Document:

Memorandum of Understanding regarding Employment

 [LOGO] 
 CATELLUS 
  

	 TO:
	  	Ted Antenucci
		
	 FROM:
	  	Nelson C. Rising
		
	 DATE:
	  	August 22, 2002
		
	 SUBJECT:
	  	Memorandum of Understanding regarding Employment

  
 This Memorandum of
Understanding (“Memorandum”) sets forth the terms of your employment with Catellus Commercial Development Corporation (the “Company”), a subsidiary of Catellus Development Corporation (“Catellus”). This Memorandum
supersedes, in their entirety, all previous agreements and understandings concerning your employment except the Indemnity Agreement referenced in Section 8 below and any stock option agreements you have with Catellus; provided, however, that
the provisions of this Memorandum regarding vesting of stock options in the event of termination of your employment shall supersede such provisions of your stock option agreements. 
  
 Effective upon your execution of this Memorandum, the following provisions shall govern your employment with the Company or
a subsidiary, and your prior Memorandum of Understanding regarding Employment with Catellus shall terminate and be of no further force or effect: 
  
 1. Title; Responsibilities and Duties. You are a full-time, regular employee of the Company with the title of President, and you shall be expected to handle such
responsibilities and perform such duties as I shall assign from time to time consistent with those you were handling and performing as of October 1, 2001. If you remain an employee of the Company or become an employee of Catellus or another
subsidiary of Catellus, the Company will nevertheless be bound by the terms of this Memorandum. 
  
 2. At-Will Employment. You acknowledge and agree that your employment is at-will and that either the Company or you, at any time, with or without cause, may terminate the employment relationship, including all
compensation and benefits. However, should your employment terminate, Section 10 below shall apply. 
  
 3. Salary. You shall be paid at the annualized salary rate of at least $374,000. Your salary shall be payable in accordance with the Company’s normal payroll practices and subject to all applicable tax
withholding requirements. Your salary will be reviewed in the first quarter of each year starting in 2003 and, if appropriate, it will be increased retroactive to January 1 of that year. Your salary, as it may be increased from time to time in the
sole discretion of the Company, shall be referred to as your “Base Salary.” 
  
 4. Bonuses. You are eligible to receive an annual maximum cash bonus for each calendar year of employment of up to two hundred percent (200%) of your Base Salary, subject to satisfaction of target performance criteria determined each
year by the Company. The performance criteria may relate to individual goals, Catellus, Company or division goals, or a combination thereof and shall be established and communicated to you within the first 90 days after the start of each calendar
year. Such bonuses shall be paid no later than March 31 of the following year and are subject to all applicable tax withholding requirements. Except as 

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 Memorandum of Understanding regarding Employment 
 August 22, 2002 
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 provided in Section 10, no bonus shall be payable if
your employment terminates or you resign prior to the close of the calendar year to which such bonus relates. 
  
 5. Stock Options. You may be entitled to receive additional stock options under Catellus’ stock option and performance award plans based on your, the Company’s and Catellus’ performance, as
determined by the Company in its sole discretion. 
  
 6. Benefits. You
shall be entitled to receive paid vacation, medical coverage, disability income replacement coverage, and other employee benefits, all to the same extent that the Company provides these benefits to the Company’s other senior management
employees, which shall not be less than those provided by Catellus to its senior management employees. If the Company’s medical insurance plan will not provide adequate coverage, as mutually agreed upon, in your area, you may elect to maintain
your own medical insurance, and the Company will reimburse you for a portion of your insurance. This amount will be equivalent to the Catellus portion of group medical insurance paid for other similarly situated employees. Reimbursement requests
must be submitted on an Expense Report form with a receipt/billing for monthly insurance premium. 
  
 7. Expenses. You shall be entitled to reimbursement for reasonable and properly documented expenses you incur in the conduct of the Company’s business, including a monthly automobile allowance in
accordance with the Company’s Automobile Allowance Policy as well as payment or reimbursement for cellular phone expenses. Such reimbursable expenses shall be deemed to include dues (but not initiation fees) for a country club and an
athletic club. 
  
 8. Indemnity. Pursuant to that certain Indemnity
Agreement, by and between Catellus and you, dated as of March 21, 2002, Catellus shall indemnify you, and Catellus shall maintain in full force and effect directors’ and officers’ liability insurance for you in reasonable amounts from
established and reputable insurers. To the same extent, Catellus shall pay and advance all expenses, including, without limitation, attorneys’ fees, disbursements and retainers, accounting and witness fees, travel and deposition costs, expenses
of investigations, judicial or administrative proceedings and appeals, amounts paid in settlement by you or on your behalf, actually incurred by you in connection with any threatened, pending or completed claim, action, suit or proceeding, formal or
informal, whether brought before or after the date of this memorandum, whether brought in the right of Catellus or otherwise and whether of a civil, criminal, administrative or investigative nature, by reason of the fact that you were a director,
officer, employee or agent of Catellus or were serving at Catellus’ request as a director, officer, employee, or agent of another corporation, limited liability company, partnership, joint venture, trust, or other enterprise. 
  
 9. Employee Handbook; Confidential Information. As a condition of employment, you
acknowledge that you have reviewed the current Employee Handbook for Catellus and its subsidiaries, executed the Handbook’s Receipt and Acknowledgment (which is the last page of the Handbook), and returned such Receipt and Acknowledgment and a
completed W4 form to Jaime Gertmenian. You agree that during the term of your employment and thereafter for a period of three years, you shall abide by the confidentiality provisions of the current Employee Handbook. 
  
 10. Termination of Employment. For definitions of capitalized terms used in this
Section 10, see Appendix A attached to this Memorandum which is hereby incorporated by reference. 

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 Memorandum of Understanding regarding Employment 
 August 22, 2002 
 Page 3 of 12 
  
 10.1 Right to Terminate.
The Company or you may terminate your employment hereunder at any time by giving the other party prior written notice; provided, that upon your death, your employment hereunder shall terminate automatically. Immediately upon the termination
of your employment hereunder for any reason, you shall return promptly to the Company any property (including documents) in your possession which is owned by the Company. 
  
 10.2 Benefits upon Termination. 
  
 (a) Basic Payments upon Termination. If your employment terminates for any reason, the Company shall pay you your
unpaid Base Salary for the period through the Date of Termination and your unpaid salary with respect to any vacation days accrued but not taken as of the Date of Termination (based upon your Base Salary in effect at that time). You shall also be
entitled to other payments or benefits to the extent provided in the Company’s employee benefit plans or arrangements. 
  
 (b) Termination Other than for Cause, or for Death, Disability or Good Reason. If (i) you cease to be an employee of the Company on account of (A)
the Company’s termination of your employment other than for Cause, (B) Disability or (C) your death, or (ii) you resign your employment with the Company after giving the Company notice of the occurrence of one or more events that constitute
Good Reason within a reasonable period (but not more than 90 days after such occurrence) and the Company fails to correct such occurrence within a reasonable time (but not more than 60 days) and your resignation occurs within 10 days after the
expiration of that cure period, then in addition to the amounts payable under Section 10.2(a), 
  
 (A) the stock options held by you shall become fully vested, and 
  

(B) the Company shall pay you, in monthly payments over a period of 24 months from the Date of Termination, a monthly amount equal to one
twenty-fourth (1/24) of the amount that is two (2) times your Average Salary and Bonus. 
  
 You shall not be required to mitigate the amount of any payment provided for in this Section 10.2(b) by seeking other employment or otherwise. The Company shall not be entitled to set off against the amounts payable
to you under this Memorandum any amounts owed to the Company by you, any amounts earned by you in other employment after termination of your employment with the Company, or any amounts which might have been earned by you in other employment had you
sought such other employment. 
  
 (c) Termination for
Cause; Resignation. If you cease to be an employee for any reason other than as set forth in Section 10.2(b), then the Company shall have no obligation to make any payments to you for periods after the Date of Termination, your unvested
stock options shall terminate, and your vested options must be exercised, if at all, within the time periods after the Date of Termination specified in your stock option agreement(s). 
  
 10.3 Change of Control Payments. In the event that a Change of Control of Catellus
occurs while you are employed by the Company pursuant to the terms of this Memorandum and while the Company is a subsidiary of Catellus, and within 12 months after the occurrence of the Change of Control, your employment by the Company or the
Company’s successor (or Catellus or other Catellus subsidiary if you become an employee of Catellus or another subsidiary of Catellus during such 12 month period) is terminated by the Company other than for Cause, or by transfer to Catellus or
another Catellus subsidiary, or you resign for one or more events that 

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 Memorandum of Understanding regarding Employment 
 August 22, 2002 
 Page 4 of 12 
  
 constitute Good Reason, then you shall be entitled to
receive from the Company or such successor, in lieu of, and not in addition to, the amounts otherwise payable to you pursuant to Section 10.2(b) hereof, the benefits provided below: 
  
 (a) the Company shall pay to you (A) your Base Salary, when due, through the
Date of Termination at the rate in effect at the time the applicable Notice of Termination is given, (B) the unpaid portion, if any, of any annual bonus which has been earned by you but which has not been paid as of the Date of Termination, and (C)
all other amounts to which you are entitled under any compensation plan of the Company at the time such payments are due, and (D) any unpaid salary with respect to any vacation days accrued but not taken as of the Date of Termination (based upon
your rate of Base Salary in effect at the time the applicable Notice of Termination is given); and 
  
 (b) all stock options or other equity awards held by you with respect to Catellus’ Common Stock shall become fully vested; and 
  
 (c) in lieu of any further salary payments to you for periods subsequent to
the Date of Termination, the Company shall pay to you a lump sum payment in an amount which is equal to three (3) times your Average Salary and Bonus; and  
  
 (d) you shall receive the benefits of the Tax Protection Policy attached hereto as Appendix B, which is hereby
incorporated by reference. 
  
 11. Severability. In case any one or more
provisions of this Memorandum shall be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not be in any way be affected or impaired. 
  
 12. Arbitration. To the fullest extent allowed by law, any controversy or claim
arising out of or relating to your employment with the Company (or termination of your employment) shall be settled by binding and non-appealable arbitration in the city or region in which your office is located by an arbitrator. Possible disputes
covered by the foregoing, include (but are not limited to) wage, contract, discrimination, or other employment-related claims under laws known as Title VII of the Civil Rights Act, California Fair Employment and Housing Act and comparable statutes
in other states if applicable, Americans with Disabilities Act, Age Discrimination in Employment Act, and any other statutes relating to an employee’s relationship with his/her employer. However, claims for workers’ compensation benefits
and unemployment insurance are not covered by this arbitration agreement and such claims may be presented by you to the appropriate court or state agency. You and the Company shall initially confer and attempt to reach agreement on the individual to
be appointed as such arbitrator. If no agreement is reached, the parties shall request from the Judicial Arbitration and Mediation Services (“JAMS”) office in the city or region where your office is located, a list of five retired judges
affiliated with JAMS. (If there is no JAMS office in the city or region where your office is located, then an organization which is comparable to JAMS would be utilized.) You and the Company shall each alternately strike names from such list until
only one name remains and such person shall thereby be selected as the arbitrator. Except as otherwise provided for herein, such arbitration shall be conducted in conformity with the procedures specified in the California Arbitration Act (Cal.
C.C.P. §§ 1280 et seq.) (or the statute applicable in the state in which your office is located). The arbitrator shall allow the discovery authorized by California Code of Civil Procedure §1283.05 or any other discovery
required by law in arbitration proceedings. Also, to the extent that anything in this Memorandum conflicts with any arbitration procedures required 

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 Memorandum of Understanding regarding Employment 
 August 22, 2002 
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 by applicable law, the arbitration procedures required
by applicable law shall govern. The arbitrator shall issue a written award that sets forth the essential findings and conclusions on which the award is based. The arbitrator shall have the authority to award any relief authorized by law in
connection with the asserted claims or disputes. The arbitrator’s award shall be subject to correction, confirmation, or vacation, as provided by any applicable law setting forth the standard of judicial review of arbitration awards. The
parties shall bear equally the arbitrator’s fee and any other type of expense or cost that the employee would not be required to bear if he or she were free to bring the dispute or claim in court as well as any other expense or cost that is
unique to arbitration but exclusive of each party’s attorneys’ fees. The parties intend that this Section 12 shall be valid, binding, enforceable and irrevocable and shall survive the termination of this Memorandum. Any final decision of
the arbitrator so chosen may be enforced by a court of competent jurisdiction. You are waiving your right to a jury trial and agree that the decision of the arbitrator shall be final and binding. If either party is determined by the arbitrator to be
the prevailing party in the arbitration, then that party will be entitled to reimbursement from the other party of all the reasonable fees (including attorneys’ fees) and expenses incurred in connection with such arbitration. 
  
 13. Attorneys’ Fees. The Company will pay your attorneys’ fees in connection
with the preparation and negotiation of this Memorandum. 
  
 14.
Amendments. No amendments to this Memorandum may be made except by writing signed by you and the Company. 
  
 15. Governing Law. This Memorandum shall be governed by the internal laws of the State of California. 
  
 16. Effective Date. This Memorandum shall be retroactively effective to May 1, 2002. 
  
 CATELLUS COMMERCIAL DEVELOPMENT CORPORATION 
  

		
	 By:
	 	 Catellus Development Corporation,     
 its sole member

	 	 	 

  

		
	 By:
	 	 /s/    NELSON C.
RISING        

	 	 	 Nelson C. Rising
 Chairman of the Board and
 Chief Executive Officer

  

	ACCEPTED AND AGREED: 
		
	 By:
	 	 /s/    TED
ANTENUCCI        

	 	 	 Ted Antenucci
  

	Date:	 	  August 28, 2002

 Ted Antenucci 
 Memorandum of Understanding regarding Employment 
 August 22, 2002 
 Page 6 of 12 
  
 Appendix A 
  
 Definitions 
  
 For purposes of this Memorandum, the following definitions are set forth
below: 
  
 (i) “Average Salary and Bonus” means the
greater of (a) your annual Base Salary and annual bonus, including any amounts deferred by you under Catellus’ or the Company’s Profit Sharing and Savings Plan, Cafeteria Plan, and Executive Deferred Compensation Plan and any
other deferred compensation program now or hereafter established by Catellus or the Company, earned by you for the three full calendar years prior to termination of your employment (regardless of whether all of such years occurred while this
Memorandum was in effect and regardless of whether those earned amounts were paid out on a current basis or deferred) or such smaller number of full calendar years as you have been employed by the Catellus, the Company, or another subsidiary of
Catellus, divided by the number of such full calendar years, or (b) your annual Base Salary and annual bonus, including any amounts deferred by you under the Catellus’ or the Company’s Profit Sharing and Savings Plan, Cafeteria Plan, and
Executive Deferred Compensation Plan and any other deferred compensation program now or hereafter established by Catellus or the Company, earned by you for the three full calendar years with respect to which annual bonuses have been determined prior
to the occurrence of the Change of Control (regardless of whether all of such years occurred while this Memorandum was in effect and regardless of whether those earned amounts were paid out on a current basis or deferred) or such smaller number of
full calendar years as you have been employed by Catellus or the Company, divided by the number of such full calendar years. 
  
 (ii) “Cause” means that the Company provides you with a Notice of Termination for either of the following reasons: (a) the willful and continued
failure by you substantially to perform your material duties (other than any such failure resulting from your incapacity due to physical or mental illness) after written demand for substantial performance of such duties is delivered to you by the
Board of Directors, which demand identifies the manner in which the Board of Directors believes that you have not substantially performed your duties and you have been given a reasonable period of time (but in no event more than 60 days) to correct
your deficient performance; or (b) your engaging in egregious misconduct involving serious moral turpitude to such an extent that, in the reasonable judgment of the Board of Directors, such misconduct substantially impairs your ability to perform
your duties with the Company. For purposes of clause (a) of this definition, no act, or failure to act, on your part shall be deemed “willful” unless done, or omitted to be done, by you without reasonable belief that your action or
omission was in the best interest of the Company. 
  
 (iii) A
“Change of Control” shall be deemed to have occurred upon the happening of any of the following events: 
  
 (a) the acquisition or holding by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”)) (an “Acquiror”) of beneficial ownership (within the meaning of 

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 Memorandum of Understanding regarding Employment 
 August 22, 2002 
 Page 7 of 12 
  
 Rule 13d-3 promulgated under the Exchange Act) of 25% or
more of the combined voting power of the then outstanding shares of Common Stock and other stock of Catellus entitled to vote generally in the election of directors (the “Outstanding Catellus Voting Securities”), but excluding for this
purpose any such acquisition (or holding) by (i) Catellus or any corporation controlled by Catellus; (ii) any employee benefit plan (or related trust) of Catellus or any corporation controlled by Catellus; (iii) any acquisition or ownership by an
Acquiror of 25% of the Outstanding Catellus Voting Securities as a result of an acquisition of common stock or voting securities by Catellus which, by reducing the number of shares of Catellus’ common stock or voting securities outstanding,
increases the proportionate number of shares beneficially owned by such Acquiror to 25% or more of the Outstanding Catellus Voting Securities; provided, however, that if an Acquiror shall become the beneficial owner of 25% or more of the Outstanding
Catellus Voting Securities by reason of a share acquisition by Catellus as described above and shall, after such share acquisition by Catellus, become the beneficial owner of any additional shares of common stock or voting securities of Catellus,
then such acquisition shall constitute a Change of Control; or (iv) any corporation with respect to which, following such acquisition, more than 50% of, respectively, the then outstanding shares of Common Stock of such corporation and the combined
voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who
were the beneficial owners, respectively, of the Outstanding Catellus Voting Securities immediately prior to such acquisition in substantially the same proportion as their ownership, immediately prior to such acquisition, of the then Outstanding
Catellus Voting Securities; 
  
 (b) individuals who, as of the
date hereof, constitute the Board of Directors (the “Continuing Directors”) cease for any reason to constitute at least a majority of the Board, provided that any individual becoming a director subsequent to the date hereof whose election,
or nomination for election by the stockholders of Catellus, was approved by a vote of at least a majority of the persons then comprising the Continuing Directors shall be considered a Continuing Director, but excluding, for this purpose, any such
individual whose initial election as a member of the Board is in connection with an actual or threatened “election contest” relating to the election of the directors of Catellus (as such term is used in Rule 14a-11 of Regulation 14A
promulgated under the Exchange Act); or 
  
 (c) consummation by
Catellus of (1) a reorganization, merger or consolidation of Catellus, with respect to which in each case all or substantially all of the individuals and entities who were the respective beneficial owners of the Outstanding Catellus Voting
Securities immediately prior to such reorganization, merger or consolidation do not, following such reorganization, merger or consolidation, beneficially own, directly and indirectly, more than 50% of, respectively, the then outstanding shares of
Common Stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation or other entity resulting from such reorganization, merger or consolidation, or (2) a
complete liquidation or dissolution of Catellus, or (3) the sale or other disposition of all or substantially all of the assets of Catellus. 
  
 (iv) “Date of Termination” means the effective date specified in the Notice of Termination as of which your employment terminates or, in the
event of termination of employment other than for Cause, the date as of which your employment is to terminate pursuant to the provisions of Section 10.1 of this Memorandum. 

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 Memorandum of Understanding regarding Employment 
 August 22, 2002 
 Page 8 of 12 
  
 (v) “Disability” means that
(i) you have a physical or mental condition that renders you incapable, after reasonable accommodation, of performing your duties; (ii) such condition is reasonably determined by the Chief Executive Officer to be of a long-term nature; and (iii) you
are eligible for income replacement benefits under the Company’s long-term disability plan during such period of disability. 
  
 (vi) “Notice of Termination” means a notice of a proposed termination by the Company with a written explanation to you of the grounds for such
proposed termination. 
  
 (vii) “Good Reason” exists if,
without your express written consent, any of the following occurs: 
  
 (A) the Company reduces your Base Salary as in effect from time to time; or 
  
 (B) an assigning of duties to you that are a reduction in any substantial respect from your position, authority, or responsibilities as of October 1, 2001; or 
  
 (C) the Company’s failure to fulfill the Company’s obligations
under this Memorandum; or 
  
 (D) the Company’s intentional
failure, without your consent, to pay to you any portion of your Base Salary, earned bonus, or other current compensation (if any), or to pay to you any portion of any installment of deferred compensation under any deferred compensation program
within ten business days of the date such compensation is due or to issue shares of the Company’s Common Stock in accordance with the terms of stock options granted to you upon valid exercise thereof; or 
  
 (E) (i) any requirement that you relocate your principal residence in a new
location because of a Company requirement that you be based in that new location, or (ii) any requirement that you spend substantially more time traveling on Company business than you did in the six-month period prior to the date of your execution
of this Memorandum, because of a Company requirement that you have a new place of business; or 
  
 (F) the Company does not allow you to devote reasonable time to activities other than those required under this Memorandum, including supervision of
personal investments and activities involving professional, charitable, educational, political, religious and similar types of organizations, speaking engagements, memberships of boards of directors of other organizations and similar activities,
provided that you shall not serve on the board of directors of any other business or hold any other position with any business without the consent of the Chief Executive Officer; or 
  
 (G) the failure of any successor entity in a Change of Control to continue
this Memorandum in effect and assume the Company’s obligations and responsibilities hereunder. 

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 Memorandum of Understanding regarding Employment 
 August 22, 2002 
 Page 9 of 12 
  
 Appendix B 
  
 Tax Protection Policy 
  
 This Appendix shall apply if it is determined that any payment, distribution
or benefit provided (including, without limitation, the acceleration of any payment, distribution or benefit, the provision of any severance pay or benefits and the acceleration of exercisability of any stock option) to you or for your benefit
(whether paid or payable or distributed or distributable) pursuant to the terms of this Memorandum or otherwise pursuant to or by reason of any other agreement, policy, plan, program or arrangement, including without limitation any stock option,
stock appreciation right or similar right, or the lapse or termination of any restriction on or the vesting or exercisability of any of the foregoing (the “Payments”) would be subject to the excise tax imposed by Section 4999 of the
Internal Revenue Code of 1986, as amended (the “Code”), by reason of being “contingent on a change in the ownership or control” of Catellus, within the meaning of Section 280G of the Code or to any similar tax imposed by state or
local law, or any interest or penalties with respect to such excise tax (such tax or taxes, together with any such interest or penalties, are collectively referred to as the “Excise Tax”). If the Payments are subject to the Excise Tax and
it is determined that the Parachute Value of the Payments (as defined below) exceeds 110% of the Safe Harbor Amount (as defined below), you shall be entitled to receive from the Company an additional payment (the “Gross-Up Payment”) in an
amount such that the net amount of the Payments and the Gross-Up Payment retained by you after the calculation and deduction of all Excise Taxes (including any interest or penalties imposed with respect to such taxes) on those Payments and all
federal, state and local income tax, employment tax and Excise Tax (including any interest or penalties imposed with respect to such taxes) on the Gross-Up Payment provided for in this Appendix B, and taking into account any lost or reduced
tax deductions you may incur on account of the Gross-Up Payment, shall be equal to the Payments. If it shall be determined that the Parachute Value of the Payments does not exceed 110% of the Safe Harbor Amount, then no Gross-Up Payment shall be
made to you, and the amount of the Payments otherwise due you shall be reduced to the extent necessary to assure that the Parachute Value of the Payments as calculated for the Payments remaining after such reduction does not exceed the greater of
(i) the Safe Harbor Amount or (ii) the amount which yields you the greatest after-tax amount of Payments after taking into account any Excise Tax you must pay with respect to those Payments. To the extent any such reduction to your Payments becomes
necessary by reason of the preceding sentence, the reduction shall be applied against the portion of your Payments based upon your Average Salary and Bonus. For the purposes of this Appendix B, (a) “Parachute Value of the Payments”
shall mean the present value as of the date of the Change of Control for purposes of Section 280G of the Code of the portion of such Payments that constitutes a “parachute payment” under Section 280G(b)(2), as determined by the Accountants
(as defined below) for purposes of determining whether and to what extent the Excise Tax will apply to such Payments, and (b) “Safe Harbor Amount” shall mean the maximum Parachute Value of the Payments that you can receive without any
Payments being subject to the Excise Tax. 
  
 (i) All
determinations required to be made under this Appendix B, including whether and when the Gross-Up Payment is required and the amount of such Gross-Up Payment, and the assumptions to be utilized in arriving at such determinations shall be

 Ted Antenucci 
 Memorandum of Understanding regarding Employment 
 August 22, 2002 
 Page 10 of 12 
  
 made by the Accountants (as defined below) which shall
provide you and the Company with detailed supporting calculations with respect to such Gross-Up Payment within fifteen (15) business days of the receipt of notice from you or the Company that you have received or shall receive a Payment. For
purposes of making the determinations and calculations required herein, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application
of Sections 280G and 4999 of the Code, including (without limitation) the Proposed Treasury Regulations under Section 280G of the Code, provided that the Accountants’ determinations must be made on the basis of “substantial authority”
(within the meaning of Section 6662 of the Code). For the purposes of this Appendix B, the “Accountants” shall mean the Company’s independent certified public accountants serving immediately prior to the Change of Control. In
the event that the Accountants are also serving as accountant or auditor for the individual, entity or group effecting the Change of Control, you may appoint another nationally recognized public accounting firm to make the determinations required
hereunder (which accounting firm shall then be referred to as the Accountants hereunder). All fees and expenses of the Accountants shall be borne solely by the Company. 
  
 (ii) For the purposes of determining whether any of the Payments shall be subject to the Excise Tax and the amount of such
Excise Tax, such Payments shall be treated as “parachute payments” within the meaning of Section 280G of the Code, and all “parachute payments” in excess of the “base amount” (as defined under Section 280G(b)(3) of the
Code) shall be treated as subject to the Excise Tax, unless and except to the extent that in the opinion of the Accountants such Payments (in whole or in part) either do not constitute “parachute payments” or represent reasonable
compensation for services actually rendered (within the meaning of Section 280G(b)(4) of the Code) in excess of the “base amount,” or such “parachute payments” are otherwise not subject to such Excise Tax. For purposes of
determining the amount of the Gross-Up Payment, you shall be deemed to pay federal income taxes at the highest applicable marginal rate of federal income taxation for the calendar year in which the Gross-Up Payment is to be made and to pay any
applicable state and local income taxes at the highest applicable marginal rate of taxation for the calendar year in which the Gross-Up Payment is to be made, net of the actual reduction in federal income taxes which is reasonably expected to result
from the deduction of such state and local taxes if paid in such year (determined, however, with regard to limitations on deductions based upon the amount of your adjusted gross income). To the extent practicable, any Gross-Up Payment with respect
to any Payment shall be paid by the Company at the time you are entitled to receive the Payment and in no event shall any Gross-Up Payment be paid later than five days after your receipt of the Accountant’s determination. Any determination by
the Accountants shall be binding upon the Company and you. 
  
 (iii) As a result of uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accountants hereunder, it is possible that the Gross-Up Payment made shall have been an amount less than the
Company should have paid pursuant to this Appendix B (the “Underpayment”). Unless the Company elects to exhaust its remedies under clause (v) below with respect to the additional Excise Tax on your Payments, the Underpayment shall
be promptly paid by the Company to or for your benefit at the time you are required to pay the additional Excise Tax resulting in such Underpayment. 

 Ted Antenucci 
 Memorandum of Understanding regarding Employment 
 August 22, 2002 
 Page 11 of 12 
  
 (iv) You and the Company shall each
provide the Accountants access to and copies of any books, records and documents in the Company’s or your possession, as the case may be, reasonably requested by the Accountants, and otherwise cooperate with the Accountants in connection with
the preparation and issuance of the determination contemplated by this Appendix B. 
  
 (v) You shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon
as practicable after you are informed in writing of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. You shall not pay such claim prior to the expiration of the 30-day
period following the date on which you give such notice to the Company (or such shorter period ending on the date that any payment of taxes, interest and/or penalties with respect to such claim is due). If the Company were to notify you in writing
prior to the expiration of such period that it desires to contest such claim, you shall: 
  
 (A) give the Company any information reasonably requested by the Company relating to such claim; 
  
 (B) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without
limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company and reasonably satisfactory to you; 
  
 (C) cooperate with the Company in good faith in order to effectively contest such claim; and 
  
 (D) permit the Company to participate in any proceedings relating to such
claim; provided, however, that the Company shall bear and pay directly all additional Excise Taxes imposed upon you and all costs, legal fees and other expenses (including additional interest and penalties) incurred in connection with such
contest and shall indemnify you for and hold you harmless from, on an after-tax basis, any additional Excise Tax (including interest and penalties with respect thereto) imposed upon you and any Excise Tax or income or employment tax (including
interest and penalties with respect thereto) attributable to the Company’s payment of that additional Excise Tax on your behalf or imposed as a result of such representation and payment of all related costs, legal fees and expenses. The amounts
owed to you by reason of the foregoing shall be paid to you or for your benefit as they become due and payable. Without limiting the foregoing provisions of this paragraph, the Company shall control all proceedings taken in connection with such
contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at the Company’s sole option, either direct you to pay
the tax claimed and sue for a refund or contest the claim in any permissible manner, and you agree to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate
courts, the Company shall determine; provided, however, that if the Company were to direct you to pay such claim and sue for a refund, the Company shall advance the amount of such payment to you, on an interest-free basis, and shall indemnify
you for and hold you harmless from, on an after-tax basis, any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with 

 Ted Antenucci 
 Memorandum of Understanding regarding Employment 
 August 22, 2002 
 Page 12 of 12 
  
 respect to such advance or with respect to any imputed
income with respect to such advance (including as a result of any forgiveness by the Company of such advance); provided, further, that any extension of the statute of limitations relating to the payment of taxes for your taxable year with
respect to which such contested amount is claimed to be due is attributable in whole or in part to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment
would be payable hereunder and you shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority.Guaranty of MOU

 Exhibit 10.33 
  
 GUARANTY OF MOU 
  
 THIS GUARANTY OF MOU (“Guaranty”) is made as of the 22nd day of August, 2002 by CATELLUS DEVELOPMENT CORPORATION (“Guarantor”) in
favor of TED ANTENUCCI, an individual residing in the State of Colorado (“Officer”) in connection with that certain Memorandum of Understanding of substantially even date herewith (the “MOU”) pursuant to which Officer is employed
by a wholly-owned subsidiary of Guarantor (“Subsidiary”). 
  
 In consideration of Officer’s agreement to execute the MOU and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor does hereby agree with Officer as follows: 
  
 1. The MOU is hereby incorporated into and made a part of this Guaranty by
this reference. 
  
 2. Guarantor hereby absolutely, irrevocably
and unconditionally guarantees the full and punctual payment of all sums of salary, bonus, expenses, fees and any other amounts payable under the MOU. Guarantor’s obligations under this Guaranty are continuing and unconditional and shall
terminate only upon termination of the MOU by either party and full and complete payment and performance of all guaranteed obligations thereunder as of the date of such termination. 
  
 3. Subject to the limitations hereinafter set forth, this Guaranty applies to, inures to the benefit of and binds all
parties hereto, their heirs, devisees, legatees, executors, administrators, representatives, successors and assigns. Officer may not assign this Guaranty voluntarily or by operation of law. 
  
 4. This Guaranty shall constitute the entire agreement between Guarantor and
the Officer with respect to the subject matter hereof. 
  
 5.
Guarantor agrees that all questions, actions and disputes with respect to this Guaranty or the performance or enforcement thereof shall be settled by binding and non-appealable arbitration as provided in Paragraph 12 of the MOU. 
  
 6. Should any one or more provisions of this Guaranty be determined to be
illegal or unenforceable, all other provisions shall nevertheless be effective. Time is strictly of the essence under this Guaranty and any amendment, modification or revision hereof. 
  
 Executed as of the date of the MOU. 
  

	 CATELLUS DEVELOPMENT CORPORATION,
     a Delaware corporation
  

		
	 By:
	 	 /s/    NELSON C.
RISING        

	 	 	 Nelson C. Rising
 Chairman of the Board and Chief Executive Officer

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