Document:

Form of Restricted Stock Award Agreement

 Exhibit 10.25 
  
 CATELLUS DEVELOPMENT CORPORATION 
  
 RESTRICTED STOCK AWARD AGREEMENT 
  
 2003 PERFORMANCE AWARD PLAN 
  

					
		
	Participant Name:	  	[Ted R. Antenucci] [C. William Hosler] [Vanessa L. Washington]
			
	Social Security Number:	  	 	  	 
		
	No. of Restricted Shares:	  	[84,447] [56,318] [14,080]
		
	Award Date:	  	February 16, 2005
		
	Vesting Schedule:	  	20% on December 31, 2005; 20% on December 31, 2006; and 60% on December 31, 2007.

  
 This Restricted Stock
Award Agreement (this “Agreement”) is entered into as of the Award Date set forth above by and between the employee named above (the “Participant”) and Catellus Development Corporation (“Catellus”)
under the Catellus Development Corporation 2003 Performance Award Plan (such plan, as amended from time to time, shall be referred to herein as the “2003 Plan”). 
  
 WITNESSETH 
  
 WHEREAS, pursuant to the terms of the 2003 Plan, Catellus has granted to the Participant, with respect to services rendered and to be rendered to
Catellus, a restricted stock award (the “Restricted Stock Award” or “Award”), upon the terms and conditions set forth herein and in the 2003 Plan. 
  
 NOW THEREFORE, in consideration of services rendered by the Participant and the mutual promises made herein and the
mutual benefits to be derived therefrom, the parties agree as follows: 
  

	1.	Definitions. 

  
 Capitalized terms used herein and not otherwise defined herein shall have the same meaning as defined in the 2003 Plan. 
  

	2.	Grant. 

  
 Subject to the terms of this Agreement and the 2003 Plan, Catellus grants to the Participant a Restricted Stock Award with respect to an aggregate number
of shares of its Common Stock, par value $.01 per share (the “Restricted Stock”) set forth above. 
  

	3.	Vesting. 

  
 This Award shall vest, and restrictions shall lapse, as set forth in the vesting schedule above, subject to earlier termination as provided herein or in
the 2003 Plan. A Change of Control will not accelerate vesting of this Award unless otherwise provided in the Participant’s memorandum of understanding or employment agreement with Catellus or a Subsidiary. 
  

	4.	Continued Service Required. 

  
 The vesting schedule requires continued service through each applicable vesting date as a condition to the vesting of the applicable installment and
rights and benefits under this Agreement. Partial service, even if substantial, during any vesting period will not entitle the Participant to any proportionate vesting or avoid or mitigate any termination of rights and benefits upon or following a
termination of employment. 
  

	5.	Dividend and Voting Rights. 

  
 After the Award Date, the Participant shall be entitled to dividends and voting rights with respect to the shares of Restricted Stock subject to this
Award even though such shares are not vested, provided that such rights shall terminate immediately as to any shares of Restricted Stock that cease to be eligible for vesting. 
  

	6.	Restrictions on Transfer. 

  
 Prior to the time they become vested, neither the shares of Restricted Stock comprising this Award, nor any other rights of the Participant under this
Agreement or the 2003 Plan may be assigned or transferred. Notwithstanding the foregoing, upon the divorce of the Participant, shares of Restricted Stock may be transferred to the Participant’s former spouse pursuant to a domestic relations
order issued by a court of competent jurisdiction. 
  

	7.	Stock Certificates. 

  
 (a) Book Entry or Certificated Form; Power of Attorney. Catellus shall issue the shares of Restricted Stock subject to this Award in
book entry form, with notations regarding applicable restrictions on transfer, or in certificated form, subject to the requirements set forth in Section 7(b). In either case, such shares shall be registered in the name of the Participant. Concurrent
with the execution and delivery of this Agreement, the Participant shall deliver to Catellus an executed stock power, in blank, with respect to such shares. The Participant, by acceptance of this Award, shall be deemed to appoint Catellus and each
of its authorized representatives as the Participant’s attorney(s)-in-fact to effect any transfer of unvested forfeited shares (or shares otherwise reacquired by Catellus hereunder) to Catellus as may be required pursuant to the 2003 Plan or
this Agreement and to execute such documents as Catellus or such representatives deem necessary or advisable in connection with any such transfer. 
  
 (b) Certificates to Be Held by Catellus; Legend. Any certificates representing Restricted Stock that the Participant may be entitled
to receive from Catellus prior to vesting shall be redelivered to Catellus to be held by Catellus until the restrictions on such shares shall 

  

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have lapsed and the shares shall thereby have become vested or the shares represented thereby have been forfeited hereunder. Such certificates shall bear the
following legend: 
  
 “The transferability of this
certificate and the shares of stock represented hereby are subject to the terms and conditions contained in an Agreement entered into between the registered owner and Catellus Development Corporation. A copy of such Agreement is on file in the
office of the Secretary of Catellus Development Corporation, 201 Mission Street, Second Floor, San Francisco, California 94105.” 
  
 (c) Delivery of Certificates upon Vesting. Promptly after the lapse or other release of restrictions, a certificate or certificates
evidencing the number of shares of Catellus Stock as to which the restrictions have lapsed or been released or such lesser number as may be permitted pursuant to Section 10 of this Agreement shall be delivered to the Participant. The Participant
shall deliver to Catellus any representations or other documents or assurances that Catellus may require to assure compliance with all applicable legal requirements. The shares so delivered shall no longer be restricted shares hereunder. 

 

	8.	Effect of Termination of Employment. 

  
 (a) Forfeiture after Certain Events. The Participant’s shares of Restricted Stock shall be forfeited to the extent such shares
have not become vested upon the date the Participant is no longer employed by Catellus or a Subsidiary for any reason, whether with or without cause, voluntarily or involuntarily, unless otherwise provided in the Participant’s memorandum of
understanding or employment agreement with Catellus or a Subsidiary. If an entity ceases to be a Subsidiary, such action shall be deemed to be a termination of employment of all employees of that entity. Notwithstanding the foregoing, if the
Participant ceases to be an employee of Catellus or any Subsidiary by reason of disability (defined as the inability of the Participant to continue to perform the Participant’s duties as determined by the Committee) or death, the following
portion of the shares of Restricted Stock subject to this Award shall vest, unless otherwise provided in the Participant’s memorandum of understanding or employment agreement with Catellus or a Subsidiary: (i) the number of shares of Restricted
Stock subject to this Award multiplied by a fraction, the numerator of which is the number of months elapsed between the Award Date and the date of disability or death, and the denominator of which is the number of months between the Award Date and
the date on which this Award would be fully vested under Section 3 of this Agreement without regard to any provision of this Section 8(a), less (ii) the number of shares of Restricted Stock already vested under Section 3 of this Agreement, if any,
as of the date of disability or death. 
  
 (b) Return
of Shares. Upon the occurrence of any forfeiture of shares of Restricted Stock hereunder, such unvested, forfeited shares shall, without payment of any consideration by Catellus for such transfer, be automatically transferred to Catellus,
without any other action by the Participant. Catellus may exercise its powers under Section 7(a) hereof and take any other action necessary or advisable to evidence such transfer. The Participant shall deliver any additional documents of transfer
that Catellus may request to confirm the transfer of such unvested, forfeited shares to Catellus. 
  

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	9.	Adjustments upon Specified Events. 

  
 Upon the occurrence of certain events relating to Catellus Stock contemplated by Section 7 of the 2003 Plan, the Committee shall make adjustments if
appropriate in the number and kind of securities that may become vested under an Award. If any adjustment shall be made under Section 7 of the 2003 Plan and the shares of Restricted Stock are not fully vested upon such event or prior thereto, the
restrictions applicable to such shares of Restricted Stock shall continue in effect with respect to any consideration or other securities (the “Restricted Property” and, for the purposes of this Agreement, “Restricted
Stock” shall include “Restricted Property,” unless the context otherwise requires) received in respect of such Restricted Stock. Such Restricted Property shall vest at such times and in such proportion as the shares of Restricted
Stock to which the Restricted Property is attributable vest, or would have vested pursuant to the terms hereof if such shares of Restricted Stock had remained outstanding. Notwithstanding the foregoing, to the extent that the Restricted Property
includes any cash, the commitment hereunder shall become an unsecured promise to pay an amount equal to such cash (with earnings attributable thereto as if such amount had been invested, pursuant to policies established by the Committee, in interest
bearing, FDIC-insured (subject to applicable insurance limits) deposits of a depository institution selected by the Committee) at such times and in such proportions as the Restricted Stock would have vested.  
  

	10.	Tax Withholding. 

  
 Catellus or the Subsidiary last employing the Participant shall be entitled to require a cash payment by or on behalf of the Participant and/or to deduct
from other compensation payable to the Participant any sums required by federal, state or local tax law to be withheld with respect to the payment of dividends in respect of and with respect to the vesting of any Restricted Stock, but, in the
alternative the Participant may irrevocably elect, in such manner and at such time or times prior to any applicable tax date as may be permitted or required under Section 6(a)(3) of the 2003 Plan and rules established by the Committee, to have the
entity last employing the Participant withhold and reacquire shares of Restricted Stock at their Fair Market Value at the time of vesting to satisfy any withholding obligations of Catellus or a Subsidiary with respect to such vesting. Any election
to have shares so held back and reacquired shall be subject to such rules and procedures, which may include prior approval of the Committee, as the Committee may impose, and shall not be available if the Participant makes or has made an election
pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended from time to time, with respect to such Award. 
  

	11.	Notices. 

  
 Any notice to be given under the terms of this Agreement shall be in writing, hand-delivered or sent by first class or equivalent mail and addressed to
Catellus at its principal office located at 201 Mission Street, Second Floor, San Francisco, California 94105, to the attention of the Corporate Secretary and to the Participant at the address given beneath the Participant’s signature hereto,
or at such other address as either party may hereafter designate in writing to the other. The notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark. 
  

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	12.	Coordination with the 2003 Plan. 

  
 This Award and all rights of the Participant with respect thereto are subject to, and the Participant agrees to be bound by, all of the terms and
conditions of the provisions of the 2003 Plan, which are incorporated herein by reference, to the extent such provisions are applicable to Awards granted to Employees. Any issues related to this Award that are not addressed in this Agreement shall
be resolved by reference to the terms of the 2003 Plan document. The 2003 Plan shall control in the event of any conflict between the 2003 Plan and this Agreement. The Participant acknowledges receipt of a copy of the 2003 Plan. Unless otherwise
expressly provided in other Sections of this Agreement, provisions of the 2003 Plan that confer discretionary authority on the Committee do not (and shall not be deemed to) create any rights in the Participant unless such rights are expressly set
forth herein or are otherwise in the sole discretion of the Committee so conferred by appropriate action of the Committee under the 2003 Plan after the date hereof. 
  

	13.	Employment Rights. 

  
 Nothing in this Agreement or the 2003 Plan shall confer upon the Participant any right to continue in the employ of Catellus or a Subsidiary, constitute
any contract or agreement of employment or affect the Participant’s status as an employee at will, nor shall interfere in any way with the right of Catellus or a Subsidiary to change the Participant’s compensation or other benefits, or to
terminate the Participant’s employment with or without cause. Nothing in this Section 13, however, is intended to adversely affect any express independent right of the Participant under a separate employment agreement or memorandum of
understanding. 
  

	14.	Limitation on Participant’s Rights. 

  
 Participation in the 2003 Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the
part of Catellus as to amounts payable and shall not be construed as creating a trust. 
  

	15.	Captions. 

  
 The caption of the sections of this Agreement are for convenience only and will not control or affect the meaning or construction of any of its
provisions. 
  

	16.	Amendment. 

  
 This Agreement may be amended in accordance with the terms of the 2003 Plan. Any such amendment must be in writing and signed by Catellus. The terms and
conditions of this Award may not be restricted or limited by any amendment of this Agreement or the 2003 Plan without the Participant’s consent. Catellus may, however, unilaterally waive any provision hereof in writing to the extent such waiver
does not adversely affect the interests of the Participant hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof. 
  

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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the Award Date set forth above.
By the Participant’s execution of this Agreement, the Participant agrees to the terms and conditions hereof and of the 2003 Plan. 
  

									
	 CATELLUS DEVELOPMENT CORPORATION 
 (a Delaware corporation)
	 	 	 	PARTICIPANT
					
	By:	 	 	 	 	 	 	 	 
	 	 	(Signature)	 	 	 	 	 	(Signature)
					
	 Title:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	(Print Name)
					
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	(Address)
					
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	(City, State, Zip Code)

  

 6Form of Long-Term Incentive Plan Award Agreement

 Exhibit 10.32 
  
 CATELLUS DEVELOPMENT CORPORATION 
  
 LONG-TERM INCENTIVE PLAN 
  
 PERFORMANCE UNIT 
 AWARD AGREEMENT

  

					
		
	Participant Name:	  	[Ted R. Antenucci] [C. William Hosler] [Vanessa L. Washington]
		
	Number of Performance Units:	  	[21,254] [14,169] [10,627]
		
	Performance Period:	  	January 1, 2005 to December 31, 2007

  
 This Performance Unit
Award Agreement (this “Agreement”) is entered into as of the first day of the Performance Period set forth above by and between the executive named above (the “Participant”) and Catellus Development Corporation
(“Catellus”) under the Catellus Development Corporation 2003 Performance Award Plan (the “2003 Plan”) and the terms and conditions for a long-term incentive plan originally approved by the Catellus Compensation and
Benefits Committee on March 26, 2004 (the “LTIP”). 
  
 WITNESSETH 
  
 WHEREAS, the Catellus
Compensation and Benefits Committee has approved the terms and conditions of the LTIP as part of the 2003 Plan and has granted to the Participant on February 15, 2005, with respect to services rendered and to be rendered to Catellus, a performance
unit award (“Performance Unit Award” or “Award”) upon the terms and conditions set forth herein and in the 2003 Plan. 
  
 NOW THEREFORE, in consideration of services rendered by the Participant and the mutual promises made herein and the mutual benefits to be derived
therefrom, the parties agree as follows: 
  

	1.	Definitions. 

  
 Capitalized terms used herein and not otherwise defined herein shall have the same meaning as defined in the 2003 Plan. In addition, when the following
words or phrases are used herein, they shall have the meanings specified below: 
  
 Account means the account established for the Participant for bookkeeping purposes to which Units are credited in accordance with Section 3. 
  
 Catellus means Catellus Development Corporation, a Delaware corporation. 
  
 NAREIT 50 means the fifty companies comprising the “Real Estate
50” in the NAREIT Real-Time Market Index as of the first day of the Performance Period. If, prior to the end of the Performance Period, one or more of such companies is acquired by or merged into another 

  

 
company and separate reports with respect to its Total Stockholder Return are not available, or one or more of such companies is liquidated or for any other
reason does not have separate reports with respect to its Total Stockholder Return, then any such company shall cease to be a member of the NAREIT 50. 
  
 Performance Period means the three-year period set forth above. 
  
 Performance Unit or Unit means a non-voting unit of measurement that is deemed for bookkeeping purposes to be
equivalent to one outstanding share of Catellus Stock. 
  
 Total Stockholder Return means the percentage increase or decrease over the Performance Period of an investment in a company’s stock assuming any regular dividends are reinvested at the share price at the end of the month in
which the stock trades ex-dividend and any extraordinary special dividends are reinvested at the share price at the end of the month in which they are paid. The starting and ending points for calculation are the average of the closing prices at
month end for each of the 6 months preceding the start and end of the Performance Period, respectively, adjusted for dividends paid. 
  
 2003 Plan means the Catellus Development Corporation 2003 Performance Award Plan, as amended from time to time. 
  

	2.	Grant. 

  
 Subject to the terms of this Agreement and the 2003 Plan, Catellus hereby grants to the Participant a Performance Unit Award with respect to the aggregate
number of Performance Units set forth above. This Award is intended to be a Performance-Based Award under Section 4(b) of the 2003 Plan. 
  

	3.	Account. 

  
 Catellus will maintain a bookkeeping account for the Participant. Units granted to the Participant under this Agreement will be credited to the
Participant’s Account as of the first day of the Performance Period. 
  

	4.	Vesting and Termination of Units. 

  
 (a) General. This Award shall vest, and restrictions shall lapse, based on Catellus’ performance for the Performance Period as set
forth herein, provided that the Participant is still employed by Catellus or a Subsidiary on the date of the Committee’s certification as provided in Section 6 below, subject to earlier termination as provided herein or in the 2003 Plan.

  
 (b) Performance Vesting. Following the end of
the Performance Period, the Committee will determine Catellus’ Total Stockholder Return for the Performance Period and the Total Stockholder Returns for the members of the NAREIT 50 for the Performance Period. The number of Performance Units
credited to the Participant’s Account will then be multiplied by an adjustment factor determined under the table set forth below: 
  

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	 Catellus’ Total Stockholder
Return Relative to NAREIT 50

	  	Adjustment
Factor

	 75th
Percentile or above
	  	1.5
	 50th
Percentile
	  	1.0
	 25th
Percentile
	  	0.5
	 Below 25th Percentile
	  	0

  
 In the case of
performance between the 75th and 25th percentiles, the adjustment factor will be determined by interpolation. 
  
 (c) Effect of Termination of Employment. Except as otherwise provided in an employment agreement, memorandum
of understanding or other contract between the Participant and Catellus or one of its Subsidiaries, the Performance Units credited to the Participant’s Account will be forfeited, and the Participant will not be entitled to any distribution or
payments with respect to such Performance Units if the Participant ceases to be employed by Catellus or one of its Subsidiaries for any reason prior to the date of the Committee’s certification as provided in Section 6 below. If an entity
ceases to be a Subsidiary, such action shall be deemed to be a termination of employment of all employees of that entity. 
  
 (d) Termination of Units upon Payment. A Unit will terminate upon the payment of that Unit in accordance with the terms hereof, and the
Participant shall have no further rights with respect to such Unit. 
  

	5.	Dividend Equivalents. 

  
 As of each date that Catellus pays a dividend (a “Dividend Payment Date”), the Participant’s Account will be credited with
additional Performance Units in an amount equal to the Dividend Equivalents representing dividends paid on a number of shares of Catellus Stock equal to the aggregate number of Performance Units credited to the Participant’s Performance Unit
Account as of the date preceding the Dividend Payment Date divided by the Fair Market Value of a share of Catellus Stock as of the Dividend Payment Date. 
  

	6.	Payment. 

  
 The number of Performance Units (if any) credited to the Participant’s Performance Unit Account following the adjustment described in Section 4(b)
above will be payable as follows: One-half of the number of such Performance Units will be payable in the form of an equal number of shares of Catellus Stock. The remaining half of the Performance Units will be payable in cash in an amount
determined by multiplying the number of such remaining Performance Units by the Fair Market Value of a share of Catellus Stock on the date of the Committee’s determination under Section 4(b). Any fractional shares of Stock will be paid in cash.

  
 At the time the Committee makes the determinations described
in Section 4(b), it shall certify in writing its findings and the number of shares of Stock to be delivered and the amount of cash to be paid to each Participant. The delivery of shares of Stock and payment of cash will be made as soon as
practicable following the Committee’s certification. 
  

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	7.	Adjustments. 

  
 (a) The number of Units credited to the Participant’s Account may be adjusted for a Change of Control, recapitalization, merger or other
events in accordance with the terms of the 2003 Plan. 
  
 (b) Notwithstanding anything contained herein to the contrary, the number of shares of Stock delivered and the amount of cash payments made to the Participant under this Award shall be subject to the adjustments, limitations,
Committee’s discretionary authority to make downward adjustments and other terms and conditions set forth in the 2003 Plan. 
  

	8.	Restrictions on Transfer. 

  
 Units awards may not be alienated, assigned, transferred, pledged or hypothecated by the Participant to any person or entity at any time in any manner
whatsoever. Notwithstanding the foregoing, upon the divorce of the Participant, Units awards may be transferred to the Participant’s former spouse pursuant to a domestic relations order issued by a court of competent jurisdiction. 

 

	9.	No Stockholder Rights. 

  
 The Participant has no rights as a stockholder of Catellus with respect to the Units credited to his or her Account, including, but not limited to: (a)
voting rights, (b) dividend rights (other than dividend equivalent rights set forth in Section 5), (c) the right to participate in or affect the management, control or fundamental changes in the business or existence of Catellus, and (d) the right
to participate in or affect the issuance of additional securities by Catellus. The Participant shall have no rights as a stockholder of Catellus with respect to shares of Stock of Catellus distributed with respect to his or her Units until the date
the Participant becomes the holder of record of such shares of Catellus Stock. 
  

	10.	Employment Rights. 

  
 Nothing in this Agreement, nor the existence of Units credited to the Participant’s Account, shall confer upon the Participant any right to continue
in the employ of Catellus or a Subsidiary, constitute any contract or agreement of employment or affect the Participant’s status as an employee at will, nor shall interfere in any way with the right of Catellus or a Subsidiary to change the
Participant’s compensation or other benefits, or to terminate the Participant’s employment with or without cause. Nothing in this Section 10, however, is intended to adversely affect any express independent right of the Participant under a
separate employment agreement or memorandum of understanding. 
  

	11.	Unfunded Plan. 

  
 Amounts payable in respect of the Units will be payable from the general assets of Catellus and no special or separate reserve, fund or deposit will be
made to assure payment of such amounts. The Participant or any other person will not have any right, title or interest in any 

  

 4 

 
fund or in any specific asset of Catellus by reason of any Unit or this Agreement. Neither the provisions of this Agreement (or of any related documents),
nor the creation, adoption or maintenance of the LTIP or the 2003 Plan, nor any action taken pursuant to the provisions of the 2003 Plan or this Agreement will create, or be construed to create, a trust of any kind or a fiduciary relationship
between Catellus or a Subsidiary and the Participant or other person. To the extent that the Participant or other person acquires a right to receive payment or distribution pursuant to any Unit, such right will be no greater than the right of any
unsecured general creditor of Catellus. 
  

	12.	Tax Withholding. 

  
 Upon payment of cash and the distribution of shares of Catellus Stock in respect of a Participant’s Account, Catellus or the Subsidiary last
employing the Participant shall have the right at its option to (a) require the Participant to pay or provide for payment in cash of the amount of any taxes that Catellus or the Subsidiary may be required to withhold with respect to such payment or
distribution or (b) deduct from any amount payable to the Participant the amount of any taxes which Catellus or the Subsidiary may be required to withhold with respect to such payment or distribution. In any case where a tax is required to be
withheld in connection with the delivery of shares of Catellus Stock under this Agreement, the Committee may permit the Participant to elect, pursuant to such rules and subject to such conditions as the Committee may establish, to have Catellus or
the Subsidiary reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares valued at their then Fair Market Value, to satisfy such withholding obligation. 
  

	13.	Continued Service Required. 

  
 The performance vesting schedule applicable to unvested Units requires continued service through the date the Committee certifies Catellus’
performance for the Performance Period as a condition to any vesting of the Units and the rights and benefits under this Agreement. Partial service, even if substantial, will not entitle the Participant to any proportionate vesting or avoid or
mitigate any termination of rights and benefits upon or following a termination of employment. 
  

	14.	Captions. 

  
 The captions of the sections of this Agreement are for convenience only and will not control or affect the meaning or construction of any of its
provisions. 
  

	15.	Validity. 

  
 If any provision of this Agreement is held invalid, void or unenforceable, the same will not affect, in any respect whatsoever, the validity of any other
provisions of this Agreement. 
  

	16.	Applicable Law. 

  
 The terms and conditions of the Units and this Agreement will be governed and construed in accordance with the laws of California. 
  

 5 

	17.	Expenses. 

  
 Catellus shall pay expenses and fees incurred by the Committee in connection with administering this Award. The Committee is authorized to employ such
legal counsel and consultants as it may deem advisable to assist in the performance of its administrative duties. 
  

	18.	Notice. 

  
 Any notice to be given under the terms of this Agreement shall be in writing, hand delivered or sent by first class or equivalent mail and addressed to
Catellus at its principal office located at 201 Mission Street, Second Floor, San Francisco, California 94105, to the attention of the Corporate Secretary and to the Participant at the address given beneath the Participant’s signature hereto,
or at such other address as either party may hereafter designate in writing to the other. The notice shall be deemed given as of the date of delivery, or, if delivery is made by mail, as of the date shown on the postmark. 
  

	19.	Coordination with the 2003 Plan. 

  
 This Award and all rights of the Participant with respect thereto are subject to, and the Participant agrees to be bound by, all of the terms and
conditions of the provisions of the 2003 Plan, which is incorporated herein by reference, to the extent such provisions are applicable to awards granted to Employees. Any issues related to this Award that are not addressed in this Agreement shall be
resolved by reference to the 2003 Plan document. The 2003 Plan shall control in the event of any conflict between the 2003 Plan and this Agreement. The Participant acknowledges receipt of a copy of the 2003 Plan. Unless otherwise expressly provided
in other Sections of this Agreement, provisions of the 2003 Plan that confer discretionary authority on the Committee do not (and shall not be deemed to) create any rights in the Participant unless such rights are expressly set forth herein or are
otherwise in the sole discretion of the Committee so conferred by appropriate action of the Committee under the 2003 Plan after the date hereof. 
  

	20.	Amendment. 

  
 This Agreement may be amended in accordance with the terms of the 2003 Plan. Any such amendment must be in writing and signed by Catellus. Except as
provided in Section 7 of this Agreement, the terms and conditions of Units may not be restricted or limited by any amendment of this Agreement or the 2003 Plan without the Participant’s consent. Catellus may, however, unilaterally waive any
provision hereof in writing to the extent such waiver does not adversely affect the interests of the Participant hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other
provision hereof. 
  

 6 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the first day of the
Performance Period. By the Participant’s execution of this Agreement, the Participant agrees to the terms and conditions hereof and of the 2003 Plan. 
  

											
	 CATELLUS DEVELOPMENT CORPORATION, 
 a Delaware corporation
	 	 	 	PARTICIPANT	 	 
					
	By:	 	 	 	 	 	 	 	 
	 	 	 Willie C. Bogan
	 	 	 	 	 	 
	 	 	 Vice President and Assistant Secretary
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 Date: March 3, 2005
	 	 	 	 Date: March 3, 2005
	 	 

  

 7

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