Document:

Exhibit 10.5

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 Michael
M. Mullen(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.

 

(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.

 

 

1

 

 

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:  Michael M. Mullen

  

 

 

3Exhibit 10.6

CENTERPOINT PROPERTIES TRUST

2000 OMNIBUS EMPLOYEE RETENTION AND
INCENTIVE PLAN

 

SHARE OPTION AGREEMENT

 

THIS SHARE OPTION AGREEMENT (the “Agreement”) is dated
as of March 7, 2003 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 2000
Omnibus Employee Retention and Incentive Plan (the “2000
Plan”).  Capitalized terms not otherwise
defined herein shall have the meanings set forth in the 2000 Plan.  The purpose of this Agreement is to
establish a written agreement evidencing an option granted in accordance with
the terms of the 2000 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 2000 Plan.

 

The parties agree as follows:

 

1.                                      Grant of Option.  The Company hereby grants to the Optionee
an option (the “Option”) to purchase 28,693 shares under the terms and
conditions hereof.

 

2.                                      Term.  The Option becomes exercisable
and terminates in accordance with the schedule set forth in Section 5 hereof;
provided, however, that in the event employment of the Optionee with the
Company or a Subsidiary terminates for any reason, the Option shall terminate
in accordance with the provisions of Section 2.6 of the 2000 Plan.

 

3.                                      Price.     The price of each share
purchased by exercise of the Option is $ 56.30.

 

4.                                      Partial Exercise.  The Option, to the extent exercisable
under this agreement and the 2000 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.

                                                

	
  Except as otherwise
  provided in the 2000 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)                                 If it has not previously terminated
pursuant to the terms of the 2000 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.

 

1

 

 

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 2000 Plan.

 

8.                                      Rights of the Shareholder. 
No person,
estate, or other entity will have the rights of a stockholder with respect to
shares subject to the Options 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 other changes in 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.

 

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.

 

11.                               Compliance with Laws. 
Options
are 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 Common Shares are listed at any time.  Options 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.

 

15.                               Miscellaneous.  This
Agreement is subject to and controlled by the 2000 Plan.  Any inconsistency between this Agreement and
said 2000 Plan shall be controlled by the 2000 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.

 

2

 

 

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 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:

  	
   

  
	
   

  	
   

  	
   

  	
  Rockford O. Kottka

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Its:

  	
  Executive Vice President
  and Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  GRANTEE

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Paul S. Fisher

  

 

 

3

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