Document:

Offer of employment letter

 EXHIBIT 10.1 
  
 October 3, 2005 
  
 Mr. Donald Vrana 
 5522 South 170th Street 
 Omaha, Nebraska 68135 
  
 Dear Don: 
  
 It is a real pleasure for me to extend an offer of employment to you. PBS&J takes great pride in our quality professional staff, and we can only sustain that
reputation by attracting persons of your caliber into our firm. It is within that context that PBS&J wishes to extend the following: 
  

	 	1.	We offer you the position of Chief Financial Officer and Treasurer, working out of our Tampa office and reporting to me. Your reputation and experience, coupled with this positions
duties and responsibilities also warrant that you be a Director and Officer in the company. As our CFO and Senior Vice President, your duties include but are not limited to: 

  

	 	•	 	The financial management of The PBSJ Corporation and subsidiaries, under the general guidance of the CEO and the Board of Directors 

	 	•	 	Directing Corporate Finance, overseeing treasury, accounting and collections function and responsible for accounts payable, financial controls and statements, compliance with SEC
Regulations and the Sarbanes Oxley Act of 2002 and tax filings. 

	 	•	 	Overseeing Region and District financial administration throughout the company. 

	 	•	 	Strategic planning the capital budgeting and investment decision-making process. 

	 	•	 	Arranging external financing as well as managing financial risk and pension management. 

	 	•	 	Responsible for company-wide accounting policies and procedures complying with uniformly maintained accounting records consistent with GAAP, and in accordance with federal laws and
regulations governing such practices and procedures. 

  

	 	2.	We will nominate you as a member of the Board of Directors of the company at the earliest possible date. Board membership requires approval by the Board of Directors of
PBS&J’s parent company, The PBSJ Corporation. 

  

	 	3.	Your monthly salary will be $20,833.33 ($250,000 annualized.) Performance evaluations are conducted twice a year, with an annual review for salary increase in January of 2007.

  

	 	4.	PBS&J will pay a $50,000.00 cash hiring bonus (less tax obligations), payable in quarterly payments during your 1st year of employment. Company policy requires that the amount
paid to you be repaid to the firm in the event you voluntarily terminate your employment within two years. 

  

	 	5.	You will also receive a stock bonus upon hire, which includes 5,000 shares of five (5) year restricted stock. Last year’s value was $27.00 per share. We will shortly be in
the valuation process for Fiscal Year ‘05 which will end 9/30/05. Upon maturity of the restriction, there will be personal tax obligations associated with this incentive. 

  

	 	6.	In consideration of your unique talents as well as this position’s value to the firm, we will provide an extra week (40) hours of Paid Time Off (PTO) to the amount
established by our policy (3 weeks). This will be in effect until such time as you reach your fifth anniversary, when four weeks of PTO is the official corporate standard. 

 Mr. Donald Vrana 
 October 3, 2005 
 Page 2 
  

	 	7.	Our firm prides itself on “giving back” to our shareholder employees through a comprehensive Incentive Plan Bonus Plan. This plan is dependent on our annual firm wide
success, and rewards select key individuals who contribute to that success. Eligibility requires you be employed as of January prior to nomination and is based on exemplary performance and significant achievement. In the meantime, you are eligible
for an appropriate discretionary bonus based on merit during your 1st year of employment. 

  

	 	8.	PBS&J will provide two (2) house-hunting trips of three (3) days in duration for you and your spouse. The PBS&J hiring office will assist as necessary in
coordinating visits with local realtors, etc. 

  

	 	9.	You will be provided with a company vehicle allowance up to a maximum monthly lease payment of $700 plus taxes. A notebook computer, cell phone and Blackberry will also be provided
for your use. 

  

	 	10.	PBS&J will pay customary and appropriate moving expenses for your move from Omaha, Nebraska to the Tampa Bay area of Florida. Please call our Recruiting and Relocation Manager,
Joni Freedman, at 800-477-7275, to arrange for the move. Company policy requires that this expense be repaid to the firm in the event you voluntarily terminate your employment with us within one year of your hire or relocation date.

  

	 	11.	PBS&J will pay membership dues for approved technical and professional organizations, as well as a club membership for entertainment purposes reasonable and appropriate to your
position with PBS&J. 

  

	 	12.	You will be reimbursed for all approved entertainment and other business expenses incurred by you for PBS&J activities. 

  

	 	13.	Coverage under our comprehensive flexible insurance benefits program begins on the first day of employment. The flexibility of this program allows you to select those insurance
options that fit your individual or family needs. 

  

	 	14.	You will be eligible to participate in the PBSJ Employee Profit Sharing and Stock Ownership Plan and Trust, which allows 401(k) contributions and rollovers from other qualified
plans. The Plan also has an Employee Stock Ownership Plan (ESOP) feature that allows participants to share in the rewards of owning Company stock. After your first paycheck, AMVESCAP, our retirement plan provider, will mail the enrollment package to
your home. 

  

	 	15.	In compliance with the Immigration Reform and Control Act, this offer is contingent upon your ability to satisfactorily complete the Immigration Form I-(and to present required
documentation (US Passport, drivers license, Social Security Card, etc. 

  

	 	16.	Per company policy, this employment offer is contingent upon PBS&J obtaining a satisfactory background screening and driving record report. To that end, we are enclosing the
necessary forms: “A Summary of Your Rights under the Fair Credit Reporting Act” and the “Disclosure & Authorization Statement” form, as well as the “Use of Company Vehicles” form. Please complete and sign the
two forms and return in the envelope provided. 

  

	 	17.	As you know, we will pay for search firm fees. Per company policy you will be asked to sign a reimbursement agreement to repay this amount, should you voluntarily leave our firm
prior to one year of employment.” 

 Mr. Donald Vrana 
 October 3, 2005 
 Page 3 
  

	 	18.	We will consider you a valuable senior leader within our firm, and as such will require you not to hold an interest, directly or indirectly in any form, fashion or manner, as
partner, officer, consultant, advisor or employee, or in any other form or capacity in any business which PBS&J reasonably determines to be competitive with its business. Additionally, you will agree to not hold shares of stock in any such
company unless it is a publicly traded company. 

  

	 	19.	We would like to set an appropriate start date during the month of October, preferably as soon as feasible. 

  

	 	20.	Considering the schedule you will have alternating between Miami and Tampa for the short run, we will assist in providing temporary living arrangements for you, until your family is
able to join you here in Tampa. 

  

	 	21.	If you are terminated without cause or for reasons related to change in control within two years of your start date, you will be paid a lump sum equal to your base salary for the
number of months remaining in such two-year period (provided however that if termination occurs within the last six months of such two-year period, the severance will be a lump sum equal to six months base salary). If you are terminated without
cause or for reasons related to change in control after such two-year period, you will be paid severance in a lump sum equal to six months base salary. 

  

	 	22.	It is agreed that you and your wife will be coming to Tampa on Thursday, leaving on Saturday, to allow her some time to see the area and perhaps look for housing.

  
 Don, you have made a very favorable impression on all those you
met. Having you as a part of our key leadership is our goal. You will be in a position to play an integral role in the evolution of our firm, not only from oversight of the financial realm, but as a key figure as our firm enters new heights in our
profession. 
  
 We look forward to your decision in favor of joining PBS&J,
and I personally look forward to working with you as a member of our team. If you are in agreement of the above terms, which I hope is indicative of how highly we regard your position in this company, please sign a copy of this letter where
indicated, and return it to me. 
  
 Sincerely,

  
 

 
  
 John B.
Zumwalt, III, PE 
 Chairman and Chief Executive Officer 
  
 cc: Todd Kenner, Judith Squillante, Joni Freedman 

	

	
	 
	
	  
	 Donald Vrana
  

	
	  
	 Date2004 Equity Incentive Plan

 Exhibit 10.1 
  
 CB RICHARD ELLIS REALTY TRUST 
  
 2004 EQUITY INCENTIVE PLAN 
  
 CB Richard Ellis Realty Trust, a Maryland trust, wishes to attract and retain qualified key employees, Directors, trustees, officers, advisors,
consultants and other personnel and encourage them to increase their efforts to make the Company’s business more successful whether directly or through its Subsidiaries or other affiliates. In furtherance thereof, the CB Richard Ellis Realty
Trust 2004 Equity Incentive Plan is designed to provide equity-based incentives to certain Eligible Persons. Awards under the Plan may be made to Eligible Persons in the form of Options, Restricted Shares, Phantom Shares, Dividend Equivalent Rights
or other forms of equity-based compensation. 
  
 1.
DEFINITIONS. 
  
 Whenever used herein, the
following terms shall have the meanings set forth below: 
  
 “Award,” except where referring to a particular category of grant under the Plan, shall include Incentive Share Options, Non-Qualified Share Options, Restricted Shares, Phantom Shares, Dividend Equivalent
Rights and other equity-based Awards as contemplated herein. 
  
 “Award Agreement” means a written agreement in a form approved by the Committee to be entered into between the Company and the Participant as provided in Section 3. 
  
 “Board” means the Board of Directors of the
Company. 
  
 “Cause” means, unless
otherwise provided in the Participant’s Award Agreement, (i) engaging in (A) willful or gross misconduct or (B) willful or gross neglect; (ii) repeatedly failing to adhere to the directions of superiors or the Board or the
written policies and practices of the Company or its Subsidiaries or its affiliates; (iii) the commission of a felony or a crime of moral turpitude, dishonesty, breach of trust or unethical business conduct, or any crime involving the Company
or its Subsidiaries, or any affiliate thereof; (iv) fraud, misappropriation or embezzlement; (v) a material breach of the Participant’s employment agreement (if any) with the Company, its Subsidiaries, or any affiliate thereof;
(vi) acts or omissions constituting a material failure to perform substantially and adequately the duties assigned to the Participant; (vii) any illegal act detrimental the Company, its Subsidiaries, or any affiliate thereof; or
(viii) repeated failure to devote substantially all of the Participant’s business time and efforts to the Company, its Subsidiaries or any affiliate thereof if required by the Participant’s employment agreement; provided, however,
that, if at any particular time the Participant is subject to an effective employment agreement with the Company, then, in lieu of the foregoing definition, “Cause” shall at that time have such meaning as may be specified in such
employment agreement. 
  
 “Change in
Control” shall mean the happening of any of the following: 
  
 (i) any “person,” including a “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding the Company, any entity controlling, controlled by or under common control with the Company,
any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any such entity, and with respect to any particular Participant, the Participant and any “group” (as such term
is used in Section 13(d)(3) of the Exchange Act) of which the Participant is a member), is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities of the Company
representing 

 
30% or more of either (A) the combined voting power of the Company’s then outstanding securities or (B) the then outstanding Shares (in either
such case other than as a result of an acquisition of securities directly from the Company); provided, however, that, in no event shall a Change in Control be deemed to have occurred upon an initial public offering of the Common Shares under the
Securities Act; or 
  
 (ii) any consolidation or merger of the
Company where the shareholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, shares representing in the aggregate 50% or more of the combined voting power of the securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any); or 

 
 (iii) there shall occur (A) any sale, lease, exchange or other
transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company, other than a sale or disposition by the Company of all or substantially all of
the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by “persons” (as defined above) in substantially the same proportion as their ownership of the Company
immediately prior to such sale or (B) the approval by shareholders of the Company of any plan or proposal for the liquidation or dissolution of the Company; or 
  
 (iv) the members of the Board at the beginning of any consecutive 24-calendar-month period (the “Incumbent
Directors”) cease for any reason other than due to death to constitute at least a majority of the members of the Board; provided that any director whose election, or nomination for election by the Company’s shareholders, was approved or
ratified by a vote of at least a majority of the members of the Board then still in office who were members of the Board at the beginning of such 24-calendar-month period, shall be deemed to be an Incumbent Director. 
  
 “Code” means the Internal Revenue Code of 1986, as
amended. 
  
 “Committee” means the
Compensation Committee of the Board. 
  
 “Common Shares” means the shares of the Company which are Common Shares, par value $.01 per share, either currently existing or authorized hereafter. 
  
 “Company” means the CB Richard Ellis Realty Trust, a Maryland trust. 
  
 “Director” means a non-employee director of the
Company or its Subsidiaries. 
  
 “Disability” means, unless otherwise provided by the Committee in the Participant’s Award Agreement, a disability which renders the Participant incapable of performing all of his or her material duties for a period of at
least 180 consecutive or non-consecutive days during any consecutive twelve-month period. 
  
 “Dividend Equivalent Right” means a right awarded under Section 8 of the Plan to receive (or have credited) the equivalent
value of dividends paid on Shares. 
  

 2 

 “Eligible Person” means a key employee, Director, trustee, officer, advisor,
consultant or other personnel of the Company and its Subsidiaries or other person expected to provide significant services (of a type expressly approved by the Committee as covered services for these purposes) to the Company or its Subsidiaries. The
Committee may provide that affiliates of the Company and employees of the foregoing may be Eligible Persons, and may make such arrangements with the foregoing entities as it may consider appropriate, in light of tax and other considerations, in the
case of grants directly or indirectly to such employees. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Fair Market Value” per Share as of a particular date means (i) if Shares are then listed on a national stock exchange, the
closing sales price per Share on the exchange for the last preceding date on which there was a sale of Shares on such exchange, as determined by the Committee, (ii) if Shares are not then listed on a national stock exchange but are then traded
on an over-the-counter market, the average of the closing bid and asked prices for the Shares in such over-the-counter market for the last preceding date on which there was a sale of such Shares in such market, as determined by the Committee, or
(iii) if Shares are not then listed on a national stock exchange or traded on an over-the-counter market, such value as the Committee in its discretion may in good faith determine; provided that, where the Shares are so listed or traded, the
Committee may make such discretionary determinations where the Shares have not been traded for 10 trading days. 
  
 “Grantee” means an Eligible Person granted Restricted Shares, Phantom Shares, Dividend Equivalent Rights or such other
equity-based Awards as may be granted pursuant to Section 9. 
  
 “Incentive Share Option” means an “incentive stock option” within the meaning of Section 422(b) of the Code. 
  
 “Non-Qualified Share Option” means an Option which is not an Incentive Share Option. 

 
 “Option” means the right to purchase, at a
price and for the term fixed by the Committee in accordance with the Plan, and subject to such other limitations and restrictions in the Plan and the applicable Award Agreement, a number of Shares determined by the Committee. 
  
 “Optionee” means an Eligible Person to whom an
Option is granted, or the Successors of the Optionee, as the context so requires. 
  
 “Option Price” means the price per Share, determined by the Board or the Committee, at which an Option may be exercised.

  
 “Participant” means a Grantee or
Optionee. 
  
 “Phantom Share” means a
right, pursuant to the Plan, of the Grantee to payment of the Phantom Share Value. 
  
 “Phantom Share Value,” per Phantom Share, means the Fair Market Value of a Share of Class A Common Shares, or, if so
provided by the Committee, such Fair Market Value to the extent in excess of a base value established by the Committee at the time of grant. 
  
 “Plan” means the Company’s 2004 Equity Incentive Plan, as set forth herein and as the same may from time to time be
amended. 
  
 “Restricted Shares” means
an award of Shares that are subject to restrictions hereunder. 
  

 3 

 “Retirement” means, unless otherwise provided by the Committee in the
Participant’s Award Agreement, the Termination of Service (other than for Cause) of a Participant on or after the Participant’s attainment of age 65 or on or after the Participant’s attainment of age 55 with five consecutive years of
service with the Company and or its Subsidiaries or its affiliates. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Settlement Date” means the date determined under Section 7.4(c). 
  
 “Shares” means shares of beneficial interest of
the Company. 
  
 “Subsidiary” means any
corporation (other than the Company) that is a “subsidiary corporation” with respect to the Company under Section 424(f) of the Code. In the event the Company becomes a subsidiary of another company, the provisions hereof applicable
to subsidiaries shall, unless otherwise determined by the Committee, also be applicable to any company that is a “parent corporation” with respect to the Company under Section 424(e) of the Code. 
  
 “Successor of the Optionee” means the legal
representative of the estate of a deceased Optionee or the person or persons who shall acquire the right to exercise an Option by bequest or inheritance or by reason of the death of the Optionee. 
  
 “Termination of Service” means a
Participant’s termination of employment or other service, as applicable, with the Company and its Subsidiaries. 
  
 2. EFFECTIVE DATE AND TERMINATION OF PLAN. 
  
 The effective date of the Plan is June 16, 2004. The Plan shall not become effective unless and until it is approved by the requisite
percentage of the holders of the Common Shares of the Company. The Plan shall terminate on, and no Award shall be granted hereunder on or after, the 10-year anniversary of the earlier of the approval of the Plan by (i) the Board or
(ii) the shareholders of the Company; provided, however, that the Board may at any time prior to that date terminate the Plan. 
  
 3. ADMINISTRATION OF PLAN. 
  
 (a) The Plan shall be administered by the Committee appointed by the Board. The Committee, upon and after such time as it is covered in
Section 16 of the Exchange Act, shall consist of at least two individuals each of whom shall be a “nonemployee director” as defined in Rule 16b-3 as promulgated by the Securities and Exchange Commission (“Rule 16b-3”) under
the Exchange Act and shall, at such times as the Company is subject to Section 162(m) of the Code (to the extent relief from the limitation of Section 162(m) of the Code is sought with respect to Awards), qualify as “outside
directors” for purposes of Section 162(m) of the Code; provided that no action taken by the Committee (including without limitation grants) shall be invalidated because any or all of the members of the Committee fails to satisfy the
foregoing requirements of this sentence. The acts of a majority of the members present at any meeting of the Committee at which a quorum is present, or acts approved in writing by a majority of the entire Committee, shall be the acts of the
Committee for purposes of the Plan. If and to the extent applicable, no member of the Committee may act as to matters under the Plan specifically relating to such member. Notwithstanding the other foregoing provisions of this Section 3(a), any
Award under the Plan to a person who is a member of the Committee shall be made and administered by the Board. If no Committee is designated by the Board to act for these purposes, the Board shall have the rights and responsibilities of the
Committee hereunder and under the Award Agreements. 
  

 4 

 (b) Subject to the provisions of the Plan, the Committee shall in its discretion as
reflected by the terms of the Award Agreements (i) authorize the granting of Awards to Eligible Persons; and (ii) determine the eligibility of Eligible Persons to receive an Award, as well as determine the number of Shares to be covered
under any Award Agreement, considering the position and responsibilities of the Eligible Persons, the nature and value to the Company of the Eligible Person’s present and potential contribution to the success of the Company whether directly or
through its Subsidiaries and such other factors as the Committee may deem relevant. 
  
 (c) The Award Agreement shall contain such other terms, provisions and conditions not inconsistent herewith as shall be determined by the
Committee. In the event that any Award Agreement or other agreement hereunder provides (without regard to this sentence) for the obligation of the Company or any affiliate thereof to purchase or repurchase Shares from a Participant or any other
person, then, notwithstanding the provisions of the Award Agreement or such other agreement, such obligation shall not apply to the extent that the purchase or repurchase would not be permitted under governing state law. The Participant shall take
whatever additional actions and execute whatever additional documents the Committee may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Participant
pursuant to the express provisions of the Plan and the Award Agreement. 
  
 4. SHARES AND UNITS SUBJECT TO THE PLAN. 
  
 (a) Subject to adjustments as provided in Section 14, the total number of Shares subject to Awards granted under the Plan, in the aggregate, may not exceed the lesser of (i) 20,000,000 and (ii) 10% of
the number of Shares outstanding at the time of grant. Shares distributed under the Plan may be treasury Shares or authorized but unissued Shares. Any Shares that have been granted as Restricted Shares or that have been reserved for distribution in
payment for Options, Phantom Shares or other equity-based Awards but are later forfeited or for any other reason are not payable under the Plan may again be made the subject of Awards under the Plan. 
  
 (b) Shares subject to Dividend Equivalent Rights, other than
Dividend Equivalent Rights based directly on the dividends payable with respect to Shares subject to Options or the dividends payable on a number of Shares corresponding to the number of Phantom Shares awarded, shall be subject to the limitation of
Section 4(a). If any Phantom Shares, Dividend Equivalent Rights or other equity-based Awards under Section 9 are paid out in cash, then, notwithstanding the first sentence of Section 4(a) above (but subject to the second sentence
thereof) the underlying Shares may again be made the subject of Awards under the Plan. 
  
 (c) The certificates for Shares issued hereunder may include any legend which the Committee deems appropriate to reflect any rights of
first refusal or other restrictions on transfer hereunder or under the Award Agreement, or as the Committee may otherwise deem appropriate. 
  
 (d) Unless otherwise determined by the Board, no Award may be granted under the 2004 Equity Incentive Plan to any person who, assuming
exercise of all Options and payment of all Awards held by such person, would own or be deemed to own more than 3% of the outstanding Shares. 
  
 5. PROVISIONS APPLICABLE TO SHARE OPTIONS. 
  
 5.1 Grant of Option. 
  
 Subject to the other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of the applicable Award
Agreement: (i) determine and designate from time to time those 

  

 5 

 
Eligible Persons to whom Options are to be granted and the number of Shares to be optioned to each Eligible Person; (ii) determine whether to grant
Options intended to be Incentive Share Options, or to grant Non-Qualified Share Options, or both (to the extent that any Option does not qualify as an Incentive Share Option, it shall constitute a separate Non-Qualified Share Option); provided that
Incentive Share Options may only be granted to employees; (iii) determine the time or times when and the manner and condition in which each Option shall be exercisable and the duration of the exercise period; (iv) designate each Option as
one intended to be an Incentive Share Option or as a Non-Qualified Share Option; and (v) determine or impose other conditions to the grant or exercise of Options under the Plan as it may deem appropriate. 
  
 5.2 Option Price. 
  
 The Option Price shall be determined by the Committee on the
date the Option is granted and reflected in the Award Agreement, as the same may be amended from time to time. Any particular Award Agreement may provide for different Option Prices for specified amounts of Shares subject to the Option. 

 
 5.3 Period of Option and Vesting. 
  
 (a) Unless earlier expired, forfeited or otherwise
terminated, each Option shall expire in its entirety upon the 10th anniversary of the date of grant or shall have such other term (which may be shorter, but not longer, in the case of Incentive Share Options) as is set forth in the applicable Award
Agreement (except that, in the case of an individual described in Section 422(b)(6) of the Code (relating to certain 10% owners) who is granted an Incentive Share Option, the term of such Option shall be no more than five years from the date of
grant). The Option shall also expire, be forfeited and terminate at such times and in such circumstances as otherwise provided hereunder or under the Award Agreement. 
  
 (b) Each Option, to the extent that the Optionee has not had a Termination of Service and the Option has not
otherwise lapsed, expired, terminated or been forfeited, shall first become exercisable according to the terms and conditions set forth in the Award Agreement, as determined by the Committee at the time of grant. Unless otherwise provided in the
Award Agreement, no Option (or portion thereof) shall ever be exercisable if the Optionee has a Termination of Service before the time at which such Option (or portion thereof) would otherwise have become exercisable, and any Option that would
otherwise become exercisable after such Termination of Service shall not become exercisable and shall be forfeited upon such termination. Notwithstanding the foregoing provisions of this Section 5.3(b), Options exercisable pursuant to the
schedule set forth by the Committee at the time of grant may be fully or more rapidly exercisable or otherwise vested at any time in the discretion of the Committee. Upon and after the death of an Optionee, such Optionee’s Options, if and to
the extent otherwise exercisable hereunder or under the applicable Award Agreement after the Optionee’s death, may be exercised by the Successors of the Optionee. 
  
 5.4 Exercisability Upon and After Termination of Optionee. 
  
 (a) Subject to provisions of the Award Agreement, in the
event the Optionee has a Termination of Service other than by the Company or its Subsidiaries for Cause, or other than by reason of death, Retirement or Disability, no exercise of an Option may occur after the expiration of the three-month period to
follow the termination, or if earlier, the expiration of the term of the Option as provided under Section 5.3(a); provided that, if the Optionee should die after the Termination of Service, such termination being for a reason other than
Disability or Retirement, but while the Option is still in effect, the Option (if and to the extent otherwise exercisable by the Optionee at the time of death) may be 

  

 6 

 
exercised until the earlier of (i) one year from the date of the Termination of Service of the Optionee, or (ii) the date on which the term of the
Option expires in accordance with Section 5.3(a). 
  
 (b) Subject to provisions of the Award Agreement, in the event the Optionee has a Termination of Service on account of death or Disability or Retirement, the Option (whether or not otherwise exercisable) may be exercised until the earlier
of (i) one year from the date of the Termination of Service of the Optionee, or (ii) the date on which the term of the Option expires in accordance with Section 5.3. 
  
 (c) Notwithstanding any other provision hereof, unless otherwise provided in the Award Agreement, if the
Optionee has a Termination of Service by the Company for Cause, the Optionee’s Options, to the extent then unexercised, shall thereupon cease to be exercisable and shall be forfeited forthwith. 
  
 5.5 Exercise of Options. 
  
 (a) Subject to vesting, restrictions on exercisability and
other restrictions provided for hereunder or otherwise imposed in accordance herewith, an Option may be exercised, and payment in full of the aggregate Option Price made, by an Optionee only by written notice (in the form prescribed by the
Committee) to the Company specifying the number of Shares to be purchased. 
  
 (b) Without limiting the scope of the Committee’s discretion hereunder, the Committee may impose such other restrictions on the exercise of Incentive Share Options (whether or not in the nature of the foregoing
restrictions) as it may deem necessary or appropriate. 
  
 5.6 Payment. 
  
 (a) The
aggregate Option Price shall be paid in full upon the exercise of the Option. Payment must be made by one of the following methods: 
  
 (i) a certified or bank cashier’s check; 
  
 (ii) subject to Section 12(e), the proceeds of a Company loan program or third-party sale program or a notice acceptable to the Committee given as
consideration under such a program, in each case if permitted by the Committee in its discretion, if such a program has been established and the Optionee is eligible to participate therein; 
  
 (iii) if approved by the Committee in its discretion, Shares of previously
owned Common Shares, which have been previously owned for more than six months, having an aggregate Fair Market Value on the date of exercise equal to the aggregate Option Price; or 
  
 (iv) by any combination of such methods of payment or any other method acceptable to the Committee in its discretion.

  
 (b) Except in the case of Options exercised
by certified or bank cashier’s check, the Committee may impose limitations and prohibitions on the exercise of Options as it deems appropriate, including, without limitation, any limitation or prohibition designed to avoid accounting
consequences which may result from the use of Common Shares as payment upon exercise of an Option. 
  

 7 

 (c) The Committee may provide that no Option may be exercised with respect to any
fractional Share. Any fractional Shares resulting from an Optionee’s exercise that is accepted by the Company shall in the discretion of the Committee be paid in cash. 
  
 5.7 Share Appreciation Rights. 
  
 The Committee, in its discretion, may also permit the Optionee to elect to exercise an Option by receiving a
combination of Shares and cash, or, in the discretion of the Committee, either Shares or solely in cash, with an aggregate Fair Market Value (or, to the extent of payment in cash, in an amount) equal to the excess of the Fair Market Value of the
Shares with respect to which the Option is being exercised over the aggregate Option Price, as determined as of the day the Option is exercised. 
  
 5.8 Exercise by Successors. 
  
 An Option may be exercised, and payment in full of the aggregate Option Price made, by the Successors of the Optionee only by written
notice (in the form prescribed by the Committee) to the Company specifying the number of Shares to be purchased. Such notice shall state that the aggregate Option Price will be paid in full, or that the Option will be exercised as otherwise provided
hereunder, in the discretion of the Company or the Committee, if and as applicable. 
  
 5.9 Nontransferability of Option. 
  
 Each Option granted under the Plan shall be nontransferable by the Optionee except by will or the laws of descent and distribution of the
state wherein the Optionee is domiciled at the time of his death; provided, however, that the Committee may (but need not) permit other transfers, where the Committee concludes that such transferability (i) does not result in accelerated U.S.
federal income taxation, (ii) does not cause any Option intended to be an Incentive Share Option to fail to be described in Section 422(b) of the Code, and (iii) is otherwise appropriate and desirable. 
  
 5.10 Deferral. 
  
 The Committee may establish a program under which
Participants will have Phantom Shares subject to Section 7 credited upon their exercise of Options, rather than receiving Shares at that time. 
  
 5.11 Certain Incentive Share Option Provisions. 
  
 (a) The aggregate Fair Market Value, determined as of the date an Option is granted, of the Common Shares
for which any Optionee may be awarded Incentive Share Options which are first exercisable by the Optionee during any calendar year under the Plan (or any other stock option plan required to be taken into account under Section 422(d) of the
Code) shall not exceed $100,000. 
  
 (b) If
Shares acquired upon exercise of an Incentive Share Option are disposed of in a disqualifying disposition within the meaning of Section 422 of the Code by an Optionee prior to the expiration of either two years from the date of grant of such
Option or one year from the transfer of Shares to the Optionee pursuant to the exercise of such Option, or in any other disqualifying disposition within the meaning of Section 422 of the Code, such Optionee shall notify the Company in writing
as soon as practicable thereafter of the date and terms of such disposition and, if the Company (or any affiliate thereof) thereupon has a tax-withholding obligation, shall pay to the Company (or such affiliate) an amount equal to any withholding
tax the Company (or affiliate) is required to pay as a result of the disqualifying disposition. 
  

 8 

 (c) The Option Price with respect to each Incentive Share Option shall not be less than
100%, or 110% in the case of an individual described in Section 422(b)(6) of the Code (relating to certain 10% owners), of the Fair Market Value of a Share on the day the Option is granted. In the case of an individual described in
Section 422(b)(6) of the Code who is granted an Incentive Share Option, the term of such Option shall be no more than five years from the date of grant. 
  
 6. PROVISIONS APPLICABLE TO RESTRICTED SHARES. 
  
 6.1 Grant of Restricted Shares. 
  
 (a) In connection with the grant of Restricted Shares, whether or not performance goals (as provided for under Section 10) apply
thereto, the Committee shall establish one or more vesting periods with respect to the Restricted Shares granted, the length of which shall be determined in the discretion of the Committee. Subject to the provisions of this Section 6, the
applicable Award Agreement and the other provisions of the Plan, restrictions on Restricted Shares shall lapse if the Grantee satisfies all applicable employment or other service requirements through the end of the applicable vesting period.

  
 (b) Subject to the other terms of the Plan,
the Committee may, in its discretion as reflected by the terms of the applicable Award Agreement: (i) authorize the granting of Restricted Shares to Eligible Persons; (ii) provide a specified purchase price for the Restricted Shares
(whether or not the payment of a purchase price is required by any state law applicable to the Company); (iii) determine the restrictions applicable to Restricted Shares and (iv) determine or impose other conditions, including any
applicable performance goals, to the grant of Restricted Shares under the Plan as it may deem appropriate. 
  
 6.2 Certificates. 
  
 (a) Unless otherwise provided by the Committee, each Grantee of Restricted Shares shall be issued a share certificate in respect of
Restricted Shares awarded under the Plan. Each such certificate shall be registered in the name of the Grantee. Without limiting the generality of Section 4(c), the certificates for Restricted Shares issued hereunder may include any legend
which the Committee deems appropriate to reflect any restrictions on transfer hereunder or under the Award Agreement, or as the Committee may otherwise deem appropriate, and, without limiting the generality of the foregoing, shall bear a legend
referring to the terms, conditions, and restrictions applicable to such Award, substantially in the following form: 
  
 THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE CB RICHARD
ELLIS REALTY TRUST 2004 EQUITY INCENTIVE PLAN AND AN AWARD AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND CB RICHARD ELLIS REALTY TRUST. COPIES OF SUCH PLAN AND AWARD AGREEMENT ARE ON FILE IN THE OFFICES OF CB RICHARD ELLIS REALTY TRUST, AT
865 SOUTH FIGUEROA STREET, SUITE 3500, LOS ANGELES, CALIFORNIA 90017. 
  
 (b) The Committee shall require that any share certificates evidencing such Shares be held in custody by the Company until the restrictions hereunder shall have lapsed, and that, as a condition of any Award of
Restricted Shares, the Grantee shall have delivered a share power, endorsed in blank, relating to the share covered by such Award. If and when such restrictions so lapse, the share certificates 

  

 9 

 
shall be delivered by the Company to the Grantee or his or her designee as provided in Section 6.3 (and the share power shall be so delivered or shall
be discarded). 
  
 6.3 Restrictions and
Conditions. 
  
 Unless otherwise provided by
the Committee, the Restricted Shares awarded pursuant to the Plan shall be subject to the following restrictions and conditions: 
  
 (i) Subject to the provisions of the Plan and the Award Agreements, during a period commencing with the date of such Award and ending on the date the
period of forfeiture with respect to such Shares lapses, the Grantee shall not be permitted voluntarily or involuntarily to sell, transfer, pledge, anticipate, alienate, encumber or assign Restricted Shares awarded under the Plan (or have such
Shares attached or garnished). Subject to the provisions of the Award Agreements and clauses (iii) and (iv) below, the period of forfeiture with respect to Shares granted hereunder shall lapse as provided in the applicable Award Agreement.
Notwithstanding the foregoing, unless otherwise expressly provided by the Committee, the period of forfeiture with respect to such Shares shall only lapse as to whole Shares. 
  
 (ii) Except as provided in the foregoing clause (i), below in this clause (ii), or in Section 14, or otherwise provided
in the Award Agreement, the Grantee shall have, in respect of the Restricted Shares, all of the rights of a shareholder of the Company, including the right to vote the Shares, and, except as provided below, the right to receive any cash dividends.
The Committee may provide in the Award Agreement that cash dividends on such Shares shall be held by the Company (unsegregated as a part of its general assets) until the period of forfeiture lapses (and forfeited if the underlying Shares are
forfeited), and paid over to the Grantee as soon as practicable after such period lapses (if not forfeited), or alternatively may provide for other treatment of such dividends (including without limitation the crediting of Phantom Shares in respect
of dividends or other deferral provisions). Certificates for Shares (not subject to restrictions hereunder) shall be delivered to the Grantee or his or her designee promptly after, and only after, the period of forfeiture shall lapse without
forfeiture in respect of such Restricted Shares. 
  
 (iii) Except
if otherwise provided in the applicable Award Agreement, and subject to clause (iv) below, if the Grantee has a Termination of Service by the Company and its Subsidiaries for Cause, or by the Grantee for any reason, during the applicable period
of forfeiture, then (A) all Shares still subject to restriction shall thereupon, and with no further action, be forfeited by the Grantee, and (B) the Company shall pay to the Grantee as soon as practicable (and in no event more than 30
days) after such termination an amount equal to the lesser of (x) the amount paid by the Grantee for such forfeited Restricted Shares as contemplated by Section 6.1, and (y) the Fair Market Value on the date of termination of the
forfeited Restricted Shares. 
  
 (iv) Subject to the provisions
of the Award Agreement, in the event the Grantee has a Termination of Service on account of death, Disability or Retirement, or the Grantee has a Termination of Service by the Company and its Subsidiaries for any reason other than Cause during the
applicable period of forfeiture, then restrictions under the Plan will immediately lapse on all Restricted Shares granted to the applicable Grantee. 
  

 10 

 7. PROVISIONS APPLICABLE TO PHANTOM SHARES. 
  
 7.1 Grant of Phantom Shares. 
  
 Subject to the other terms of the Plan, the Committee shall,
in its discretion as reflected by the terms of the applicable Award Agreement: (i) authorize the granting of Phantom Shares to Eligible Persons and (ii) determine or impose other conditions to the grant of Phantom Shares under the Plan as
it may deem appropriate. 
  
 7.2 Term.

  
 The Committee may provide in an Award
Agreement that any particular Phantom Share shall expire at the end of a specified term. 
  
 7.3 Vesting. 
  
 Phantom Shares shall vest as provided in the applicable Award Agreement. 
  
 7.4 Settlement of Phantom Shares. 
  
 (a) Each vested and outstanding Phantom Share shall be settled by the transfer to the Grantee of one Share;
provided that, the Committee at the time of grant may provide that a Phantom Share may be settled in (i) cash at the applicable Phantom Share Value, (ii) cash or by transfer of Shares as elected by the Grantee in accordance with procedures
established by the Committee or (iii) cash or by transfer of Shares as elected by the Company. 
  
 (b) Phantom Shares shall be settled with a single-sum payment by the Company; provided that, with respect to Phantom Shares of a Grantee
which have a common Settlement Date, the Committee may permit the Grantee to elect in accordance with procedures established by the Committee to receive installment payments over a period not to exceed 10 years. 
  
 (c) (i) Unless otherwise provided in the applicable Award
Agreement, the “Settlement Date” with respect to a Phantom Share is the first day of the month to follow the date on which the Phantom Share vests; provided that a Grantee may elect, in accordance with procedures to be established by the
Committee, that such Settlement Date will be deferred as elected by the Grantee to the first day of the month to follow the Grantee’s Termination of Service, or such other time as may be permitted by the Committee. Unless otherwise determined
by the Committee, elections under this Section 7.4(c)(i) must be made at least six months before, and in the year prior to the year in which, the Settlement Date would occur in the absence of such election. 
  
 (ii) Notwithstanding Section 7.4(c)(i), the Committee
may provide that distributions of Phantom Shares can be elected at any time in those cases in which the Phantom Share Value is determined by reference to Fair Market Value to the extent in excess of a base value, rather than by reference to
unreduced Fair Market Value. 
  
 (iii)
Notwithstanding the foregoing, the Settlement Date, if not earlier pursuant to this Section 7.4(c), is the date of the Grantee’s death. 
  
 (d) Notwithstanding the other provisions of this Section 7, in the event of a Change in Control, the Settlement Date shall be the
date of such Change in Control and all amounts due with respect to Phantom Shares to a Grantee hereunder shall be paid as soon as practicable (but in no event more than 

  

 11 

 
30 days) after such Change in Control, unless such Grantee elects otherwise in accordance with procedures established by the Committee. 
  
 (e) Notwithstanding any other provision of the Plan, a
Grantee may receive any amounts to be paid in installments as provided in Section 7.4(b) or deferred by the Grantee as provided in Section 7.4(c) in the event of an “Unforeseeable Emergency.” For these purposes, an
“Unforeseeable Emergency,” as determined by the Committee in its sole discretion, is a severe financial hardship to the Grantee resulting from a sudden and unexpected illness or accident of the Grantee or “dependent,” as defined
in Section 152(a) of the Code, of the Grantee, loss of the Grantee’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Grantee. The
circumstances that will constitute an Unforeseeable Emergency will depend upon the facts of each case, but, in any case, payment may not be made to the extent that such hardship is or may be relieved: 
  
 (i) through reimbursement or compensation by insurance or otherwise,

  
 (ii) by liquidation of the Grantee’s assets, to the
extent the liquidation of such assets would not itself cause severe financial hardship, or 
  
 (iii) by future cessation of the making of additional deferrals under Section 7.4 (b) and (c). 
  
 Without limitation, the need to send a Grantee’s child to college or the desire to purchase a home shall not constitute an Unforeseeable Emergency.
Distributions of amounts because of an Unforeseeable Emergency shall be permitted to the extent reasonably needed to satisfy the emergency need. 
  
 7.5 Other Phantom Share Provisions. 
  
 (a) Rights to payments with respect to Phantom Shares granted under the Plan shall not be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, attachment, garnishment, levy, execution, or other legal or equitable process, either voluntary or involuntary; and any attempt to anticipate, alienate, sell, transfer, assign, pledge,
encumber, attach or garnish, or levy or execute on any right to payments or other benefits payable hereunder, shall be void. 
  
 (b) A Grantee may designate in writing, on forms to be prescribed by the Committee, a beneficiary or beneficiaries to receive any payments
payable after his or her death and may amend or revoke such designation at any time. If no beneficiary designation is in effect at the time of a Grantee’s death, payments hereunder shall be made to the Grantee’s estate. If a Grantee with a
vested Phantom Share dies, such Phantom Share shall be settled and the Phantom Share Value in respect of such Phantom Shares paid, and any payments deferred pursuant to an election under Section 7.4(c) shall be accelerated and paid, as soon as
practicable (but no later than 60 days) after the date of death to such Grantee’s beneficiary or estate, as applicable. 
  
 (c) The Committee may establish a program under which distributions with respect to Phantom Shares may be deferred for periods in addition
to those otherwise contemplated by foregoing provisions of this Section 7. Such program may include, without limitation, provisions for the crediting of earnings and losses on unpaid amounts, and, if permitted by the Committee, provisions under
which Participants may select from among hypothetical investment alternatives for such deferred amounts in accordance with procedures established by the Committee. 
  

 12 

 (d) Notwithstanding any other provision of this Section 7, any fractional Phantom
Share will be paid out in cash at the Phantom Share Value as of the Settlement Date. 
  
 (e) No Phantom Share shall be construed to give any Grantee any rights with respect to Shares or any ownership interest in the Company.
Except as may be provided in accordance with Section 8, no provision of the Plan shall be interpreted to confer upon any Grantee any voting, dividend or derivative or other similar rights with respect to any Phantom Share. 
  
 7.6 Claims Procedures. 
  
 (a) To the extent that the Plan is determined by the
Committee to be subject to the Employee Retirement Income Security Act of 1974, as amended, the Grantee, or his beneficiary hereunder or authorized representative, may file a claim for payments with respect to Phantom Shares under the Plan by
written communication to the Committee or its designee. A claim is not considered filed until such communication is actually received. Within 90 days (or, if special circumstances require an extension of time for processing, 180 days, in which case
notice of such special circumstances should be provided within the initial 90-day period) after the filing of the claim, the Committee will either: 
  
 (i) approve the claim and take appropriate steps for satisfaction of the claim; or 
  
 (ii) if the claim is wholly or partially denied, advise the claimant of such denial by furnishing to him a written notice of
such denial setting forth (A) the specific reason or reasons for the denial; (B) specific reference to pertinent provisions of the Plan on which the denial is based and, if the denial is based in whole or in part on any rule of
construction or interpretation adopted by the Committee, a reference to such rule, a copy of which shall be provided to the claimant; (C) a description of any additional material or information necessary for the claimant to perfect the claim
and an explanation of the reasons why such material or information is necessary; and (D) a reference to this Section 7.6 as the provision setting forth the claims procedure under the Plan. 
  
 (b) The claimant may request a review of any denial of his
claim by written application to the Committee within 60 days after receipt of the notice of denial of such claim. Within 60 days (or, if special circumstances require an extension of time for processing, 120 days, in which case notice of such
special circumstances should be provided within the initial 60-day period) after receipt of written application for review, the Committee will provide the claimant with its decision in writing, including, if the claimant’s claim is not
approved, specific reasons for the decision and specific references to the Plan provisions on which the decision is based. 
  
 8. PROVISIONS APPLICABLE TO DIVIDEND EQUIVALENT RIGHTS. 
  

8.1 Grant of Dividend Equivalent Rights. 
  
 Subject to the other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of
the Award Agreements, authorize the granting of Dividend Equivalent Rights to Eligible Persons based on the regular cash dividends declared on Common Shares, to be credited as of the dividend payment dates, during the period between the date an
Award is granted, and the date such Award is exercised, vests or expires, as determined by the Committee. Such Dividend Equivalent Rights shall be converted to cash or additional Shares by such formula and at such time and subject to such limitation
as may be determined by the Committee. With respect to Dividend Equivalent Rights granted 

  

 13 

 
with respect to Options intended to be qualified performance-based compensation for purposes of Section 162(m) of the Code, such Dividend Equivalent
Rights shall be payable regardless of whether such Option is exercised. If a Dividend Equivalent Right is granted in respect of another Award hereunder, then, unless otherwise stated in the Award Agreement, in no event shall the Dividend Equivalent
Right be in effect for a period beyond the time during which the applicable portion of the underlying Award is in effect. 
  
 8.2 Certain Terms. 
  
 (a) The term of a Dividend Equivalent Right shall be set by the Committee in its discretion. 
  
 (b) Unless otherwise determined by the Committee, except as
contemplated by Section 8.4, a Dividend Equivalent Right is exercisable or payable only while the Participant is an Eligible Person. 
  
 (c) Payment of the amount determined in accordance with Section 8.1 shall be in cash, in Common Shares or a combination of the both,
as determined by the Committee. 
  
 (d) The
Committee may impose such employment-related conditions on the grant of a Dividend Equivalent Right as it deems appropriate in its discretion. 
  
 8.3 Other Types of Dividend Equivalent Rights. 
  
 The Committee may establish a program under which Dividend Equivalent Rights of a type whether or not
described in the foregoing provisions of this Section 8 may be granted to Participants. For example, and without limitation, the Committee may grant a dividend equivalent right in respect of each Share subject to an Option or with respect to a
Phantom Share, which right would consist of the right (subject to Section 8.4) to receive a cash payment in an amount equal to the dividend distributions paid on a Share from time to time. 
  
 8.4 Deferral. 
  
 The Committee may establish a program under which
Participants (i) will have Phantom Shares credited, subject to the terms of Sections 7.4 and 7.5 as though directly applicable with respect thereto, upon the granting of Dividend Equivalent Rights, or (ii) will have payments with respect
to Dividend Equivalent Rights deferred. In the case of the foregoing clause (ii), such program may include, without limitation, provisions for the crediting of earnings and losses on unpaid amounts, and, if permitted by the Committee, provisions
under which Participants may select from among hypothetical investment alternatives for such deferred amounts in accordance with procedures established by the Committee. 
  
 9. OTHER EQUITY-BASED AWARDS. 
  
 The Board shall have the right to grant other Awards based upon the Common Shares having such terms and
conditions as the Board may determine, including, without limitation, the grant of shares based upon certain conditions, the grant of securities convertible into Common Shares and the grant of share appreciation rights. 
  

 14 

 10. PERFORMANCE GOALS. 
  
 The Committee, in its discretion, (i) may establish one or more performance goals as a precondition to
the issuance or vesting of Awards, and (ii) provide, in connection with the establishment of the performance goals, for predetermined Awards to those Participants (who continue to meet all applicable eligibility requirements) with respect to
whom the applicable performance goals are satisfied. In the case of any grant intended to qualify as performance based compensation under Section 162(m) of the Code (including, for these purposes, grants constituting performance based
compensation, as determined without regard to certain shareholder approval and disclosure requirements by virtue of an applicable transition rule), the Committee shall establish goals intended to be performance goals as contemplated by
Section 162(m) and the regulations thereunder. 
  
 11. TAX
WITHHOLDING. 
  
 11.1 In General.

  
 The Company shall be entitled to withhold
from any payments or deemed payments any amount of tax withholding determined by the Committee to be required by law. Without limiting the generality of the foregoing, the Committee may, in its discretion, require the Participant to pay to the
Company at such time as the Committee determines the amount that the Committee deems necessary to satisfy the Company’s obligation to withhold federal, state or local income or other taxes incurred by reason of (i) the exercise of any
Option, (ii) the lapsing of any restrictions applicable to any Restricted Shares, (iii) the receipt of a distribution in respect of Phantom Shares or Dividend Equivalent Rights or (iv) any other applicable income-recognition event
(for example, an election under Section 83(b) of the Code). 
  
 11.2 Share Withholding. 
  
 (a) Upon exercise of an Option, the Optionee may, if approved by the Committee in its discretion, make a written election to have Shares then issued withheld by the Company from the Shares otherwise to be received, or
to deliver previously owned Shares, in order to satisfy the liability for such withholding taxes. In the event that the Optionee makes, and the Committee permits, such an election, the number of Shares so withheld or delivered shall have an
aggregate Fair Market Value on the date of exercise sufficient to satisfy the applicable withholding taxes. Where the exercise of an Option does not give rise to an obligation by the Company to withhold federal, state or local income or other taxes
on the date of exercise, but may give rise to such an obligation in the future, the Committee may, in its discretion, make such arrangements and impose such requirements as it deems necessary or appropriate. 
  
 (b) Upon lapsing of restrictions on Restricted Shares (or
other income-recognition event), the Grantee may, if approved by the Committee in its discretion, make a written election to have Shares withheld by the Company from the Shares otherwise to be released from restriction, or to deliver previously
owned Shares (not subject to restrictions hereunder), in order to satisfy the liability for such withholding taxes. In the event that the Grantee makes, and the Committee permits, such an election, the number of Shares so withheld or delivered shall
have an aggregate Fair Market Value on the date of exercise sufficient to satisfy the applicable withholding taxes. 
  
 (c) Upon the making of a distribution in respect of Phantom Shares or Dividend Equivalent Rights, the Grantee may, if approved by the
Committee in its discretion, make a written election to have amounts (which may include Shares) withheld by the Company from the distribution otherwise to be made, or to deliver previously owned Shares (not subject to restrictions hereunder), in
order to satisfy the liability for such withholding taxes. In the event that the Grantee makes, and the 

  

 15 

 
Committee permits, such an election, any Shares so withheld or delivered shall have an aggregate Fair Market Value on the date of exercise sufficient to
satisfy the applicable withholding taxes. 
  
 11.3 Withholding Required. 
  
 Notwithstanding anything contained in the Plan or the Award Agreement to the contrary, the Participant’s satisfaction of any tax-withholding requirements imposed by the Committee shall be a condition precedent to the Company’s
obligation as may otherwise be provided hereunder to provide Shares to the Participant and to the release of any restrictions as may otherwise be provided hereunder, as applicable; and the applicable Option, Restricted Shares, Phantom Shares or
Dividend Equivalent Rights shall be forfeited upon the failure of the Participant to satisfy such requirements with respect to, as applicable, (i) the exercise of the Option, (ii) the lapsing of restrictions on the Restricted Shares (or
other income-recognition event) or (iii) distributions in respect of any Phantom Share or Dividend Equivalent Right. 
  
 12. REGULATIONS AND APPROVALS. 
  
 (a) The obligation of the Company to sell Shares with respect to an Award granted under the Plan shall be subject to all applicable laws,
rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee. 
  
 (b) The Committee may make such changes to the Plan as may
be necessary or appropriate to comply with the rules and regulations of any government authority or to obtain tax benefits applicable to an Award. 
  
 (c) Each grant of Options, Restricted Shares, Phantom Shares (or issuance of Shares in respect thereof) or Dividend Equivalent Rights (or
issuance of Shares in respect thereof), or other Award under Section 9 (or issuance of Shares in respect thereof), is subject to the requirement that, if at any time the Committee determines, in its discretion, that the listing, registration or
qualification of Shares issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in
connection with, the issuance of Options, Restricted Shares, Phantom Shares, Dividend Equivalent Rights, other Awards or other Shares, no payment shall be made, or Phantom Shares or Shares issued or grant of Restricted Shares or other Award made, in
whole or in part, unless listing, registration, qualification, consent or approval has been effected or obtained free of any conditions in a manner acceptable to the Committee. 
  
 (d) In the event that the disposition of shares acquired pursuant to the Plan is not covered by a then
current registration statement under the Securities Act, and is not otherwise exempt from such registration, such Shares shall be restricted against transfer to the extent required under the Securities Act, and the Committee may require any
individual receiving Shares pursuant to the Plan, as a condition precedent to receipt of such Shares, to represent to the Company in writing that such Shares are acquired for investment only and not with a view to distribution and that such Shares
will be disposed of only if registered for sale under the Securities Act or if there is an available exemption for such disposition. 
  
 (e) Notwithstanding any other provision of the Plan, the Company shall not be required to take or permit any action under the Plan or any
Award Agreement which, in the good-faith determination of the Company, would result in a material risk of a violation by the Company of Section 13(k) of the Exchange Act. 
  

 16 

 13. INTERPRETATION AND AMENDMENTS; OTHER RULES. 
  
 The Committee may make such rules and regulations and
establish such procedures for the administration of the Plan as it deems appropriate. Without limiting the generality of the foregoing, the Committee may (i) determine the extent, if any, to which Options, Phantom Shares or Shares (whether or
not Restricted Shares) or Dividend Equivalent Rights shall be forfeited (whether or not such forfeiture is expressly contemplated hereunder); (ii) interpret the Plan and the Award Agreements hereunder, with such interpretations to be conclusive
and binding on all persons and otherwise accorded the maximum deference permitted by law; and (iii) take any other actions and make any other determinations or decisions that it deems necessary or appropriate in connection with the Plan or the
administration or interpretation thereof. In the event of any dispute or disagreement as to the interpretation of the Plan or of any rule, regulation or procedure, or as to any question, right or obligation arising from or related to the Plan, the
decision of the Committee shall be final and binding upon all persons. Unless otherwise expressly provided hereunder, the Committee, with respect to any grant, may exercise its discretion hereunder at the time of the Award or thereafter. No action
which is otherwise permitted under or in connection with the Plan shall be prohibited hereunder merely because it constitutes a repricing of an Award, and, in furtherance of the foregoing, the Committee is expressly authorized and empowered, without
limitation, to effect repricings that are consistent with the terms of the Plan. The Board may amend the Plan as it shall deem advisable, except that no amendment may adversely affect a Participant with respect to an Award previously granted unless
such amendments are required in order to comply with applicable laws; provided, however, that the Plan may not be amended without shareholder approval in any case in which amendment in the absence of shareholder approval would cause the Plan to fail
to comply with any applicable legal requirement or applicable exchange or similar rule. 
  
 14. CHANGES IN CAPITAL STRUCTURE. 
  
 (a) if (i) the Company or its Subsidiaries shall at any time be involved in a merger, consolidation, dissolution, liquidation, reorganization, exchange of shares, sale of all or substantially all of the assets or
shares of the Company or its Subsidiaries or a transaction similar thereto, (ii) any share dividend, share split, reverse share split, share combination, reclassification, recapitalization or other similar change in the capital structure of the
Company or its Subsidiaries, or any distribution to holders of Common Shares other than cash dividends, shall occur or (iii) any other event shall occur which in the judgment of the Committee necessitates action by way of adjusting the terms of
the outstanding Awards, then: 
  
 (x) the maximum aggregate
number of Shares which may be made subject to Options and Dividend Equivalent Rights under the Plan, the maximum aggregate number and kind of Restricted Shares that may be granted under the Plan, the maximum aggregate number of Phantom Shares and
other Awards which may be granted under the Plan may be appropriately adjusted by the Committee in its discretion; and 
  
 (y) the Committee may take any such action as in its discretion shall be necessary to maintain each Participants’ rights hereunder (including under
their Award Agreements) with respect to Options, Phantom Shares and Dividend Equivalent Rights (and, as appropriate, other Awards under Section 9), so that they are substantially proportionate to the rights existing in such Options, Phantom
Shares and Dividend Equivalent Rights (and other Awards under Section 9) prior to such event, including, without limitation, adjustments in (A) the number of Options, Phantom Shares and Dividend Equivalent Rights (and other Awards under
Section 9) granted, (B) the number and kind of shares or other property to be distributed in respect of Options, Phantom Shares and Dividend Equivalent Rights (and other Awards under Section 9 as applicable), (C) the Option Price

  

 17 

 
and Phantom Share Value, and (D) performance-based criteria established in connection with Awards; provided that, in the discretion of the Committee,
the foregoing clause (D) may also be applied in the case of any event relating to a Subsidiary if the event would have been covered under this Section 14(a) had the event related to the Company. 
  
 To the extent that such action shall include an increase or decrease in the number of Shares
(or units of other property then available) subject to all outstanding Awards, the number of Shares (or units) available under Section 4 shall be increased or decreased, as the case may be, proportionately, as may be determined by the Committee
in its discretion. 
  
 (b) Any Shares or other
securities distributed to a Grantee with respect to Restricted Shares or otherwise issued in substitution of Restricted Shares shall be subject to the restrictions and requirements imposed by Section 6, including depositing the certificates
therefor with the Company together with a share power and bearing a legend as provided in Section 6.2(a). 
  
 (c) If the Company shall be consolidated or merged with another corporation or other entity, each Grantee who has received Restricted
Shares that is then subject to restrictions imposed by Section 6.3(a) may be required to deposit with the successor corporation the certificates, if any, for the shares or securities or the other property that the Grantee is entitled to receive
by reason of ownership of Restricted Shares in a manner consistent with Section 6.2(b), and such shares, securities or other property shall become subject to the restrictions and requirements imposed by Section 6.3(a), and the certificates
therefor or other evidence thereof shall bear a legend similar in form and substance to the legend set forth in Section 6.2(a). 
  
 (d) If a Change in Control shall occur, then the Committee may make such adjustments as it, in its discretion, determines are necessary or
appropriate in light of the Change in Control, provided that the Committee determines that such adjustments do not have an adverse economic impact on the Participant as determined at the time of the adjustments. 
  
 (e) The judgment of the Committee with respect to any matter
referred to in this Section 13 shall be conclusive and binding upon each Participant without the need for any amendment to the Plan. 
  
 15. MISCELLANEOUS. 
  
 15.1 No Rights to Employment or Other Service. 
  
 Nothing in the Plan or in any grant made pursuant to the Plan shall confer on any individual any right to
continue in the employ or other service of the Company or its Subsidiaries or interfere in any way with the right of the Company or its Subsidiaries and its shareholders to terminate the individual’s employment or other service at any time.

  
 15.2 Right of First Refusal; Right of
Repurchase. 
  
 At the time of grant, the
Committee may provide in connection with any grant made under the Plan that Shares received hereunder shall be subject to a right of first refusal pursuant to which the Company shall be entitled to purchase such Shares in the event of a prospective
sale of the Shares, subject to such terms and conditions as the Committee may specify at the time of grant or (if permitted by the Award Agreement) thereafter, and to a right of repurchase, pursuant to which the Company shall be entitled to purchase
such Shares at a price determined by, or under a formula set by, the Committee at the time of grant or (if permitted by the Award Agreement) thereafter. 
  

 18 

 15.3 No Fiduciary Relationship. 
  
 Nothing contained in the Plan (including without limitation
Sections 7.5(c) and 8.4), and no action taken pursuant to the provisions of the Plan, shall create or shall be construed to create a trust of any kind, or a fiduciary relationship between the Company or its Subsidiaries, or their officers or the
Committee, on the one hand, and the Participant, the Company, its Subsidiaries or any other person or entity, on the other. 
  
 15.4 No Fund Created. 
  
 Any and all payments hereunder to any Participant under the Plan shall be made from the general funds of the Company (or, if applicable, a
Participating Company), no special or separate fund shall be established or other segregation of assets made to assure such payments, and the Phantom Shares (including for purposes of this Section 15.4 any accounts established to facilitate the
implementation of Section 7.4(c)) and any other similar devices issued hereunder to account for Plan obligations do not constitute Common Shares and shall not be treated as (or as giving rise to) property or as a trust fund of any kind;
provided, however, that the Company may establish a mere bookkeeping reserve to meet its obligations hereunder or a trust or other funding vehicle that would not cause the Plan to be deemed to be funded for tax purposes or for purposes of Title I of
the Employee Retirement Income Security Act of 1974, as amended. The obligations of the Company under the Plan are unsecured and constitute a mere promise by the Company to make benefit payments in the future and, to the extent that any person
acquires a right to receive payments under the Plan from the Company, such right shall be no greater than the right of a general unsecured creditor of the Company. (If any affiliate of the Company is or is made responsible with respect to any
Awards, the foregoing sentence shall apply with respect to such affiliate.) Without limiting the foregoing, Phantom Shares and any other similar devices issued hereunder to account for Plan obligations are solely a device for the measurement and
determination of the amounts to be paid to a Grantee under the Plan, and each Grantee’s right in the Phantom Shares and any such other devices is limited to the right to receive payment, if any, as may herein be provided. 
  
 15.5 Notices. 
  
 All notices under the Plan shall be in writing, and if to
the Company, shall be delivered to the Board or mailed to its principal office, addressed to the attention of the Board; and if to the Participant, shall be delivered personally, sent by facsimile transmission or mailed to the Participant at the
address appearing in the records of the Company. Such addresses may be changed at any time by written notice to the other party given in accordance with this Section 15.5. 
  
 15.6 Exculpation and Indemnification. 
  
 The Company shall indemnify and hold harmless the members of the Board and the members of the Committee from
and against any and all liabilities, costs and expenses incurred by such persons as a result of any act or omission to act in connection with the performance of such person’s duties, responsibilities and obligations under the Plan, to the
maximum extent permitted by law. 
  
 15.7
Captions. 
  
 The use of captions in this
Plan is for convenience. The captions are not intended to provide substantive rights. 
  

 19 

 15.8 Governing Law. 
  
 THE PLAN SHALL BE GOVERNED BY THE LAWS OF THE STATE OF MARYLAND WITHOUT REFERENCE TO PRINCIPLES OF CONFLICT
OF LAWS. 
  

 20 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

			
	1.	  	DEFINITIONS	  	1
			
	2.	  	EFFECTIVE DATE AND TERMINATION OF PLAN	  	4
			
	3.	  	ADMINISTRATION OF PLAN	  	4
			
	4.	  	SHARES AND UNITS SUBJECT TO THE PLAN	  	5
			
	5.	  	PROVISIONS APPLICABLE TO SHARE OPTIONS	  	6
			
	6.	  	PROVISIONS APPLICABLE TO RESTRICTED SHARES	  	9
			
	7.	  	PROVISIONS APPLICABLE TO PHANTOM SHARES	  	11
			
	8.	  	PROVISIONS APPLICABLE TO DIVIDEND EQUIVALENT RIGHTS	  	13
			
	9.	  	OTHER EQUITY-BASED AWARDS	  	14
			
	10.	  	PERFORMANCE GOALS	  	15
			
	11.	  	TAX WITHHOLDING	  	15
			
	12.	  	REGULATIONS AND APPROVALS	  	16
			
	13.	  	INTERPRETATION AND AMENDMENTS; OTHER RULES	  	17
			
	14.	  	CHANGES IN CAPITAL STRUCTURE	  	17
			
	15.	  	MISCELLANEOUS	  	18

  

 -i- 

 CB RICHARD ELLIS REALTY TRUST 
  
 2004 EQUITY INCENTIVE PLAN

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