Document:

Exhibit 10.3

CENTERPOINT PROPERTIES TRUST

2000 OMNIBUS EMPLOYEE RETENTION AND
INCENTIVE PLAN

 

RESTRICTED SHARE AGREEMENT

 

THIS RESTRICTED SHARE AGREEMENT (the “Agreement”) is dated as of March
7, 2003 between CenterPoint Properties Trust, a Maryland real estate investment
trust (the “Company”), and John S. Gates Jr.(the “Grantee”).

 

                                This Agreement
is made pursuant to, and is governed by, the CenterPoint Properties Trust Omnibus
2000 Employee Retention and Incentive Plan (the “2000 Plan”). 
Capitalized terms not otherwise defined herein shall have the meanings
set forth in the Plan.  The purpose of
this Agreement is to establish a written agreement evidencing a grant of
Restricted Shares made in accordance with the terms of the Plan.  In this Agreement, “Restricted Shares” means
shares granted pursuant to this Agreement or other securities resulting from an
adjustment under Section 1.5 and 6.2 of the 2000 Plan.

 

The
parties agree as follows:

 

1.     Grant of
Restricted Shares.  The Company
hereby grants to the Grantee March 7, 2003 common shares (the “Shares”) under the terms
and conditions hereof.

 

2.     Share
Price.  The Share Price of the
Shares is 56.30.

 

3.     Time Goal.  Eight
(8) years.

 

4.     Performance Goal. 60%.

 

5.     Vesting.   Except as otherwise provided
in the 2000 Plan or in this Agreement, the shares shall become vested as
follows:

 

(a)                           Achievement of Performance
Goal.  All
Shares granted and not previously vested or forfeited shall vest 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%.

 

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 on the date of this award.

 

(b)                           Change of Control.  Shares not previously vested or forfeited
shall become fully vested upon a Change of Control as defined in the 2000 Plan.

 

 

1

 

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

 

6.     Rights of
the Company.  This Agreement
does not affect the Company’s right to take any corporate action, including its
right to recapitalize, reorganize or consolidate, issue bonds, notes or stock,
including preferred stock or options therefore, to dissolve or liquidate, or to
sell or transfer any part of its assets or business.

 

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

 

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

 

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

 

10.  No Right of
Employment.  Nothing in this
Agreement shall confer any right on an employee to continue in the employ of
the Company or shall interfere in any way with the right of the Company to
terminate such employee employment 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 2000 Plan.  In the case of any
inconsistency between this Agreement and the 2000 Plan, the terms of the 2000
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.

 

 

2

 

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

 

 

 

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

 

 

CENTERPOINT PROPTERIES TRUST

 

 

 

	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Rockford O. Kottka

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Its:

  	
  Executive Vice President
  and Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GRANTEE

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Print name:  John S. Gates Jr.

  

 

 

3Exhibit
10.4

CENTERPOINT PROPERTIES TRUST

2000
OMNIBUS EMPLOYEE RETENTION AND INCENTIVE PLAN

 

RESTRICTED
SHARE AGREEMENT

 

THIS
RESTRICTED SHARE AGREEMENT (the “Agreement”) is dated as of March 7, 2003
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 Omnibus
2000 Employee Retention and Incentive Plan (the “2000 Plan”). 
Capitalized terms not otherwise defined herein shall have the meanings
set forth in the Plan.  The purpose of
this Agreement is to establish a written agreement evidencing a grant of
Restricted Shares made in accordance with the terms of the Plan.  In this Agreement, “Restricted Shares” means
shares granted pursuant to this Agreement or other securities resulting from an
adjustment under Section 1.5 and 6.2 of the 2000 Plan.

 

The parties agree
as follows:

 

1.                      Grant of
Restricted Shares.  The Company hereby grants to the Grantee March
7 common shares (the “Shares”) under the terms and conditions hereof.

 

2.                      Share
Price.  The Share Price of the Shares is 56.30.

 

3.                      Time Goal.  Eight (8)
years.

 

4.                      Performance Goal. 60%.

 

5.                      Vesting.   Except as otherwise provided in the 2000 Plan or in
this Agreement, the shares shall become vested as follows:

 

(a)                   Achievement of Performance Goal.  All Shares granted and not previously vested or
forfeited shall vest 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%.

 

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 on the date of this award.

 

(b)                   Change of Control.  Shares not previously vested or forfeited
shall become fully vested upon a Change of Control as defined in the 2000 Plan.

 

 

1

 

 

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

 

6.                      Rights of the
Company.  This Agreement does not affect the
Company’s right to take any corporate action, including its right to
recapitalize, reorganize or consolidate, issue bonds, notes or stock, including
preferred stock or options therefore, to dissolve or liquidate, or to sell or
transfer any part of its assets or business.

 

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

 

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

 

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

 

10.               No Right of
Employment.  Nothing in this Agreement shall confer
any right on an employee to continue in the employ of the Company or shall
interfere in any way with the right of the Company to terminate such employee
employment 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 2000 Plan.  In the case of any inconsistency between
this Agreement and the 2000 Plan, the terms of the 2000 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.

 

 

2

 

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

 

 

 

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

 

 

CENTERPOINT
PROPTERIES TRUST

 

 

 

	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Rockford O. Kottka

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Its:

  	
  Executive Vice President
  and Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GRANTEE

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Print name:  Rockford O. Kottka

  

 

 

3

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