Document:

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                                                                   Exhibit 10.10

                            PRENTISS PROPERTIES TRUST

                               SHARE PURCHASE PLAN

                  (Amended and Restated Effective July 1, 2000)

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                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

ARTICLE I.    DEFINITIONS......................................................1
     1.01.       Administrator.................................................1
     1.02.       Affiliate.....................................................1
     1.03.       Beneficiary...................................................1
     1.04.       Board.........................................................1
     1.05.       Business Day..................................................1
     1.06.       Code..........................................................1
     1.07.       Committee.....................................................1
     1.08.       Common Shares.................................................2
     1.09.       Company.......................................................2
     1.10.       Compensation..................................................2
     1.11.       Date of Exercise..............................................2
     1.12.       Date of Grant.................................................2
     1.13.       Election Date.................................................2
     1.14.       Election Form.................................................2
     1.15.       Employee......................................................2
     1.16.       Employer......................................................2
     1.17.       Exchange Act..................................................2
     1.18.       Fair Market Value.............................................2
     1.19.       Non-Public Company............................................2
     1.20.       Option........................................................3
     1.21.       Participant...................................................3
     1.22.       Plan..........................................................3
     1.23.       Public Company................................................3
     1.24.       Trustee.......................................................3

ARTICLE II.   PURPOSES.........................................................3

ARTICLE III.  ADMINISTRATION...................................................3

ARTICLE IV.   ELIGIBILITY......................................................4

ARTICLE V.    COMPENSATION DEDUCTIONS..........................................4
     5.01.       Amount of Deduction...........................................4
     5.02.       Participant's Account.........................................4
     5.03.       Changes in Payroll Deductions.................................4

ARTICLE VI.   OPTION GRANTS....................................................4
     6.01.       Number of Shares..............................................4
     6.02.       Option Price..................................................5
     6.03.       Spending Limit................................................5

                                        i

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ARTICLE VII.  EXERCISE OF OPTION...............................................5
     7.01.       Automatic Exercise............................................5
     7.02.       Fractional Shares.............................................5
     7.03.       Nontransferability............................................5
     7.04.       Employee Status...............................................5
     7.05.       Vesting.......................................................5

ARTICLE VIII. WITHDRAWAL AND TERMINATION OF EMPLOYMENT.........................6
     8.01.       Generally.....................................................6
     8.02.       Subsequent Participation......................................6
     8.03.       Termination of Employment.....................................6
     8.04.       Death of Participant..........................................6

ARTICLE IX.   SHARES SUBJECT TO PLAN...........................................6
     9.01.       Shares Issued.................................................6
     9.02.       Aggregate Limit...............................................7
     9.03.       Reallocation of Shares........................................7

ARTICLE X.    ADJUSTMENT UPON CHANGE IN COMMON SHARES..........................7

ARTICLE XI.   COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES............7

ARTICLE XII.  GENERAL PROVISIONS...............................................8
    12.01.       Effect on Employment and Service..............................8
    12.02.       Unfunded Plan.................................................8
    12.03.       Rules of Construction.........................................8
    12.04.       Notice........................................................8

ARTICLE XIII. AMENDMENT........................................................8

ARTICLE XIV.  DURATION OF PLAN.................................................9

ARTICLE XV.   EFFECTIVE DATE OF PLAN...........................................9

                                       ii

<PAGE>

                            PRENTISS PROPERTIES TRUST
                               SHARE PURCHASE PLAN

                (As Amended and Restated Effective July 1, 2000)

                                    PREAMBLE

     Prentiss Properties Trust originally established the Prentiss Properties
Trust Share Purchase Plan (the "Prior Plan") on or about October 16, 1996. The
Prior Plan was subsequently amended in various respects.

     The Company now wishes to amend and restate the Prior Plan, as subsequently
amended, effective July 1, 2000.

                                   ARTICLE I.

                                   DEFINITIONS
                                   -----------

     For purposes of this Plan the following definitions shall apply:

1.01. Administrator means, while the Company is a Non-Public Company, the Board.
      -------------
While the Company is a Public Company the term "Administrator" means the
Committee and any delegate of the Committee that is appointed in accordance with
Article III.

1.02. Affiliate means any entity under the common control of the Company within
      ---------
the meaning of Section 414(b) or (c) and any "subsidiary" or "parent"
corporation (within the meaning of Section 424 of the Code) of the Company,
including an entity that becomes an Affiliate after the adoption of this Plan.

1.03. Beneficiary means the person or entity designated by a Participant on a
      -----------
form prescribed by the Administrator, to receive any amount payable under the
Plan following a Participant's death. A Participant may change his Beneficiary
from time to time by filing a subsequent designation form and the change will be
effective when received by the Administrator. If a designated Beneficiary fails
to survive the Participant or be in existence on the date of his death or if the
Participant fails to designate a Beneficiary, the Participant's Beneficiary
shall be determined as follows: the Participant's surviving spouse (i.e., the
person to whom the Participant is legally married on the date of his death) or,
if none, the Participant's surviving children or, if none, the Participant's
estate.

1.04. Board means the Board of Trustees of the Company.
      -----

1.05. Business Day means any day other than Saturday, Sunday and a Company
      ------------
holiday.

1.06. Code means the Internal Revenue Code of 1986, and any amendments thereto.
      ----

1.07. Committee means a committee consisting of two or more Trustees or officers
      ---------
of the Company appointed by the Board. During periods in which no such committee
is properly appointed the Board shall be the Committee.

                                        1

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1.08. Common Shares means the common shares of beneficial interest in the
      -------------
Company, par value $.01 per share.

1.09. Company means Prentiss Properties Trust.
      -------

1.10. Compensation means an Employee's regular straight-time earnings and
      ------------
payments for overtime, shift premium, bonuses and other special payments,
commissions and incentive payments.

1.11. Date of Exercise means the last Business Day of June next following the
      ----------------
January Date of Grant and the last Business Day of December next following the
July Date of Grant.

1.12. Date of Grant means the first Business Day of January and the first
      -------------
Business Day of July during the term of the Plan.

1.13. Election Date means each December 15 immediately preceding the January
      -------------
Date of Grant and each June 15 immediately preceding the July Date of Grant.

1.14. Election Form means the form, prescribed by the Administrator, that a
      -------------
Participant uses to authorize a reduction in his Compensation in accordance with
Article V.

1.15. Employee means any employee of an Employer who is regularly scheduled to
      --------
work at least twenty hours per week.

1.16. Employer means the Company and any Affiliate.
      --------

1.17. Exchange Act means the Securities Exchange Act of 1934, as amended and as
      ------------
in effect on the date of this Agreement.

1.18. Fair Market Value means, on any given date, the current fair market value
      -----------------
of Common Shares as determined pursuant to subsection (a) or (b) below.

     (a) While the Company is a Non-Public Company, Fair Market Value shall be
determined by the Board using any reasonable method in good faith.

     (b) While the Company is a Public Company, Fair Market Value shall be
determined as follows: if Common Shares are not listed on an established stock
exchange, the Fair Market Value shall be the reported "closing "price of Common
Shares in the New York over-the-counter market as reported by the National
Association of Securities Dealers, Inc. If Common Shares are listed on an
established stock exchange or exchanges, Fair Market Value shall be the highest
closing price of Common Shares reported on that stock exchange or exchanges. If
Common Shares were not traded on the date of reference, Fair Market Value shall
be determined as of the next preceding day that Shares were traded.

1.19. Non-Public Company means a corporation that has never sold securities
      ------------------
pursuant to an effective registration statement on Form S-11 filed pursuant to
the Securities Act of 1933, as amended.

                                        2

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1.20. Option means a share option granted under the Plan that entitles the
      ------
holder to purchase from the Company a stated number of Common Shares on the
terms and conditions prescribed by the Plan.

1.21. Participant means an Employee, including an Employee who is a member of
      -----------
the Board, who satisfies the requirements of Article IV and who elects to
receive an Option.

1.22. Plan means this amended and restated Prentiss Properties Trust Share
      ----
Purchase Plan. (As Amended and Restated Effective July 1, 2000).

1.23. Public Company means a corporation that has sold securities pursuant to an
      --------------
effective registration statement on Form S-11 filed pursuant to the Securities
Act of 1933, as amended.

1.24. Trustee means a member of the Board.
      -------

                                   ARTICLE II.

                                    PURPOSES
                                    --------

     The Plan is intended to assist Employers in recruiting and retaining
individuals with ability and initiative by enabling such persons to participate
in the future success of the Company and its related entities and to associate
their interests with those of the Company and its shareholders. The proceeds
received by the Company from the sale of Common Shares pursuant to this Plan
shall be used for general business or corporate purposes.

                                  ARTICLE III.

                                 ADMINISTRATION
                                 --------------

     The Plan shall be administered by the Administrator. The Administrator
shall have complete authority to interpret all provisions of this Plan; to
adopt, amend, and rescind rules and regulations pertaining to the administration
of the Plan; and to make all other determinations necessary or advisable for the
administration of this Plan. The express grant in the Plan of any specific power
to the Administrator shall not be construed as limiting any power or authority
of the Administrator. Any decision made, or action taken, by the Administrator
or in connection with the administration of this Plan shall be final and
conclusive. Neither the Administrator nor any member of the Committee shall be
liable for any act done in good faith with respect to this Plan or any Option.
All expenses of administering this Plan shall be borne by the Company.

     The Committee, in its discretion, may delegate to one or more officers of
the Company all or part of the Committee's authority and duties hereunder. The
Committee may revoke or amend the terms of a delegation at any time but such
action shall not invalidate any prior actions of the Committee's delegate or
delegates that were consistent with the terms of the Plan.

                                        3

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                                   ARTICLE IV.

                                   ELIGIBILITY
                                   -----------

     Each Employee of an Employer is eligible to participate in this Plan.
Trustees who are Employees may participate in this Plan. An Employee becomes a
Participant by completing an Election Form in accordance with Section 5.01 and
returning it to the Administrator (or to the person the Administrator designates
to receive the Employee's Election Form) on or before the Election Date.

                                   ARTICLE V.

                             COMPENSATION DEDUCTIONS
                             -----------------------

5.01. Amount of Deduction. A payroll deduction shall be made from the
      -------------------
Compensation of each Participant for each payroll period. The amount of such
deduction shall be the percentage specified by the Participant on his Election
Form; provided that such percentage shall be in multiples of one percent and
shall not exceed twenty percent (20%). A Participant may contribute to the Plan
only by payroll deduction. A Participant's Election Form will continue to be
effective, and amounts will be deducted from the Participant's Compensation,
until the Election Form is changed in accordance with Section 5.03 or the
Participant withdraws from the Plan or his participation otherwise ends in
accordance with Article VIII.

5.02. Participant's Account. A record-keeping account shall be established for
      ---------------------
each Participant. All amounts deducted from a Participant's Compensation shall
be credited to his account. No interest will be paid or credited to the account
of any Participant.

5.03. Changes in Payroll Deductions. A Participant may discontinue his
      -----------------------------
participation in the Plan as provided in Section 8.01. A Participant may change
the amount of his or her payroll deduction by submitting a new Election Form to
the Administrator (or to the person the Administrator designates to receive the
Participant's Election Form) prior to or on Election Date. Except as provided in
Section 8.01, a Participant's direction to change the percentage deduction
specified on his Election Form shall be effective as of the first Date of Grant
following the Election Date on which or immediately following the date that
written notice of such change (either by revocation of participation or a new
Election Form) is delivered to the Administrator (or to the person the
Administrator designates to receive the Participant's Election Form).

                                   ARTICLE VI.

                                  OPTION GRANTS
                                  -------------

6.01. Number of Shares. Each Employee who is a Participant on a Date of Grant
      ----------------
shall be granted an option to purchase a number of Common Shares as of that Date
of Grant. The number of Common Shares subject to such Option shall be determined
by dividing the option price into the balance credited to the Participant's
account as of the Date of Exercise next following the Date of Grant.

                                        4

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6.02. Option Price. The price per share for Common Shares purchased on the
      ------------
exercise of an Option shall be the lesser of (i) eighty-five percent (85%) of
the Fair Market Value on the applicable Date of Grant or (ii) eighty-five
percent (85%) of the Fair Market Value on the fifteenth day of the month in
which the Date of Exercise occurs. The foregoing notwithstanding, however, with
respect to Options granted under the Plan in the calendar year 2001 the Option
price, as determined under the immediately preceding sentence, shall be
determined by substituting "seventy-five percent (75%)" for "eighty-five percent
(85%)" where it appears in such sentence; provided, however, that such lower
price shall apply solely to the first $10,000 of payroll deductions made for
each Participant in 2001, pursuant to Article V above.

6.03. Spending Limit. Notwithstanding Section 6.01, a Participant's purchases
      --------------
under the Plan may not, in any calendar year, exceed the lesser of (i) $25,000
or (ii) twenty percent (20%) of the Participant's Compensation for such calendar
year.

                                  ARTICLE VII.

                               EXERCISE OF OPTION
                               ------------------

7.01. Automatic Exercise. Subject to the other provisions of the Plan, each
      ------------------
Option shall be exercised automatically as of the Date of Exercise next
following the Option's Date of Grant for the number of whole Common Shares that
may be purchased at the Option price for that option with the balance credited
to the Participant's account.

7.02. Fractional Shares. Fractional shares will not be issued under the Plan.
      -----------------
Any amount remaining to the credit of the Participant's account after the
exercise of an Option shall remain in the account and applied to the option
price of the Option next granted if the Participant continues to participate in
the Plan or, if he does not, shall be returned to the Participant.

7.03. Nontransferability. Each Option granted under this Plan shall be
      ------------------
nontransferable except by will or by the laws of descent and distribution.
During the lifetime of the Participant to whom the Option is granted, the Option
may be exercised only by the Participant. No right or interest of a Participant
in any Option shall be liable for, or subject to, any lien, obligation, or
liability of such Participant.

7.04. Employee Status. For purposes of determining whether an individual is
      ---------------
employed by an Employer, the Administrator may decide to what extent leaves of
absence for governmental or military service, illness, temporary disability, or
other reasons shall not be deemed interruptions of continuous employment.

7.05. Vesting. Participant's interest in the Common Shares purchased upon the
      -------
exercise of his Option shall be immediately one hundred percent (100%)
nonforfeitable. Subject to the provisions of Article XI, Common Shares purchased
upon the exercise of an Option shall be transferable.

                                        5

<PAGE>

                                  ARTICLE VIII.

                    WITHDRAWAL AND TERMINATION OF EMPLOYMENT
                    ----------------------------------------

8.01. Generally. A Participant may withdraw the payroll deductions credited to
      ---------
his account under the Plan by giving written notice to that effect to the
Administrator (or to the person the Administrator designates to receive such
notice), at least thirty days prior to the next Date of Exercise. In that event,
all of the payroll deductions credited to his account will be paid to him
promptly after receipt of his notice of withdrawal and no further payroll
deductions will be made from his Compensation until he submits a new Election
Form to the Administrator (or to the person the Administrator designates to
receive the Participant's Election Form). A Participant shall be deemed to have
elected to withdraw from the Plan in accordance with this Section 8.03. if he
ceases to be an Employee.

8.02. Subsequent Participation. A Participant who has withdrawn his account
      ------------------------
under Section 8.01 may submit a new Election Form to the Administrator (or to
the person the Administrator designates to receive the Participant's Election
Form), and resume participation in the Plan as of any subsequent Date of Grant,
provided that the Administrator receives his Election Form before the applicable
Election Date.

8.03. Termination of Employment. If a Participant's employment with an Employer
      -------------------------
terminates for any reason other than death, his participation in the Plan shall
cease as of the date of termination. The balance credited to the Participant's
account as of the first day of the month following such termination of
employment shall be paid to the Participant or, in the case of the Participant's
death following his termination of employment, to his Beneficiary, as promptly
as possible thereafter.

8.04. Death of Participant. If a Participant's employment with an Employer
      --------------------
terminates on account of the Participant's death, his Beneficiary may elect, by
written notice received by the Administrator (or the person the Administrator
designates to receive such notice), within thirty days of the Participant's
death (but in all events before the Date of Exercise), to either (i) withdraw
all of the payroll deductions credited to the Participant's account or (ii) to
exercise the Option as of the Date of Exercise and receive whole Common Shares
and cash representing the value of a fractional share in accordance with Section
7.02. If the Option is exercised, the number of Common Shares issuable to the
Beneficiary shall be determined by dividing the option price into the payroll
deductions credited to the Participant's account. If timely written notice of
the Beneficiary's election is not received by the Administrator, the Beneficiary
shall be deemed to have elected to exercise the option.

                                   ARTICLE IX.

                             SHARES SUBJECT TO PLAN
                             ----------------------

9.01. Shares Issued. Upon the exercise of any option the Company may deliver to
      -------------
the Participant (or the Participant's broker if the Participant so directs),
Common Shares from its authorized but unissued Common Shares. The Company also
may issue shares from its authorized but unissued Common Shares in accordance
with Section 9.04. The holder of an

                                        6

<PAGE>

Option granted hereunder shall have none of the rights of a shareholder of the
Company with respect to such Option until the purchase price is received by the
Company and the shares are issued.

9.02. Aggregate Limit. The maximum aggregate number of Common Shares that may be
      ---------------
issued under this Plan pursuant to the exercise of options is 500,000 shares.
The maximum aggregate number of shares that may be issued under this Plan shall
be subject to adjustment as provided in Article X.

9.03. Reallocation of Shares. If an Option is terminated, in whole or in part,
      ----------------------
for any reason other than through its exercise, the number of Common Shares
allocated to the Option or portion thereof may be reallocated to other Options
to be granted under this Plan.

                                   ARTICLE X.

                     ADJUSTMENT UPON CHANGE IN COMMON SHARES
                     ---------------------------------------

     The maximum number of shares which may be issued under this Plan pursuant
to Options and in accordance with Section 9.04 and the terms of outstanding
Options shall be adjusted as the Committee shall determine to be equitably
required in the event that (a) the Company (i) effects one or more
recapitalizations, reorganizations, share dividends, share split-ups,
subdivisions or consolidations of shares or (ii) engages in a transaction
described in Section 424 of the Code or (b) there occurs any other event which,
in the judgment of the Committee necessitates such action. Any determination
made under this Article X by the Committee shall be final and conclusive.

     The issuance by the Company of shares of any class, or securities
convertible into shares of any class, for cash or property, or for labor or
services, either upon direct sale or upon the exercise of rights or warrants to
subscribe therefor, or upon conversion of shares or obligations of the Company
convertible into such shares or other securities, shall not affect, and no
adjustment by reason thereof shall be made with respect to, the maximum number
of shares which may be issued in accordance with Section 9.02 (or as to which
Options may be granted) or the terms of outstanding Options.

                                   ARTICLE XI.

              COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES
              -----------------------------------------------------

     No Option shall be exercisable, no Common Shares shall be issued, no
certificates for Common Shares shall be delivered, and no payment shall be made
under this Plan except in compliance with all applicable federal and state laws
and regulations (including, without limitation, withholding tax requirements),
any listing agreement to which the Company is a party, and the rules of all
domestic stock exchanges on which the Company's shares may be listed. The
Company shall have the right to rely on an opinion of its counsel as to such
compliance. Any share certificate issued to evidence Common Shares for which an
Option is exercised may bear such legends and statements as the Administrator
may deem advisable to assure compliance with federal and state laws and
regulations. No Option shall be exercisable, no

                                        7

<PAGE>

Common Shares shall be issued, no certificate for shares shall be delivered, and
no payment shall be made under this Plan until the Company has obtained such
consent or approval as the Administrator may deem advisable from regulatory
bodies having jurisdiction over such matters.

                                  ARTICLE XII.

                               GENERAL PROVISIONS
                               ------------------

12.01. Effect on Employment and Service. Neither the adoption of this Plan, its
       --------------------------------
operation, nor any documents describing or referring to this Plan (or any part
thereof) shall confer upon any individual any right to continue in the employ of
an Employer or in any way affect any right and power of an Employer to terminate
the employment of any individual at any time with or without assigning a reason
therefor.

12.02. Unfunded Plan. The Plan, insofar as it provides for grants, shall be
       -------------
unfunded, and the Company shall not be required to segregate any assets that may
at any time be represented by grants under this Plan. Any liability of the
Company to any person with respect to any grant under this Plan shall be based
solely upon any contractual obligations that may be created pursuant to this
Plan. No such obligation of the Company shall be deemed to be secured by any
pledge of, or other encumbrance on, any property of the Company.

12.03. Rules of Construction. Headings are given to the articles and sections of
       ---------------------
this Plan solely as a convenience to facilitate reference. The reference to any
statute, regulation, or other provision of law shall be construed to refer to
any amendment to or successor of such provision of law.

12.04. Notice. Unless specifically required by the terms of this Plan, notice to
       ------
the Company's shareholders, the Participant, or any other person or entity of an
action by the Board, the Committee, or the Administrator with respect to the
Plan is not required before or after such action occurs.

                                  ARTICLE XIII.

                                    AMENDMENT
                                    ---------

     The Board may amend or terminate this Plan from time to time; provided,
however, that no amendment may become effective until shareholder approval is
obtained if the amendment increases the aggregate number of Common Shares that
may be issued under the Plan or, effective for periods prior to July 1, 2001,
the amendment either changes the class of individuals eligible to become
Participants or increases the benefits that may be provided under the Plan. No
amendment shall, without a Participant's consent, adversely affect any rights of
such Participant under any Option outstanding at the time such amendment is
made.

                                        8

<PAGE>

                                  ARTICLE XIV.

                                DURATION OF PLAN
                                ----------------

     No Option may be granted under this Plan more than ten years after the date
this Plan is adopted by the Board. Options granted before that date shall remain
valid in accordance with their terms.

                                   ARTICLE XV.

                             EFFECTIVE DATE OF PLAN
                             ----------------------

     Options may be granted under this Plan upon its adoption by the Board.

                                        9<PAGE>

                                                                   Exhibit 10.11

                        PRENTISS PROPERTIES LIMITED, INC.
                   KEY EMPLOYEE SHARE OPTION PLAN (KEYSOP(TM))

Effective Date of Plan: February 9, 2000

<PAGE>

                        PRENTISS PROPERTIES LIMITED, INC.
                   KEY EMPLOYEE SHARE OPTION PLAN (KEYSOP(TM))

                                Table of Contents

Article                                                                     Page

         Preamble                                                             1

I        Definitions                                                          1

II       Award of Options                                                     4

III      Exercise of Options                                                  5

IV       Amendment or Termination of Plan                                     7

V        Administration                                                       8

VI       Trust Provisions                                                    10

VII      Miscellaneous Provisions                                            10

                                       ii

<PAGE>

                        PRENTISS PROPERTIES LIMITED, INC.
                   KEY EMPLOYEE SHARE OPTION PLAN (KEYSOP(TM))

                                    Preamble

     Prentiss Properties Limited, Inc., a Delaware corporation (the "Employer")
hereby establishes the Prentiss Properties Limited, Inc. Key Employee Share
Option Plan (KEYSOP(TM)) (the "Plan"), effective as of the date specified
herein.

     The purpose of the Plan is to provide a vehicle for the payment of
compensation (either salary or bonuses) otherwise payable to the participating
key executives of the Employer, Parent or any of their subsidiaries or
affiliates, commensurate with their contributions to the success of their
employer's activities, in a form that will provide incentives and rewards for
meritorious performance and encourage the recipients' continuance as employees.
The Plan is intended to be a nonqualified stock option plan within the meaning
of Section 83 of the Internal Revenue Code, and is not intended to be covered by
the provisions of the Employee Retirement Income Security Act of 1974.

                                    ARTICLE I

                                   Definitions

     As used in this Plan, the following capitalized words and phrases have the
meanings indicated, unless the context requires a different meaning:

     1.1 "Beneficiary" means the person or persons designated by a Participant,
or otherwise entitled, to exercise Options after a Participant's death.

     1.2 "Board of Trust Managers" or "Board" means the Board of Trust Managers
of the Parent.

     1.3 "Cause" means the term as used in a Participant's employment agreement
with his employer or if there is no such agreement, as defined by the Board.

     1.4 "Code" means the Internal Revenue Code of 1986, any amendments thereto,
and any regulations or rulings issued thereunder.

     1.5 "Committee" means the committee appointed in accordance with Section
5.1 to determine awards of Options and administer the Plan.

     1.6 "Designated Property" means shares of regulated investment companies,
securities of the Parent, or any other property (not including cash or cash
equivalents) designated by the Committee as subject to purchase through the
exercise of an Option.

     1.7 "Effective Date" means February 9, 2000.

                                       1

<PAGE>

     1.8 "Employee" means any individual who is a full-time employee of the
Employer, Parent, or any of their affiliates or subsidiaries.

     1.9 "Employer" means Prentiss Properties Limited, Inc.

     1.10 "ERISA" means the Employee Retirement Income Security Act of 1974, any
amendments thereto, and any regulations or rulings issued thereunder.

     1.11 "Exercise Date" means, with respect to any Option, the date the
Participant gives notice of his intent to exercise his Option.

     1.12 "Exercise Price" means the price that a Participant must pay in order
to exercise an Option.

     1.13 "Fair Market Value" shall have the meaning set forth in Section 2.3.

     1.14 "Grant Date" means, with respect to any Option, the date on which an
Option is awarded to the Participant.

     1.15 "Option" means the right of a Participant, granted in accordance with
the terms of this Plan, to purchase Designated Property from the Employer at the
Exercise Price established under Section 2.3.

     1.16 "Option Agreement" means an agreement executed by the Employer and by
a Participant to whom Options have been awarded, acknowledging the issuance of
the Options and setting forth any terms that are not specified in this Plan.

     1.17 "Parent" means Prentiss Properties Trust, a Maryland real estate
investment trust.

     1.18 "Participant" means any individual who has received an award of
Options in accordance with Section 2.2 and whose Options have not been
completely exercised. After a Participant's death, his Beneficiary is considered
to be a Participant to the extent necessary to facilitate the exercise of any
Options that continue to be exercisable under the terms of the Plan. In the
event of a Participant's disability or other legal incapacity, the Participant's
legal representative is considered to be a Participant to the extent necessary
to facilitate the exercise of any Options that are or become exercisable under
the terms of the Plan.

     1.19 "Plan" means the Prentiss Properties Limited, Inc. Key Employee Share
Option Plan (KEYSOP(TM)), as set forth herein and as from time to time amended.

     1.20 "Plan Year" means the operating year of the Plan, which ends on
December 31.

                                       2

<PAGE>

     1.21 "Termination of Employment" means a Participant's separation from the
service of his employer by reason of his resignation, retirement, discharge,
death or becoming permanently disabled.

     1.22 "Trust" means the trust that may be established pursuant to Article VI
to hold the Designated Property that is subject to purchase through the exercise
of an Option.

     1.23 "Trust Agreement" means an agreement setting forth the terms of the
Trust established pursuant to Article VI.

     1.24 "Trust Fund" means the Designated Property that is subject to an
Option that is held in the Trust.

     1.25 "Trustee" means the persons or institution acting as trustee of the
Trust.

     1.26 Rules of construction

     1.26.1 Governing law. The construction and operation of this Plan are
governed by the laws of the State of Texas.

     1.26.2 Headings. The headings of Articles, Sections and Subsections are for
reference only and are not to be utilized in construing the Plan.

     1.26.3 Gender. Unless clearly inappropriate, all pronouns of whatever
gender refer indifferently to persons or objects of any gender.

     1.26.4 Singular and Plural. Unless clearly inappropriate, singular terms
refer also to the plural number and vice versa.

     1.26.5 Severability. If any provision of this Plan is held to be illegal,
invalid or unenforceable under any present or future law, and if the rights or
obligations of the parties under this Plan would not be materially and adversely
affected thereby, such provision shall be fully separable, and this Plan shall
be construed and enforced as if such illegal, invalid or unenforceable provision
had never comprised a part thereof, the remaining provisions of the Plan shall
remain in full force and effect and shall not be affected by the illegal,
invalid or unenforceable provision or by its severance therefrom, and in lieu of
such illegal, invalid or unenforceable provision, there shall be added
automatically as a part of this Plan, a legal, valid and enforceable provision
as similar in terms to such illegal, invalid or unenforceable provision as may
be possible.

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                                   ARTICLE II

                                Award of Options

     2.1 Eligibility for Awards. Awards of Options may be made to any Employee
selected by the Committee from the executive officers and other key employees
who occupy senior managerial or professional positions and who have made and/or
who have the capacity of making a substantial contribution to the success of the
Employer, the Parent, or their respective affiliates and subsidiaries. In making
this selection and in determining the form and amount of options, the Committee
shall consider any factors it deems relevant, including the individual's
functions, responsibilities, value of services to the employer and past and
potential contributions to the employer's profitability and growth.

     2.2 Procedure for Awarding Options. The recipients of Options are selected
from time to time by the Committee. No Committee member may take part in any way
in determining the amount of any award of Options to himself. Unless otherwise
determined by the Committee that an Award is effective as to a future date,
awards become effective upon the Grant Date. Awards may be made at any time on
or after the Effective Date and prior to the termination of the Plan.

     2.3 Selection of Designated Property and Establishment of Exercise Price.
When an Option is awarded, the Committee will specify the Designated Property
that may be purchased by exercise of the Option and will fix the Exercise Price.
If the Employer acquires Designated Property specified by an Option Agreement in
accordance with Section 2.5 hereunder, such Designated Property must:

     (a)  not be subject to any security interest, whether or not perfected, or
          to any option or contract under which any other person may acquire any
          interest in it; and
     (b)  be readily tradable on an established market or consist wholly of
          interests in property that is readily tradable on an established
          market.

Unless otherwise specified in a particular Option Agreement, the Exercise Price
will equal the greater of twenty-five percent (25%) of the Fair Market Value of
the Designated Property on the Grant Date or Exercise Date. "Fair Market Value"
means the closing price of the Designated Property, other than securities of the
Parent, reflected in The Wall Street Journal, or other recognized market source,
as determined by the Committee, on the trading day prior to the applicable date
of reference thereunder, or if there is no sale on such date, then the closing
price on the last previous day on which a sale is reported. For Parent
securities, Fair Market Value means the closing price reflected in The Wall
Street Journal, or other recognized market source as determined by the
Committee, on the trading day prior to the applicable date of reference
thereunder, or if there is no sale on such date, then the closing price on the
last previous day on which a sale is reported, as further adjusted by any
discount thereof as may be established by the Committee in its sole discretion.

     2.4 Effect of Dividends and Distributions With Respect to Designated
Property. The Employer agrees, whenever any dividend is declared on Designated
Property, to reinvest all dividends and distributions with respect to Designated
Property in additional property of the

                                       4

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same kind (or as nearly the same kind as feasible, if property of the same kind
is not available). Any property acquired through investment or reinvestment will
immediately be subject to the same Option that is written on the Designated
Property which has declared the dividend or paid the distribution.

     2.5 Held in Trust. Upon the grant of an Option, the Employer may acquire
the Designated Property and contribute it to the Trust as soon as practicable
after the Grant Date. At the time contributed to the Trust, the Designated
Property shall not be subject to any security interest, whether or not
perfected, or to any option or contract under which any other person may acquire
any interest in the Designated Property, except as otherwise provided in Section
6.2.

     2.6 Substitution of Other Property for Designated Property. At any time
after the grant of an Option, the Committee may, in its discretion, after
consultation with the Participant, substitute other property of equal value for
Designated Property subject to that option. After substitution, such option
shall not be exercisable for six months or the period specified in the option
agreement, whichever is later.

                                   ARTICLE III

                               Exercise of Options

     3.1 Period for Exercise of Options. Options may be exercised by a
Participant at any time during the period beginning six months after the Grant
Date and ending on the earliest of:

     (a)  one month after the Participant's termination of employment, if such
          Participant is terminated voluntarily for any reason, or involuntarily
          for Cause, or
     (b)  one year after the Participant's termination of employment, if such
          Participant's employment terminates for any reason not specified in
          paragraph (a) above, or
     (c)  fifteen years after Grant Date.

If a Participant dies before all of his Options have been exercised, any Options
that remain outstanding may be exercised by his Beneficiary. Notwithstanding
anything herein to the contrary, the right of a Participant or his Beneficiary
to exercise any Option ceases at the time specified in the Option Agreement or
one (1) year after his date of death, whichever is earlier.

     3.2 Procedure for Exercising Option. A Participant may exercise all or a
portion of an Option by giving written notice to the Committee and tendering
payment of the applicable Exercise Price.

                                       5

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     3.3 Inalienability of Options. Except as otherwise provided in Section 3.4,
no Option granted under this Plan may be transferred, assigned or alienated, and
no Option shall be subject to execution, attachment or similar process. An
Option may be exercised only by the Participant to whom it was granted, by his
Beneficiary after his death, or the Participant's assignee pursuant to Section
3.4.

     3.4 Permitted Transfers. A Participant may at any time prior to death,
assign all or any portion of an Option to:

     (a)  the Participant's spouse or lineal descendants,
     (b)  the trustee of a trust for the primary benefit of the Participant's
          spouse and lineal descendants,
     (c)  a partnership of which the Participant's spouse and lineal descendants
          are the only partners, or
     (d)  a tax-exempt organization as described in Section 501(c)(3) of the
          Code.

Any such assignment will be permitted only if an assignment is expressly
permitted in the Option Agreement, or approved in writing by the Committee, and
the Participant receives no consideration for the assignment. Any such
assignment will be evidenced by an appropriate written document executed by the
Participant, and delivered to the Committee on or before the effective date of
the assignment. In the event of such assignment, the spouse, lineal descendant,
trustee or partnership will be entitled to all of the rights of the Participant
with respect to the assigned portion of the Option, and such portion of the
Option will continue to be subject to all of the terms, conditions and
restrictions applicable to the Option, as set forth in the Plan and the Option
Agreement.

     3.5 Delivery of Designated Property. On the date of exercise, or as soon as
practicable thereafter (but in no event later than five business days after the
date of exercise), the Employer will deliver or cause to be delivered the
Designated Property then being purchased to the Participant. In the event that
the listing, registration or qualification of the Option or the Designated
Property on any securities exchange or under any state or federal law, or the
consent or approval of any governmental regulatory body, is necessary as a
condition of, or in connection with, the exercise of the Option, then the Option
will not be exercised in whole or in part until such listing, registration,
qualification, consent or approval has been effected or obtained.

                                       6

<PAGE>

     3.6 Tax Withholding. Whenever Designated Property is to be delivered upon
exercise of an Option under the Plan, the Employer will require as a condition
of such delivery (a) the cash payment by the Participant of an amount sufficient
to satisfy all federal, state and local tax withholding requirements related
thereto, (b) the withholding of such amount from any Designated Property to be
delivered to the Participant, (c) the withholding of such amount from
compensation otherwise due to the Participant, or (d) any combination of the
foregoing, at the election of the Participant with the consent of the Employer.
Such election will be made before the date on which the amount of tax to be
withheld is determined by the Employer, and such election will be irrevocable.
With the consent of the Employer, the Participant may elect a greater amount of
withholding, not to exceed the estimated amount of the Participant's total tax
liability with respect to the delivery of Designated Property under the Plan.
Such election will be made at the same time and in the same manner as provided
above.

     3.7 Election of Beneficiary.

     3.7.1 Designation or Change of Beneficiary by Participant. When Options are
first awarded to a Participant, the Committee will send him a Beneficiary
designation form, on which he may designate one or more Beneficiaries and
successor Beneficiaries. A Participant may change his Beneficiary designation at
any time by filing the prescribed form with the Committee. The consent of the
Participant's current Beneficiary is not required for a change of Beneficiary,
and no Beneficiary has any rights under this Plan except as are provided by its
terms. The rights of a Beneficiary who predeceases the Participant who
designated him immediately terminate, unless the Participant has specified
otherwise.

     3.7.2 Beneficiary if No Election is Made. Unless a different Beneficiary
has been elected in accordance with Section 3.7.1, the Beneficiary of any
Participant who is lawfully married on the date of his death is his surviving
spouse. The Beneficiary of any other Participant who dies without having
designated a Beneficiary is his estate.

                                   ARTICLE IV

                      Amendment or Termination of the Plan

     4.1 Right to Amend or Terminate Plan. The Board may, at any time and from
time to time, amend, in whole or in part, any of the provisions of this Plan or
may terminate it as a whole or with respect to any Participant or group of
Participants. Any such amendment is binding upon all Participants and
Beneficiaries, the Committee and all other parties in interest.

     4.2 When Amendments Take Effect. A resolution amending or terminating the
Plan becomes effective as of the date specified therein.

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<PAGE>

     4.3 Amendment of Options. An Option Agreement may be amended by the
Committee at any time if the Committee determines that an amendment is necessary
or advisable as a result of:

     (a)  any addition to or change in the Code or any other law or regulation
          which occurs after the Grant Date and by its terms applies to the
          Option,
     (b)  any substitutions of Designated Property held in trust pursuant to
          Section 2.6,
     (c)  any Plan amendment or termination pursuant to Section 4.1, provided
          that the amendment does not materially affect the terms, conditions
          and restrictions applicable to the Option, or
     (d)  any circumstances not specified in Paragraphs (a), (b), or (c), with
          the consent of the Participant.

                                    ARTICLE V

                                 Administration

     5.1 The Committee. The Plan will be administered by a Committee consisting
of one or more persons appointed by the Board. The Committee will act by a
majority of its members at the time in office and may take action either by
majority vote at a meeting or by unanimous consent in writing without a meeting.

     5.2 Removal or Resignation. The Board may remove any member of the
Committee at any time, with or without cause, and may fill any vacancy. If a
vacancy occurs, the remaining member or members of the Committee will have full
authority to act. Any member of the Committee may resign by written resignation
delivered to the Board. Any such resignation will become effective upon its
receipt by the Board or on such other date as agreed to by the Board and the
resigning member.

                                       8

<PAGE>

     5.3 Powers of the Committee. In carrying out its duties with respect to the
general administration of the Plan, the Committee will have, in addition to any
other powers conferred by the Plan or by law, the following powers:

     (a)  to determine eligibility to participate in the Plan and eligibility to
          receive Options;
     (b)  to grant Options, and to determine the form, amount and timing of such
          Options;
     (c)  to determine the terms and provisions of the Option Agreements, and to
          modify such Option Agreements as provided in Section 4.3;
     (d)  to substitute Designated Property held in Trust as provided in Section
          2.6;
     (e)  to maintain all records necessary for the administration of the Plan;
     (f)  to prescribe, amend, and rescind rules for the administration of the
          Plan to the extent not inconsistent with the terms thereof;
     (g)  to appoint such individuals and subcommittees as it deems desirable
          for the conduct of its affairs and the administration of the Plan;
     (h)  to employ counsel, accountants and other consultants to aid in
          exercising its powers and carrying out its duties under the Plan; and
     (i)  to perform any other acts necessary and proper for the conduct of its
          affairs and the administration of the Plan, except those reserved by
          the Board.

     5.4 Determinations by the Committee. The Committee will interpret and
construe the Plan and the Option Agreements, and its interpretations and
determinations will be conclusive and binding on all Participants, Beneficiaries
and any other persons claiming an interest under the Plan or any Option
Agreement.

     5.5 Indemnification of the Committee. The Employer and the Parent, jointly
and severally, will indemnify and hold harmless each member of the Committee
against any and all expenses and liabilities arising out of such member's action
or failure to act in such capacity, excepting only expenses and liabilities
arising out of such member's own willful misconduct or gross negligence.
Expenses and liabilities against which a member of the Committee is indemnified
hereunder will include, without limitation, the amount of any settlement or
judgment, costs, counsel fees and related charges reasonably incurred in
connection with a claim asserted, the investigation of any such claim, or a
proceeding brought against him or the settlement thereof. This right of
indemnification will be in addition to any other rights to which any member of
the Committee may be entitled. The Employer and/or the Parent, as applicable,
may, at its own expense, settle any claim asserted or proceeding brought against
any member of the Committee when such settlement appears to be in the best
interests of the Employer and/or the Parent, as applicable, with such member's
consent which will not be unreasonably withheld.

     5.6 Expenses of the Committee. The members of the Committee will serve
without compensation for services as such. All reasonable expenses of the
Committee will be paid by the Employer.

                                       9

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                                   ARTICLE VI

                                Trust Provisions

     6.1 Establishment of the Trust. A trust may be established to hold all
Designated Property contributed by the Employer pursuant to Section 2.5. Except
as otherwise provided in Section 6.2, the Trust will be irrevocable and no
portion of the Trust Fund will be used for any purpose other than the delivery
of Designated Property pursuant to the exercise of an Option, and the payment of
expenses of the Plan and Trust.

     6.2 Trust Status. The Trust is intended to be a grantor trust, within the
meaning of Section 671 of the Code, of which the Employer is the grantor, and
this Plan is to be construed in accordance with that intention. Notwithstanding
any other provision of this Plan, the Trust Fund will remain the property of the
Employer and will be subject to the claims of its creditors in the event of its
bankruptcy or insolvency. No Participant will have any priority claim on the
Trust Fund or any security interest or other right superior to the rights of a
general creditor of the Employer.

                                   ARTICLE VII

                            Miscellaneous Provisions

     7.1 No Rights of Shareholder. Neither the Participant, a Beneficiary nor
any assignee will be, or will have any of the rights and privileges of, a
stockholder with respect to any Designated Property purchasable or issuable upon
the exercise of an Option, prior to the date of exercise of such Option.

     7.2 No Right to Continued Employment. Nothing contained in the Plan will be
deemed to give any person the right to be retained in the employ of his
employer, or to interfere with the right of the employer to discharge any person
at any time without regard to the effect that such discharge will have upon such
person's rights or potential rights, if any, under the Plan. The provisions of
the Plan are in addition to, and not a limitation on, any rights that a
Participant may have against his employer by reason of any employment or other
agreement with his employer.

     7.3 Notices. Unless otherwise specified in an Option Agreement, any notice
to be provided under the Plan to the Committee will be mailed (by certified
mail, postage prepaid) or delivered to the Committee in care of the Employer at
its executive offices, and any notice to the Participant will be mailed (by
certified mail, postage prepaid) or delivered to the Participant at the current
address shown on the payroll records of his employer. No notice will be binding
on the Committee until received by the Committee.

                                       10

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IN WITNESS WHEREOF, Prentiss Properties Limited, Inc. has caused this Plan to be
executed by its duly authorized officer by authority of its Board of Directors
and the Board of Trust Managers of the Parent this 9th day of February 2000.

                                    Prentiss Properties Limited, Inc.

                                    By:    /s/ Gregory S. Imhoff
                                       -----------------------------------------

                                    Title:Senior Vice President and Secretary
                                          --------------------------------------

                                       11

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