxing
authorities as the Committee deems advisable.

 

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: 

  	
  Chief Accounting Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GRANTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Printed Name: 
  John C. Staley

  
					

 

2

 

CENTERPOINT PROPERTIES TRUST

DIRECTOR’S STOCK GRANT AGREEMENT

 

THIS STOCK GRANT AGREEMENT (the “Agreement”) is dated
as of May 18, 2004 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 283 shares of Common Stock under the terms and conditions
hereof.

 

2.              Share
Price.  The Share Price of the
Shares is $70.77

 

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.

 

 

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: 

  	
  Chief Accounting Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GRANTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Printed Name: 
  Robert L. Stovall

  
					

 

2EXHIBIT
10.3

 

CENTERPOINT PROPERTIES TRUST

2003 OMNIBUS
EMPLOYEE RETENTION AND INCENTIVE PLAN

 

RESTRICTED SHARE
AGREEMENT

 

THIS RESTRICTED SHARE
AGREEMENT (the “Agreement”) is dated as June 18, 2004 between CenterPoint
Properties Trust, a Maryland real estate investment trust (the “Company”), and Nicholas
Babson (the “Grantee”).

 

This Agreement is made
pursuant to, and is governed by, the CenterPoint Properties Trust 2003 Omnibus Employee
Retention and Incentive Plan (the
“2003 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 Restricted Shares made
in accordance with the terms of the Plan. 
In this Agreement, “Restricted Shares” means shares granted pursuant to
this Agreement or other securities resulting from an adjustment under
Section 1.5 and 6.2 of the 2003 Plan.

 

The parties agree as
follows:

 

1.              Grant
of Restricted Shares.  The Company
hereby grants to the Grantee 500 Common Shares (the “Shares”) under the terms
and conditions hereof.

 

2.              Share
Price.  The share price of the
Shares is $74.98.

 

3.              Performance Goals. 
As defined below in section 5 (a).

 

4.              Time Goal.  Eight
(8) years.

 

5.              Vesting.   Except as otherwise provided in the
2003 Plan or in this Agreement, the Shares shall become vested as follows:

 

(a)                                  Achievement
of Performance Goal.  Shares granted and not previously vested or
forfeited shall vest as detailed below: at the close of business on the last day
of a period commencing at least two years after the date of this award and:

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 30%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 40%.

 

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 50%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 60%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 70%.

 

Total shareholder return
means, with respect to each award, a fraction the numerator of which shall be
the cumulative share price appreciation (the difference between (i) the share
price of the Company’s common shares on the date of any determination thereof
plus the aggregate amount of cash distributions per share for the period
commencing on the date of this award and ending on the date of any such
determination and (ii) the price of the Shares on the date of this award) and
the denominator of which shall be the price of the Shares on the date of this
award.

 

(b)                                 Change of
Control.  Shares not
previously vested or forfeited shall become fully vested upon a Change of
Control as defined in the 2003 Plan.

 

(c)                                  Time Goal.   Shares not previously vested or forfeited
shall become fully vested at the close of business on the eighth anniversary of
the date of this Agreement.

 

6.              Rights
of the Company.  This Agreement does
not affect the Company’s right to take any corporate action, including 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.              Taxes.  The Company may pay or withhold the
amount of any tax attributable to any Shares deliverable under this Agreement
or dividends payable thereon, and the Company may defer making delivery or
payment until it is indemnified to its satisfaction for that tax.

 

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 shares are
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 having jurisdiction over such matters as the
Company deems advisable.  Each person or
estate that acquired the right to receive shares by bequest or inheritance may
be required by the Company to furnish reasonable evidence of ownership of the
shares as a condition to their issuance.  
In addition, the Company may require such consents and releases of
taxing authorities as the Company deems advisable.

 

9.              Stock
Legends.  Any certificate issued to
evidence the Shares issued shall bear such legends and statements as the
Company deems advisable to assure compliance with all federal and state laws
and regulations.

 

2

 

10.       No
Right of Employment.  Nothing in
this Agreement shall confer any right on an employee to continue in the employ
of the Company or shall interfere in any way with the right of the Company to
terminate such employee at any time.

 

11.       Amendment
of Agreement.  The Company may
alter, amend, or terminate this Agreement only with the Grantee’s consent,
except for adjustments expressly provided by this Agreement.

 

12.       Miscellaneous.  This Agreement is subject to and controlled
by the 2003 Plan.  In the case of any
inconsistency between this Agreement and the 2003 Plan, the terms of the 2003
Plan shall govern.  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 telecopy,
addressed as follows: if to the Company, to the Company’s principal office,
Attention: Mr. Rockford O. Kottka, 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 telecopy shall be deemed to have been given
when it is so transmitted and the appropriate confirmation is received.  A party may change its address for record
purposes by giving notice in accordance with the provisions of this
Section 13.

 

 

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

 

 

	
   

  	
   

  	
  CENTERPOINT PROPERTIES
  TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   Rockford O. Kottka

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chief Accounting
  Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GRANTEE

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print name:  Babson, Nicholas

  
						

 

3

 

CENTERPOINT PROPERTIES TRUST

2003 OMNIBUS
EMPLOYEE RETENTION AND INCENTIVE PLAN

 

RESTRICTED SHARE
AGREEMENT

 

THIS RESTRICTED SHARE
AGREEMENT (the “Agreement”) is dated as June 18, 2004 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 2003 Omnibus Employee
Retention and Incentive Plan (the
“2003 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 Restricted Shares made
in accordance with the terms of the Plan. 
In this Agreement, “Restricted Shares” means shares granted pursuant to
this Agreement or other securities resulting from an adjustment under
Section 1.5 and 6.2 of the 2003 Plan.

 

The parties agree as
follows:

 

1.              Grant
of Restricted Shares.  The Company
hereby grants to the Grantee 650 Common Shares (the “Shares”) under the terms
and conditions hereof.

 

2.              Share
Price.  The share price of the
Shares is $74.98.

 

3.              Performance Goals. 
As defined below in section 5 (a).

 

4.              Time Goal.  Eight
(8) years.

 

5.              Vesting.   Except as otherwise provided in the
2003 Plan or in this Agreement, the Shares shall become vested as follows:

 

(a)                                  Achievement
of Performance Goal.  Shares granted and not previously vested or
forfeited shall vest as detailed below: at the close of business on the last
day of a period commencing at least two years after the date of this award and:

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 30%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 40%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 50%.

 

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 60%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 70%.

 

Total shareholder return
means, with respect to each award, a fraction the numerator of which shall be
the cumulative share price appreciation (the difference between (i) the share
price of the Company’s common shares on the date of any determination thereof
plus the aggregate amount of cash distributions per share for the period
commencing on the date of this award and ending on the date of any such
determination and (ii) the price of the Shares on the date of this award) and
the denominator of which shall be the price of the Shares on the date of this
award.

 

(b)                                 Change of
Control.  Shares not
previously vested or forfeited shall become fully vested upon a Change of
Control as defined in the 2003 Plan.

 

(c)                                  Time Goal.   Shares not previously vested or forfeited
shall become fully vested at the close of business on the eighth anniversary of
the date of this Agreement.

 

6.              Rights
of the Company.  This Agreement does
not affect the Company’s right to take any corporate action, including 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.              Taxes.  The Company may pay or withhold the
amount of any tax attributable to any Shares deliverable under this Agreement
or dividends payable thereon, and the Company may defer making delivery or
payment until it is indemnified to its satisfaction for that tax.

 

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 shares are
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 having jurisdiction over such matters as the
Company deems advisable.  Each person or
estate that acquired the right to receive shares by bequest or inheritance may
be required by the Company to furnish reasonable evidence of ownership of the
shares as a condition to their issuance.  
In addition, the Company may require such consents and releases of
taxing authorities as the Company deems advisable.

 

9.              Stock
Legends.  Any certificate issued to
evidence the Shares issued shall bear such legends and statements as the Company
deems advisable to assure compliance with all federal and state laws and
regulations.

 

10.       No
Right of Employment.  Nothing in
this Agreement shall confer any right on an employee to continue in the employ
of the Company or shall interfere in any way with the right of the Company to
terminate such employee at any time.

 

11.       Amendment
of Agreement.  The Company may
alter, amend, or terminate this Agreement only with the Grantee’s consent,
except for adjustments expressly provided by this Agreement.

 

2

 

12.       Miscellaneous.  This Agreement is subject to and controlled
by the 2003 Plan.  In the case of any
inconsistency between this Agreement and the 2003 Plan, the terms of the 2003
Plan shall govern.  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 telecopy,
addressed as follows: if to the Company, to the Company’s principal office,
Attention: Mr. Rockford O. Kottka, 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 telecopy shall be deemed to have been given
when it is so transmitted and the appropriate confirmation is received.  A party may change its address for record
purposes by giving notice in accordance with the provisions of this
Section 13.

 

 

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

 

 

	
   

  	
   

  	
  CENTERPOINT PROPERTIES
  TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   Rockford O. Kottka

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chief Accounting
  Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GRANTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print name:  Barber, Martin

  
							

 

3

 

CENTERPOINT PROPERTIES TRUST

2003 OMNIBUS
EMPLOYEE RETENTION AND INCENTIVE PLAN

 

RESTRICTED SHARE
AGREEMENT

 

THIS RESTRICTED SHARE
AGREEMENT (the “Agreement”) is dated as June 18, 2004 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 2003 Omnibus Employee
Retention and Incentive Plan (the
“2003 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 Restricted Shares made
in accordance with the terms of the Plan. 
In this Agreement, “Restricted Shares” means shares granted pursuant to
this Agreement or other securities resulting from an adjustment under
Section 1.5 and 6.2 of the 2003 Plan.

 

The parties agree as
follows:

 

1.              Grant
of Restricted Shares.  The Company
hereby grants to the Grantee 500 Common Shares (the “Shares”) under the terms
and conditions hereof.

 

2.              Share
Price.  The share price of the
Shares is $74.98.

 

3.              Performance Goals. 
As defined below in section 5 (a).

 

4.              Time Goal.  Eight
(8) years.

 

5.              Vesting.   Except as otherwise provided in the
2003 Plan or in this Agreement, the Shares shall become vested as follows:

 

(a)                                  Achievement
of Performance Goal.  Shares granted and not previously vested or
forfeited shall vest as detailed below: at the close of business on the last
day of a period commencing at least two years after the date of this award and:

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 30%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 40%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average total
shareholder return for such trading days equals or exceeds 50%.

 

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 60%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 70%.

 

Total shareholder return
means, with respect to each award, a fraction the numerator of which shall be
the cumulative share price appreciation (the difference between (i) the share
price of the Company’s common shares on the date of any determination thereof
plus the aggregate amount of cash distributions per share for the period
commencing on the date of this award and ending on the date of any such
determination and (ii) the price of the Shares on the date of this award) and
the denominator of which shall be the price of the Shares on the date of this
award.

 

(b)                                 Change of
Control.  Shares not
previously vested or forfeited shall become fully vested upon a Change of
Control as defined in the 2003 Plan.

 

(c)                                  Time Goal.   Shares not previously vested or forfeited
shall become fully vested at the close of business on the eighth anniversary of
the date of this Agreement.

 

6.              Rights
of the Company.  This Agreement does
not affect the Company’s right to take any corporate action, including 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.              Taxes.  The Company may pay or withhold the
amount of any tax attributable to any Shares deliverable under this Agreement
or dividends payable thereon, and the Company may defer making delivery or
payment until it is indemnified to its satisfaction for that tax.

 

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 shares are
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 having jurisdiction over such matters as the
Company deems advisable.  Each person or
estate that acquired the right to receive shares by bequest or inheritance may
be required by the Company to furnish reasonable evidence of ownership of the
shares as a condition to their issuance.  
In addition, the Company may require such consents and releases of
taxing authorities as the Company deems advisable.

 

9.              Stock
Legends.  Any certificate issued to
evidence the Shares issued shall bear such legends and statements as the
Company deems advisable to assure compliance with all federal and state laws
and regulations.

 

10.       No
Right of Employment.  Nothing in
this Agreement shall confer any right on an employee to continue in the employ
of the Company or shall interfere in any way with the right of the Company to
terminate such employee at any time.

 

11.       Amendment
of Agreement.  The Company may
alter, amend, or terminate this Agreement only with the Grantee’s consent,
except for adjustments expressly provided by this Agreement.

 

2

 

12.       Miscellaneous.  This Agreement is subject to and controlled
by the 2003 Plan.  In the case of any
inconsistency between this Agreement and the 2003 Plan, the terms of the 2003
Plan shall govern.  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 telecopy,
addressed as follows: if to the Company, to the Company’s principal office,
Attention: Mr. Rockford O. Kottka, 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 telecopy shall be deemed to have been given
when it is so transmitted and the appropriate confirmation is received.  A party may change its address for record
purposes by giving notice in accordance with the provisions of this
Section 13.

 

 

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

 

 

	
   

  	
   

  	
  CENTERPOINT PROPERTIES
  TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   Rockford O. Kottka

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chief Accounting
  Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GRANTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print name:  Bobins, Norman

  
						

 

3

 

CENTERPOINT PROPERTIES TRUST

2003 OMNIBUS
EMPLOYEE RETENTION AND INCENTIVE PLAN

 

RESTRICTED SHARE
AGREEMENT

 

THIS RESTRICTED SHARE
AGREEMENT (the “Agreement”) is dated as June 18, 2004 between CenterPoint
Properties Trust, a Maryland real estate investment trust (the “Company”), and Alan
Feld (the “Grantee”).

 

This Agreement is made
pursuant to, and is governed by, the CenterPoint Properties Trust 2003 Omnibus Employee
Retention and Incentive Plan (the
“2003 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 Restricted Shares made
in accordance with the terms of the Plan. 
In this Agreement, “Restricted Shares” means shares granted pursuant to
this Agreement or other securities resulting from an adjustment under
Section 1.5 and 6.2 of the 2003 Plan.

 

The parties agree as
follows:

 

1.              Grant
of Restricted Shares.  The Company
hereby grants to the Grantee 500 Common Shares (the “Shares”) under the terms
and conditions hereof.

 

2.              Share
Price.  The share price of the
Shares is $74.98.

 

3.              Performance Goals. 
As defined below in section 5 (a).

 

4.              Time Goal.  Eight
(8) years.

 

5.              Vesting.   Except as otherwise provided in the
2003 Plan or in this Agreement, the Shares shall become vested as follows:

 

(a)                                  Achievement
of Performance Goal.  Shares granted and not previously vested or
forfeited shall vest as detailed below: at the close of business on the last
day of a period commencing at least two years after the date of this award and:

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 30%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 40%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 50%.

 

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 60%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average total
shareholder return for such trading days equals or exceeds 70%.

 

Total shareholder return
means, with respect to each award, a fraction the numerator of which shall be
the cumulative share price appreciation (the difference between (i) the share
price of the Company’s common shares on the date of any determination thereof
plus the aggregate amount of cash distributions per share for the period
commencing on the date of this award and ending on the date of any such
determination and (ii) the price of the Shares on the date of this award) and
the denominator of which shall be the price of the Shares on the date of this
award.

 

(b)                                 Change of
Control.  Shares not
previously vested or forfeited shall become fully vested upon a Change of
Control as defined in the 2003 Plan.

 

(c)                                  Time Goal.   Shares not previously vested or forfeited
shall become fully vested at the close of business on the eighth anniversary of
the date of this Agreement.

 

6.              Rights
of the Company.  This Agreement does
not affect the Company’s right to take any corporate action, including 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.              Taxes.  The Company may pay or withhold the
amount of any tax attributable to any Shares deliverable under this Agreement
or dividends payable thereon, and the Company may defer making delivery or
payment until it is indemnified to its satisfaction for that tax.

 

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 shares are
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 having jurisdiction over such matters as the
Company deems advisable.  Each person or
estate that acquired the right to receive shares by bequest or inheritance may
be required by the Company to furnish reasonable evidence of ownership of the
shares as a condition to their issuance.  
In addition, the Company may require such consents and releases of
taxing authorities as the Company deems advisable.

 

9.              Stock
Legends.  Any certificate issued to
evidence the Shares issued shall bear such legends and statements as the
Company deems advisable to assure compliance with all federal and state laws
and regulations.

 

10.       No
Right of Employment.  Nothing in
this Agreement shall confer any right on an employee to continue in the employ
of the Company or shall interfere in any way with the right of the Company to
terminate such employee at any time.

 

11.       Amendment
of Agreement.  The Company may
alter, amend, or terminate this Agreement only with the Grantee’s consent,
except for adjustments expressly provided by this Agreement.

 

2

 

12.       Miscellaneous.  This Agreement is subject to and controlled
by the 2003 Plan.  In the case of any
inconsistency between this Agreement and the 2003 Plan, the terms of the 2003
Plan shall govern.  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 telecopy,
addressed as follows: if to the Company, to the Company’s principal office,
Attention: Mr. Rockford O. Kottka, 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 telecopy shall be deemed to have been given when it is so
transmitted and the appropriate confirmation is received.  A party may change its address for record
purposes by giving notice in accordance with the provisions of this
Section 13.

 

 

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

 

 

	
   

  	
   

  	
  CENTERPOINT PROPERTIES
  TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   Rockford O. Kottka

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chief Accounting
  Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GRANTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print name:  Feld, Alan

  
						

 

3

 

CENTERPOINT PROPERTIES TRUST

2003 OMNIBUS
EMPLOYEE RETENTION AND INCENTIVE PLAN

 

RESTRICTED SHARE
AGREEMENT

 

THIS RESTRICTED SHARE
AGREEMENT (the “Agreement”) is dated as June 18, 2004 between CenterPoint
Properties Trust, a Maryland real estate investment trust (the “Company”), and Thomas
Robinson (the “Grantee”).

 

This Agreement is made
pursuant to, and is governed by, the CenterPoint Properties Trust 2003 Omnibus Employee
Retention and Incentive Plan (the
“2003 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 Restricted Shares made
in accordance with the terms of the Plan. 
In this Agreement, “Restricted Shares” means shares granted pursuant to
this Agreement or other securities resulting from an adjustment under
Section 1.5 and 6.2 of the 2003 Plan.

 

The parties agree as
follows:

 

1.              Grant
of Restricted Shares.  The Company
hereby grants to the Grantee 500 Common Shares (the “Shares”) under the terms
and conditions hereof.

 

2.              Share
Price.  The share price of the
Shares is $74.98.

 

3.              Performance Goals. 
As defined below in section 5 (a).

 

4.              Time Goal.  Eight
(8) years.

 

5.              Vesting.   Except as otherwise provided in the
2003 Plan or in this Agreement, the Shares shall become vested as follows:

 

(a)                                  Achievement
of Performance Goal.  Shares granted and not previously vested or
forfeited shall vest as detailed below: at the close of business on the last
day of a period commencing at least two years after the date of this award and:

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 30%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 40%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 50%.

 

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 60%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 70%.

 

Total shareholder return
means, with respect to each award, a fraction the numerator of which shall be
the cumulative share price appreciation (the difference between (i) the share
price of the Company’s common shares on the date of any determination thereof
plus the aggregate amount of cash distributions per share for the period
commencing on the date of this award and ending on the date of any such
determination and (ii) the price of the Shares on the date of this award) and
the denominator of which shall be the price of the Shares on the date of this
award.

 

(b)                                 Change of
Control.  Shares not
previously vested or forfeited shall become fully vested upon a Change of
Control as defined in the 2003 Plan.

 

(c)                                  Time Goal.   Shares not previously vested or forfeited
shall become fully vested at the close of business on the eighth anniversary of
the date of this Agreement.

 

6.              Rights
of the Company.  This Agreement does
not affect the Company’s right to take any corporate action, including 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.              Taxes.  The Company may pay or withhold the
amount of any tax attributable to any Shares deliverable under this Agreement
or dividends payable thereon, and the Company may defer making delivery or
payment until it is indemnified to its satisfaction for that tax.

 

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 shares are
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 having jurisdiction over such matters as the
Company deems advisable.  Each person or
estate that acquired the right to receive shares by bequest or inheritance may
be required by the Company to furnish reasonable evidence of ownership of the
shares as a condition to their issuance.  
In addition, the Company may require such consents and releases of
taxing authorities as the Company deems advisable.

 

9.              Stock
Legends.  Any certificate issued to
evidence the Shares issued shall bear such legends and statements as the
Company deems advisable to assure compliance with all federal and state laws and
regulations.

 

10.       No
Right of Employment.  Nothing in
this Agreement shall confer any right on an employee to continue in the employ
of the Company or shall interfere in any way with the right of the Company to
terminate such employee at any time.

 

11.       Amendment
of Agreement.  The Company may
alter, amend, or terminate this Agreement only with the Grantee’s consent,
except for adjustments expressly provided by this Agreement.

 

2

 

12.       Miscellaneous.  This Agreement is subject to and controlled
by the 2003 Plan.  In the case of any
inconsistency between this Agreement and the 2003 Plan, the terms of the 2003
Plan shall govern.  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 telecopy,
addressed as follows: if to the Company, to the Company’s principal office,
Attention: Mr. Rockford O. Kottka, 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 telecopy shall be deemed to have been given
when it is so transmitted and the appropriate confirmation is received.  A party may change its address for record
purposes by giving notice in accordance with the provisions of this
Section 13.

 

 

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

 

 

	
   

  	
   

  	
  CENTERPOINT PROPERTIES
  TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   Rockford O. Kottka

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chief Accounting
  Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GRANTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print name:  Robinson, Thomas 

  
						

 

3

 

CENTERPOINT PROPERTIES TRUST

2003 OMNIBUS
EMPLOYEE RETENTION AND INCENTIVE PLAN

 

RESTRICTED SHARE
AGREEMENT

 

THIS RESTRICTED SHARE
AGREEMENT (the “Agreement”) is dated as June 18, 2004 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 2003 Omnibus Employee
Retention and Incentive Plan (the
“2003 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 Restricted Shares made
in accordance with the terms of the Plan. 
In this Agreement, “Restricted Shares” means shares granted pursuant to
this Agreement or other securities resulting from an adjustment under
Section 1.5 and 6.2 of the 2003 Plan.

 

The parties agree as
follows:

 

1.              Grant
of Restricted Shares.  The Company
hereby grants to the Grantee 500 Common Shares (the “Shares”) under the terms
and conditions hereof.

 

2.              Share
Price.  The share price of the
Shares is $74.98.

 

3.              Performance Goals. 
As defined below in section 5 (a).

 

4.              Time Goal.  Eight
(8) years.

 

5.              Vesting.   Except as otherwise provided in the
2003 Plan or in this Agreement, the Shares shall become vested as follows:

 

(a)                                  Achievement
of Performance Goal.  Shares granted and not previously vested or
forfeited shall vest as detailed below: at the close of business on the last
day of a period commencing at least two years after the date of this award and:

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 30%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 40%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 50%.

 

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 60%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 70%.

 

Total shareholder return
means, with respect to each award, a fraction the numerator of which shall be
the cumulative share price appreciation (the difference between (i) the share
price of the Company’s common shares on the date of any determination thereof
plus the aggregate amount of cash distributions per share for the period
commencing on the date of this award and ending on the date of any such
determination and (ii) the price of the Shares on the date of this award) and
the denominator of which shall be the price of the Shares on the date of this
award.

 

(b)                                 Change of
Control.  Shares not
previously vested or forfeited shall become fully vested upon a Change of
Control as defined in the 2003 Plan.

 

(c)                                  Time Goal.   Shares not previously vested or forfeited
shall become fully vested at the close of business on the eighth anniversary of
the date of this Agreement.

 

6.              Rights
of the Company.  This Agreement does
not affect the Company’s right to take any corporate action, including 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.              Taxes.  The Company may pay or withhold the
amount of any tax attributable to any Shares deliverable under this Agreement
or dividends payable thereon, and the Company may defer making delivery or
payment until it is indemnified to its satisfaction for that tax.

 

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 shares are
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 having jurisdiction over such matters as the
Company deems advisable.  Each person or
estate that acquired the right to receive shares by bequest or inheritance may
be required by the Company to furnish reasonable evidence of ownership of the
shares as a condition to their issuance.  
In addition, the Company may require such consents and releases of
taxing authorities as the Company deems advisable.

 

9.              Stock
Legends.  Any certificate issued to
evidence the Shares issued shall bear such legends and statements as the
Company deems advisable to assure compliance with all federal and state laws
and regulations.

 

10.       No
Right of Employment.  Nothing in
this Agreement shall confer any right on an employee to continue in the employ
of the Company or shall interfere in any way with the right of the Company to
terminate such employee at any time.

 

11.       Amendment
of Agreement.  The Company may
alter, amend, or terminate this Agreement only with the Grantee’s consent,
except for adjustments expressly provided by this Agreement.

 

2

 

12.       Miscellaneous.  This Agreement is subject to and controlled
by the 2003 Plan.  In the case of any
inconsistency between this Agreement and the 2003 Plan, the terms of the 2003
Plan shall govern.  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 telecopy,
addressed as follows: if to the Company, to the Company’s principal office,
Attention: Mr. Rockford O. Kottka, 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 telecopy shall be deemed to have been given
when it is so transmitted and the appropriate confirmation is received.  A party may change its address for record purposes
by giving notice in accordance with the provisions of this Section 13.

 

 

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

 

 

	
   

  	
   

  	
  CENTERPOINT PROPERTIES
  TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   Rockford O. Kottka

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chief Accounting Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GRANTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print name:  Staley, John C.

  
						

 

3

 

CENTERPOINT PROPERTIES TRUST

2003 OMNIBUS
EMPLOYEE RETENTION AND INCENTIVE PLAN

 

RESTRICTED SHARE
AGREEMENT

 

THIS RESTRICTED SHARE
AGREEMENT (the “Agreement”) is dated as June 18, 2004 between CenterPoint
Properties Trust, a Maryland real estate investment trust (the “Company”), and Robert
Stovall (the “Grantee”).

 

This Agreement is made
pursuant to, and is governed by, the CenterPoint Properties Trust 2003 Omnibus Employee
Retention and Incentive Plan (the
“2003 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 Restricted Shares made
in accordance with the terms of the Plan. 
In this Agreement, “Restricted Shares” means shares granted pursuant to
this Agreement or other securities resulting from an adjustment under
Section 1.5 and 6.2 of the 2003 Plan.

 

The parties agree as
follows:

 

1.              Grant
of Restricted Shares.  The Company
hereby grants to the Grantee 650 Common Shares (the “Shares”) under the terms
and conditions hereof.

 

2.              Share
Price.  The share price of the
Shares is $74.98.

 

3.              Performance Goals. 
As defined below in section 5 (a).

 

4.              Time Goal.  Eight
(8) years.

 

5.              Vesting.   Except as otherwise provided in the
2003 Plan or in this Agreement, the Shares shall become vested as follows:

 

(a)                                  Achievement
of Performance Goal.  Shares granted and not previously vested or
forfeited shall vest as detailed below: at the close of business on the last
day of a period commencing at least two years after the date of this award and:

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 30%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 40%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 50%.

 

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 60%.

 

•                  20% of the shares – At the close of business
on the last day of a period commencing at least two years after the date of
this award and including 60 consecutive trading days such that the average
total shareholder return for such trading days equals or exceeds 70%.

 

Total shareholder return
means, with respect to each award, a fraction the numerator of which shall be
the cumulative share price appreciation (the difference between (i) the share
price of the Company’s common shares on the date of any determination thereof
plus the aggregate amount of cash distributions per share for the period
commencing on the date of this award and ending on the date of any such
determination and (ii) the price of the Shares on the date of this award) and
the denominator of which shall be the price of the Shares on the date of this
award.

 

(b)                                 Change of
Control.  Shares not
previously vested or forfeited shall become fully vested upon a Change of
Control as defined in the 2003 Plan.

 

(c)                                  Time Goal.   Shares not previously vested or forfeited
shall become fully vested at the close of business on the eighth anniversary of
the date of this Agreement.

 

6.              Rights
of the Company.  This Agreement does
not affect the Company’s right to take any corporate action, including 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.              Taxes.  The Company may pay or withhold the
amount of any tax attributable to any Shares deliverable under this Agreement
or dividends payable thereon, and the Company may defer making delivery or
payment until it is indemnified to its satisfaction for that tax.

 

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 shares are
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 having jurisdiction over such matters as the
Company deems advisable.  Each person or
estate that acquired the right to receive shares by bequest or inheritance may
be required by the Company to furnish reasonable evidence of ownership of the
shares as a condition to their issuance.  
In addition, the Company may require such consents and releases of
taxing authorities as the Company deems advisable.

 

9.              Stock
Legends.  Any certificate issued to
evidence the Shares issued shall bear such legends and statements as the
Company deems advisable to assure compliance with all federal and state laws
and regulations.

 

10.       No
Right of Employment.  Nothing in
this Agreement shall confer any right on an employee to continue in the employ
of the Company or shall interfere in any way with the right of the Company to
terminate such employee at any time.

 

11.       Amendment
of Agreement.  The Company may
alter, amend, or terminate this Agreement only with the Grantee’s consent,
except for adjustments expressly provided by this Agreement.

 

2

 

12.       Miscellaneous.  This Agreement is subject to and controlled
by the 2003 Plan.  In the case of any
inconsistency between this Agreement and the 2003 Plan, the terms of the 2003
Plan shall govern.  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 telecopy,
addressed as follows: if to the Company, to the Company’s principal office,
Attention: Mr. Rockford O. Kottka, 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 telecopy shall be deemed to have been given
when it is so transmitted and the appropriate confirmation is received.  A party may change its address for record
purposes by giving notice in accordance with the provisions of this
Section 13.

 

 

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

 

 

	
   

  	
   

  	
  CENTERPOINT PROPERTIES
  TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   Rockford O. Kottka

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chief Accounting
  Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GRANTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print name:  Stovall, Robert

  
						

 

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