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Exhibit 10.23  

 
 

PERPETUAL TRADEMARK LICENSE    
    

        WHEREAS, Christopher Clemente, an individual resident of the Commonwealth of Virginia (hereinafter "Licensor"), is
the owner of the Mark "COMSTOCK" (the "Mark") used in and associated with the offering of construction services, namely, planning, laying out and custom construction of residential and commercial real
estate, which has been continuously used in this manner since at least as early as December 31, 1991 and owns a federal application for registration for the Mark for the aforesaid goods and
services, U.S. Trademark Application Serial No. 78/416,396 which registration is presently pending at the U.S. Patent and Trademark Office; and 

        WHEREAS, Comstock Homebuilding Companies, Inc., a Delaware corporation with a principal place of business located at 11465 Sunset
Hills Road, Suite 510, Reston, Virginia 20190 (hereinafter "Licensee"), desires and Licensor is willing to grant Licensee a license to use the Mark for the following goods and services: Residential
real estate development, marketing and construction services including the sale of single family, townhome and condominium products ("Goods and Services"). 

        WHEREAS, Licensor has for over a decade allowed Licensee to make use of the Mark and has allowed Licensee to develop goodwill in
connection with such use and the parties desire to formalize all such rights and relationship; 

        NOW, THEREFORE, the parties agree as follows: 

        Licensor
hereby grants Licensee the non-exclusive right to use the Mark on and in connection with the offering and sale of the Goods and Services, in all designs, logos,
marketing materials or other documents or materials owned or used by Licensee. Licensor further grants Licensee the right to make applications and registrations and otherwise formally claim and hold
rights in and to the Mark, provided such rights are not inconsistent with this Agreement, and, at Licensee's sole expense, to prosecute and defend the rights of Licensee and those of Licensor (to the
extent Licensee may have a direct or indirect interest therein) with respect to the Mark, including the right to institute proceedings in the name and on behalf of Licensor as may be necessary in
connection with such prosecution or defense. Licensee is expressly authorized to pursue formal recognition of all of its rights both under this License and in connection with any new trademark rights
it establishes and all such applications or claims do not need to reference this License. Licensor expressly acknowledges that
Licensee is presently pursuing, exclusively in its own name and title, certain trademark rights related to the Mark. Licensor acknowledges that Licensee has applied for and received U.S. Trademark
Application Serial Nos. 78/428,535 and 78/466,986 which applications are presently pending at the U.S. Patent and Trademark Office ("PTO") and Licensor fully consents to this and all similar
applications for trademark rights which Licensee may deem to pursue. In the event that Licensee's applications are rejected by the PTO in light of Licensor's pending application, both parties agree to
execute a Co-Existence Agreement for submission to the PTO, whereby each party shall acknowledge and agree that its rights and uses in and to all pending applications and/or trademarks may
co-exist with the other party's pending applications and/or trademarks without causing consumer confusion. 

        Licensee
shall use the Mark in connection with its offering of the Goods and Services manufactured, offered and sold by or for Licensee. Licensee hereby grants Licensor the right to
inspect Licensee's use of the Mark for quality-control purposes and the parties agree that the standards which will be inspected and maintained in connection with all uses of the Mark are the levels
of production quality, customer service and business professionalism established and maintained by Comstock Homes, Inc. (itself a licensed user of the Mark and an affiliate of Licensee)
measured as of the date of entry into this License, which use and quality is consistent with the goodwill established and market identity represented by the Mark as originally established by Licensor.
Both parties to this license agree to maintain appropriate standards of quality and to generally ensure that all uses of the Mark are of this appropriate quality and character. Further, both parties
agree not to take any action which will damage, diminish or otherwise impair the goodwill associated with the Mark. 

        Absent
Licensee's prior written approval, Licensor agrees not to use, or license or authorize others to use, the Mark in connection with any good or service in direct or indirect
competition with the Licensee's Goods and Services, except in connection with the activities of Comstock Partners, LC, permitted under the terms of the Employment Agreement dated December
    , 2004 between Licensee and Licensor and the Confidentiality and Non-Competition Agreement dated December    , 2004 between Licensee and Licensor. 

        In
consideration for this license, Licensee agrees to pay to Licensor a one-time license fee of $1.00 and no ongoing royalty or other payments shall be owed, it being the
intent of the parties that Licensee be able to independently use and promote the Mark with no further financial obligations of any kind to Licensor. Licensor further understands that Licensee has in
the past made and will continue to make substantial investments in promoting the Mark which investments will or may create new trademark rights relating to the Mark for services and goods offered by
and uniquely associated with Licensee and Licensor consents to all such use and creation of new trademark rights. To the fullest extent authorized by law, Licensor authorizes Licensee to claim and
exclusively own all new and non-existing trademark rights which Licensee creates by virtue of its use of the Mark and Licensee shall exclusively own all any and all goodwill which arises
from, inures to or is associated uses of the Mark by Licensee. 

        Licensee
recognizes and acknowledges that the Mark and all rights therein and all goodwill originally pertaining thereto belong exclusively to Licensor, that as provided in the foregoing
section, Licensee shall enjoy the legal rights arising from its use of the Mark which uses shall inure to the benefit of Licensee, and that Licensor retains the right to use the Mark for other goods
or services different than the Goods and Services. 

        Licensor
warrants that it is the owner of rights in the Mark and that to Licensee's knowledge the rights licensed herein do not violate any other party's rights or interests. Licensee
agrees that Licensor shall have no liability, and Licensee shall indemnify, defend, and hold Licensor harmless against any and all damages, liabilities, attorneys' fees or costs incurred by Licensor
in defending against any third-party claims or threats of claims under trademark or unfair competition or deceptive trade practices acts arising from Licensee's use of the Mark. Licensor may, at its
own expense, appear through counsel of its own choosing. 

        The
term of this License shall be perpetual and may not be terminated unless one of the following events occurs: Licensee ceases to do business or either party fails to meet any of the
material terms of this Agreement, provided that such party shall have thirty days after the receipt of written notice of such failure from the other party in which to correct any such failure. 

        Notwithstanding
the foregoing, upon the occurrence of any of the following events, Licensor hereby agrees to immediately assign, in writing, all right, title and interest in and to the
Mark, including any goodwill associated therewith, to Licensee: (i) Licensor ceases, agrees to cease or is required by operation of law to cease, using the Mark in commerce;
(ii) Licensor abandons or agrees to abandon the Mark; (iii) Licensor fails to maintain adequate quality control over the Mark, including any goodwill associated therewith;
(iv) Licensor attempts or agrees to transfer the Mark to any third party not under the control of Licensor (for purposes of this Paragraph, "control" shall refer to the legal, beneficial or
equitable ownership, directly or indirectly, of fifty percent (50%) or more of the capital stock (or other ownership interest if not a corporation) of such third party); (v) the death of
Licensor; or (vi) Licensor materially breaches a term or condition of this License Agreement. Upon the occurrence of any of the foregoing events, Licensor agrees to cooperate as reasonably
requested by Licensee with respect to any necessary filings, prosecutions, and maintenance, such cooperation to include: (i) executing without additional compensation (but at Licensee's sole
expense) all papers and other instruments deemed appropriate by Licensee for such filings, prosecutions, and maintenance; (ii) providing specimens of use of the Mark as necessary or desirable
for such filings, prosecutions and maintenance; and (iii) taking all other actions reasonably requested by Licensee, in each case to perfect, maintain, protect and enforce Licensee's sole,
complete and exclusive rights in, and ownership of, the Mark. In furtherance of the foregoing, and applicable only upon the occurrence of one of the foregoing events recited in this paragraph,
Licensor hereby irrevocably appoints Licensee as Licensor's 

attorney-in-fact,
with full authorization to take such actions on behalf of Licensor, including the execution of any documents associated therewith, as set forth in this
paragraph. Licensee will reimburse Licensor for any reasonable out-of-pocket costs actually incurred in performing Licensor's obligations under this paragraph. Licensee may
assign, transfer, or sublicense this Agreement without the prior written consent of Licensor. 

        Licensee
may assign, transfer, or sublicense this Agreement without the prior written consent of Licensor. Should Licensor assign, transfer or sublicense the Mark as authorized by this
Agreement, any and all rights offered by Licensor to any such assignee or licensee shall be fully subject to all terms and rights established by this Perpetual Trademark License. 

        This
License contains the entire agreement between the parties relating to the subject matter hereof, and all prior proposals, discussions or writings are superseded hereby. The terms of
this License shall be binding upon and shall inure to the benefit of the parties and their successors, heirs and assigns. 

        This
License shall be effective as of the last date of its signing as indicated below and shall be governed, construed, and enforced in accordance with the laws of the Commonwealth of
Virginia 

	 	 Agreed to by:	 	 	 
	

 	

 	

 
	

CHRISTOPHER CLEMENTE	
 	

 	

 
	

 	

 	
 	

 	

 
	

	
 	

 	

 
	Dated:	
	 	By:	

	 	 	 	Name:	

	 	 	 	Title:	

	 	 	 	Dated:	

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EXHIBIT 4.1.6    
    

 
 

SIXTH AMENDMENT
  TO THE
  TRAMMELL CROW COMPANY
  EMPLOYEE STOCK PURCHASE PLAN    
    

        THIS SIXTH AMENDMENT is effective as set forth below and is made by the Board of Directors (the "Board") of Trammell Crow Company, a Delaware corporation (the
"Company"), and, only as explicitly provided below, subject to the approval of the stockholders of the Company. 

W I T N E S S E T H: 

        WHEREAS,
the Company has previously established the Trammell Crow Company Employee Stock Purchase Plan effective March 1, 1998 for the benefit of eligible employees, as
subsequently amended (the "Plan"); 

        WHEREAS,
pursuant to paragraph 15 of the Plan, the Board has the right to make certain amendments to the Plan; 

        WHEREAS,
the Board desires to amend the Plan to increase by 1,000,000 the aggregate number of shares of the Company's common stock, par value $.01 per share ("Common Stock"), which may
be sold pursuant to options granted under the Plan (the "Authorized Share Amendment"); 

        WHEREAS,
the Board also desires to amend the Plan to provide that in the event the shareholder approval of the Authorized Share Amendment is not obtained, any shares of Common Stock that
would otherwise have been available for purchase under the Plan if the Authorized Share Amendment had been approved by the shareholders of the Company shall not be available for issuance under the
Plan and the payroll deductions effected for the purpose of purchasing such shares shall be returned to the applicable participants; 

        WHEREAS,
the Board also desires to amend the Plan to reduce from 2500 to 250 the maximum number of shares of Common Stock that may be subject to an option during each option period and
to increase from six months to 12 months the holding period during which shares of Common Stock purchased under the Plan may not be disposed of; 

        WHEREAS,
the Board also desires to amend the Plan to provide that the exercise price for an option shall equal 85% of the fair market value of the Common Stock on the date of exercise of
the option; 

        WHEREAS,
the Board also desires to amend the Plan to specify how available shares of Common Stock will be partitioned among participants if the number of shares reserved for issuance
pursuant to the Plan (the "Limitation") is less than the number of shares that could be obtained pursuant to all outstanding options at the end of an option period absent the Limitation; and 

        WHEREAS,
such amendments are within the scope of the Board's powers. 

        NOW,
THEREFORE, the Plan is hereby amended as follows, effective as of the dates set forth below: 

        1.    Stock Subject to Plan.    Subject to stockholder approval, paragraph 5 is hereby amended and restated in
its entirety, effective with respect to option periods beginning on or after January 1, 2005, to read as follows: 

        "5.   Stock Subject To The Plan.    Subject to the provisions of paragraph 12 (relating to adjustment upon
changes in stock), the aggregate number of shares which may be sold pursuant to options granted under the Plan shall not exceed three million (3,000,000) shares of the authorized $.01 par value common
stock of the Company ("Stock"), which shares may be unissued shares or reacquired shares or shares bought on the market for purposes of the Plan. Should any option granted under the Plan expire or
terminate prior to its exercise in full, the shares theretofore 

subject
to such option may again be subject to an option granted under the Plan. Any shares of Stock which are not subject to outstanding options upon the termination of the Plan shall cease to be
subject to the Plan." 

        2.    Share Limit.    Paragraph 6(a) is hereby amended and restated in its entirety, effective with respect to
option periods beginning on or after January 1, 2005, to read as follows: 

        "6.   Grant Of Options.    (a) General Statement; "Date Of Grant"; "Option Period";
"Date Of Exercise". Upon the effective date of the Plan and continuing while the Plan remains in force, the Company shall offer options under the Plan to all Eligible Employees
to purchase shares of Stock. Except as otherwise determined by the Committee, these options shall be granted on the first day of the first payroll period beginning on or after the first day of January
and July of each subsequent year (each of which dates is herein referred to as a "date of grant"). The term of each option granted shall be for a six (6)-month period ending on June 30 or
December 31 (each such six (6)-month period is herein referred to as an "option period"). The last day of each option period is herein referred to as a "date of exercise." The number of whole
and fractional shares subject to each option shall be the quotient of the sum of the payroll deductions withheld on behalf of each participant in accordance with subparagraph 6(b) and the payments
made by such participant pursuant to subparagraph 6(f) during the option period divided by the "option price" (defined in subparagraph 7(b)) of the Stock, provided, however, that the maximum number of
shares that may be subject to any option may not exceed two hundred and fifty (250) (subject to adjustment as provided in paragraph 12)." 

        3.    Option Price.    The first sentence of Paragraph 7(b) is hereby amended and restated in its entirety,
effective with respect to option periods beginning on or after January 1, 2005, as follows: 

"The
option price per share of Stock to be paid by each optionee on each exercise of his option shall be an amount equal to 85% of the Fair Market Value of the Stock on the date of exercise." 

        4.    Holding Period.    Paragraph 7(d) is hereby amended and restated in its entirety, effective with respect
to option periods beginning on or after January 1, 2005, as follows: 

        "(d)    Holding Period.    For a period of twelve (12) months following each date of exercise, a participant
may not dispose of, in any manner including assignment or hypothecation, shares of Stock acquired on such date of exercise, regardless of whether the participant is issued the applicable share
certificates or whether the Company, or its agent, retains the share certificates. Upon the expiration of the twelve (12)-month period following the date of exercise, the participant may dispose of
the Stock as long as such disposition complies with all applicable securities laws. At the sole discretion of the Company, share certificates may bear a legend describing the restriction set forth in
this paragraph 7(d)." 

        5.    Insufficiency of Shares.    Paragraph 7(e) is hereby added to the Plan, effective as of
December 7, 2004, to read as follows: 

        "(e)    Insufficiency of Shares Available for Issuance.    If the total number of shares of Stock remaining available
for issuance pursuant to paragraph 5 (the "Share Availability") is less than the total number of shares of Stock that could otherwise be acquired pursuant to all options, for a given option
period, after application of the limitations in paragraphs 6(a), 6(b) and 6(e) (but not this paragraph 7(e)) (the "Total Share Limit"), then the number of shares of Stock that could otherwise
be acquired pursuant to each option for the given option period shall be reduced such that the ratio of the total number of shares that could be acquired pursuant to each option for the given option
period, after adjustments for the limitations in paragraphs 6(a), 6(b) and 6(e) (but not this paragraph 7(e)), to the Total Share Limit, equals the ratio of the total number of shares that may
be acquired pursuant to each option for the given option period, after adjustments for the limitations in paragraphs 6(a), 6(b), 6(e) and this paragraph 7(e), to the Share Availability. If the
application of the adjustment provided in this paragraph 7(e) entitles an Eligible Employee to an option for a fraction of a share of Stock, the Eligible Employee's payroll deductions that
would be 

used
to purchase that fractional share of Stock shall be returned to the Eligible Employee as soon as administratively feasible." 

        6.    Term of the Plan.    Paragraph 14 is hereby amended, effective as of December 7, 2004, by adding
the following at the end thereof: 

Subject
to stockholder approval, additional shares of Stock may be made available for issuance pursuant to the Plan. Options relating to such additional shares may be granted prior to obtaining the
requisite stockholder approval; provided, however, that no such options shall be exercisable prior to stockholder approval and if stockholder approval is not obtained within 12 months of the
grant of such options the options shall be cancelled, without participant recourse except that any payroll deductions related to the options shall be returned to the applicable participants. 

        7.    Effect of Amendment.    Except as amended or supplemented herein, the Plan shall remain unchanged and continue
in full force and effect. 

        IN
WITNESS WHEREOF, this Sixth Amendment has been executed by a duly authorized officer of the Company as of the date specified below and effective as set forth herein. 

	 	 	TRAMMELL CROW COMPANY,

a Delaware corporation
	

 	
 	

By:	

/s/  J. CHRISTOPHER KIRK      

	

 	
 	

Name:	

J. Christopher Kirk

	

 	
 	

Title:	

Executive Vice President

	

 	
 	

Dated:	

December 7, 2004

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EXHIBIT 4.1.6

SIXTH AMENDMENT TO THE TRAMMELL CROW COMPANY EMPLOYEE STOCK PURCHASE PLAN

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