Document:

Exhibit
10.2

FORM OF
VOTING AGREEMENT

THIS VOTING AGREEMENT (this “Agreement”)
is made and entered into as of October 30, 2006, by and among CB Richard Ellis
Group, Inc., a Delaware corporation (“Parent”), A-2
Acquisition Corporation, a Delaware corporation and a wholly-owned subsidiary
of Parent (“Acquiror”), Trammell Crow Company,
a Delaware corporation (the “Company”), and
the undersigned stockholder (“Stockholder”) of the Company.

RECITALS

A.            Concurrently with the execution of
this Agreement, Parent, Acquiror and the Company have entered into an Agreement
and Plan of Merger (the “Merger Agreement”),
which provides for the merger (the “Merger”) of
Acquiror with and into the Company, with the Company continuing its existence
as the surviving corporation.

B.            As of the date hereof, Stockholder
Beneficially Owns (as defined below) the number of Shares (as defined below) of
capital stock of the Company as set forth on the signature page of this
Agreement.

C.            In order to induce Parent and
Acquiror to execute the Merger Agreement, Stockholder desires to restrict the
transfer or disposition of, and desires to vote, the Shares as provided in this
Agreement, and the execution and delivery of this Agreement and the Proxy (as
defined below) is a material condition to Parent’s and Acquiror’s willingness
to enter into the Merger Agreement.

D.            As a stockholder of the Company, the
Stockholder will benefit from the execution and delivery of the Merger
Agreement and the consummation of the transactions contemplated thereby.

NOW, THEREFORE, the parties hereto hereby agree as
follows:

1.             Certain
Definitions.  Capitalized terms not defined herein shall
have the meanings ascribed to them in the Merger Agreement.  For purposes of this Agreement:

(a)           A
Person shall be deemed to “Beneficially
Own” a security if such Person has “beneficial ownership” of such
securities as determined pursuant to Rule 13d-3 under the Securities Exchange
Act of 1934, as amended.

(b)           “Constructive Sale” means, with respect to any security, a
short sale or entering into or acquiring an offsetting derivative contract with
respect to such security, entering into or acquiring a futures or forward
contract to deliver such security or entering into any other hedging or other
derivative transaction that has the effect of materially changing the economic
benefits and risks of ownership of such security.

(c)           “Expiration Date” means the earlier to occur of (i) such date
and time as the Merger shall become effective in accordance with the terms and
provisions of the Merger

 

 

Agreement and (ii) such
date and time as the Merger Agreement shall have been validly terminated
pursuant to Article 10 thereof.

(d)           “Options” means: (i) all securities Beneficially Owned by
Stockholder as of the date of this Agreement that are convertible into, or
exercisable or exchangeable for, shares of capital stock of the Company,
including, without limitation, options, warrants and other rights to acquire
shares of common stock, par value $0.01 per share, of the Company (the “Company Common Stock”) or other shares of
capital stock of the Company; and (ii) all securities of which Stockholder
acquires Beneficial Ownership during the period from the date of this Agreement
through and including the Expiration Date that are convertible into, or exercisable
or exchangeable for, shares of capital stock of the Company, including, without
limitation, options, warrants and other rights to acquire shares of Company
Common Stock or other shares of capital stock of the Company.

(e)           “Person” means any (i) individual,
(ii) corporation, limited liability company, partnership or other entity, or
(iii) Governmental Entity.

(f)            “Shares” means: (i) all shares of capital stock of the
Company Beneficially Owned by Stockholder as of the date of this Agreement; and
(ii) all shares of capital stock of the Company of which Stockholder acquires
Beneficial Ownership during the period from the date of this Agreement through
and including the Expiration Date, including, without limitation, in each case,
shares issued upon the conversion, exercise or exchange of Options.

(g)           “Transfer” means, with respect to any security, the direct or
indirect (i) assignment, sale, transfer, tender, pledge, hypothecation,
placement in voting trust, Constructive Sale or other disposition of such
security (excluding transfers by testamentary or intestate succession), of any
right, title or interest in such security (including, without limitation, any
right or power to vote to which the holder thereof may be entitled, whether
such right or power is granted by proxy or otherwise) or of the record or
beneficial ownership of such security, or (ii) offer to make any such sale,
transfer, tender, pledge, hypothecation, placement in voting trust,
Constructive Sale or other disposition, and each agreement, arrangement or
understanding, whether or not in writing, to effect any of the foregoing, in
each case, excluding any (1) Transfer pursuant to a court order and (2) such
actions pursuant to which the Stockholder maintains all voting rights with
respect to such security.

2.             No
Transfer of Shares or Options.  Stockholder agrees that, at all times during
the period beginning on the date hereof and ending on the Expiration Date,
Stockholder shall not Transfer (or cause or permit any Transfer of) any Shares
or Options, or make any agreement relating thereto, in each case, without the
prior written consent of Parent. 
Stockholder agrees that any Transfer in violation of this Agreement
shall be void and of no force or effect.

3.             No
Transfer of Voting Rights.  Stockholder agrees that, during the period
from the date of this Agreement through and including the Expiration Date,
Stockholder shall not deposit (or cause or permit the deposit of) any Shares or
Options in a voting trust or grant (or cause or permit the grant of) any proxy
or enter into (or cause or permit the entry into) any

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voting agreement or similar agreement with respect to
any of the Shares or Options other than as contemplated by this Agreement,
Proxy and the Merger Agreement.

4.             Agreement to Vote Shares.

(a)           Until the Expiration Date, at every
meeting of stockholders of the Company, however called, at every adjournment or
postponement thereof, and on every action or approval by written consent of
stockholders of the Company with respect to any of the following, Stockholder
shall vote, to the extent not voted by the Person(s) appointed under the Proxy
(as defined below), all of the Shares or cause the Shares to be voted:

(i)         in favor of (1) adoption of the Merger
Agreement, including all actions and transactions contemplated by the Merger
Agreement or the Proxy and (2) any other actions presented to holders of shares
of capital stock of the Company in furtherance of the Merger Agreement, the
Merger and the other actions and transactions contemplated by the Merger
Agreement or the Proxy;

(ii)        against approval of any proposal made in
opposition to, or in competition with, the Merger Agreement or consummation of
the Merger and the other transactions contemplated by the Merger Agreement or
the Proxy; and

(iii)       against any action that is intended, or
could reasonably be expected to, in any manner impede, frustrate, prevent,
nullify, interfere with, delay, postpone, discourage or otherwise adversely
affect the consummation of the Merger or any of the other transactions
contemplated by the Merger Agreement in accordance with the terms of the Merger
Agreement.

(b)           Stockholder
shall not enter into any agreement or understanding with any person to vote or
give instructions in any manner inconsistent with this Section 4.

5.             Irrevocable Proxy.  Concurrently with
the execution of this Agreement, Stockholder agrees to deliver to Parent an
irrevocable proxy in the form attached hereto as Exhibit A (the “Proxy”), which
shall be irrevocable to the fullest extent permitted by applicable law,
covering all Shares.

6.             Representations,
Warranties and Covenants of Stockholder.  Stockholder represents, warrants and
covenants to Parent and Acquiror as follows:

(a)           Stockholder
is the Beneficial Owner of the Shares and the Options indicated on the
signature page of this Agreement.

(b)           As
of the date hereof, Stockholder does not Beneficially Own any shares of capital
stock of the Company or any securities convertible into, or exchangeable or
exercisable for, shares of capital stock of the Company, other than the Shares
and Options set forth on the signature page hereto.

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(c)           Stockholder
has the full power to dispose, vote or direct the voting of the Shares for and
on behalf of all beneficial owners of the Shares.

(d)           The
Shares are, and at all times up to and including the Expiration Date the Shares
will be, Beneficially Owned by Stockholder, free and clear of any rights of
first refusal, co-sale rights, security interests, liens, pledges, claims,
options, charges, proxies, voting trusts or agreements, understandings or
arrangement, or any other encumbrances of any kind or nature (“Encumbrances”).

(e)           The
execution and delivery of this Agreement and the Proxy by Stockholder do not,
and Stockholder’s performance of its obligations under this Agreement will not
conflict with or violate or require any consent, approval or notice under, any
order, decree, judgment, statute, law, rule, regulation or agreement applicable
to Stockholder or by which Stockholder or any of Stockholder’s properties or
assets, including, without limitation, the Shares and Options, is bound.

(f)            Stockholder
has full power and authority to make, enter into and carry out the terms of
this Agreement, and the Proxy, in each case with respect to all of the Shares
without limitation, qualification or restriction on such power and authority.

(g)           Subject
to Section 12, Stockholder agrees
that in his or her capacity as a stockholder of the Company, he or she will not
(a) bring, commence, institute, maintain, prosecute, participate in or
voluntarily aid any action, claim, suit or cause of action, in law or in
equity, in any court or before any governmental entity (an “Action”), which challenges the validity of
or seeks to enjoin the operation of any provision of this Agreement or the
Proxy or (b) bring or commence any Action that alleges that the execution and delivery of this Agreement or the Proxy by Stockholder, either alone or together with the
other voting agreements and proxies to be delivered in connection with the
execution of the Merger Agreement, or the approval of the Merger Agreement by
the board of directors of the Company, breaches any fiduciary duty of the board
of directors of the Company or any member thereof.

(h)           Except as expressly contemplated
herein, the Stockholder is not a party to, and the Shares are not subject to or
bound in any manner by, any contract or agreement relating to the Shares that
would keep Stockholder from voting the Shares as described in this Agreement or
require Stockholder to Transfer the Shares in violation of this Agreement,
including without limitation, any voting agreement, option agreement, purchase
agreement, stockholders’ agreement, partnership agreement or voting trust.

7.             Additional Documents.  Stockholder and the
Company hereby covenant and agree to execute and deliver any additional
documents and take such further actions as may be reasonably necessary or
desirable, in the reasonable opinion of Parent, to carry out the purposes and
intent of this Agreement and the Proxy.

8.             Consents and Waivers.  Stockholder hereby
gives all consents and waivers that may be required from it for the execution
delivery of this Agreement and the Proxy, and for the consummation of the
Merger under the terms of any agreement or instrument to which

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Stockholder is a party or
subject or in respect of any rights Stockholder may have.  Stockholder further consents to the Company
placing a stop transfer order on the Shares with its transfer agent(s), which
stop transfer order shall, at the request of Parent remain in effect until the
Expiration Date and in accordance with the terms of this Agreement, Stockholder
further consents and authorizes Parent and the Company to publish and disclose
in the Proxy Statement (including all documents filed with the SEC in connection
therewith) Stockholder’s identity and ownership of the Shares and the nature of
Stockholder’s commitments, arrangements and understandings under this Agreement
and the Proxy.

9.             Termination.  This Agreement and
the Proxy shall terminate and shall have no further force or effect as of the
Expiration Date.

10.           Company Covenants.  The Company agrees to make a notation on its
records and give instructions to its transfer agent(s) to not permit, during
the term of this Agreement, the Transfer of any Shares.

11.           Legending of Shares.  Stockholder agrees that, if so requested by
Parent, certificates evidencing the Shares shall bear the following legend:

THE SHARES OF
STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN VOTING AND
TRANSFER RESTRICTIONS PURSUANT TO THAT CERTAIN VOTING AGREEMENT, DATED AS OF
OCTOBER 30, 2006, BY AND AMONG CB RICHARD ELLIS GROUP, INC., A-2 ACQUISITION
CORPORATION, TRAMMELL CROW COMPANY AND STOCKHOLDER AND AN IRREVOCABLE PROXY,
DATED AS OF OCTOBER 30, 2006, IN FAVOR OF CB RICHARD ELLIS GROUP, INC. ANY
TRANSFER OF SUCH SHARES OF COMMON STOCK IN VIOLATION OF THE TERMS AND
PROVISIONS OF SUCH VOTING AGREEMENT SHALL BE NULL AND VOID AND HAVE NO FORCE OR
EFFECT WHATSOEVER.

The Company agrees, if so
requested by Parent, to place (or to cause the transfer agent for the Company
to place) the above-referenced legend on any and all certificates evidencing
any Shares.  Subject to the terms of Section 2 hereof, Stockholder agrees that
Stockholder shall not Transfer any Shares (to the extent any Transfer is
permitted under this Agreement) without first having the aforementioned legend
affixed to the certificates representing the Shares.

12.           Stockholder Capacity.  Stockholder does not make any agreement or
representation or warranty herein as a director or officer of the Company.  So long as Stockholder is an officer
or director of the Company, nothing in this Agreement shall be construed as
prohibiting, preventing, precluding or otherwise affecting any actions taken,
or not taken, by Stockholder in his capacity as an officer or director of the
Company or any of its Subsidiaries or from fulfilling the obligations of such
office (including, subject to the limitations contained in Section 6.3 of the Merger Agreement,
the performance of obligations required by the fiduciary obligations of
Stockholder acting solely in his or her capacity as an officer or director).

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13.           Miscellaneous.

(a)           Waiver.  No failure on
the part of any party to exercise any power, right, privilege or remedy under
this Agreement, and no delay on the part of any party in exercising any power,
right, privilege or remedy under this Agreement, shall operate as a waiver of
such power, right, privilege or remedy; and no single or partial exercise of
any such power, right, privilege or remedy shall preclude any other or further
exercise thereof or of any other power, right, privilege or remedy.  A party hereto shall not be deemed to have
waived any claim arising out of this Agreement, or any power, right, privilege
or remedy under this Agreement, unless the waiver of such claim, power, right,
privilege or remedy is expressly set forth in a written instrument duly
executed and delivered on behalf of such party; and any such waiver shall not
be applicable or have any effect except in the specific instance in which it is
given.

(b)           Notices.  All notices
and other communications hereunder shall be in writing and shall be deemed duly
given (i) on the date of delivery if delivered personally or by courier
service, (ii) on the date of confirmation of receipt (or the first
business day following such receipt if the date is not a business day) if sent
via facsimile (receipt confirmed), or (iii) on the date of confirmation of
receipt (or the first business day following such receipt if the date is not a
business day) if delivered by a nationally recognized courier service.  All notices hereunder shall be delivered to
the parties at the following addresses or facsimile numbers (or pursuant to
such other instructions as may be designated in writing by the party to receive
such notice):

	
  (i)            if to Parent or Acquiror, to:

  
	
   

  
	
  CB Richard Ellis Group,
  Inc.

  
	
  100 N. Sepulveda Blvd.,
  Suite 1050

  
	
  El Segundo,
  California  90245

  
	
  Attention:  Laurence Midler

  
	
  Telecopy No.:  (310) 606-4701

  
	
   

  
	
  with copies to:

  
	
   

  
	
  Simpson Thacher
  & Bartlett LLP

  
	
  2550 Hanover
  Street

  
	
  Palo Alto,
  California  94304

  
	
  Attention:       Richard
  Capelouto

  
	
                         Kirsten
  Jensen

  
	
  Telecopy No.:    (650)
  251-5002

  
	
   

  
	
  (ii)           if to Company, to:

  
	
   

  
	
  Trammell Crow Company

  
	
  2001 Ross Avenue, Suite
  3400

  
	
  Dallas, Texas  75201

  
	
  Attention:  J. Christopher Kirk

  
	
  Telecopy No.:  (214) 214-3125

  
	
   

  
	
  with copies to:

  

 

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  Vinson & Elkins LLP

  
	
  2001 Ross Avenue

  
	
  3700 Trammell Crow
  Center

  
	
  Dallas, Texas 75201

  
	
  Attention:       Michael
  D. Wortley

  
	
                         P.
  Gregory Hidalgo

  
	
  Telecopy No.:   (214)
  999-7959

  

 

(iii)                               if
to Stockholder: To the address for notice set forth on the signature page
hereof.

(c)           Headings.  All
captions and section headings used in this Agreement are for convenience only
and do not form a part of this Agreement.

(d)           Counterparts.  This
Agreement may be executed in two or more counterparts, and via facsimile, all
of which shall be considered one and the same agreement and shall become
effective when one or more counterparts have been signed by each of the parties
and delivered to the other parties, it being understood that all parties need
not sign the same counterpart.

(e)           Entire Agreement; Amendment. 
This Agreement and the Proxy constitutes the entire agreement among the
parties with respect to the subject matter hereof and supersede all prior
agreements and understandings, both written and oral, among the parties with
respect to the subject matter hereof. 
This Agreement may not be changed or modified, except by an agreement in
writing specifically referencing this Agreement and executed by each of Parent,
Acquiror and Stockholder; provided, however,
that the Company’s obligations hereunder may not be changed or modified without
the written consent of the Company.

(f)            Severability.  In the
event that any provision of this Agreement, shall be determined to be invalid,
unlawful, void or unenforceable to any extent, the remainder of this Agreement
shall not be impaired or otherwise affected and shall continue to be valid and
enforceable to the fullest extent permitted by law.

(g)           Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, regardless of
the laws that might otherwise govern under applicable principles of conflicts
of law thereof.  Each of the parties
hereto irrevocably consents to the exclusive jurisdiction and venue of the
Delaware Court of Chancery and any state appellate court therefrom within the
State of Delaware (or, if the Delaware Court of Chancery declines to accept
jurisdiction over a particular matter, any state or federal court within the
State of Delaware) in connection with any matter based upon or arising out of
this Agreement or the matters contemplated herein, agrees that process may be
served upon them in any manner authorized by the laws of the State of Delaware
for such persons and waives and covenants not to assert or plead any objection
which they might otherwise have to such jurisdiction, venue and such process.

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(h)           Rules of Construction.  The parties hereto agree that
they have been represented by counsel during the negotiation and execution of
this Agreement and, therefore, waive the application of any law, regulation,
holding or rule of construction providing that ambiguities in an agreement or
other document will be construed against the party drafting such agreement or
document.

(i)            Remedies.  The parties
acknowledge that Parent and Acquiror will be irreparably harmed and that there
will be no adequate remedy at law in the event of a violation or breach of any
of the terms of this Agreement. 
Therefore, it is agreed that, in addition to any other remedies that may
be available to Parent and Acquiror upon any such violation or breach, each of
Parent and Acquiror shall have the right to enforce the terms hereof by
specific performance, injunctive relief or by any other means available to
Parent and Acquiror at law or in equity, and that Stockholder waives the
posting of any bond or security in connection with any proceedings related
thereto.  All
rights, powers and remedies provided under this Agreement or otherwise
available in respect hereof at law or in equity shall be cumulative and not
alternative, and the exercise or beginning of the exercise of any thereof by
Parent or Acquiror shall not preclude the simultaneous or later exercise of any
other such right, power or remedy by Parent or Acquiror.

(j)            Binding Effect; No Assignment.  This Agreement and all of the provisions
hereof shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns, but, except as otherwise
specifically provided herein, neither this Agreement nor any of the rights,
interests or obligations of the parties hereto may be assigned by any of the
parties without the prior written consent of the other parties.  Any purported assignment in violation of this
Section 13(j) shall be void.

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IN WITNESS WHEREOF, the
undersigned have executed this Agreement on the date first above written.

	
  CB RICHARD ELLIS GROUP, INC.

  	
  STOCKHOLDER:

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Signature

  
	
  Title:

  	
   

  	
   

  	
   

  
	
   

  	
  Print Name

  
	
   

  	
   

  
	
   

  	
   

  
	
  A-2 ACQUISITION CORPORATION

  	
   

  
	
   

  	
  Address

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Shares and Options:

  
	
  Title:

  	
   

  	
   

  	
  Company Common Stock:

  	
   

  
	
   

  	
  Company Options:

  	
   

  
											

 

 

 

IN WITNESS
WHEREOF, the undersigned has executed this Agreement on the date first above
written.

	
  TRAMMELL CROW COMPANY

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

 

EXHIBIT A

IRREVOCABLE
PROXY

The undersigned
stockholder (“Stockholder”) of Trammell Crow
Company, a Delaware corporation (the “Company”),
hereby irrevocably (to the fullest extent permitted by law) appoints [Parent],
a Delaware corporation (“Parent”), and
any designee of Parent, and each of them individually, as the sole and
exclusive attorneys-in-fact and proxies of the undersigned with full power of
substitution and resubstitution, to vote and exercise all voting and related
rights with respect to, and to grant a consent or approval in respect of (in
each case, to the full extent that the undersigned is entitled to do so), all
of the shares of capital stock of the Company that now are or hereafter may be
Beneficially Owned by the undersigned, and any and all other shares or
securities of the Company issued or issuable in respect thereof between the
date hereof and the Expiration Date (collectively, the “Shares”),
in accordance with the terms of this Proxy. 
The Shares Beneficially Owned by the undersigned as of the date of this
Proxy are set forth on the signature page hereof.  Any and all prior proxies heretofore given by
the undersigned with respect to any Shares are hereby revoked and the
undersigned hereby covenants and agrees not to grant any subsequent proxies
with respect to any Shares.  Capitalized
terms used and not defined herein have the meanings assigned to them in that
certain Voting Agreement, dated as of October 30, 2006, by and among Parent,
A-2 Acquisition Corporation, a Delaware corporation and a wholly-owned
subsidiary of Parent (“Acquiror”), the
Company and Stockholder (the “Voting
Agreement”).

This Proxy is
irrevocable (to the fullest extent permitted by law), is coupled with an
interest and is granted pursuant to the Voting Agreement, and is granted in
consideration of Parent and Acquiror entering into that certain Agreement and
Plan of Merger (the “Merger Agreement”),
dated as of October 30, 2006, by and among Parent, Acquiror and the
Company.  The Merger Agreement provides
for the merger of Acquiror with and into the Company in accordance with its
terms (the “Merger”) and the payment to
Stockholder of a portion of the proceeds of the Merger in exchange for the
Shares.

The
attorneys-in-fact and proxies named above are hereby authorized and empowered
by the undersigned at any time after the date hereof and prior to the
Expiration Date to act as the undersigned’s attorney-in-fact and proxy to vote
the Shares, and to exercise all voting, consent and similar rights of the
undersigned with respect to the Shares (including, without limitation, the
power to execute and deliver written consents), at every annual, special,
adjourned or postponed meeting of stockholders of the Company and in every
written consent in lieu of such meeting:

(i)            in favor of adoption of the Merger
Agreement, including all actions and transactions contemplated by the Merger
Agreement or this Proxy;

(ii)           against  approval of any proposal made in opposition
to, or in competition with, the Merger Agreement or consummation of the Merger
and the other transactions contemplated by the Merger Agreement or this Proxy,
and

 A-1
 

 

 

(iii)          against any action that is intended,
or could reasonably be expected, to, in any manner impede, frustrate, prevent,
nullify, interfere with, delay, postpone, discourage or otherwise adversely
affect consummation of the Merger or any of the other transactions contemplated
by the Merger Agreement in accordance with the terms of the Merger Agreement.

The
attorneys-in-fact and proxies named above may not exercise this Proxy with
respect to any matter other than the matters described in clauses (i), (ii) or
(iii) above, and Stockholder may vote the Shares on all other matters.

Any obligation of
the undersigned hereunder shall be binding upon the successors and assigns of
the undersigned.

So long as
Stockholder is an officer or director of the Company, nothing in this Proxy
shall be construed as prohibiting, preventing, precluding or otherwise
affecting any actions taken, or not taken, by Stockholder in his capacity as an
officer or director of the Company or any of its Subsidiaries or from
fulfilling the obligations of such office (including, subject to the
limitations contained in Section 6.3 of the Merger Agreement, without
limitation, the performance of obligations required by the fiduciary
obligations of Stockholder acting solely in his or her capacity as an officer
or director).

This Proxy shall
terminate, and be of no further force or effect, on the Expiration Date.

[Remainder of Page Intentionally Left Blank]

 

 

Dated: October 30, 2006

	
   

  	
   

  
	
   

  	
  Signature

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Print Name

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address

  
	
   

  	
   

  
	
   

  	
  Shares:

  	
   

  

 

[SIGNATURE PAGE TO PROXY]Exhibit
10.3

EXECUTION
COPY

FIRST
AMENDMENT

TO THE

TRAMMELL CROW COMPANY SEVERANCE PAY POLICY

THIS FIRST AMENDMENT (this “Amendment”) to the Trammell Crow Company
Severance Pay Policy, a copy of which is attached hereto as Exhibit A (the “Policy”),
is effective as of this 30th day of October, 2006
(the “Effective Date”), and is made by Trammell Crow Company, a Delaware
corporation (the “Company”).

W I T N E S S E
T H:

WHEREAS, the Company adopted and maintains the Policy for the purpose of
providing eligible employees with temporary financial assistance during periods
of unemployment;

WHEREAS, the Company is considering
entering into an Agreement and Plan of Merger,
dated October 30, 2006, by and among the Company, CB Richard Ellis Group, Inc.
(“Parent”), and A-2 Acquisition Corp. (the “Merger Agreement”,
and the transaction contemplated therein, the “Merger”);

WHEREAS, the
Board of Directors of the Company (the “Board”) recognizes that the
Merger may be a distraction to the Company’s employees, may cause the Company’s
employees to consider alternative employment opportunities, and/or may
negatively affect the continued dedication and efforts of the Company’s
employees during the critical transition period beginning the date on which the
Merger Agreement is signed or announced and ending on the one-year anniversary
of the Closing (as defined in the Merger Agreement) (the “Transition Period”);

WHEREAS, as a
means of encouraging the continued dedication and efforts of the Company’s
employees during the Transition Period, the Board has determined that it is in
the best interests of the Company to amend the Policy to provide that,
effective for the period beginning as of the Closing and ending on the one-year
anniversary of the Closing, in the event an employee is terminated and is
eligible to receive enhanced severance pay under the Policy, such employee will
receive an amount equal to 150% of the amount he or she
would otherwise receive under the Policy, but for this Amendment; and

WHEREAS, the Amendment
and Termination section of the Policy provides that the Board may
amend the Plan at any time and for any reason.

NOW, THEREFORE, the Policy is hereby amended
effective as of the Effective Date as follows:

1.             The
first sentence of the Eligibility
section of the Policy is amended and restated in its entirety to read as
follows:

If
you are an eligible employee (as defined below) of Trammell Crow Company or a
subsidiary thereof (collectively TCC) and you are involuntarily terminated by 

 

TCC
or any successor(s) thereto, you will receive severance pay as provided in, and
subject to, the terms of this Severance Pay policy.

2.             The third sentence of the Eligibility section of the Policy is amended and restated in
its entirety to read as follows:

You
are an “eligible employee” if (a) you are a regular, full-time or part-time TCC
employee*, (b) you work at least 20 hours per week, and (c) your employment
with TCC is terminated by TCC or a successor thereto for one of the following
reasons:

·                                          A
reduction in work force;

·                                          Your
position is eliminated, or your department is reorganized;

·                                          You
fail to meet the requirements of your job despite a demonstrated effort and
willingness to perform (i.e., your skills do not match the requirements of the
job, but there has been no misconduct);

·                                          Your
position is relocated to a TCC office that would increase your current
commuting distance by more than twenty-five (25) miles;

·                                          You
are able to return to work from a family or medical leave of absence (of 6
months or less), and your last position, or a reasonably comparable position
for which you are qualified, is not available; or

·                                          Notwithstanding
anything in this Severance Pay policy to the contrary, your employment is
involuntarily terminated, other than for cause, during the Transition Period (as
defined in the Supplemental Severance Pay section below).

* 
A regular employee is hired as a full-time or part-time employee.  Employees hired on a temporary basis or to
work on a specific project are not eligible for severance pay when their
temporary employment ends.  “Commission-only”
employees are not typically eligible for severance pay.  Employees of entities for which TCC provides
administrative services, but which are not otherwise affiliated with
TCC, are not eligible for severance pay.

3.             The
Maximum Severance Pay subsection of the Amount Of
Severance Pay section of the Policy is amended and restated in its
entirety to read as follows:

Maximum
Severance Pay:

·                                          Full-time
employees will receive no more than 36 weeks base pay plus Supplemental Severance
Pay (as defined below), if applicable.

 2
 

 

4.             The
Policy is amended to
add the following new section immediately prior to the Method of
Payment section:

Supplemental Severance Pay

Notwithstanding
anything herein to the contrary, if during the Transition Period (as defined
below) you become entitled to enhanced severance pay under this Severance Pay
policy, you shall
receive an additional amount (“Supplemental Severance Pay”) equal to 50% of the
enhanced severance pay you are entitled to under this Severance Pay
policy.  For purposes of the foregoing,
the “Transition Period” is the period beginning immediately prior to the
Closing (as defined in the Agreement and Plan of Merger, dated
October 30, 2006, by and among Trammell Crow Company, CB Richard Ellis Group,
Inc. (“Parent”), and A-2 Acquisition Corp.) and ending on the one-year anniversary of
the Closing.  The Supplemental Severance
Pay shall be paid in full in a lump sum as soon as administratively practicable
following the receipt by TCC or its successor of your signed written release.

5.             The Method of Payment section of the Policy is hereby amended
and restated in its entirety to read as follows:

During the Transition Period standard severance pay
shall be paid in full in a lump sum on the last day worked and enhanced
severance pay shall be paid as soon as administratively practicable following
receipt by TCC or its successor of your signed written release.  Severance pay payable other than during the
Transition Period is normally paid in full in a lump sum on the last day
worked; however, TCC reserves the right to make bi-weekly installments of such
severance pay on regular paydays.

6.             The second
paragraph of the Administration Of The Severance Pay Policy
section of the Policy is hereby amended to add the following as the first
paragraph thereto:

Employees eligible to receive severance pay or
Supplemental Severance Pay under this Severance Pay policy shall have full
rights to enforce the terms of this Severance Pay policy against TCC and any
successor.  In addition, the Severance
Pay policy shall be binding upon TCC, its successors and assigns.

7.             The Amendment and Termination
section of the Policy is hereby amended and restated in its entirety to read as
follows:

Prior to the Effective Time (as defined in the Merger Agreement), the TCC
Board of Directors may amend, modify, suspend, or terminate the Severance Pay
policy at any time and for any reason. 
After the Effective Time, but before the end of the Transition Period,
the Severance Pay policy cannot be amended, modified, suspended, discontinued, or
terminated, unless all former members of TCC’s board of directors then serving
on the board of directors of Parent consent. 
After the end
of the Transition Period, the Severance Pay policy may be amended, 

 3
 

 

modified,
suspended or terminated by the Board of Directors of Parent for any time and
for any reason.

NOW, THEREFORE, be it further provided that, except as provided
above, the Policy shall continue to be read in its current state; and

NOW, THEREFORE,
be it further provided that this Amendment shall terminate, and be of no force
or effect, upon the termination of the Merger Agreement in accordance with its
terms without consummation of the Merger.

IN WITNESS
WHEREOF, this First Amendment to the Company’s Severance Pay Policy has been
executed by a duly authorized officer of the Company as of the date specified
below and effective as of the Effective Date.

	
  

  	
   

  	
  TRAMMELL CROW COMPANY, a Delaware corporation

  
	
   

  	
   

  	
  By:

  	
  /s/ J. Christopher Kirk

  
	
   

  	
   

  	
  Name:

  	
  J. Christopher Kirk

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President

  
	
   

  	
   

  	
  Date:

  	
  October 30, 2006

  

 

 4

 

EXHIBIT
A

SEVERANCE PAY POLICY

Eligibility

If you are involuntarily terminated from the Trammell
Crow Company (hereinafter termed TCC) you may be eligible for severance
pay.  The purpose of severance pay is to
provide you with temporary financial assistance during periods of unemployment.

If you are a regular, full-time or part-time TCC
employee*, and you work at least 20 hours per week, you will be eligible for
severance pay if your employment is terminated by TCC for one of the following
reasons.

·                                          A
reduction in work force;

·                                          Your
position is eliminated, or your department is reorganized;

·                                          You
fail to meet the requirements of your job despite a demonstrated effort and
willingness to perform (i.e., your
skills do not match the requirements of the job, but there has been no
misconduct);

·                                          Your
position is relocated to a TCC office that would increase your current commuting distance by more than twenty-five (25)
miles;

·                                          You
are able to return to work from a family or medical leave of absence (of 6
months or less), and your last position, or a reasonably comparable position
for which you are qualified is not available.

*  A regular employee is hired as a full-time or
part-time employee.  Employees hired on a
temporary basis or to work on a specific project are not eligible for
severance pay when their temporary employment ends. “Commission-only” employees
are not typically eligible for severance pay.  Employees of entities for which TCC provides
administrative services, but which are not otherwise affiliated with
TCC, are not eligible for severance pay.

An employee is not eligible for severance pay if
he/she refuses continued employment, if he/she is terminated for cause, or if
the termination is voluntary.  For
example, severance pay is not available under the following
circumstances:

·                                          Your
position is eliminated and you refuse a transfer to another position in
TCC:  1) which has reasonably
comparable responsibilities; 2) that provides a base salary that is at least
90% of your current base salary; and/or 3) the location of the position does
not increase your current commuting distance by
more than twenty-five (25) miles;

·                                          Your
position is eliminated, you voluntarily interview, and subsequently accept an
offer of employment with a TCC affiliated employer;

·                                          You
are terminated by TCC for cause including, but not limited to, refusal to
perform your required job duties, for failure to follow TCC policies or
procedures, or for any other reason determined by the Plan Administrator to be
cause for dismissal;

·                                          You
voluntarily terminate your employment, which will include, but is not limited
to, failing to call in, or report to work for two (2) or more consecutive work
days, unless on an approved leave of absence.

 A-1
 

 

In addition to the eligibility provisions listed above,
the following guidelines will be applied to determine eligibility for severance
pay in connection with outsourcing, the sale of business assets, for
termination of management or a management contract, or for similar situations
in which you become employed by another entity in connection with your
termination of employment from TCC.

If Employment is
Lost Due To:

·                                          Your position
being outsourced to another employer or a TCC affiliated employer;

·                                          Termination
of (either full or partial), or amendment of a management contract;

·                                          The sale of
business assets; or

·                                          A similar
situation in which you become employed by another entity in connection with
your termination of employment with TCC;

You will be eligible for severance pay unless the
buyer or other successor to the contract/assets offers you a position with 1)
reasonably comparable responsibilities; 2) base salary equal to at least 90% of
your current base salary, and/or 3) the location of the position does not
increase your current commute distance by more than
25 miles.  If you refuse such an offer,
or accept any offer of employment with the new employer, buyer, or other
successor to the contract/assets, you will not be
entitled to severance pay.

See the ERISA section of this
manual, under the heading “Service Credit With Affiliated Employers” for a list
of affiliates.

Amount Of Severance Pay

The amount of severance pay you may be eligible for
will depend on whether you are a full-time or part-time employee.

Part-time
Employees:

Part-time employees working at least 20 hours per week
will receive two weeks base pay. 
However, if a full-time employee transfers to part-time status and is
involuntarily terminated within one year of this transfer, the employee will be
treated as a full-time employee for severance purposes.  The amount of severance pay will be
calculated according to the employee’s base pay and work schedule as a
part-time employee.

Full-time
Employees:

Standard Severance Pay

·                                          Full-time
employees will receive two weeks base pay;

Enhanced Severance Pay

·                                          Full-time
employees may receive enhanced severance pay in lieu of standard severance,
upon signing a written release.  A
standard form will be provided, as well as other documents and agreements as
may be required by the Plan Administrator.

 A-2
 

 

Severance payment is subject to
the maximum pay allowed as set forth below:

·              One
week base pay for each $10,000 of annual base pay, plus;

·                                          After
completion of three (3) years of service you are eligible for:

One week base pay for each completed year of employment with TCC, plus;

·                                          Service
premium for full-time employees with at least ten years of service with TCC,

according to the following schedule:

	
  Completed Years of Employment

  	
   

  	
   

  	
   

  	
  Service Premium

  	
   

  	
   

  
	
  10 but less than
  15

  	
   

  	
  One day base pay for
  each completed year of service

  
	
  15 but less than
  20

  	
   

  	
  Two days base pay for
  each completed year of service

  
	
  20 years or more

  	
   

  	
  Three days base pay for each completed year of
  service

  

 

·                                          Definition of Base Pay

·                                          For exempt
and non-exempt salaried employees, a week’s base pay is determined by dividing
annual base pay at the time of termination by 52.  A day’s base pay is determined by dividing
annual base pay by 260;

·                                          For employees
paid on an hourly basis, a week’s base pay is determined by multiplying the
hourly rate of pay at the time of termination, by the average number of
regularly scheduled hours the employee is expected to work each week during the
year.  A day’s base pay is determined by
multiplying the hourly rate of pay, by the average number of regularly
scheduled hours the employee is expected to work each workday during the year;

·                                          For employees
who are terminated for a reason making them eligible for severance pay during,
or upon their return from a leave of absence, unless otherwise required by law,
base pay will be the amount of pay in effect at the time the leave started;

·                                          For Brokerage
Services employees receiving base pay plus commission, base pay will be $50,000
for employees with three (3) years of service at the time of termination; and
$75,000 for employees with three (3) or more years of service at the time of
termination.

Example:

·                                          A
full-time salaried employee was hired on January 1, 1981, and was terminated on
February 1, 2000 because of the job elimination of his/her position.  TCC provides this employee with the option of
enhanced severance pay.  At the time of
termination, the employee’s annual base pay was $43,000.  The employee’s severance pay is calculated as
follows:

 A-3
 

 

 

	
  $43,000 base pay

  	
  =

  	
  4.3 weeks

  
	
  12 years service

  	
  =

  	
  12 weeks

  
	
  12 days service
  premium

  	
  =

  	
  2.4 weeks

  
	
  Total

  	
  =

  	
  18.7 weeks

  

 

Calculation: 
18.7 weeks x $827.00 (one week’s base pay) = $15,465.00 total
severance pay

Maximum Severance
Pay:

·                                          Full-time
employees will receive no more than 36 weeks base pay;

Re-employment
Provisions:

·                                          If
you terminate employment with TCC and are later rehired, your hire date for
calculating severance pay will be your date of rehire.

Method of Payment

Severance pay is normally paid in a lump sum on the
last day worked.  However, TCC reserves
the right to make bi-weekly installments of severance pay on regular
paydays.  TCC will withhold from
severance pay those amounts required by applicable law.

Administration Of The Severance Pay Policy

The Plan Administrator has full authority and
discretion to interpret the policy, supply omissions from, correct deficiencies
in, resolve ambiguities in the language of the policy, and make all
determinations relating to eligibility for, and amount of severance pay.

The Severance Pay policy is an employee welfare plan
subject to ERISA.  Your rights under
ERISA with respect to the Severance Pay policy and the ERISA claims procedure
are detailed in the ERISA section of the TCC Employee Manual, and are
incorporated into this policy by reference.

Amendment and Termination

Either the TCC Board of Directors or the TCC Benefits Committee
may amend, modify, suspend, or terminate the severance pay policy at any time
and for any reason.  However, the TCC
Benefits Committee may not  amend
or modify the Severance Pay policy in any manner that would materially increase
the cost of the policy to TCC.

 

 A-4

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