EXHIBIT 10.9
CENTERPOINT PROPERTIES TRUST
STOCK OPTION AGREEMENT
THIS STOCK OPTION AGREEMENT (the "Agreement") is dated as of May 16,
2003 between CenterPoint Properties Trust, a Maryland real estate
investment trust (the "Company"), and Xxxxxxxx X. Xxxxxx (the "Optionee").
This Agreement is made pursuant to, and is governed by, the
CENTERPOINT PROPERTIES TRUST 2003 OMNIBUS EMPLOYEE RETENTION AND INCENTIVE
PLAN (THE "2003 PLAN"). Capitalized terms not otherwise defined herein
shall have the meanings set forth in the Plan. The purpose of this
Agreement is to establish a written agreement evidencing an option granted
in accordance with the terms of the Plan. In this Agreement, "shares" means
shares of the Company's Common Stock or other securities resulting from an
adjustment under Article 8 of the Plan.
The parties agree as follows:
1. GRANT OF OPTION. The Company hereby grants to the Optionee an option
(the "Option") to purchase 5,000 shares under the terms and conditions
hereof.
2. TERM. The Option becomes exercisable and terminates in accordance with
the schedule set forth in Section 5 hereof; provided, however, that in
the event employment of the Optionee with the Company or a Subsidiary
terminates for any reason, the Option shall terminate in accordance
with the provisions of Section 7.2 of the Plan.
3. PRICE. The price of each share purchased by exercise of the Option is
$60.55.
4. PARTIAL EXERCISE. The Option, to the extent exercisable under Section
5 hereof, may be exercised in whole or in part provided that the
Option may not be exercised for less than 100 shares in any single
transaction unless such exercise pertains tot he entire number of
shares then covered by the Option.
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
5. EXERCISE PERIOD.
(a) Except as otherwise provided in the Plan or in this Agreement,
the Option shall become exercisable as follows:
Time Period Exercisable
----------------------------------------------------------------------------------
Prior to the first anniversary of the date of this Agreement None
----------------------------------------------------------------------------------
After the first anniversary of the date of this Agreement One-fifth
----------------------------------------------------------------------------------
After the second anniversary of the date of this Agreement Two-fifths
----------------------------------------------------------------------------------
After the third anniversary of the date of this Agreement Three-fifths
----------------------------------------------------------------------------------
After the fourth anniversary of the date of this Agreement Four-fifths
----------------------------------------------------------------------------------
After the fifth anniversary of the date of this Agreement All
----------------------------------------------------------------------------------
(b) If it has not previously terminated pursuant to the terms of the
Plan or this Agreement, the Option shall terminate at the close
of business on the day before the tenth anniversary of the date
of this Agreement.
6. METHOD OF EXERCISE. The Option shall be exercised by written notice by
Optionee to the Company specifying the number of shares that such
person elects to purchase, accompanied by full payment, in cash or
current funds, for such shares.
7. ISO TREATMENT. It is intended that the Option shall qualify as an
"incentive stock option" as described in Section 422 of the Internal
Revenue Code of 1986, as amended.
8. RIGHTS OF STOCKHOLDER. No person, estate, or other entity will have
the rights of a stockholder with respect to shares subject to the
Options until a certificate or certificates for these shares have been
delivered to the person exercising the option.
9. RIGHTS OF THE COMPANY. This Agreement does not affect the Company's
right to take any corporate action, including other changes in its
right to recapitalize, reorganize or consolidate, issue bonds, notes
or stock, including preferred stock or options therefor, to dissolve
or liquidate, or to sell or transfer any part of its assets or
business.
10. CHANGES IN CAPITALIZATION. Upon the occurrence of an event described
in Section 8.1(a) of the Plan, the Committee shall make the
adjustments specified in Section 8.1(b) of the Plan.
11. TAXES. The company, if necessary or desirable, may pay or withhold the
amount of any tax attributable to any shares deliverable under this
Agreement, and the company may defer making delivery until it is
indemnified to its satisfaction for that tax.
-2-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
12. COMPLIANCE WITH LAWS. Options are exercisable, and shares can be
delivered under this Agreement, only in compliance with all applicable
federal and state laws and regulations, including without limitation
state and federal securities laws, and the rules of all stock
exchanges on which the Common Stock is listed at any time. Options may
not be exercised and shares may not be issued under this Agreement
until the Company has obtained the consent or approval of every
regulatory body, federal or state, having jurisdiction over such
matters as the Committee deems advisable. Each person or estate that
acquired the right to exercise an Option by bequest or inheritance may
be required by the Committee to furnish reasonable evidence of
ownership of the Option as a condition to the exercise of the Option.
In addition, the Committee may require such consents and releases of
taxing authorities as the Committee deems advisable.
13. STOCK LEGENDS. Any certificate issued to evidence shares issued under
the Option shall bear such legends and statements as the committee
deems advisable to assure compliance with all federal and state laws
and regulations.
14. ASSIGNABILITY. The Option shall not be transferable other than by will
or the laws of descent and distribution. G the Optionee's lifetime,
the Option shall be exercisable only by the Optionee, except as
otherwise provided herein. The Option shall be transferable, on the
Optionee's death, to the Optionee's estate and shall be exercisable,
during the Optionee's lifetime, by the Optionee's guardian or legal
representative.
15. NO RIGHT OF EMPLOYMENT. Nothing in this Agreement shall confer any
right on an employee to continue in the employ of the Company or shall
interfere in any way with the right of the Company to terminate such
employee's employment at any time.
16. AMENDMENT OF OPTION. The Company may alter, amend, or terminate the
Option only with the Optionee's consent, except for adjustments
expressly provided by this Agreement.
17. CHOICE OF LAW. The provisions of Section 9.6 of the Plan, concerning
choice of law, shall govern this Agreement.
18. MISCELLANEOUS. This Agreement is subject to and controlled by the
Plan. Any inconsistency between this Agreement and said Plan shall be
controlled by the Plan. This Agreement is the final, complete, and
exclusive expression of the understanding between the parties and
supersedes any prior or contemporaneous agreement or representation,
oral or written, between them. Modification of this Agreement or
waiver of a condition herein must be written and signed by the party
to be bound. In the event that any paragraph or provision of this
Agreement shall be held to be illegal or unenforceable, such paragraph
or provision shall be severed from the Agreement and the entire
Agreement shall not fail on account thereof, but shall otherwise
remain in full force and effect.
-3-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
19. NOTICES. All notices and other communications required or permitted
under this Agreement shall be written, and shall be either delivered
personally or sent by registered or certified first-class mail,
postage prepaid and return receipt requested, or by telex or
telecopier, addressed as follows: if to the Company, to the Company's
principal office, and if to the Optionee or his successor, to the
address last furnished by such person to the Company. Each such notice
and communication delivered personally shall be deemed to have been
given when delivered. Each such notice and communication given by mail
shall be deemed to have been given when it is deposited in the United
States mail in the manner specified herein, and each such notice and
communication given by telex or telecopier shall be deemed to have
been given when it is so transmitted and the appropriate answer back
is received. A party may change its address for the purpose hereof by
giving notice in accordance with the provisions of this Section 19.
IN WITNESS WHEREOF, the Optionee and the Company have executed this
Agreement as of the date first written above.
CENTERPOINT PROPERTIES TRUST
By:
-------------------------------------------
Rockford X. Xxxxxx
Its: Executive Vice President and Treasurer
-------------------------------------------
GRANTEE
---------------------------------------------
Printed Name: Xxxxxxxx X. Xxxxxx
-4-
CENTERPOINT PROPERTIES TRUST
STOCK OPTION AGREEMENT
THIS
STOCK OPTION AGREEMENT (the "Agreement") is dated as of May 16,
2003 between
CenterPoint Properties Trust, a
Maryland real estate
investment trust (the "Company"), and Xxxxxx Xxxxxx (the "Optionee").
This Agreement is made pursuant to, and is governed by, the
CENTERPOINT PROPERTIES TRUST 2003 OMNIBUS EMPLOYEE RETENTION AND INCENTIVE
PLAN (THE "2003 PLAN"). Capitalized terms not otherwise defined herein
shall have the meanings set forth in the Plan. The purpose of this
Agreement is to establish a written agreement evidencing an option granted
in accordance with the terms of the Plan. In this Agreement, "shares" means
shares of the Company's Common Stock or other securities resulting from an
adjustment under Article 8 of the Plan.
The parties agree as follows:
1. GRANT OF OPTION. The Company hereby grants to the Optionee an option
(the "Option") to purchase 5,000 shares under the terms and conditions
hereof.
2. TERM. The Option becomes exercisable and terminates in accordance with
the schedule set forth in Section 5 hereof; provided, however, that in
the event employment of the Optionee with the Company or a Subsidiary
terminates for any reason, the Option shall terminate in accordance
with the provisions of Section 7.2 of the Plan.
3. PRICE. The price of each share purchased by exercise of the Option is
$60.55.
4. PARTIAL EXERCISE. The Option, to the extent exercisable under Section
5 hereof, may be exercised in whole or in part provided that the
Option may not be exercised for less than 100 shares in any single
transaction unless such exercise pertains tot he entire number of
shares then covered by the Option.
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
5. EXERCISE PERIOD.
(a) Except as otherwise provided in the Plan or in this Agreement,
the Option shall become exercisable as follows:
Time Period Exercisable
--------------------------------------------------------------------------------
Prior to the first anniversary of the date of this Agreement None
--------------------------------------------------------------------------------
After the first anniversary of the date of this Agreement One-fifth
--------------------------------------------------------------------------------
After the second anniversary of the date of this Agreement Two-fifths
--------------------------------------------------------------------------------
After the third anniversary of the date of this Agreement Three-fifths
--------------------------------------------------------------------------------
After the fourth anniversary of the date of this Agreement Four-fifths
--------------------------------------------------------------------------------
After the fifth anniversary of the date of this Agreement All
--------------------------------------------------------------------------------
(b) If it has not previously terminated pursuant to the terms of the
Plan or this Agreement, the Option shall terminate at the close
of business on the day before the tenth anniversary of the date
of this Agreement.
6. METHOD OF EXERCISE. The Option shall be exercised by written notice by
Optionee to the Company specifying the number of shares that such
person elects to purchase, accompanied by full payment, in cash or
current funds, for such shares.
7. ISO TREATMENT. It is intended that the Option shall qualify as an
"incentive stock option" as described in Section 422 of the Internal
Revenue Code of 1986, as amended.
8. RIGHTS OF STOCKHOLDER. No person, estate, or other entity will have
the rights of a stockholder with respect to shares subject to the
Options until a certificate or certificates for these shares have been
delivered to the person exercising the option.
9. RIGHTS OF THE COMPANY. This Agreement does not affect the Company's
right to take any corporate action, including other changes in its
right to recapitalize, reorganize or consolidate, issue bonds, notes
or stock, including preferred stock or options therefor, to dissolve
or liquidate, or to sell or transfer any part of its assets or
business.
10. CHANGES IN CAPITALIZATION. Upon the occurrence of an event described
in Section 8.1(a) of the Plan, the Committee shall make the
adjustments specified in Section 8.1(b) of the Plan.
11. TAXES. The company, if necessary or desirable, may pay or withhold the
amount of any tax attributable to any shares deliverable under this
Agreement, and the company may defer making delivery until it is
indemnified to its satisfaction for that tax.
-2-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
12. COMPLIANCE WITH LAWS. Options are exercisable, and shares can be
delivered under this Agreement, only in compliance with all applicable
federal and state laws and regulations, including without limitation
state and federal securities laws, and the rules of all stock
exchanges on which the Common Stock is listed at any time. Options may
not be exercised and shares may not be issued under this Agreement
until the Company has obtained the consent or approval of every
regulatory body, federal or state, having jurisdiction over such
matters as the Committee deems advisable. Each person or estate that
acquired the right to exercise an Option by bequest or inheritance may
be required by the Committee to furnish reasonable evidence of
ownership of the Option as a condition to the exercise of the Option.
In addition, the Committee may require such consents and releases of
taxing authorities as the Committee deems advisable.
13. STOCK LEGENDS. Any certificate issued to evidence shares issued under
the Option shall bear such legends and statements as the committee
deems advisable to assure compliance with all federal and state laws
and regulations.
14. ASSIGNABILITY. The Option shall not be transferable other than by will
or the laws of descent and distribution. G the Optionee's lifetime,
the Option shall be exercisable only by the Optionee, except as
otherwise provided herein. The Option shall be transferable, on the
Optionee's death, to the Optionee's estate and shall be exercisable,
during the Optionee's lifetime, by the Optionee's guardian or legal
representative.
15. NO RIGHT OF EMPLOYMENT. Nothing in this Agreement shall confer any
right on an employee to continue in the employ of the Company or shall
interfere in any way with the right of the Company to terminate such
employee's employment at any time.
16. AMENDMENT OF OPTION. The Company may alter, amend, or terminate the
Option only with the Optionee's consent, except for adjustments
expressly provided by this Agreement.
17. CHOICE OF LAW. The provisions of Section 9.6 of the Plan, concerning
choice of law, shall govern this Agreement.
18. MISCELLANEOUS. This Agreement is subject to and controlled by the
Plan. Any inconsistency between this Agreement and said Plan shall be
controlled by the Plan. This Agreement is the final, complete, and
exclusive expression of the understanding between the parties and
supersedes any prior or contemporaneous agreement or representation,
oral or written, between them. Modification of this Agreement or
waiver of a condition herein must be written and signed by the party
to be bound. In the event that any paragraph or provision of this
Agreement shall be held to be illegal or unenforceable, such paragraph
or provision shall be severed from the Agreement and the entire
Agreement shall not fail on account thereof, but shall otherwise
remain in full force and effect.
-3-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
19. NOTICES. All notices and other communications required or permitted
under this Agreement shall be written, and shall be either delivered
personally or sent by registered or certified first-class mail,
postage prepaid and return receipt requested, or by telex or
telecopier, addressed as follows: if to the Company, to the Company's
principal office, and if to the Optionee or his successor, to the
address last furnished by such person to the Company. Each such notice
and communication delivered personally shall be deemed to have been
given when delivered. Each such notice and communication given by mail
shall be deemed to have been given when it is deposited in the United
States mail in the manner specified herein, and each such notice and
communication given by telex or telecopier shall be deemed to have
been given when it is so transmitted and the appropriate answer back
is received. A party may change its address for the purpose hereof by
giving notice in accordance with the provisions of this Section 19.
IN WITNESS WHEREOF, the Optionee and the Company have executed this
Agreement as of the date first written above.
CENTERPOINT PROPERTIES TRUST
By:
-------------------------------------------
Rockford X. Xxxxxx
Its: Executive Vice President and Treasurer
-------------------------------------------
GRANTEE
---------------------------------------------
Printed Name: Xxxxxx Xxxxxx
-4-
CENTERPOINT PROPERTIES TRUST
STOCK OPTION AGREEMENT
THIS
STOCK OPTION AGREEMENT (the "Agreement") is dated as of May 16,
2003 between CenterPoint Properties Trust, a
Maryland real estate
investment trust (the "Company"), and Xxxxxx Xxxxxx (the "Optionee").
This Agreement is made pursuant to, and is governed by, the
CENTERPOINT PROPERTIES TRUST 2003 OMNIBUS EMPLOYEE RETENTION AND INCENTIVE
PLAN (THE "2003 PLAN"). Capitalized terms not otherwise defined herein
shall have the meanings set forth in the Plan. The purpose of this
Agreement is to establish a written agreement evidencing an option granted
in accordance with the terms of the Plan. In this Agreement, "shares" means
shares of the Company's Common Stock or other securities resulting from an
adjustment under Article 8 of the Plan.
The parties agree as follows:
1. GRANT OF OPTION. The Company hereby grants to the Optionee an option
(the "Option") to purchase 6,500 shares under the terms and conditions
hereof.
2. TERM. The Option becomes exercisable and terminates in accordance with
the schedule set forth in Section 5 hereof; provided, however, that in
the event employment of the Optionee with the Company or a Subsidiary
terminates for any reason, the Option shall terminate in accordance
with the provisions of Section 7.2 of the Plan.
3. PRICE. The price of each share purchased by exercise of the Option is
$60.55.
4. PARTIAL EXERCISE. The Option, to the extent exercisable under Section
5 hereof, may be exercised in whole or in part provided that the
Option may not be exercised for less than 100 shares in any single
transaction unless such exercise pertains tot he entire number of
shares then covered by the Option.
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
5. EXERCISE PERIOD.
(a) Except as otherwise provided in the Plan or in this Agreement,
the Option shall become exercisable as follows:
Time Period Exercisable
--------------------------------------------------------------------------------
Prior to the first anniversary of the date of this Agreement None
--------------------------------------------------------------------------------
After the first anniversary of the date of this Agreement One-fifth
--------------------------------------------------------------------------------
After the second anniversary of the date of this Agreement Two-fifths
--------------------------------------------------------------------------------
After the third anniversary of the date of this Agreement Three-fifths
--------------------------------------------------------------------------------
After the fourth anniversary of the date of this Agreement Four-fifths
--------------------------------------------------------------------------------
After the fifth anniversary of the date of this Agreement All
--------------------------------------------------------------------------------
(b) If it has not previously terminated pursuant to the terms of the
Plan or this Agreement, the Option shall terminate at the close
of business on the day before the tenth anniversary of the date
of this Agreement.
6. METHOD OF EXERCISE. The Option shall be exercised by written notice by
Optionee to the Company specifying the number of shares that such
person elects to purchase, accompanied by full payment, in cash or
current funds, for such shares.
7. ISO TREATMENT. It is intended that the Option shall qualify as an
"incentive stock option" as described in Section 422 of the Internal
Revenue Code of 1986, as amended.
8. RIGHTS OF STOCKHOLDER. No person, estate, or other entity will have
the rights of a stockholder with respect to shares subject to the
Options until a certificate or certificates for these shares have been
delivered to the person exercising the option.
9. RIGHTS OF THE COMPANY. This Agreement does not affect the Company's
right to take any corporate action, including other changes in its
right to recapitalize, reorganize or consolidate, issue bonds, notes
or stock, including preferred stock or options therefor, to dissolve
or liquidate, or to sell or transfer any part of its assets or
business.
10. CHANGES IN CAPITALIZATION. Upon the occurrence of an event described
in Section 8.1(a) of the Plan, the Committee shall make the
adjustments specified in Section 8.1(b) of the Plan.
11. TAXES. The company, if necessary or desirable, may pay or withhold the
amount of any tax attributable to any shares deliverable under this
Agreement, and the company may defer making delivery until it is
indemnified to its satisfaction for that tax.
-2-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
12. COMPLIANCE WITH LAWS. Options are exercisable, and shares can be
delivered under this Agreement, only in compliance with all applicable
federal and state laws and regulations, including without limitation
state and federal securities laws, and the rules of all stock
exchanges on which the Common Stock is listed at any time. Options may
not be exercised and shares may not be issued under this Agreement
until the Company has obtained the consent or approval of every
regulatory body, federal or state, having jurisdiction over such
matters as the Committee deems advisable. Each person or estate that
acquired the right to exercise an Option by bequest or inheritance may
be required by the Committee to furnish reasonable evidence of
ownership of the Option as a condition to the exercise of the Option.
In addition, the Committee may require such consents and releases of
taxing authorities as the Committee deems advisable.
13. STOCK LEGENDS. Any certificate issued to evidence shares issued under
the Option shall bear such legends and statements as the committee
deems advisable to assure compliance with all federal and state laws
and regulations.
14. ASSIGNABILITY. The Option shall not be transferable other than by will
or the laws of descent and distribution. G the Optionee's lifetime,
the Option shall be exercisable only by the Optionee, except as
otherwise provided herein. The Option shall be transferable, on the
Optionee's death, to the Optionee's estate and shall be exercisable,
during the Optionee's lifetime, by the Optionee's guardian or legal
representative.
15. NO RIGHT OF EMPLOYMENT. Nothing in this Agreement shall confer any
right on an employee to continue in the employ of the Company or shall
interfere in any way with the right of the Company to terminate such
employee's employment at any time.
16. AMENDMENT OF OPTION. The Company may alter, amend, or terminate the
Option only with the Optionee's consent, except for adjustments
expressly provided by this Agreement.
17. CHOICE OF LAW. The provisions of Section 9.6 of the Plan, concerning
choice of law, shall govern this Agreement.
18. MISCELLANEOUS. This Agreement is subject to and controlled by the
Plan. Any inconsistency between this Agreement and said Plan shall be
controlled by the Plan. This Agreement is the final, complete, and
exclusive expression of the understanding between the parties and
supersedes any prior or contemporaneous agreement or representation,
oral or written, between them. Modification of this Agreement or
waiver of a condition herein must be written and signed by the party
to be bound. In the event that any paragraph or provision of this
Agreement shall be held to be illegal or unenforceable, such paragraph
or provision shall be severed from the Agreement and the entire
Agreement shall not fail on account thereof, but shall otherwise
remain in full force and effect.
-3-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
19. NOTICES. All notices and other communications required or permitted
under this Agreement shall be written, and shall be either delivered
personally or sent by registered or certified first-class mail,
postage prepaid and return receipt requested, or by telex or
telecopier, addressed as follows: if to the Company, to the Company's
principal office, and if to the Optionee or his successor, to the
address last furnished by such person to the Company. Each such notice
and communication delivered personally shall be deemed to have been
given when delivered. Each such notice and communication given by mail
shall be deemed to have been given when it is deposited in the United
States mail in the manner specified herein, and each such notice and
communication given by telex or telecopier shall be deemed to have
been given when it is so transmitted and the appropriate answer back
is received. A party may change its address for the purpose hereof by
giving notice in accordance with the provisions of this Section 19.
IN WITNESS WHEREOF, the Optionee and the Company have executed this
Agreement as of the date first written above.
CENTERPOINT PROPERTIES TRUST
By:
-------------------------------------------
Rockford X. Xxxxxx
Its: Executive Vice President and Treasurer
-------------------------------------------
GRANTEE
---------------------------------------------
Printed Name: Xxxxxx Xxxxxx
-4-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
CENTERPOINT PROPERTIES TRUST
STOCK OPTION AGREEMENT
THIS
STOCK OPTION AGREEMENT (the "Agreement") is dated as of May 16,
2003 between CenterPoint Properties Trust, a
Maryland real estate
investment trust (the "Company"), and Xxxx Xxxx (the "Optionee").
This Agreement is made pursuant to, and is governed by, the
CENTERPOINT PROPERTIES TRUST 2003 OMNIBUS EMPLOYEE RETENTION AND INCENTIVE
PLAN (THE "2003 PLAN"). Capitalized terms not otherwise defined herein
shall have the meanings set forth in the Plan. The purpose of this
Agreement is to establish a written agreement evidencing an option granted
in accordance with the terms of the Plan. In this Agreement, "shares" means
shares of the Company's Common Stock or other securities resulting from an
adjustment under Article 8 of the Plan.
The parties agree as follows:
1. GRANT OF OPTION. The Company hereby grants to the Optionee an option
(the "Option") to purchase 5,000 shares under the terms and conditions
hereof.
2. TERM. The Option becomes exercisable and terminates in accordance with
the schedule set forth in Section 5 hereof; provided, however, that in
the event employment of the Optionee with the Company or a Subsidiary
terminates for any reason, the Option shall terminate in accordance
with the provisions of Section 7.2 of the Plan.
3. PRICE. The price of each share purchased by exercise of the Option is
$60.55.
4. PARTIAL EXERCISE. The Option, to the extent exercisable under Section
5 hereof, may be exercised in whole or in part provided that the
Option may not be exercised for less than 100 shares in any single
transaction unless such exercise pertains tot he entire number of
shares then covered by the Option.
-5-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
5. EXERCISE PERIOD.
(a) Except as otherwise provided in the Plan or in this Agreement,
the Option shall become exercisable as follows:
Time Period Exercisable
--------------------------------------------------------------------------------
Prior to the first anniversary of the date of this Agreement None
--------------------------------------------------------------------------------
After the first anniversary of the date of this Agreement One-fifth
--------------------------------------------------------------------------------
After the second anniversary of the date of this Agreement Two-fifths
--------------------------------------------------------------------------------
After the third anniversary of the date of this Agreement Three-fifths
--------------------------------------------------------------------------------
After the fourth anniversary of the date of this Agreement Four-fifths
--------------------------------------------------------------------------------
After the fifth anniversary of the date of this Agreement All
--------------------------------------------------------------------------------
(b) If it has not previously terminated pursuant to the terms of the
Plan or this Agreement, the Option shall terminate at the close
of business on the day before the tenth anniversary of the date
of this Agreement.
6. METHOD OF EXERCISE. The Option shall be exercised by written notice by
Optionee to the Company specifying the number of shares that such
person elects to purchase, accompanied by full payment, in cash or
current funds, for such shares.
7. ISO TREATMENT. It is intended that the Option shall qualify as an
"incentive stock option" as described in Section 422 of the Internal
Revenue Code of 1986, as amended.
8. RIGHTS OF STOCKHOLDER. No person, estate, or other entity will have
the rights of a stockholder with respect to shares subject to the
Options until a certificate or certificates for these shares have been
delivered to the person exercising the option.
9. RIGHTS OF THE COMPANY. This Agreement does not affect the Company's
right to take any corporate action, including other changes in its
right to recapitalize, reorganize or consolidate, issue bonds, notes
or stock, including preferred stock or options therefor, to dissolve
or liquidate, or to sell or transfer any part of its assets or
business.
10. CHANGES IN CAPITALIZATION. Upon the occurrence of an event described
in Section 8.1(a) of the Plan, the Committee shall make the
adjustments specified in Section 8.1(b) of the Plan.
11. TAXES. The company, if necessary or desirable, may pay or withhold the
amount of any tax attributable to any shares deliverable under this
Agreement, and the company may defer making delivery until it is
indemnified to its satisfaction for that tax.
-6-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
12. COMPLIANCE WITH LAWS. Options are exercisable, and shares can be
delivered under this Agreement, only in compliance with all applicable
federal and state laws and regulations, including without limitation
state and federal securities laws, and the rules of all stock
exchanges on which the Common Stock is listed at any time. Options may
not be exercised and shares may not be issued under this Agreement
until the Company has obtained the consent or approval of every
regulatory body, federal or state, having jurisdiction over such
matters as the Committee deems advisable. Each person or estate that
acquired the right to exercise an Option by bequest or inheritance may
be required by the Committee to furnish reasonable evidence of
ownership of the Option as a condition to the exercise of the Option.
In addition, the Committee may require such consents and releases of
taxing authorities as the Committee deems advisable.
13. STOCK LEGENDS. Any certificate issued to evidence shares issued under
the Option shall bear such legends and statements as the committee
deems advisable to assure compliance with all federal and state laws
and regulations.
14. ASSIGNABILITY. The Option shall not be transferable other than by will
or the laws of descent and distribution. G the Optionee's lifetime,
the Option shall be exercisable only by the Optionee, except as
otherwise provided herein. The Option shall be transferable, on the
Optionee's death, to the Optionee's estate and shall be exercisable,
during the Optionee's lifetime, by the Optionee's guardian or legal
representative.
15. NO RIGHT OF EMPLOYMENT. Nothing in this Agreement shall confer any
right on an employee to continue in the employ of the Company or shall
interfere in any way with the right of the Company to terminate such
employee's employment at any time.
16. AMENDMENT OF OPTION. The Company may alter, amend, or terminate the
Option only with the Optionee's consent, except for adjustments
expressly provided by this Agreement.
17. CHOICE OF LAW. The provisions of Section 9.6 of the Plan, concerning
choice of law, shall govern this Agreement.
18. MISCELLANEOUS. This Agreement is subject to and controlled by the
Plan. Any inconsistency between this Agreement and said Plan shall be
controlled by the Plan. This Agreement is the final, complete, and
exclusive expression of the understanding between the parties and
supersedes any prior or contemporaneous agreement or representation,
oral or written, between them. Modification of this Agreement or
waiver of a condition herein must be written and signed by the party
to be bound. In the event that any paragraph or provision of this
Agreement shall be held to be illegal or unenforceable, such paragraph
or provision shall be severed from the Agreement and the entire
Agreement shall not fail on account thereof, but shall otherwise
remain in full force and effect.
-7-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
19. NOTICES. All notices and other communications required or permitted
under this Agreement shall be written, and shall be either delivered
personally or sent by registered or certified first-class mail,
postage prepaid and return receipt requested, or by telex or
telecopier, addressed as follows: if to the Company, to the Company's
principal office, and if to the Optionee or his successor, to the
address last furnished by such person to the Company. Each such notice
and communication delivered personally shall be deemed to have been
given when delivered. Each such notice and communication given by mail
shall be deemed to have been given when it is deposited in the United
States mail in the manner specified herein, and each such notice and
communication given by telex or telecopier shall be deemed to have
been given when it is so transmitted and the appropriate answer back
is received. A party may change its address for the purpose hereof by
giving notice in accordance with the provisions of this Section 19.
IN WITNESS WHEREOF, the Optionee and the Company have executed this
Agreement as of the date first written above.
CENTERPOINT PROPERTIES TRUST
By:
-------------------------------------------
Rockford X. Xxxxxx
Its: Executive Vice President and Treasurer
-------------------------------------------
GRANTEE
---------------------------------------------
Printed Name: Xxxx Xxxx
-8-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
CENTERPOINT PROPERTIES TRUST
STOCK OPTION AGREEMENT
THIS
STOCK OPTION AGREEMENT (the "Agreement") is dated as of May 16,
2003 between CenterPoint Properties Trust, a
Maryland real estate
investment trust (the "Company"), and Xxxxxx X. Xxxxxxxx (the "Optionee").
This Agreement is made pursuant to, and is governed by, the
CENTERPOINT PROPERTIES TRUST 2003 OMNIBUS EMPLOYEE RETENTION AND INCENTIVE
PLAN (THE "2003 PLAN"). Capitalized terms not otherwise defined herein
shall have the meanings set forth in the Plan. The purpose of this
Agreement is to establish a written agreement evidencing an option granted
in accordance with the terms of the Plan. In this Agreement, "shares" means
shares of the Company's Common Stock or other securities resulting from an
adjustment under Article 8 of the Plan.
The parties agree as follows:
1. GRANT OF OPTION. The Company hereby grants to the Optionee an option
(the "Option") to purchase 5,000 shares under the terms and conditions
hereof.
2. TERM. The Option becomes exercisable and terminates in accordance with
the schedule set forth in Section 5 hereof; provided, however, that in
the event employment of the Optionee with the Company or a Subsidiary
terminates for any reason, the Option shall terminate in accordance
with the provisions of Section 7.2 of the Plan.
3. PRICE. The price of each share purchased by exercise of the Option is
$60.55.
4. PARTIAL EXERCISE. The Option, to the extent exercisable under Section
5 hereof, may be exercised in whole or in part provided that the
Option may not be exercised for less than 100 shares in any single
transaction unless such exercise pertains tot he entire number of
shares then covered by the Option.
-9-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
5. EXERCISE PERIOD.
(a) Except as otherwise provided in the Plan or in this Agreement,
the Option shall become exercisable as follows:
Time Period Exercisable
--------------------------------------------------------------------------------
Prior to the first anniversary of the date of this Agreement None
--------------------------------------------------------------------------------
After the first anniversary of the date of this Agreement One-fifth
--------------------------------------------------------------------------------
After the second anniversary of the date of this Agreement Two-fifths
--------------------------------------------------------------------------------
After the third anniversary of the date of this Agreement Three-fifths
--------------------------------------------------------------------------------
After the fourth anniversary of the date of this Agreement Four-fifths
--------------------------------------------------------------------------------
After the fifth anniversary of the date of this Agreement All
--------------------------------------------------------------------------------
(b) If it has not previously terminated pursuant to the terms of the
Plan or this Agreement, the Option shall terminate at the close
of business on the day before the tenth anniversary of the date
of this Agreement.
6. METHOD OF EXERCISE. The Option shall be exercised by written notice by
Optionee to the Company specifying the number of shares that such
person elects to purchase, accompanied by full payment, in cash or
current funds, for such shares.
7. ISO TREATMENT. It is intended that the Option shall qualify as an
"incentive stock option" as described in Section 422 of the Internal
Revenue Code of 1986, as amended.
8. RIGHTS OF STOCKHOLDER. No person, estate, or other entity will have
the rights of a stockholder with respect to shares subject to the
Options until a certificate or certificates for these shares have been
delivered to the person exercising the option.
9. RIGHTS OF THE COMPANY. This Agreement does not affect the Company's
right to take any corporate action, including other changes in its
right to recapitalize, reorganize or consolidate, issue bonds, notes
or stock, including preferred stock or options therefor, to dissolve
or liquidate, or to sell or transfer any part of its assets or
business.
10. CHANGES IN CAPITALIZATION. Upon the occurrence of an event described
in Section 8.1(a) of the Plan, the Committee shall make the
adjustments specified in Section 8.1(b) of the Plan.
11. TAXES. The company, if necessary or desirable, may pay or withhold the
amount of any tax attributable to any shares deliverable under this
Agreement, and the company may defer making delivery until it is
indemnified to its satisfaction for that tax.
-10-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
12. COMPLIANCE WITH LAWS. Options are exercisable, and shares can be
delivered under this Agreement, only in compliance with all applicable
federal and state laws and regulations, including without limitation
state and federal securities laws, and the rules of all stock
exchanges on which the Common Stock is listed at any time. Options may
not be exercised and shares may not be issued under this Agreement
until the Company has obtained the consent or approval of every
regulatory body, federal or state, having jurisdiction over such
matters as the Committee deems advisable. Each person or estate that
acquired the right to exercise an Option by bequest or inheritance may
be required by the Committee to furnish reasonable evidence of
ownership of the Option as a condition to the exercise of the Option.
In addition, the Committee may require such consents and releases of
taxing authorities as the Committee deems advisable.
13. STOCK LEGENDS. Any certificate issued to evidence shares issued under
the Option shall bear such legends and statements as the committee
deems advisable to assure compliance with all federal and state laws
and regulations.
14. ASSIGNABILITY. The Option shall not be transferable other than by will
or the laws of descent and distribution. G the Optionee's lifetime,
the Option shall be exercisable only by the Optionee, except as
otherwise provided herein. The Option shall be transferable, on the
Optionee's death, to the Optionee's estate and shall be exercisable,
during the Optionee's lifetime, by the Optionee's guardian or legal
representative.
15. NO RIGHT OF EMPLOYMENT. Nothing in this Agreement shall confer any
right on an employee to continue in the employ of the Company or shall
interfere in any way with the right of the Company to terminate such
employee's employment at any time.
16. AMENDMENT OF OPTION. The Company may alter, amend, or terminate the
Option only with the Optionee's consent, except for adjustments
expressly provided by this Agreement.
17. CHOICE OF LAW. The provisions of Section 9.6 of the Plan, concerning
choice of law, shall govern this Agreement.
18. MISCELLANEOUS. This Agreement is subject to and controlled by the
Plan. Any inconsistency between this Agreement and said Plan shall be
controlled by the Plan. This Agreement is the final, complete, and
exclusive expression of the understanding between the parties and
supersedes any prior or contemporaneous agreement or representation,
oral or written, between them. Modification of this Agreement or
waiver of a condition herein must be written and signed by the party
to be bound. In the event that any paragraph or provision of this
Agreement shall be held to be illegal or unenforceable, such paragraph
or provision shall be severed from the Agreement and the entire
Agreement shall not fail on account thereof, but shall otherwise
remain in full force and effect.
-11-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
19. NOTICES. All notices and other communications required or permitted
under this Agreement shall be written, and shall be either delivered
personally or sent by registered or certified first-class mail,
postage prepaid and return receipt requested, or by telex or
telecopier, addressed as follows: if to the Company, to the Company's
principal office, and if to the Optionee or his successor, to the
address last furnished by such person to the Company. Each such notice
and communication delivered personally shall be deemed to have been
given when delivered. Each such notice and communication given by mail
shall be deemed to have been given when it is deposited in the United
States mail in the manner specified herein, and each such notice and
communication given by telex or telecopier shall be deemed to have
been given when it is so transmitted and the appropriate answer back
is received. A party may change its address for the purpose hereof by
giving notice in accordance with the provisions of this Section 19.
IN WITNESS WHEREOF, the Optionee and the Company have executed this
Agreement as of the date first written above.
CENTERPOINT PROPERTIES TRUST
By:
-------------------------------------------
Rockford X. Xxxxxx
Its: Executive Vice President and Treasurer
-------------------------------------------
GRANTEE
---------------------------------------------
Printed Name: Xxxxxx X. Xxxxxxxx
-12-
CENTERPOINT PROPERTIES TRUST
STOCK OPTION AGREEMENT
THIS STOCK OPTION AGREEMENT (the "Agreement") is dated as of May 16,
2003 between CenterPoint Properties Trust, a
Maryland real estate
investment trust (the "Company"), and Xxxx X. Xxxxxx (the "Optionee").
This Agreement is made pursuant to, and is governed by, the
CENTERPOINT PROPERTIES TRUST 2003 OMNIBUS EMPLOYEE RETENTION AND INCENTIVE
PLAN (THE "2003 PLAN"). Capitalized terms not otherwise defined herein
shall have the meanings set forth in the Plan. The purpose of this
Agreement is to establish a written agreement evidencing an option granted
in accordance with the terms of the Plan. In this Agreement, "shares" means
shares of the Company's Common Stock or other securities resulting from an
adjustment under Article 8 of the Plan.
The parties agree as follows:
1. GRANT OF OPTION. The Company hereby grants to the Optionee an option
(the "Option") to purchase 5,000 shares under the terms and conditions
hereof.
2. TERM. The Option becomes exercisable and terminates in accordance with
the schedule set forth in Section 5 hereof; provided, however, that in
the event employment of the Optionee with the Company or a Subsidiary
terminates for any reason, the Option shall terminate in accordance
with the provisions of Section 7.2 of the Plan.
3. PRICE. The price of each share purchased by exercise of the Option is
$60.55.
4. PARTIAL EXERCISE. The Option, to the extent exercisable under Section
5 hereof, may be exercised in whole or in part provided that the
Option may not be exercised for less than 100 shares in any single
transaction unless such exercise pertains tot he entire number of
shares then covered by the Option.
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
5. EXERCISE PERIOD.
(a) Except as otherwise provided in the Plan or in this Agreement,
the Option shall become exercisable as follows:
Time Period Exercisable
--------------------------------------------------------------------------------
Prior to the first anniversary of the date of this Agreement None
--------------------------------------------------------------------------------
After the first anniversary of the date of this Agreement One-fifth
--------------------------------------------------------------------------------
After the second anniversary of the date of this Agreement Two-fifths
--------------------------------------------------------------------------------
After the third anniversary of the date of this Agreement Three-fifths
--------------------------------------------------------------------------------
After the fourth anniversary of the date of this Agreement Four-fifths
--------------------------------------------------------------------------------
After the fifth anniversary of the date of this Agreement All
--------------------------------------------------------------------------------
(b) If it has not previously terminated pursuant to the terms of the
Plan or this Agreement, the Option shall terminate at the close
of business on the day before the tenth anniversary of the date
of this Agreement.
6. METHOD OF EXERCISE. The Option shall be exercised by written notice by
Optionee to the Company specifying the number of shares that such
person elects to purchase, accompanied by full payment, in cash or
current funds, for such shares.
7. ISO TREATMENT. It is intended that the Option shall qualify as an
"incentive stock option" as described in Section 422 of the Internal
Revenue Code of 1986, as amended.
8. RIGHTS OF STOCKHOLDER. No person, estate, or other entity will have
the rights of a stockholder with respect to shares subject to the
Options until a certificate or certificates for these shares have been
delivered to the person exercising the option.
9. RIGHTS OF THE COMPANY. This Agreement does not affect the Company's
right to take any corporate action, including other changes in its
right to recapitalize, reorganize or consolidate, issue bonds, notes
or stock, including preferred stock or options therefor, to dissolve
or liquidate, or to sell or transfer any part of its assets or
business.
10. CHANGES IN CAPITALIZATION. Upon the occurrence of an event described
in Section 8.1(a) of the Plan, the Committee shall make the
adjustments specified in Section 8.1(b) of the Plan.
11. TAXES. The company, if necessary or desirable, may pay or withhold the
amount of any tax attributable to any shares deliverable under this
Agreement, and the company may defer making delivery until it is
indemnified to its satisfaction for that tax.
-2-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
12. COMPLIANCE WITH LAWS. Options are exercisable, and shares can be
delivered under this Agreement, only in compliance with all applicable
federal and state laws and regulations, including without limitation
state and federal securities laws, and the rules of all stock
exchanges on which the Common Stock is listed at any time. Options may
not be exercised and shares may not be issued under this Agreement
until the Company has obtained the consent or approval of every
regulatory body, federal or state, having jurisdiction over such
matters as the Committee deems advisable. Each person or estate that
acquired the right to exercise an Option by bequest or inheritance may
be required by the Committee to furnish reasonable evidence of
ownership of the Option as a condition to the exercise of the Option.
In addition, the Committee may require such consents and releases of
taxing authorities as the Committee deems advisable.
13. STOCK LEGENDS. Any certificate issued to evidence shares issued under
the Option shall bear such legends and statements as the committee
deems advisable to assure compliance with all federal and state laws
and regulations.
14. ASSIGNABILITY. The Option shall not be transferable other than by will
or the laws of descent and distribution. G the Optionee's lifetime,
the Option shall be exercisable only by the Optionee, except as
otherwise provided herein. The Option shall be transferable, on the
Optionee's death, to the Optionee's estate and shall be exercisable,
during the Optionee's lifetime, by the Optionee's guardian or legal
representative.
15. NO RIGHT OF EMPLOYMENT. Nothing in this Agreement shall confer any
right on an employee to continue in the employ of the Company or shall
interfere in any way with the right of the Company to terminate such
employee's employment at any time.
16. AMENDMENT OF OPTION. The Company may alter, amend, or terminate the
Option only with the Optionee's consent, except for adjustments
expressly provided by this Agreement.
17. CHOICE OF LAW. The provisions of Section 9.6 of the Plan, concerning
choice of law, shall govern this Agreement.
18. MISCELLANEOUS. This Agreement is subject to and controlled by the
Plan. Any inconsistency between this Agreement and said Plan shall be
controlled by the Plan. This Agreement is the final, complete, and
exclusive expression of the understanding between the parties and
supersedes any prior or contemporaneous agreement or representation,
oral or written, between them. Modification of this Agreement or
waiver of a condition herein must be written and signed by the party
to be bound. In the event that any paragraph or provision of this
Agreement shall be held to be illegal or unenforceable, such paragraph
or provision shall be severed from the Agreement and the entire
Agreement shall not fail on account thereof, but shall otherwise
remain in full force and effect.
-3-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
19. NOTICES. All notices and other communications required or permitted
under this Agreement shall be written, and shall be either delivered
personally or sent by registered or certified first-class mail,
postage prepaid and return receipt requested, or by telex or
telecopier, addressed as follows: if to the Company, to the Company's
principal office, and if to the Optionee or his successor, to the
address last furnished by such person to the Company. Each such notice
and communication delivered personally shall be deemed to have been
given when delivered. Each such notice and communication given by mail
shall be deemed to have been given when it is deposited in the United
States mail in the manner specified herein, and each such notice and
communication given by telex or telecopier shall be deemed to have
been given when it is so transmitted and the appropriate answer back
is received. A party may change its address for the purpose hereof by
giving notice in accordance with the provisions of this Section 19.
IN WITNESS WHEREOF, the Optionee and the Company have executed this
Agreement as of the date first written above.
CENTERPOINT PROPERTIES TRUST
By:
-------------------------------------------
Rockford X. Xxxxxx
Its: Executive Vice President and Treasurer
-------------------------------------------
GRANTEE
---------------------------------------------
Printed Name: Xxxx X. Xxxxxx
-4-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
CENTERPOINT PROPERTIES TRUST
STOCK OPTION AGREEMENT
THIS STOCK OPTION AGREEMENT (the "Agreement") is dated as of May 16,
2003 between CenterPoint Properties Trust, a
Maryland real estate
investment trust (the "Company"), and Xxxxxx Xxxxxxx (the "Optionee").
This Agreement is made pursuant to, and is governed by, the
CENTERPOINT PROPERTIES TRUST 2003 OMNIBUS EMPLOYEE RETENTION AND INCENTIVE
PLAN (THE "2003 PLAN"). Capitalized terms not otherwise defined herein
shall have the meanings set forth in the Plan. The purpose of this
Agreement is to establish a written agreement evidencing an option granted
in accordance with the terms of the Plan. In this Agreement, "shares" means
shares of the Company's Common Stock or other securities resulting from an
adjustment under Article 8 of the Plan.
The parties agree as follows:
1. GRANT OF OPTION. The Company hereby grants to the Optionee an option
(the "Option") to purchase 6,500 shares under the terms and conditions
hereof.
2. TERM. The Option becomes exercisable and terminates in accordance with
the schedule set forth in Section 5 hereof; provided, however, that in
the event employment of the Optionee with the Company or a Subsidiary
terminates for any reason, the Option shall terminate in accordance
with the provisions of Section 7.2 of the Plan.
3. PRICE. The price of each share purchased by exercise of the Option is
$60.55.
4. PARTIAL EXERCISE. The Option, to the extent exercisable under Section
5 hereof, may be exercised in whole or in part provided that the
Option may not be exercised for less than 100 shares in any single
transaction unless such exercise pertains tot he entire number of
shares then covered by the Option.
-5-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
5. EXERCISE PERIOD.
(a) Except as otherwise provided in the Plan or in this Agreement,
the Option shall become exercisable as follows:
Time Period Exercisable
--------------------------------------------------------------------------------
Prior to the first anniversary of the date of this Agreement None
--------------------------------------------------------------------------------
After the first anniversary of the date of this Agreement One-fifth
--------------------------------------------------------------------------------
After the second anniversary of the date of this Agreement Two-fifths
--------------------------------------------------------------------------------
After the third anniversary of the date of this Agreement Three-fifths
--------------------------------------------------------------------------------
After the fourth anniversary of the date of this Agreement Four-fifths
--------------------------------------------------------------------------------
After the fifth anniversary of the date of this Agreement All
--------------------------------------------------------------------------------
(b) If it has not previously terminated pursuant to the terms of the
Plan or this Agreement, the Option shall terminate at the close
of business on the day before the tenth anniversary of the date
of this Agreement.
6. METHOD OF EXERCISE. The Option shall be exercised by written notice by
Optionee to the Company specifying the number of shares that such
person elects to purchase, accompanied by full payment, in cash or
current funds, for such shares.
7. ISO TREATMENT. It is intended that the Option shall qualify as an
"incentive stock option" as described in Section 422 of the Internal
Revenue Code of 1986, as amended.
8. RIGHTS OF STOCKHOLDER. No person, estate, or other entity will have
the rights of a stockholder with respect to shares subject to the
Options until a certificate or certificates for these shares have been
delivered to the person exercising the option.
9. RIGHTS OF THE COMPANY. This Agreement does not affect the Company's
right to take any corporate action, including other changes in its
right to recapitalize, reorganize or consolidate, issue bonds, notes
or stock, including preferred stock or options therefor, to dissolve
or liquidate, or to sell or transfer any part of its assets or
business.
10. CHANGES IN CAPITALIZATION. Upon the occurrence of an event described
in Section 8.1(a) of the Plan, the Committee shall make the
adjustments specified in Section 8.1(b) of the Plan.
11. TAXES. The company, if necessary or desirable, may pay or withhold the
amount of any tax attributable to any shares deliverable under this
Agreement, and the company may defer making delivery until it is
indemnified to its satisfaction for that tax.
-6-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
12. COMPLIANCE WITH LAWS. Options are exercisable, and shares can be
delivered under this Agreement, only in compliance with all applicable
federal and state laws and regulations, including without limitation
state and federal securities laws, and the rules of all stock
exchanges on which the Common Stock is listed at any time. Options may
not be exercised and shares may not be issued under this Agreement
until the Company has obtained the consent or approval of every
regulatory body, federal or state, having jurisdiction over such
matters as the Committee deems advisable. Each person or estate that
acquired the right to exercise an Option by bequest or inheritance may
be required by the Committee to furnish reasonable evidence of
ownership of the Option as a condition to the exercise of the Option.
In addition, the Committee may require such consents and releases of
taxing authorities as the Committee deems advisable.
13. STOCK LEGENDS. Any certificate issued to evidence shares issued under
the Option shall bear such legends and statements as the committee
deems advisable to assure compliance with all federal and state laws
and regulations.
14. ASSIGNABILITY. The Option shall not be transferable other than by will
or the laws of descent and distribution. G the Optionee's lifetime,
the Option shall be exercisable only by the Optionee, except as
otherwise provided herein. The Option shall be transferable, on the
Optionee's death, to the Optionee's estate and shall be exercisable,
during the Optionee's lifetime, by the Optionee's guardian or legal
representative.
15. NO RIGHT OF EMPLOYMENT. Nothing in this Agreement shall confer any
right on an employee to continue in the employ of the Company or shall
interfere in any way with the right of the Company to terminate such
employee's employment at any time.
16. AMENDMENT OF OPTION. The Company may alter, amend, or terminate the
Option only with the Optionee's consent, except for adjustments
expressly provided by this Agreement.
17. CHOICE OF LAW. The provisions of Section 9.6 of the Plan, concerning
choice of law, shall govern this Agreement.
18. MISCELLANEOUS. This Agreement is subject to and controlled by the
Plan. Any inconsistency between this Agreement and said Plan shall be
controlled by the Plan. This Agreement is the final, complete, and
exclusive expression of the understanding between the parties and
supersedes any prior or contemporaneous agreement or representation,
oral or written, between them. Modification of this Agreement or
waiver of a condition herein must be written and signed by the party
to be bound. In the event that any paragraph or provision of this
Agreement shall be held to be illegal or unenforceable, such paragraph
or provision shall be severed from the Agreement and the entire
Agreement shall not fail on account thereof, but shall otherwise
remain in full force and effect.
-7-
CenterPoint Properties Trust May 16, 2003
2003 Board of Trustees Option Agreement
19. NOTICES. All notices and other communications required or permitted
under this Agreement shall be written, and shall be either delivered
personally or sent by registered or certified first-class mail,
postage prepaid and return receipt requested, or by telex or
telecopier, addressed as follows: if to the Company, to the Company's
principal office, and if to the Optionee or his successor, to the
address last furnished by such person to the Company. Each such notice
and communication delivered personally shall be deemed to have been
given when delivered. Each such notice and communication given by mail
shall be deemed to have been given when it is deposited in the United
States mail in the manner specified herein, and each such notice and
communication given by telex or telecopier shall be deemed to have
been given when it is so transmitted and the appropriate answer back
is received. A party may change its address for the purpose hereof by
giving notice in accordance with the provisions of this Section 19.
IN WITNESS WHEREOF, the Optionee and the Company have executed this
Agreement as of the date first written above.
CENTERPOINT PROPERTIES TRUST
By:
-------------------------------------------
Rockford X. Xxxxxx
Its: Executive Vice President and Treasurer
-------------------------------------------
GRANTEE
---------------------------------------------
Printed Name: Xxxxxx Xxxxxxx
-8-
