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                                                                   Exhibit 10.11

                          CENTERPOINT PROPERTIES TRUST
                        DIRECTOR'S STOCK GRANT AGREEMENT

     THIS STOCK GRANT AGREEMENT (THE "AGREEMENT") IS DATED AS OF MAY 16, 2002
BETWEEN CENTERPOINT PROPERTIES TRUST, A MARYLAND REAL ESTATE INVESTMENT TRUST
(THE "COMPANY"), AND MARTIN BARBER (THE "GRANTEE").

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

     The parties agree as follows:

     1.   GRANT OF STOCK. The Company hereby grants to the Grantee 226 shares of
Common Stock under the terms and conditions hereof.

     2.   SHARE PRICE. The Share Price of the Shares is $55.25.

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

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

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

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

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

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

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

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

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

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

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

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

     CENTERPOINT PROPERTIES TRUST

                                By:
                                   ---------------------------------------------
                                Rockford O. Kottka

                                   Its: Executive Vice President and Treasurer
                                   ---------------------------------------------

                                              GRANTEE

                                  ----------------------------------------------
                                              Name: Martin BarberExhibit 10.1  

         

  

April
29, 2002 

Thomas
E. Gallagher

405 Tracy Court

Incline Village, NV 89451 

Re:    Relocation Loan  

Dear Tom: 

        Reference
is made to the Employment Agreement, dated October 23, 2000, ("Employment Agreement") between you and Park Place Entertainment Corporation ("Company"). 

        This
will confirm that Section 3(i) of the Employment Agreement is amended to provide that the relocation loan referred to therein shall be repaid on the earlier of
(a) termination of your employment with the Company, and (b) the date that you sell your residence in Los Angeles, California. 

	 
	 	 

	Sincerely,

Park Place Entertainment Corporation	 	 
	

/s/  STEVE BELL      
 Steve Bell

Senior Vice President—Human Resources	
 	

 
	

 	
 	

 
	

 	
 	

 
	Agreed and accepted this 29th day of April, 2002, effective as of October 22, 2001.	 	 
	

/s/  THOMAS E. GALLAGHER      
 Thomas E. GallagherExhibit 10.1  

April 9,
2002 

Mr. N.
Louis Shipley

3 Paddock Lane

Andover, MA 01810 

Dear
Lou: 

        This
letter agreement (the "Agreement") confirms the agreement that we have reached regarding your departure from your employment and all offices you hold with FairMarket, Inc.
(the "Company") and its related and affiliated entities. 

        This
Agreement details the offer and, if signed, will confirm the agreement that we have reached regarding your separation from employment with the Company. The purpose of this Agreement
is to establish an amicable arrangement for ending your employment relationship, to release the Company from any claims that you may have against it or any related individuals, and to permit you to
receive your separation pay and related benefits. 

        If
you agree to this Agreement, you acknowledge that you are entering into the Agreement voluntarily. It is customary in employment separation agreements that provide for severance pay
for the departing employee to release the employer from any possible claim, even if the employer believes, as is the case here, that no such claims exist. You understand that you are giving up your
right to bring any and all possible legal claims against the Company. Neither the Company nor you want your employment relationship to end with a legal dispute. By entering into this Agreement, you
understand that the Company is not admitting in any way that it violated any legal obligation that it owed to you. To the contrary, the Company's willingness to enter into this Agreement demonstrates
that it is continuing to deal with you fairly and in good faith. 

        With
those understandings and in exchange for the promises set forth below, you and the Company agree as follows: 

        1.    Separation.  

        You hereby confirm your resignation as Vice President of Sales and Marketing and President, International of the Company as of Friday, May 31, 2002 (the
"Separation Date"). You also hereby confirm your separation from the Company as an employee effective as of the Separation Date and your resignation from any and all other employment and offices that
you may hold with the Company and its subsidiaries as of the Separation Date. Said resignations are hereby accepted by the Company (your separation as an employee and your resignation from your
offices shall be referred to hereinafter as the "Separation"). The Company will pay you all base salary and all accrued but unused vacation time through your Separation Date. 

        You
hereby agree to perform your responsibilities as Vice President of Sales and Marketing and President, International of the Company on a full time basis, exercising your best efforts
on behalf of the Company during the period up to and including your Separation Date. You understand that the Company's obligations under this Agreement are contingent upon such performance of your
responsibilities up to and including your Separation Date. 

        2.    Severance and Benefits.  

        a.    Severance Payments.    Effective for the period of June 1, 2002 to and including August 31, 2002,
the Company shall pay your current base salary to you as severance payments. The Company will begin such severance payments to you upon the effectiveness of this Agreement. 

        b.    Stock Options.    The vesting of your existing stock options to purchase the Company's common stock shall
accelerate and become exercisable upon the Separation Date as follows: (a) 31,250 shares of the 125,000 share option granted on February 8, 2000 (such that such option will be vested as
to a total of 101,563 shares upon the Separation Date); and (b) 18,750 shares of 

 

the 75,000 share option granted on January 17, 2001 (such that such option will be vested as to a total of 37,500 shares on the Separation Date). With respect to the options described above
and the option covering 50,000 shares granted on October 18, 2000, to the extent these options are vested on the Separation Date you shall have until May 31, 2003 to exercise these stock
options. You hereby acknowledge and understand that the exercise of these stock options after August 31, 2002 will disqualify these stock options for treatment as incentive stock options under
the Internal Revenue Code. To the extent you hold options or portions of options that are not vested as of the Separation Date, those options and such portions will terminate in accordance with the
terms of the applicable Stock Option Certificates. 

        c.    Bonus.    The Company shall pay you (i) a bonus in the amount of $12,500 for the completion and signing
by the Separation Date of both an exclusive promotional agreement with eBay covering the Company's points-based promotions services and an exclusive promotional agreement with eBay covering the
Company's b2b services and (ii) a bonus in the amount of $12,500 for the completion and signing by the Separation Date of two points-based promotions agreements similar in size to the Burger
King agreement signed in February 2002; provided in each case that such items shall be considered completed for purposes of this Agreement if and only if they are on terms approved by Nanda
Krish and Janet Smith. Any such bonus payments shall be subject to applicable tax-related deductions and withholdings. In no event shall the Company be obligated to pay any such bonus
before the Separation Date. 

        d.    Benefits Continuation.    Pursuant to 29 U.S.C. §1161, et
seq. (commonly known as "COBRA"), you may continue to participate in the group health and dental insurance plans of the Company for up to eighteen (18) months after the
Separation Date, subject to certain exceptions and limitations. Provided that you remain eligible for such COBRA coverage, for three (3) months from the Separation Date the Company shall pay
the full cost of the regular premium for such benefits for you and your beneficiaries. If you remain eligible for coverage under COBRA thereafter, you and your beneficiaries may continue such coverage
thereafter at your own premium cost. You shall promptly notify the Company if you become eligible for coverage under other group health or dental insurance plans during the three (3) month
period following the Separation Date. 

        e.    Other Benefits or Compensation.    Except as expressly provided herein, your eligibility to participate in any
of the Company's respective employee benefit plans and programs ceases on or after the Separation Date in accordance with the terms and conditions of each of those benefit plans and programs, and your
rights to accrued benefits, if any, under any such employee benefit plans and programs as of the Separation Date are governed by the terms and conditions of each of those employee benefit plans and
programs which are incorporated herein by reference. You acknowledge that you received your base salary and all other compensation due to you through the Separation Date. 

        3.    General Release of Claims.  

        (a)    General Release of Claims by You.    In consideration of the compensation and benefits provided in
Paragraph 2 above, you voluntarily and irrevocably release and discharge the Company, its related or affiliated entities, and its respective predecessors, successors, and assigns, and the
current and former officers, directors, shareholders, employees, and agents of each of the foregoing (any and all of which are referred to as "Releasees") generally from all charges, complaints,
claims, promises, agreements, causes of action, damages, and debts, known or unknown ("Claims") of any name and nature, including, without limitation, those that relate in any manner to your
employment with or termination of employment from the Company, which you have, claim to have, ever had, or ever claimed to have had against any of the Releasees through the date on which you execute
this Agreement. This general release of Claims includes, without implication of 

3

 

limitation, a release of all Claims for or related to: your employment, the compensation provided to you by the Company; your resignations as described in Paragraph 1; wrongful or constructive
discharge; breach of contract; breach of any implied covenant of good faith and fair dealing; tortious interference with advantageous relations; intentional or negligent misrepresentation, fraud or
deceit; infliction of emotional distress, and unlawful discrimination under the common law or any statute (including, without implication of limitation, the Employee Retirement Income Security Act,
Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act or Mass. G.L. c.151B). You also waive any Claim for reinstatement, severance
(except as expressly provided in this Agreement), incentive or retention pay, attorney's fees, or costs, relating to the above waived Claims; provided, however, that nothing in this general release
shall be construed to bar or limit your on-going rights, if any, to indemnification subject to and in accordance with the terms of the Amended and Restated By-Laws of the
Company or as otherwise might exist under applicable law, or to enforce your rights under this Agreement, or any existing rights in employee benefit plans. 

        (b)    General Release of Claims by the Company.    The Company hereby irrevocably and unconditionally releases,
acquits and forever discharges you from any and all Claims of any name and nature that the Company now has, owns, or holds or claims to have, own, or hold or that the Company at any time had, owned,
or held, or claimed to have had, owned, or held against you. This general release of Claims includes, without implication of limitation, a release of all Claims related to your performance of your
responsibilities as an employee of the Company. Notwithstanding the foregoing, the Company does not release you from any civil Claims based on conduct that would constitute a criminal offense;
provided, however, that you represent that you have no knowledge of any basis for the Company to assert any such Claim against you. This general release of Claims shall not be construed to affect the
Company's right to enforce this Agreement. 

        4.    Return of Property.  

        All documents, records, material and all copies of any of the foregoing pertaining to Confidential Information, and all software, equipment, and other supplies,
whether or not pertaining to confidential information, that have come into your possession or been produced by you in connection with your employment ("Property") have been and remain the sole
property of the Company. You hereby confirm that you have returned all Property to the Company, except for the IBM laptop that has been given to you by the Company (and you hereby confirm that you
have removed all confidential information from that computer). 

        5.    Nondisparagement.  

        You agree not to take any action or make any statement, written or oral, which disparages the Company, its respective officers, or management and business
practices, or which disrupts or impairs the Company's normal operations. The Company shall instruct its respective directors and officers who receive a copy of this Agreement not to take any action or
make any statement, written or oral, which disparages or criticizes you or your management and business practices. The provisions of this Paragraph 5 shall not apply to any truthful statement
required to be made by you or the Company, as the case may be, in any legal proceeding, required filing under the securities laws, or pursuant to any governmental or regulatory investigation. 

        6.    Litigation and Regulatory Cooperation.  

        During and after your employment, you shall cooperate fully with the Company and its affiliates in the defense or prosecution of any claims or actions now in
existence or which may be brought in the future against or on behalf of the Company or any of its affiliates which relate to events or occurrences that transpired while you were employed by the
Company. Your full cooperation in connection with 

4

 

such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial, to act as a witness on behalf of the Company, and if called to
testify, to testify truthfully and in good faith about events that happened during your employment. During and after your employment, you also shall cooperate fully with the Company in connection with
any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while you were employed by the
Company. The Company shall make reasonable efforts to schedule any cooperation required pursuant to this Paragraph 6 at such times that will not unreasonably interfere with your search for
other employment or performance of other employment services. The Company shall (a) reimburse you for reasonable expenses incurred by you in connection with your performance of obligations
pursuant to this Paragraph 6 based on the standards and procedures applicable to expense reimbursement for the Company's employees and (b) compensate you for any required cooperation
pursuant to this Paragraph 6 by paying you for your time at an hourly rate of 125% of your final annual base salary rate when last employed by the Company divided by 2,080, provided that the
Company shall not be obligated to pay
for any of your time spent testifying or that otherwise could have been required to be expended pursuant to a subpoena. 

        7.    Additional Representations, Warranties and Covenants.  

        As a material inducement to the Company to enter into this Agreement, you represent, warrant and covenant that: (a) you have not assigned to any third
party any claim released by this Agreement; and (b) you have not heretofore filed with any agency or court any claim released by this Agreement. 

        8.    Further Assurances.  

        Upon the terms and subject to the conditions herein provided, each of the signatories hereto agrees to use its reasonable efforts to take, or cause to be taken,
all action and to do, or cause to be done, all things necessary, proper or advisable under applicable laws and regulations to consummate and make effective the transactions contemplated by this
Agreement. 

        9.    Exclusivity.  

        This Agreement sets forth all the consideration to which you are entitled by reason of the Separation, and you shall not be entitled to or eligible for any
payments or benefits under any other severance, equity, bonus, retention or incentive policy, arrangement or plan of the Company. 

        10.    Tax Matters.  

        The Company shall undertake to make deductions, withholdings and tax reports with respect to payments and benefits under this Agreement to the extent that it
reasonably and in good faith believes that it is required to make such deductions, withholdings and tax reports. Payments under this Agreement shall be in amounts net of any such deductions or
withholdings. Nothing in this Agreement shall be construed to require the Company to make any payments to compensate you for any adverse tax effect associated with any payments or benefits or for any
deduction or withholding from any payment or benefit. 

        11.    Consent to Jurisdiction.  

        To the extent that any court action is permitted consistent with or to enforce this Agreement, the signatories hereby consent to the jurisdiction of the state and
federal courts in Massachusetts. Accordingly, with respect to any such court action, the parties hereto (a) submit to the personal jurisdiction of such courts; (b) consent to service of
process; and (c) waive any other requirement 

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(whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process. 

        12.    Notices, Acknowledgments and Other Terms.  

        a.    This
Agreement is a legally binding document. Provided that you do not revoke this Agreement in accordance with this Paragraph 12, your signature will commit you
to the terms of this Agreement. You acknowledge that you have been advised to discuss all aspects of this Agreement with your attorney, that you have carefully read and fully understand all of the
provisions of this Agreement and that you are voluntarily entering into this Agreement. 

        b.    You
acknowledge and agree that the Company's promises in this Agreement constitute consideration in addition to anything of value to which you are otherwise entitled by
reason of your separation from employment. 

        c.    You
acknowledge that you have been given the opportunity, if you so desire, to consider this Agreement for twenty-one (21) days before executing it. If
not signed by you and returned to the Chief Financial Officer of the Company so that it is received by close of business on the twenty-second (22nd) day after your receipt of the Agreement, this
Agreement will not be valid. In addition, if you breach any of the conditions of the Agreement within the twenty-one (21) day period prior to execution of this Agreement, the offer
of this Agreement will be withdrawn and your execution of the Agreement will not be valid. In the event that you execute and return this Agreement within twenty-one (21) days or
less of the date of its delivery to you, you acknowledge that such decision was entirely voluntary and that you had the opportunity to consider this letter agreement for the entire
twenty-one (21) day period. The Company acknowledges that for a period of seven (7) days from the date of the execution of this Agreement, you shall retain the right to
revoke this Agreement by written notice delivered to the Chief Financial Officer of the Company before the end of such period, and that this Agreement shall not become effective or enforceable until
the expiration of such revocation period (the "Effective Date"). 

        d.    By
signing this Agreement, you acknowledge that you are doing so voluntarily and knowingly, fully intending to be bound by this Agreement. You also acknowledge that you
are not relying on any representations by the Company or any other representative of the Company concerning the meaning of any aspect of this Agreement. You understand that this Agreement shall not in
any way be construed as an admission by the Company of any liability or any act of wrongdoing whatsoever by the Company against you and that the Company specifically disclaims any liability or
wrongdoing whatsoever against you on the part of itself and its respective officers, directors, shareholders, employees and agents. You understand that if you do not enter into this Agreement and
bring any claims against the Company, the Company will dispute the merits of those claims and contend that it acted lawfully and for good business reasons with respect to you. 

        e.    In
the event of any dispute, this Agreement will be construed as a whole, will be interpreted in accordance with its fair meaning, and will not be construed strictly for
or against either you or the Company. 

        f.      The
laws of the Commonwealth of Massachusetts will govern any dispute about this Agreement, including any interpretation or enforcement of this Agreement, without regard
to its conflicts of laws principles. 

        g.    In
the event that any provision or portion of a provision of this Agreement shall be determined to be illegal, invalid or unenforceable, the remainder of this Agreement
shall be enforced to the fullest extent possible and the illegal, invalid or unenforceable provision or portion of a provision will be amended by a court of competent jurisdiction to reflect the
signatories' intent if possible. If such amendment is not possible, the illegal, invalid or unenforceable provision or portion of a provision will be severed from the remainder of this Agreement and
the remainder 

6

 

of this Agreement shall be enforced to the fullest extent possible as if such illegal, invalid or unenforceable provision or portion of a provision was not included. 

        h.    This
Agreement may be modified only by a written agreement signed by an authorized representative of the Company and all of the other parties hereto. 

        i.      This
Agreement constitutes the entire agreement between the signatories hereof and supersedes all prior agreements between the parties. Notwithstanding the foregoing, the
parties intend that all provisions of the Agreement Regarding Inventions, Confidentiality and Non-Competition, dated February 1, 2000 (the "Employment Agreement"), remain in full
force and effect and that the parties shall retain their rights and obligations under the FairMarket, Inc. 2000 Stock Option and Incentive Plan and the Stock Option Certificates as modified in
Paragraph 2 of this Agreement. 

        j.      This
Agreement shall be binding upon each of the signatories and upon their respective heirs, administrators, representatives, executors, successors and assigns, and
shall inure to the benefit of each party and to their heirs, administrators, representatives, executors, successors, and assigns. 

        k.    You
will not disclose the fact or terms of this Agreement to anyone except to your counsel, your financial advisors, and members of your immediate family until the
Company makes public disclosure of the fact and terms of this Agreement. 

        l.      From
and after the Separation Date, the Company acknowledges that you will no longer be subject to the Company's insider trading policy. However, you will continue to be
subject to insider trading liability if you trade in the Company's stock while you are in the possession of material nonpublic information concerning the Company, regardless of when the trade occurs.
Therefore, you should not trade in the Company's stock at any time that you are in possession of material nonpublic information regarding the Company. 

        m.    This
Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. 

        If
you agree to these terms, please sign and date below and return this Agreement to the Chief Financial Officer of the Company. You are advised to consult with an attorney before
signing this Agreement. 

	 	 	Sincerely,
	

 	
 	

FAIRMARKET, INC.
	

 	
 	

By:	
 	

/s/  JANET SMITH      
 Name: Janet Smith

Title: CFO

Accepted and agreed to: 

	

/s/  N. LOUIS SHIPLEY      
 N. Louis Shipley	
 	

April 9, 2002
 Date

7

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