Document:

exv10w10

Exhibit 10.10

January 30, 2011

Hamid R. Moghadam

c/o AMB Property Corporation

Pier 1, Bay 1

San Francisco CA 94111

	Re: 	 	Continuing Employment; Change in Control and Noncompetition Agreement

Dear Mr. Moghadam:

This letter sets forth our agreement with respect to your employment following the consummation of
the transactions contemplated by the Agreement and Plan of Merger by and among AMB Property
Corporation, AMB Property, L.P., Prologis, Upper Pumpkin LLC, New Pumpkin and Pumpkin LLC, dated as
of January 30, 2011 (the “Merger Agreement”), and serves to amend the Change in Control and
Noncompetition Agreement between you and AMB Property, L.P, dated as of September 27, 2007, as
subsequently assigned to AMB Property III, LLC, pursuant to an Assignment and Assumption Agreement,
dated as of January 1, 2008 (the “CIC Agreement”). Capitalized terms used and not defined
in this letter shall have the meanings ascribed to them in the CIC Agreement; provided that, in
paragraph 1 below, the term “Company” shall mean the “Surviving Corporation,” as that term is
defined in the Merger Agreement, as successor to the Company.

          1. Effective as of the “Topco Effective Time” (as that term is defined in the Merger
Agreement), you shall be employed by the Company as its Co-Chief Executive Officer and serve as
non-executive Chairman of the Board of Directors of the Company (the “Board”). You shall become
the sole Chief Executive Officer of the Company (and shall remain non-executive Chairman of the
Board) upon the earlier of: (a) January 1, 2013 and (b) the termination of employment with the
Company for any reason of Walter C. Rakowich, or Mr. Rakowich otherwise ceasing to be your Co-Chief
Executive Officer, following the Topco Effective Time. You agree to waive your right to resign for
Good Reason in accordance with your CIC Agreement on account of your assumption of the position of
Co-Chief Executive Officer (rather than sole Chief Executive Officer) of the Company in accordance
with the preceding sentence; provided (for purposes of clarity) that you shall have the right to
resign for Good Reason in accordance with the CIC Agreement if you do not become the sole Chief
Executive Officer of the Company at the time described in the preceding sentence, and you do not
waive any other of your rights under the CIC Agreement (including but not limited to the right to
resign for Good Reason for reasons other than described in this sentence).

          2. The Company and you agree that Section 1 of the CIC Agreement is amended by adding the
following sentence to the end of such section, effective only upon, and conditioned upon, the Topco
Effective Time:

Notwithstanding the foregoing, this Agreement shall not terminate until the end of
the twenty-fourth (24) calendar month following the Topco Effective Time (as defined
in the Agreement and Plan of Merger by and among AMB Property Corporation, AMB
Property, L.P., Prologis, Upper Pumpkin LLC, New Pumpkin and Pumpkin LLC, dated as
of January 30, 2011 (the “Merger Agreement”)); provided, however, that if a
Change in Control (as defined in Section 2) shall occur following the Topco
Effective Time during the term of this Agreement, this Agreement shall not terminate
until the end of the twenty-fourth (24) calendar month after the date on which such
a Change in Control occurs (the effective date of each such Change in Control
constituting a new “Change in Control Date”), at which time it will expire.

Pier 1, Bay 1 San Francisco, California 94111 United States Main +1 415 394 9000 Fax +1 415 394 90001

 

 

          3. The Company and you agree that the consummation of the transactions contemplated by
the Merger Agreement will constitute a “Change in Control” within the meaning of the CIC
Agreement, and effective as of the Topco Effective Time, the definition of “Change in Control” in
Section 2 of the CIC Agreement shall be amended to add the following sentence at the end thereof:

Notwithstanding any other provision of this Agreement to the contrary, the Topco
Merger (as defined in the Merger Agreement) shall constitute a Change in Control,
and the Topco Effective Time (as defined in the Merger Agreement), shall constitute
the Change in Control Date applicable to such Change in Control.

          4. The Company and you agree that Section 3.5 of the CIC Agreement is amended in its
entirety to read as follows, effective only upon, and conditioned upon, the Topco Effective
Time:

3.5 Accelerated Vesting of Options and Other Equity-Based Awards.
Notwithstanding anything to the contrary set forth in any stock, option or other
equity incentive award plan of the Company or in any option, restricted stock or
other equity-based award agreement between the Company and the Executive (regardless
of whether such agreement is under any such stock, option or other equity incentive
award plan), upon the Executive’s termination of employment with the Company under
circumstances which entitle the Executive to the payments and benefits described in
Section 3.3 or upon the Executive’s termination of employment due to death or
Disability, (A) all options to acquire any equity securities of the Company held by
the Executive on the date of such termination, and which also had been held by the
Executive at the Topco Effective Time, shall immediately become exercisable and
fully vested and (B) all shares of restricted stock, restricted stock units,
deferred stock awards and other awards based upon the Company’s equity securities
held by the Executive on the date of such termination, and which also had been held
by the Executive at the Topco Effective Time, shall immediately become fully vested,
exercisable or payable, as applicable, and any forfeiture provisions with respect to
such awards shall immediately lapse.

You understand and agree that the effect of the foregoing amendment is to replace the paragraph of
your CIC Agreement providing for immediate vesting of your equity and equity-based awards upon a
Change in Control, with a paragraph providing that the vesting of equity and equity-based awards
held by you at the Topco Effective Time will accelerate upon a severance-qualifying termination of
employment, or termination due to death or Disability during the two-year period following a Change
in Control.

Except as expressly set forth above, all of the terms and conditions of the CIC Agreement shall
remain in full force and effect without modification. This amendment is subject to the choice of
law, dispute resolution and other terms and conditions of the CIC Agreement as if set forth
therein.

 

 

     Please acknowledge your understanding of and agreement to the provisions of this letter
(including the amendment to your CIC Agreement set forth herein) by signing this letter in the
space provided below and returning a copy to the undersigned. This letter may be executed in two
or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

	 	 	 	 	 
	 	Very truly yours

 	 
	 	By:  	AMB Property III, LLC.,
 	 
	 	 	 
	 	By:  	                                   AMB Property, L.P., its managing member,
 	 
	 	 	 
	 	By:  	                                   AMB Property Corporation, its general partner
 	 
	 	 	 
	 	By:  	                                   /s/ Nancy J. Hemmenway
 	 
	 	 	Nancy J. Hemmenway 	 
	 	 	Senior Vice President, Human Resources 	 
	 

	 	 	 	 	 
	Agreed to and acknowledged

as of the 30th day of January, 2011:

 	 
	/s/ Hamid R. Moghadam
 	 	 	 
	 	 	 
	 	 
	 

Pier 1, Bay 1 San Francisco, California 94111 United States Main +1 415 394 9000 Fax +1 415 394 90001exv10w11

Exhibit
10.11

          AMB Property Corporation®

January 30, 2011

Guy F. Jaquier

c/o AMB Property Corporation

Pier 1, Bay 1

San Francisco CA 94111

	Re: 	 	Change in Control and Noncompetition Agreement

Dear Mr. Reilly:

Reference is made to the Change in Control and Noncompetition Agreement between you and AMB
Property, L.P, dated as of September 27, 2007 (the “CIC Agreement”). This letter sets
forth your agreement to amend Sections 1, 2 and 3.5 of the CIC Agreement; provided that such
amendments shall be effective only in connection with, and subject to the consummation of, the
transactions contemplated by the Agreement and Plan of Merger by and among AMB Property
Corporation, AMB Property, L.P., Prologis, Upper Pumpkin LLC, New Pumpkin and Pumpkin LLC, dated as
of January 30, 2011 (the “Merger Agreement”). Capitalized terms used and not defined in
this letter shall have the meanings ascribed to them in the CIC Agreement.

1. The Company and you agree that Section 1 of the CIC Agreement is amended by adding the
following sentence to the end of such section, effective only upon, and conditioned upon, the Topco
Effective Time:

Notwithstanding the foregoing, this Agreement shall not terminate until the end of
the twenty-fourth (24) calendar month following the Topco Effective Time (as defined
in the Agreement and Plan of Merger by and among AMB Property Corporation, AMB
Property, L.P., Prologis, Upper Pumpkin LLC, New Pumpkin and Pumpkin LLC, dated as
of January 30, 2011 (the “Merger Agreement”)); provided, however, that if a
Change in Control (as defined in Section 2) shall occur following the Topco
Effective Time during the term of this Agreement, this Agreement shall not terminate
until the end of the twenty-fourth (24) calendar month after the date on which such
a Change in Control occurs (the effective date of each such Change in Control
constituting a new “Change in Control Date”), at which time it will expire.

2. The Company and you agree that the consummation of the transactions contemplated by
the Merger Agreement will constitute a “Change in Control” within the meaning of the CIC Agreement,
and effective as of the Topco Effective Time, the definition of “Change in Control” in Section 2 of
the CIC Agreement shall be amended to add the following sentence at the end thereof:

Notwithstanding any other provision of this Agreement to the contrary, the Topco
Merger (as defined in the Merger Agreement) shall constitute a Change in Control,
and the Topco Effective Time (as defined in the Merger Agreement), shall constitute
the Change in Control Date applicable to such Change in Control.

          3. The Company and you agree that Section 3.5 of the CIC Agreement is amended in its
entirety to read as follows, effective only upon, and conditioned upon, the Topco Effective Time:

3.5 Accelerated Vesting of Options and Other Equity-Based Awards.
Notwithstanding anything to the contrary set forth in any stock, option or other
equity incentive award plan of the

Pier 1, Bay 1 San Francisco, California 94111 United States Main +1 415 394 9000 Fax +1 415 394 9001

 

 

 ®

Company or in any option, restricted stock or other equity-based award agreement
between the Company and the Executive (regardless of whether such agreement is under
any such stock, option or other equity incentive award plan), upon the Executive’s
termination of employment with the Company under circumstances which entitle the
Executive to the payments and benefits described in Section 3.3 or upon the
Executive’s termination of employment due to death or Disability, (A) all options to
acquire any equity securities of the Company held by the Executive on the date of
such termination, and which also had been held by the Executive at the Topco
Effective Time shall immediately become exercisable and fully vested and (B) all
shares of restricted stock, restricted stock units, deferred stock awards and other
awards based upon the Company’s equity securities held by the Executive on the date
of such termination, and which also had been held by the Executive at the Topco
Effective Time, shall immediately become fully vested, exercisable or payable, as
applicable, and any forfeiture provisions with respect to such awards shall
immediately lapse.

          You understand and agree that the effect of the foregoing amendment is to replace the
paragraph of your CIC Agreement providing for immediate vesting of your equity and equity-based
awards upon a Change in Control, with a paragraph providing that the vesting of equity and
equity-based awards held by you at the Topco Effective Time will accelerate upon a
severance-qualifying termination of employment or termination due to death or Disability during the
two-year period following a Change in Control.

          Except as expressly set forth above, all of the terms and conditions of the CIC Agreement
shall remain in full force and effect without modification. This amendment is subject to the
choice of law, dispute resolution and other terms and conditions of the CIC Agreement as if set
forth therein.

          Please acknowledge your understanding of and agreement to the provisions of this letter
(including the amendment to your CIC Agreement set forth herein) by signing this letter in the
space provided below and returning a copy to the undersigned. This letter may be executed in two
or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	By:  	AMB PROPERTY, L.P., a Delaware limited partnership,
 	 
	 
	 	By:  	                                          AMB Property Corporation, its general partner
 	 
	 
	 	By:  	                                          /s/ Nancy J. Hemmenway
 	 
	 	 	Nancy J. Hemmenway 	 
	 	 	Senior Vice President, Human Resources 	 
	 

	 	 	 	 	 
	Agreed to and acknowledged

as of the 30th day of January, 2011:

 	 	 
	/s/ Guy F. Jaquier

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