Document:

Exhibit 10.2

 

CENTERPOINT PROPERTIES TRUST 2003 OMNIBUS

EMPLOYEE RETENTION AND INCENTIVE PLAN

 

SHARE
OPTION AGREEMENT

 

THIS SHARE OPTION AGREEMENT (the “Agreement”) is dated as of March 08, 2005 between CenterPoint Properties
Trust, a Maryland real estate investment trust (the “Company”), and Paul T. Ahern (the “Optionee”).

 

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 2003 Plan or in the Optionee’s
Employment and Severance Agreement (the “Employment Agreement”), where
indicated.  The purpose of this Agreement
is to establish a written agreement evidencing an option granted in accordance
with the terms of the 2003 Plan.  In this
Agreement, “shares” means the Company’s Common Shares or other securities
resulting from an adjustment under Sections 1.5 and 6.2 of the 2003 Plan.

 

The parties agree as follows:

 

1.                                      Grant of Option.  The Company hereby grants to the Optionee an
option (the “Option”) to purchase 136,850
shares under the terms and conditions hereof.

 

2.                                      Term.  Except as otherwise provided in this Section
2, the Option becomes exercisable and terminates in accordance with the
schedule and provisions set forth in Section 5 hereof.  If the Option vests pursuant to Section 5(b)
of this Agreement, however, then the Option shall terminate upon the earlier of
90 days after the Optionee’s termination date and the date the Option would
otherwise expire pursuant to Section 5(c) of this Agreement.

 

3.                                      Price.   The
price of each share purchased by exercise of the Option is $$44.99.

 

4.                                      Partial
Exercise.  The Option, to the extent
exercisable under this agreement and the 2003 Plan, may be exercised in whole
or in part provided that the Option may not be exercised for less than 100
shares in any single transaction unless such exercise pertains to the entire
number of shares then covered by the Option.

 

5.                                      Exercise Period.

 

(a)                                  Except
as otherwise provided in the 2003 Plan or in this Agreement, the Option shall
become exercisable as follows:

 

	
  Time Period

  	
   

  	
  Exercisable

  
	
  Prior to the
  first anniversary of the date of this Agreement

  	
   

  	
  None

  
	
  After the
  first anniversary of the date of this Agreement

  	
   

  	
  One Fifth

  

 

 

	
  After the
  second anniversary of the date of this Agreement

  	
   

  	
  Two Fifths

  
	
  After the
  third anniversary of the date of this Agreement

  	
   

  	
  Three Fifths

  
	
  After the
  fourth anniversary of the date of this Agreement

  	
   

  	
  Four fifths

  
	
  After the
  fifth anniversary of the date of this Agreement

  	
   

  	
  All

  

 

(b)                                 Notwithstanding
any provision in the Agreement or the 2003 Plan to the contrary and in
accordance with Sections 8(d) and 9(a)(iii) of the Optionee’s Employment
Agreement, if the Optionee’s employment is terminated pursuant to Section 4(a)
or 4(b) thereof, if the Company’s Board of Trustees elects not to renew the
Optionee’s Employment Agreement pursuant to Section 3 thereof, or if the
Optionee experiences a Qualifying Termination as defined in Section 11 thereof,
then the Option granted pursuant to this Agreement shall fully vest on the
Optionee’s termination date.

 

(c)                                  If
it has not previously terminated pursuant to the terms of the 2003 Plan or this
Agreement, the Option shall terminate at the close of business on the day
before the tenth anniversary of the date of this Agreement.

 

6.                                      Method of
Exercise.  The Option shall be
exercised by written notice by Optionee to the Company specifying the number of
shares that such person elects to purchase, accompanied by full payment, in
cash or current funds, for such shares.

 

7.                                      ISO Treatment.  It is intended that the Option shall qualify
as an “incentive share option” as described in Section 422 of the Internal
Revenue Code of 1986, as amended within the limitations outlined in Section 2.5
of the 2003 Plan.

 

8.                                      Rights of the
Shareholder.  No person, estate, or
other entity will have the rights of a shareholder with respect to shares
subject to the Option until a certificate or certificates for these shares have
been delivered to the person exercising the Option.

 

9.                                      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 shares,
including preferred stock or options therefore, to dissolve or liquidate, or to
sell or transfer any part of its assets or business.

 

10.                               Taxes.  The Company may pay or withhold the amount of
any tax attributable to any shares deliverable under this Agreement, and the
Company may defer making delivery until it is indemnified to its satisfaction
for that tax.

 

2

 

11.                               Compliance with
Laws.  The option is exercisable, and
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 shares are listed at any time. 
The option may not be exercised and 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 exercise an Option by bequest or
inheritance may be required by the Committee to furnish reasonable evidence of
ownership of the Option as a condition to the exercise of the Option.  In addition, the Committee may require such
consents and releases of taxing authorities as the Committee deems advisable.

 

12.                               Share Legends.  Any certificate issued to evidence shares
issued under the Option shall bear such legends and statements as the committee
deems advisable to assure compliance with all federal and state laws and
regulations.

 

13.                               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’s employment at any time.

 

14.                               Amendment of Option.  The Company may alter, amend, or terminate
the Option only with the Optionee’s consent, except for adjustments expressly
provided by this Agreement or the 2003 Plan.

 

15.                               Miscellaneous.  This Agreement is subject to and controlled
by the 2003 Plan.  Any inconsistency
between this Agreement and said 2003 Plan shall be controlled by the 2003 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.

 

16.                               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 Optionee or his successor, to
the

 

3

 

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 16.

 

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

 

	
   

  	
  CENTERPOINT
  PROPERTIES TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
   Rockford O. Kottka

  	
   

  
	
   

  	
   

  	
  Rockford O. Kottka

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chief
  Accounting Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OPTIONEE

  
	
   

  	
   

  
	
   

  	
   

  	
    /s/
  Paul T. Ahern

  	
   

  
	
   

  	
   

  	
  Paul T. Ahern

  
						

 

4

 

CENTERPOINT PROPERTIES TRUST 2003 OMNIBUS

EMPLOYEE RETENTION AND INCENTIVE PLAN

 

SHARE OPTION AGREEMENT

 

THIS SHARE OPTION AGREEMENT (the “Agreement”) is dated as of March 08, 2005 between CenterPoint Properties
Trust, a Maryland real estate investment trust (the “Company”), and Paul S. Fisher (the “Optionee”).

 

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 2003 Plan or in the Optionee’s
Employment and Severance Agreement (the “Employment Agreement”), where
indicated.  The purpose of this Agreement
is to establish a written agreement evidencing an option granted in accordance
with the terms of the 2003 Plan.  In this
Agreement, “shares” means the Company’s Common Shares or other securities
resulting from an adjustment under Sections 1.5 and 6.2 of the 2003 Plan.

 

The parties agree as follows:

 

1.                                      Grant of Option.  The Company hereby grants to the Optionee an
option (the “Option”) to purchase 144,900
shares under the terms and conditions hereof.

 

2.                                      Term.  Except as otherwise provided in this Section
2, the Option becomes exercisable and terminates in accordance with the
schedule and provisions set forth in Section 5 hereof.  If the Option vests pursuant to Section 5(b)
of this Agreement, however, then the Option shall terminate upon the earlier of
90 days after the Optionee’s termination date and the date the Option would
otherwise expire pursuant to Section 5(c) of this Agreement.

 

3.                                      Price.   The
price of each share purchased by exercise of the Option is $$44.99.

 

4.                                      Partial
Exercise.  The Option, to the extent
exercisable under this agreement and the 2003 Plan, may be exercised in whole
or in part provided that the Option may not be exercised for less than 100
shares in any single transaction unless such exercise pertains to the entire
number of shares then covered by the Option.

 

5.                                      Exercise Period.

 

(a)                                  Except
as otherwise provided in the 2003 Plan or in this Agreement, the Option shall
become exercisable as follows:

 

	
  Time Period

  	
   

  	
  Exercisable

  
	
  Prior to the
  first anniversary of the date of this Agreement

  	
   

  	
  None

  
	
  After the
  first anniversary of the date of this Agreement

  	
   

  	
  One Fifth

  

 

 

	
  After the
  second anniversary of the date of this Agreement

  	
   

  	
  Two Fifths

  
	
  After the
  third anniversary of the date of this Agreement

  	
   

  	
  Three Fifths

  
	
  After the
  fourth anniversary of the date of this Agreement

  	
   

  	
  Four fifths

  
	
  After the
  fifth anniversary of the date of this Agreement

  	
   

  	
  All

  

 

(b)                                 Notwithstanding
any provision in the Agreement or the 2003 Plan to the contrary and in
accordance with Sections 8(d) and 9(a)(iii) of the Optionee’s Employment
Agreement, if the Optionee’s employment is terminated pursuant to Section 4(a)
or 4(b) thereof, if the Company’s Board of Trustees elects not to renew the
Optionee’s Employment Agreement pursuant to Section 3 thereof, or if the
Optionee experiences a Qualifying Termination as defined in Section 11 thereof,
then the Option granted pursuant to this Agreement shall fully vest on the
Optionee’s termination date.

 

(c)                                  If
it has not previously terminated pursuant to the terms of the 2003 Plan or this
Agreement, the Option shall terminate at the close of business on the day
before the tenth anniversary of the date of this Agreement.

 

6.                                      Method of
Exercise.  The Option shall be
exercised by written notice by Optionee to the Company specifying the number of
shares that such person elects to purchase, accompanied by full payment, in
cash or current funds, for such shares.

 

7.                                      ISO Treatment.  It is intended that the Option shall qualify
as an “incentive share option” as described in Section 422 of the Internal
Revenue Code of 1986, as amended within the limitations outlined in Section 2.5
of the 2003 Plan.

 

8.                                      Rights of the
Shareholder.  No person, estate, or
other entity will have the rights of a shareholder with respect to shares
subject to the Option until a certificate or certificates for these shares have
been delivered to the person exercising the Option.

 

9.                                      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 shares, including preferred
stock or options therefore, to dissolve or liquidate, or to sell or transfer
any part of its assets or business.

 

10.                               Taxes.  The Company may pay or withhold the amount of
any tax attributable to any shares deliverable under this Agreement, and the
Company may defer making delivery until it is indemnified to its satisfaction
for that tax.

 

2

 

11.                               Compliance with
Laws.  The option is exercisable, and
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 shares are listed at any time. 
The option may not be exercised and 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 exercise an Option by bequest or
inheritance may be required by the Committee to furnish reasonable evidence of
ownership of the Option as a condition to the exercise of the Option.  In addition, the Committee may require such
consents and releases of taxing authorities as the Committee deems advisable.

 

12.                               Share Legends.  Any certificate issued to evidence shares
issued under the Option shall bear such legends and statements as the committee
deems advisable to assure compliance with all federal and state laws and
regulations.

 

13.                               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’s
employment at any time.

 

14.                               Amendment of Option.  The Company may alter, amend, or terminate
the Option only with the Optionee’s consent, except for adjustments expressly
provided by this Agreement or the 2003 Plan.

 

15.                               Miscellaneous.  This Agreement is subject to and controlled
by the 2003 Plan.  Any inconsistency
between this Agreement and said 2003 Plan shall be controlled by the 2003
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.

 

16.                               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 Optionee or his successor, to
the

 

3

 

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 16.

 

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

 

	
   

  	
  CENTERPOINT
  PROPERTIES TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
   Rockford O. Kottka

  	
   

  
	
   

  	
   

  	
  Rockford O. Kottka

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chief
  Accounting Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OPTIONEE

  
	
   

  	
   

  
	
   

  	
   

  	
    /s/
  Paul S. Fisher

  	
   

  
	
   

  	
   

  	
  Paul S. Fisher

  
						

 

4

 

CENTERPOINT PROPERTIES TRUST 2003 OMNIBUS

EMPLOYEE RETENTION AND INCENTIVE PLAN

 

SHARE OPTION AGREEMENT

 

THIS SHARE OPTION AGREEMENT (the “Agreement”) is dated as of March 08, 2005 between CenterPoint Properties
Trust, a Maryland real estate investment trust (the “Company”), and Rockford O. Kottka (the “Optionee”).

 

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 2003 Plan or in the Optionee’s
Employment and Severance Agreement (the “Employment Agreement”), where
indicated.  The purpose of this Agreement
is to establish a written agreement evidencing an option granted in accordance
with the terms of the 2003 Plan.  In this
Agreement, “shares” means the Company’s Common Shares or other securities
resulting from an adjustment under Sections 1.5 and 6.2 of the 2003 Plan.

 

The parties agree as follows:

 

1.                                      Grant of Option.  The Company hereby grants to the Optionee an
option (the “Option”) to purchase 80,500
shares under the terms and conditions hereof.

 

2.                                      Term.  Except as otherwise provided in this Section
2, the Option becomes exercisable and terminates in accordance with the
schedule and provisions set forth in Section 5 hereof.  If the Option vests pursuant to Section 5(b)
of this Agreement, however, then the Option shall terminate upon the earlier of
90 days after the Optionee’s termination date and the date the Option would
otherwise expire pursuant to Section 5(c) of this Agreement.

 

3.                                      Price.   The
price of each share purchased by exercise of the Option is $$44.99.

 

4.                                      Partial
Exercise.  The Option, to the extent
exercisable under this agreement and the 2003 Plan, may be exercised in whole
or in part provided that the Option may not be exercised for less than 100
shares in any single transaction unless such exercise pertains to the entire
number of shares then covered by the Option.

 

5.                                      Exercise Period.

 

(a)                                  Except
as otherwise provided in the 2003 Plan or in this Agreement, the Option shall
become exercisable as follows:

 

	
  Time Period

  	
   

  	
  Exercisable

  
	
  Prior to the
  first anniversary of the date of this Agreement

  	
   

  	
  None

  
	
  After the
  first anniversary of the date of this Agreement

  	
   

  	
  One Fifth

  

 

 

	
  After the
  second anniversary of the date of this Agreement

  	
   

  	
  Two Fifths

  
	
  After the
  third anniversary of the date of this Agreement

  	
   

  	
  Three Fifths

  
	
  After the
  fourth anniversary of the date of this Agreement

  	
   

  	
  Four fifths

  
	
  After the
  fifth anniversary of the date of this Agreement

  	
   

  	
  All

  

 

(b)                                 Notwithstanding
any provision in the Agreement or the 2003 Plan to the contrary and in
accordance with Sections 8(d) and 9(a)(iii) of the Optionee’s Employment
Agreement, if the Optionee’s employment is terminated pursuant to Section 4(a)
or 4(b) thereof, if the Company’s Board of Trustees elects not to renew the
Optionee’s Employment Agreement pursuant to Section 3 thereof, or if the
Optionee experiences a Qualifying Termination as defined in Section 11 thereof,
then the Option granted pursuant to this Agreement shall fully vest on the
Optionee’s termination date.

 

(c)                                  If
it has not previously terminated pursuant to the terms of the 2003 Plan or this
Agreement, the Option shall terminate at the close of business on the day
before the tenth anniversary of the date of this Agreement.

 

6.                                      Method of
Exercise.  The Option shall be
exercised by written notice by Optionee to the Company specifying the number of
shares that such person elects to purchase, accompanied by full payment, in
cash or current funds, for such shares.

 

7.                                      ISO Treatment.  It is intended that the Option shall qualify
as an “incentive share option” as described in Section 422 of the Internal
Revenue Code of 1986, as amended within the limitations outlined in Section 2.5
of the 2003 Plan.

 

8.                                      Rights of the
Shareholder.  No person, estate, or
other entity will have the rights of a shareholder with respect to shares
subject to the Option until a certificate or certificates for these shares have
been delivered to the person exercising the Option.

 

9.                                      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 shares,
including preferred stock or options therefore, to dissolve or liquidate, or to
sell or transfer any part of its assets or business.

 

10.                               Taxes.  The Company may pay or withhold the amount of
any tax attributable to any shares deliverable under this Agreement, and the
Company may defer making delivery until it is indemnified to its satisfaction
for that tax.

 

2

 

11.                               Compliance with
Laws.  The option is exercisable, and
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 shares are listed at any time. 
The option may not be exercised and 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 exercise an Option by bequest or
inheritance may be required by the Committee to furnish reasonable evidence of
ownership of the Option as a condition to the exercise of the Option.  In addition, the Committee may require such
consents and releases of taxing authorities as the Committee deems advisable.

 

12.                               Share Legends.  Any certificate issued to evidence shares
issued under the Option shall bear such legends and statements as the committee
deems advisable to assure compliance with all federal and state laws and
regulations.

 

13.                               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’s employment at any time.

 

14.                               Amendment of Option.  The Company may alter, amend, or terminate
the Option only with the Optionee’s consent, except for adjustments expressly
provided by this Agreement or the 2003 Plan.

 

15.                               Miscellaneous.  This Agreement is subject to and controlled
by the 2003 Plan.  Any inconsistency
between this Agreement and said 2003 Plan shall be controlled by the 2003 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.

 

16.                               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 Optionee or his successor, to
the

 

3

 

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 16.

 

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

 

	
   

  	
  CENTERPOINT
  PROPERTIES TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Paul S. Fisher

  	
   

  
	
   

  	
   

  	
  Paul S. Fisher

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  President
  and Chief Financial Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OPTIONEE

  
	
   

  	
   

  
	
   

  	
   

  	
    /s/
  Rockford O. Kottka

  	
   

  
	
   

  	
   

  	
  Rockford O. Kottka

  
						

 

4

 

CENTERPOINT PROPERTIES TRUST 2003 OMNIBUS

EMPLOYEE RETENTION AND INCENTIVE PLAN

 

SHARE OPTION AGREEMENT

 

THIS SHARE OPTION AGREEMENT (the “Agreement”) is dated as of March 08, 2005 between CenterPoint Properties
Trust, a Maryland real estate investment trust (the “Company”), and Michael M. Mullen (the “Optionee”).

 

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 2003 Plan or in the Optionee’s
Employment and Severance Agreement (the “Employment Agreement”), where
indicated.  The purpose of this Agreement
is to establish a written agreement evidencing an option granted in accordance
with the terms of the 2003 Plan.  In this
Agreement, “shares” means the Company’s Common Shares or other securities
resulting from an adjustment under Sections 1.5 and 6.2 of the 2003 Plan.

 

The parties agree as follows:

 

1.                                      Grant of Option.  The Company hereby grants to the Optionee an
option (the “Option”) to purchase 161,000
shares under the terms and conditions hereof.

 

2.                                      Term.  Except as otherwise provided in this Section
2, the Option becomes exercisable and terminates in accordance with the
schedule and provisions set forth in Section 5 hereof.  If the Option vests pursuant to Section 5(b)
of this Agreement, however, then the Option shall terminate upon the earlier of
90 days after the Optionee’s termination date and the date the Option would
otherwise expire pursuant to Section 5(c) of this Agreement.

 

3.                                      Price.   The
price of each share purchased by exercise of the Option is $$44.99.

 

4.                                      Partial
Exercise.  The Option, to the extent
exercisable under this agreement and the 2003 Plan, may be exercised in whole
or in part provided that the Option may not be exercised for less than 100
shares in any single transaction unless such exercise pertains to the entire
number of shares then covered by the Option.

 

5.                                      Exercise Period.

 

(a)                                  Except
as otherwise provided in the 2003 Plan or in this Agreement, the Option shall
become exercisable as follows:

 

	
  Time Period

  	
   

  	
  Exercisable

  
	
  Prior to the
  first anniversary of the date of this Agreement

  	
   

  	
  None

  
	
  After the
  first anniversary of the date of this Agreement

  	
   

  	
  One Fifth

  

 

 

	
  After the
  second anniversary of the date of this Agreement

  	
   

  	
  Two Fifths

  
	
  After the
  third anniversary of the date of this Agreement

  	
   

  	
  Three Fifths

  
	
  After the
  fourth anniversary of the date of this Agreement

  	
   

  	
  Four fifths

  
	
  After the
  fifth anniversary of the date of this Agreement

  	
   

  	
  All

  

 

(b)                                 Notwithstanding
any provision in the Agreement or the 2003 Plan to the contrary and in
accordance with Sections 8(d) and 9(a)(iii) of the Optionee’s Employment Agreement,
if the Optionee’s employment is terminated pursuant to Section 4(a) or 4(b)
thereof, if the Company’s Board of Trustees elects not to renew the Optionee’s
Employment Agreement pursuant to Section 3 thereof, or if the Optionee
experiences a Qualifying Termination as defined in Section 11 thereof, then the
Option granted pursuant to this Agreement shall fully vest on the Optionee’s
termination date.

 

(c)                                  If
it has not previously terminated pursuant to the terms of the 2003 Plan or this
Agreement, the Option shall terminate at the close of business on the day
before the tenth anniversary of the date of this Agreement.

 

6.                                      Method of
Exercise.  The Option shall be
exercised by written notice by Optionee to the Company specifying the number of
shares that such person elects to purchase, accompanied by full payment, in
cash or current funds, for such shares.

 

7.                                      ISO Treatment.  It is intended that the Option shall qualify
as an “incentive share option” as described in Section 422 of the Internal
Revenue Code of 1986, as amended within the limitations outlined in Section 2.5
of the 2003 Plan.

 

8.                                      Rights of the
Shareholder.  No person, estate, or
other entity will have the rights of a shareholder with respect to shares
subject to the Option until a certificate or certificates for these shares have
been delivered to the person exercising the Option.

 

9.                                      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 shares,
including preferred stock or options therefore, to dissolve or liquidate, or to
sell or transfer any part of its assets or business.

 

10.                               Taxes.  The Company may pay or withhold the amount of
any tax attributable to any shares deliverable under this Agreement, and the
Company may defer making delivery until it is indemnified to its satisfaction
for that tax.

 

2

 

11.                               Compliance with
Laws.  The option is exercisable, and
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 shares are listed at any time. 
The option may not be exercised and 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 exercise an Option by bequest or
inheritance may be required by the Committee to furnish reasonable evidence of
ownership of the Option as a condition to the exercise of the Option.  In addition, the Committee may require such
consents and releases of taxing authorities as the Committee deems advisable.

 

12.                               Share Legends.  Any certificate issued to evidence shares
issued under the Option shall bear such legends and statements as the committee
deems advisable to assure compliance with all federal and state laws and
regulations.

 

13.                               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’s employment at any time.

 

14.                               Amendment of Option.  The Company may alter, amend, or terminate
the Option only with the Optionee’s consent, except for adjustments expressly
provided by this Agreement or the 2003 Plan.

 

15.                               Miscellaneous.  This Agreement is subject to and controlled
by the 2003 Plan.  Any inconsistency
between this Agreement and said 2003 Plan shall be controlled by the 2003 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.

 

16.                               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 Optionee or his successor, to
the

 

3

 

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 16.

 

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

 

	
   

  	
  CENTERPOINT
  PROPERTIES TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
   Rockford O. Kottka

  	
   

  
	
   

  	
   

  	
  Rockford O. Kottka

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chief
  Accounting Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OPTIONEE

  
	
   

  	
   

  
	
   

  	
   

  	
    /s/
  Michael M. Mullen

  	
   

  
	
   

  	
   

  	
  Michael M. Mullen

  
						

 

4Exhibit 10.3

 

CENTERPOINT PROPERTIES
TRUST

2003 OMNIBUS EMPLOYEE RETENTION AND INCENTIVE

PLAN

 

RESTRICTED SHARE AGREEMENT

 

THIS RESTRICTED SHARE AGREEMENT (the “Agreement”) is dated as March 08, 2005 between CenterPoint Properties
Trust, a Maryland real estate investment trust (the “Company”), and Paul T. Ahern (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 or in
the Grantee’s Employment and Severance Agreement (the “Employment Agreement”),
where indicated.  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 8,947 common
shares (the “Shares”) under the
terms and conditions hereof.

 

2.                                      Share Price.  The share price of the Shares is $44.99.

 

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)                                 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.

 

(c)                                  Certain Terminations of Employment.  Notwithstanding any provision in
the Agreement or the 2003 Plan to the contrary and in accordance with Sections
8(d) and 9(a)(iii) of the Grantee’s Employment Agreement, if the Grantee’s
employment is terminated pursuant to Section 4(a) or 4(b) thereof, if the
Company’s Board of Trustees elects not to renew the Grantee’s Employment
Agreement pursuant to Section 3 thereof, or if the Grantee experiences a
Qualifying Termination as defined in Section 11 thereof, then the Shares
granted pursuant to this Agreement shall fully vest on the Grantee’s
termination date.

 

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.

 

2

 

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.

 

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

 

3

 

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

  	
    /s/
   Rockford O. Kottka

  	
   

  
	
   

  	
   

  	
  Rockford O. Kottka

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chief
  Accounting Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GRANTEE

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Paul T. Ahern

  	
   

  
	
   

  	
  Print name:  Paul T. Ahern

  
						

 

4

 

CENTERPOINT PROPERTIES TRUST

2003 OMNIBUS EMPLOYEE RETENTION AND INCENTIVE

PLAN

 

RESTRICTED SHARE AGREEMENT

 

THIS RESTRICTED SHARE AGREEMENT (the “Agreement”) is dated as March 08, 2005 between CenterPoint Properties
Trust, a Maryland real estate investment trust (the “Company”), and James N. Clewlow (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 or in
the Grantee’s Employment and Severance Agreement (the “Employment Agreement”),
where indicated.  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 5,368 common
shares (the “Shares”) under the
terms and conditions hereof.

 

2.                                      Share Price.  The share price of the Shares is $44.99.

 

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)                                 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.

 

(c)                                  Certain Terminations of Employment.  Notwithstanding any provision in
the Agreement or the 2003 Plan to the contrary and in accordance with Sections
8(d) and 9(a)(iii) of the Grantee’s Employment Agreement, if the Grantee’s
employment is terminated pursuant to Section 4(a) or 4(b) thereof, if the
Company’s Board of Trustees elects not to renew the Grantee’s Employment
Agreement pursuant to Section 3 thereof, or if the Grantee experiences a Qualifying
Termination as defined in Section 11 thereof, then the Shares granted pursuant
to this Agreement shall fully vest on the Grantee’s termination date.

 

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.

 

2

 

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.

 

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

 

3

 

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

  	
    /s/
   Rockford O. Kottka

  	
   

  
	
   

  	
   

  	
  Rockford O. Kottka

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chief
  Accounting Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GRANTEE

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ James N.
  Clewlow

  	
   

  
	
   

  	
  Print name:
  James N. Clewlow

  
						

 

4

 

CENTERPOINT PROPERTIES TRUST

2003 OMNIBUS EMPLOYEE RETENTION AND INCENTIVE

PLAN

 

RESTRICTED SHARE AGREEMENT

 

THIS RESTRICTED SHARE AGREEMENT (the “Agreement”) is dated as March 08, 2005 between CenterPoint Properties
Trust, a Maryland real estate investment trust (the “Company”), and Paul S. Fisher (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 or in
the Grantee’s Employment and Severance Agreement (the “Employment Agreement”),
where indicated.  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 9,484 common
shares (the “Shares”) under the
terms and conditions hereof.

 

2.                                      Share Price.  The share price of the Shares is $44.99.

 

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)                                 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.

 

(c)                                  Certain Terminations of Employment.  Notwithstanding any provision in
the Agreement or the 2003 Plan to the contrary and in accordance with Sections
8(d) and 9(a)(iii) of the Grantee’s Employment Agreement, if the Grantee’s
employment is terminated pursuant to Section 4(a) or 4(b) thereof, if the
Company’s Board of Trustees elects not to renew the Grantee’s Employment
Agreement pursuant to Section 3 thereof, or if the Grantee experiences a
Qualifying Termination as defined in Section 11 thereof, then the Shares
granted pursuant to this Agreement shall fully vest on the Grantee’s
termination date.

 

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.

 

2

 

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.

 

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

 

3

 

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

  	
    /s/
   Rockford O. Kottka

  	
   

  
	
   

  	
   

  	
  Rockford O. Kottka

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chief
  Accounting Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GRANTEE

  
	
   

  	
   

  
	
   

  	
    /s/
  Paul S. Fisher

  	
   

  
	
   

  	
    Print
  name: Paul S. Fisher

  
						

 

4

 

CENTERPOINT PROPERTIES TRUST

2003 OMNIBUS EMPLOYEE RETENTION AND INCENTIVE

PLAN

 

RESTRICTED SHARE AGREEMENT

 

THIS RESTRICTED SHARE AGREEMENT (the “Agreement”) is dated as March 08, 2005 between CenterPoint Properties
Trust, a Maryland real estate investment trust (the “Company”), and Rockford O. Kottka (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 or in the Grantee’s
Employment and Severance Agreement (the “Employment Agreement”), where
indicated.  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 5,368 common
shares (the “Shares”) under the
terms and conditions hereof.

 

2.                                      Share Price.  The share price of the Shares is $44.99.

 

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)                                 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.

 

(c)                                  Certain Terminations of Employment.  Notwithstanding any provision in
the Agreement or the 2003 Plan to the contrary and in accordance with Sections
8(d) and 9(a)(iii) of the Grantee’s Employment Agreement, if the Grantee’s
employment is terminated pursuant to Section 4(a) or 4(b) thereof, if the
Company’s Board of Trustees elects not to renew the Grantee’s Employment
Agreement pursuant to Section 3 thereof, or if the Grantee experiences a
Qualifying Termination as defined in Section 11 thereof, then the Shares
granted pursuant to this Agreement shall fully vest on the Grantee’s
termination date.

 

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.

 

2

 

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.

 

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

 

3

 

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

  	
    /s/  Paul S. Fisher

  	
   

  
	
   

  	
   

  	
  Paul S. Fisher

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  President
  and Chief Financial Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GRANTEE

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Rockford
  O. Kottka

  	
   

  
	
   

  	
   

  	
  Print
  name:  Rockford O. Kottka

  	
   

  
	
   

  	
   

  
							

 

4

 

CENTERPOINT PROPERTIES TRUST

2003 OMNIBUS EMPLOYEE RETENTION AND INCENTIVE

PLAN

 

RESTRICTED SHARE AGREEMENT

 

THIS RESTRICTED SHARE AGREEMENT (the “Agreement”) is dated as March 08, 2005 between CenterPoint Properties
Trust, a Maryland real estate investment trust (the “Company”), and Michael M. Mullen (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 or in the
Grantee’s Employment and Severance Agreement (the “Employment Agreement”),
where indicated.  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 13,205 common
shares (the “Shares”) under the
terms and conditions hereof.

 

2.                                      Share Price.  The share price of the Shares is $44.99.

 

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)                                 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.

 

(c)                                  Certain Terminations of Employment.  Notwithstanding any provision in
the Agreement or the 2003 Plan to the contrary and in accordance with Sections
8(d) and 9(a)(iii) of the Grantee’s Employment Agreement, if the Grantee’s
employment is terminated pursuant to Section 4(a) or 4(b) thereof, if the
Company’s Board of Trustees elects not to renew the Grantee’s Employment Agreement
pursuant to Section 3 thereof, or if the Grantee experiences a Qualifying
Termination as defined in Section 11 thereof, then the Shares granted pursuant
to this Agreement shall fully vest on the Grantee’s termination date.

 

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.

 

2

 

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.

 

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

 

3

 

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

  	
    /s/
   Rockford O. Kottka

  	
   

  
	
   

  	
   

  	
  Rockford O. Kottka

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chief
  Accounting Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GRANTEE

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Michael
  M. Mullen

  	
   

  
	
   

  	
   

  	
  Print
  name:  Michael M. Mull

  	
   

  
							

 

4

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