Document:

Exhibit 10.7

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 John S. Gates Jr.,  (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 31,881 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

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  John S. Gates Jr.

  

 

 

3Exhibit 10.8

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 Rockford O. Kottka (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 46,625 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

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rockford O. Kottka

  

 

 

 

3

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