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Exhibit 10.2    
  

 
 

CONSULTING AGREEMENT    
  

        THIS CONSULTING AGREEMENT (this "Agreement") is made and entered into as of June 1, 2002, by and between
Trammell Crow Company, a Delaware corporation (the "Company"), and J. McDonald Williams (the
"Consultant"). 

        WHEREAS,
the Board of Directors of the Company (the "Board") has determined that it is in the best interests of the Company to retain the
Consultant on the terms and conditions set forth herein. 

        NOW
THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, the sufficiency of which is hereby acknowledged, the parties agree as follows: 

 
 

AGREEMENTS:    
  

        1.    Consulting Services. The Company hereby retains the Consultant to serve as the Chairman Emeritus of the Board and as a
consultant to the Company. In such capacity, the Consultant agrees to (i) make himself available from time to time to consult with the Company's management, (ii) make selective calls on
customers and prospects of the Company by phone or in person, (iii) assist the Company's management with community relationships and involvement, and (iv) render such other consulting
and advisory services as the Company may reasonably request from time to time (collectively, the "Consulting Services") during the Consulting Period (as
hereinafter defined). The Consultant hereby accepts such engagement and agrees to perform such services for the Company upon the terms and conditions set forth in this Agreement. The Consultant will
perform the Consulting Services at such times and places as the Company, from time to time, shall reasonably request. 

        2.    Term. Unless terminated at an earlier date in accordance with Section 4, the term of the consulting arrangement
provided for herein shall be for the period commencing on the date hereof and ending at 5:00 p.m., Texas time, on May 31, 2004 (the "Consulting
Period"). 

        3.    Consulting Fee/Expense Reimbursement. 

        3.1  Consulting Fee. As compensation for the Consulting Services to be rendered by the Consultant (and not as compensation for
any other services provided by the Consultant to the Company or the Board), the Company hereby agrees to pay Executive $75,000 ("Consulting Fee")
annually during the term of the Consulting Period, which shall be payable in monthly installments. The parties acknowledge that the Consultant will continue to be entitled to compensation for his
services as a director of the Company in accordance with the Company's non-employee director compensation policy. 

        3.2  Expense Reimbursement. The Consultant shall be entitled to receive prompt reimbursement for all reasonable out of pocket
expenses incurred by the Consultant in rendering the Consulting Services during the Consulting Period in accordance with the policies, practices and procedures of the Company. 

        3.3  Office Costs. During the Consulting Period, the Company shall pay the lease and utility costs with respect to up to 1,500
square feet of office space from that portion of the Company's offices at 2001 Ross Avenue, Dallas, Texas 75201 leased by the Consultant for his personal and foundation offices. 

        3.4  Stock Options. The Consultant has previously been granted options (the
"Options") to acquire common stock of the Company pursuant to one or more agreements between the Consultant and the Company (collectively, the
"Option Agreements"). Notwithstanding the terms or conditions of the Option Agreements, the Options shall continue to vest and be available for exercise
until the earlier of (i) such time that the Consultant ceases to be a director of the Company or (ii) the expiration of such Options. 

        3.5  Certain Benefit Matters. The Consultant hereby acknowledges that from and after the date hereof (i) he shall not
be entitled to participate in any of the Company's employee benefit plans except 

 

as provided in Section 3.4 of this Agreement or pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"),
and (ii) he shall be responsible for the salary and benefits of his secretary; provided, however, that his secretary shall maintain her
healthcare continuation rights pursuant to COBRA. 

        4.    Termination. 

        4.1  Basis for Termination. Notwithstanding any provision to the contrary contained elsewhere in this Agreement, this
Agreement and the relationship created hereunder between the Company and the Consultant (a) may be terminated prior to the expiration of the Consulting Period by the Company without Cause (as
hereinafter defined) upon 30 days prior written notice to the Consultant, (b) may be terminated prior to the expiration of the Consulting Period by the Consultant upon 30 days
prior written notice to the Company, (c) may be terminated immediately after delivery to the Consultant by the Company of written notice of termination for Cause (as hereinafter defined),
(d) shall terminate automatically at the expiration of the Consulting Period, and (e) shall terminate automatically upon the death or disability of the Consultant or at such time as the
Consultant ceases to be a member of the Board. For purposes of this Agreement, the term "Cause" shall have the meaning ascribed to such term in the
Trammell Crow Long-Term Incentive Plan, as amended. 

        4.2  Effect of Termination. Upon a termination of this Agreement, neither of the parties hereto shall have any further duty or
obligation hereunder; provided that (a)(i) if the Agreement is terminated pursuant to Section 4.1(a) or 4.1(e), the Company shall pay to
the Consultant (or, in the case of the Consultant's death, the Consultant's personal or legal representatives) a lump sum in cash, within 30 days of the effective date of the termination of
this Agreement (the "Date of Termination"), equal to the amount of the Consulting Fee that would have been paid for the remainder of the Consulting
Period (without giving effect to the early termination) and any unreimbursed expenses payable pursuant to Section 3.2 and (ii) if the Agreement is terminated pursuant to
Section 4.1(b), 4.1(c) or 4.1(d), the Company shall pay to the Consultant a lump sum in cash, within 30 days after the Date of Termination, equal to the amount of any accrued Consulting
Fees through the Date of Termination to the extent not previously paid and any unreimbursed expenses payable pursuant to Section 3.2, and (b) Sections 3.4, 5, 11, 12, 13, 14 and 15 shall
survive the termination of this Agreement. 

        5.    Confidential Information. 

        5.1  Protection of Confidential Information and Trade Secrets. The Consultant acknowledges that the business of the Company
and its affiliates is highly competitive and that their contracts, books, records, and documents, their technical information concerning their services, pricing techniques, and computer system and
software, and the names of and other information (such as credit and financial data) concerning their customers and business affiliates, all comprise confidential business information and trade
secrets which are valuable, special and unique assets which the Company and its affiliates use in their business to obtain a competitive advantage over their competitors (all such information
belonging to the Company and its affiliates being jointly referred to herein as "Confidential Information and Trade Secrets"). The Consultant agrees
that all Confidential Information and Trade Secrets are the exclusive, confidential, and proprietary information and property of the Company and, except as necessary to perform the Consulting Services
or the Consultant's duties as a member of the Board, will not be used by the Consultant for any other purpose, including for the benefit of any person other than the Company, or in any other manner.
The Consultant further acknowledges that protection of such Confidential Information and Trade Secrets against unauthorized disclosure and use is of critical importance to the Company and its
affiliates in maintaining their competitive position. During and following the Consulting Period, the Consultant hereby agrees that he will not make any unauthorized disclosure of any such
Confidential Information and Trade Secrets, or make any unauthorized use
thereof. In the event that the Consultant is requested pursuant to, or required by, applicable law or regulation or by legal process to disclose any Confidential Information and Trade Secrets, the
Consultant agrees to provide the Company with prompt notice of such request(s) to enable the 

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Company to seek an appropriate protective order; provided, however, that the Consultant shall not be prohibited from complying with any such request unless an appropriate protective order is in
place. 

        5.2  Surrender of Materials Upon Termination. Upon any termination of this Agreement, Consultant shall immediately return to
the Company all copies, in whatever form, of any and all Confidential Information and Trade Secrets and other properties of the Company and its affiliates which are in the Consultant's possession,
custody or control. 

        5.3  Scope
of Prohibited Activities; Remedies. The Consultant acknowledges that the scope of prohibited activities, and duration of the provisions of this Section 5
are reasonable and are no broader than are necessary to protect the goodwill and legitimate business interests of the Company and its subsidiaries. The Consultant also acknowledges that the provisions
of this Section 5 do not and will not impose any unreasonable burden on the Consultant. The Consultant further acknowledges that a violation of this Section 5 will cause irreparable
damage to the Company and its subsidiaries, entitling them to an injunction and other equitable relief in a court of competent jurisdiction against the Consultant. In addition, the Company and its
subsidiaries shall be entitled to whatever other remedies that may have at law, including, without limitation, reasonable attorneys' fees and costs incurred by the Company and its subsidiaries in
enforcing the terms of this Section 5. 

        6.    Status of Consultant. In rendering services pursuant to this Agreement, the Consultant shall be acting as an independent
contractor with authority to select the means and method of performing the Consulting Services, and not as an employee or other agent of the Company. As an independent contractor, the Consultant shall
have no authority, express or implied, to commit, obligate or bind the Company in any manner whatsoever, except as specifically authorized from time to time in writing by an authorized representative
of the Company, which authorization may be general or specific. Nothing contained in this Agreement shall be construed or applied to create a partnership or joint venture of any kind. 

        7.    Reporting Obligations. As may be appropriate, the Company shall report the payments made hereunder by (a) filing
the appropriate 1099 forms, and (b) making any other reports required by law. 

        8.    Taxes. The Consultant agrees to comply, on a timely basis, with all tax reporting requirements applicable to the receipt
of the payments and other compensation received hereunder and to timely pay all taxes due with respect to such amounts. 

        9.    Amendments. This Agreement may not be amended or otherwise modified or terminated except by a written instrument executed
by the parties hereto. 

        10.  Assignment. The Company may assign its rights under this Agreement to any successor to all or substantially all the
assets of the Company. The rights of the Consultant under this Agreement may not be assigned or encumbered by the Consultant, voluntarily or involuntarily, during his lifetime, and any such purported
assignment shall be void. However, all rights of the Consultant under this Agreement shall inure to the benefit of and be enforceable by the Consultant's personal or legal representatives, estate,
executors, administrators, heirs and beneficiaries. 

        11.  Governing Law. This Agreement and the rights and obligations hereunder shall be governed by and construed in accordance
with the laws of the State of Texas, without regard to principles of conflicts of law of Texas or any other jurisdiction. 

        12.  Specific Performance. Each of the parties hereto recognizes and acknowledges that a breach by it of any covenants or
agreements contained in this Agreement will cause the other party to sustain damages for which it would not have an adequate remedy at law for money damages, and therefore each of the parties hereto
agrees that in the event of any such breach the aggrieved party shall be entitled, without the requirement of posting of bond or other security, to the remedy of specific 

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performance of such covenants and agreements and injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity. 

        13.  No Waiver. The failure of any party hereto to exercise any right, power or remedy provided under this Agreement or
otherwise available in respect hereof at law or in equity, or to insist upon compliance by any other party hereto with its obligations hereunder, and any custom or practice of the parties at variance
with the terms hereof, shall not constitute a waiver by such party of its right to exercise any such or other right, power or remedy or to demand such compliance. 

        14.  No Third Party Beneficiaries. This Agreement is not intended to be for the benefit of, and, except as otherwise provided
herein, shall not be enforceable by, any person or entity who or which is not a party hereto. 

        15.  Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future
laws effective during the term of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had
never comprised a portion of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance from this Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable provision there shall be added automatically as part of this Agreement a
provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable. 

        16.  Notices. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the
other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

	 	If to Consultant:	J. McDonald Williams	 	 
	

 	

 	

Williams Group
	
 	

 
	

 	

 	

2001 Ross Avenue, Suite #3350
	
 	

 
	

 	

 	

Dallas, TX 75201
	
 	

 
	

 	

 	

Attn:	
 	

 	
 	

 
	 	 	 	 	Don Williams
	 	 
	

 	

 	

Facsimile:	
 	

 	
 	

 
	 	 	 	 	
	 	 
	

 	

 	

with a copy to:	
 	

 
	

 	

 	

N/A
	
 	

 
	

 	

 	

	
 	

 
	

 	

 	

	
 	

 
	

 	

 	

	
 	

 
	

 	

 	

Attn:	
 	

 	
 	

 
	 	 	 	 	
	 	 
	

 	

 	

Facsimile:	
 	

 	
 	

 
	 	 	 	 	
	 	 

4

 

	

 	

If to the Company:	

Trammell Crow Company

2001 Ross Avenue

Suite 3400

Dallas, Texas 75201

Attention: General Counsel

Facsimile: (214) 863-3125	
 	

 
	

 	

 	

with a copy to:	
 	

 
	

 	

 	

Vinson & Elkins, L.L.P.

2001 Ross Avenue

Suite 3700

Dallas, Texas 75201

Attention: P. Gregory Hidalgo

Facsimile: (214) 999-7959	
 	

 

or
to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee. 

	17.
	Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which, taken
together, shall constitute one and the same Agreement.

	18.
	Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and
supersedes all other prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof. 

[Remainder
of page intentionally left blank] 

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        IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

	 	 	CONSULTANT
	

 	
 	

/s/  J. MCDONALD WILLIAMS      
 J. McDonald Williams
	

 	
 	
TRAMMELL CROW COMPANY
	

 	
 	

By:	
 	

/s/  ROBERT JAMES      

	

 	
 	

Name:	
 	

Robert James

	

 	
 	

Title:	
 	

Executive Vice President

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Exhibit 10.2

CONSULTING AGREEMENT

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Exhibit 10.3    
  

         

  

2001
Ross Avenue, Suite 3400, Dallas, TX 75201 

Robert
E. Sulentic

[INTENTIONALLY OMITTED] 

        Re:    Employment
Agreement 

Dear
Bob: 

        We
are pleased to present you with this employment letter agreement ("Agreement") which sets forth the terms upon which you will continue to be employed by Trammell Crow Company (the
"Company", or "we", or "us"). 

        1.    Employment Period. Subject to the terms and provisions of this Agreement, we agree to continue to
employ you, and you agree to continue to be employed by us, for a period (the "Employment Period") commencing on the date hereof and expiring December 31, 2004; provided, that on
December 31, 2004 and on each subsequent December 31, this Agreement will automatically be extended for one additional year unless, during the three month period beginning March 1
and ending July 1 immediately prior to the next scheduled extension, you or we will have given written notice (a "Non-Renewal Notice") that the Employment Period will not be
extended (a "Non-Renewal"). 

        2.    Employment Terms and Conditions. 

        (a)  Position and Duties; Extent of Services; Location. During the Employment Period, you will serve initially as Chief
Executive Officer of the Company and from time to time will serve in such other positions as the Board of Directors of the Company (the "Board") may from time to time determine. In so doing, you will
have such powers and duties (including holding officer positions with one or more Subsidiaries of the Company) as may be assigned from time to time by the Board. During the Employment Period, you will
devote your full business time, energy, and best efforts to the business and affairs of the Company. You agree not to engage, directly or indirectly, in any other business, investment, or activity
that interferes with your performance of your duties under this Agreement, is contrary to the interests of the Company or requires any portion of your business time. The location of your principal
work office will be Dallas, Texas. "Subsidiary" means any entity 50% or more of the voting securities of which are owned, directly or indirectly, by the Company. 

        (b)  Compensation. During the Employment Period, you will receive an annual base salary ("Annual Base
Salary"), payable in accordance with the customary payroll practices of the Company for executive officers. The Board, in its sole discretion, may at any time increase the
amount of the Annual Base Salary as it may deem appropriate. From time to time prior to a Change in Control, and following the second anniversary of such Change in Control, the Board may decrease your
Annual Base Salary in the same manner and to the same extent as the annual base salaries of all of the Company's other senior executives are decreased. The term "Annual Base
Salary" will refer to the Annual Base Salary as it may be so adjusted from time to time. In addition, during the Employment Period, you will (i) be eligible to receive
such annual bonus payments, if any, as the Board or the Compensation Committee of the Board may specify in its sole discretion (each an "Annual Bonus"),
subject to any terms or conditions as may be established by the Board or its Compensation Committee; (ii) be entitled to participate in all incentive, savings, stock option, profit sharing and
retirement plans, practices, policies and programs applicable generally to other executives of the Company ("Investment Plans"), subject to all of the
terms and conditions of such Investment Plans; and (iii) be eligible to participate in all health, life and disability insurance policies, all death and disability plans, practices, policies
and programs and all other welfare benefit plans, practices, policies and programs which are in each such case 

 

applicable generally to other executives of the Company ("Welfare Plans"), subject to all of the terms and conditions of such Welfare Plans. 

        3.    Termination of Employment. 

        (a)  Death. Your employment hereunder will terminate automatically upon your death. 

        (b)  Disability. If your Disability occurs, as determined in accordance with the Company's ordinary policies in effect from
time to time, we may give you a written Notice of Termination (herein so called), and your employment will terminate effective 30 days later if you have not returned to perform, with or without
reasonable accommodation, the essential functions of your position on a full-time basis. 

        (c)  Termination by Us. Subject to Section 6(b), we may terminate your
employment hereunder at any time either for Cause or for any reason other than Cause. "Cause" means (i) your continued failure to substantially
perform your obligations and duties, as determined in good faith by the Board, and which is not remedied within 30 days after your receipt of written notice thereof; (ii) commission of
an act of fraud, embezzlement, misappropriation, willful misconduct or breach of fiduciary duty against the Company or other conduct materially harmful or potentially materially harmful to the
Company's best interest, as determined in good faith by the Board; (iii) material breach of Section 7 or  8 which is not cured within 30 days
after your receipt of notice thereof, if such breach is capable of being cured; (iv) conviction, plea
of no contest or nolo contendere, deferred adjudication or unadjudicated probation for any felony or any crime involving moral turpitude; (v) failure to carry out, or comply with, in any
material respect, any lawful directive of the Board consistent with the terms of this Agreement, which is not remedied within 30 days after receipt of written notice thereof; or
(vi) unlawful use (including being under the influence) or possession of illegal drugs. 

        (d)  Resignation by You. You may terminate your employment hereunder at any time (i) subject to  Section 6(a), for Good Reason or (ii) without Good Reason.
Prior to a Change in Control and following the second anniversary of such
Change in Control, "Good Reason" means (A) any material diminution (considering all diminutions in the aggregate, including all previous
diminutions which are not material when considered separately) in your position, authority, powers, functions, duties or responsibilities, excluding for this purpose an isolated, insubstantial and
inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof; provided, however, that Good Reason may not be asserted by you under this
clause after a Non-Renewal Notice has been given; (B) the relocation or transfer of your principal office to a location more than 50 miles from your regular work address as of the
date hereof without your consent; or (C) any reduction in your Annual Base Salary by more than ten percent (10%) of your Annual Base Salary as of the date of this Agreement; (D) any
failure by the Company to comply with any of the provisions of Section 2(b), excluding any isolated, insubstantial and inadvertent failure not
occurring in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by you. Upon or after a Change in Control but prior to the second anniversary of such Change
in Control, "Good Reason" means (A) any material diminution (considering all diminutions in the aggregate, including all previous diminutions
which are not material when considered separately) in your position, authority, powers, functions, duties or responsibilities in effect immediately prior to the Change in Control (subject to the same
exclusions as provided above prior to a Change in Control and following the second anniversary of such Change in Control); (B) any failure by the Company to comply with any of the provisions of  Section 2(b)
, excluding any isolated, insubstantial and inadvertent failure not occurring in bad faith and which is remedied by the Company
promptly after receipt of notice thereof given by you; (C) any material reduction in your Annual Bonus Target from your Annual Bonus Target in effect immediately prior to the Change in Control
or (D) the relocation or 

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transfer of your principal office to a location more than 50 miles from your regular work address as of the date hereof without your consent. 

        (e)  Expiration of Term. Your employment will end at the expiration of the Employment Period as a result of any
Non-Renewal. Except as described in Sections 3(e)(i), 3(e)(ii), 3(e)(iii) and in the definition of Change in Control, a termination of your employment under this Agreement due to
the expiration of the Employment Period as a result of any Non-Renewal will not be deemed a termination of your employment entitling you to any benefits described in Section 4 or
Section 5. 

        (i)    If
the Company delivers a Non-Renewal Notice to you prior to any Change in Control or after the second anniversary of such Change in Control, upon the
effectiveness of such Non-Renewal you will be entitled to receive the severance or separation benefits (including continuation of any welfare benefits) provided generally by us to our
senior executive officers upon termination by the Company of their employment, all subject to the terms and conditions of our general policies in effect from time to time, and you will also have the
rights described in Section 4(b). 

        (ii)    If
the Company delivers a Non-Renewal Notice to you after a Change in Control but prior to the second anniversary of such Change in Control, you will have
the rights described in Section 5(c) upon the effectiveness of such Non-Renewal. 

        (iii)    Any
Non-Renewal effected at your election will be treated as a termination of your employment by you without Good Reason and you will have the rights
described in Section 4(b) upon the effectiveness of such Non-Renewal. 

        4.    Compensation Upon Termination Prior to a Change in Control and After the Second Anniversary of such Change in
Control. Prior to a Change in Control and after the second anniversary of such Change in Control, conditioned on the effectiveness of a Release signed by you, you will be
entitled to the following compensation from the Company upon the termination of your employment, which is in lieu of any other severance pay or employment benefits to which you might otherwise be
entitled (whether contractual, under a severance plan, the WARN Act, any other applicable law, or otherwise): 

        (a)  Death or Disability. If your employment is terminated by reason of your death or Disability, the Company will pay you
(A) in a lump sum in cash within thirty (30) days after the date of termination, the following amounts: (1) the sum of your unpaid Annual Base Salary through the date of
termination and any compensation previously deferred by you (together with any accrued interest or earnings thereon) ("Accrued Obligations"); and
(2) the amount of any unpaid Annual Bonus that was awarded to you prior to the date of termination; (B) any amounts arising from your participation in any Investment Plan
("Accrued Investments"), which amounts will be payable in accordance with the terms and conditions of such Investment Plan; (C) any amounts to
which you are entitled from your participation in, or benefits under, any Welfare Plan ("Accrued Welfare Benefits"), which amounts will be payable in
accordance with the terms and conditions of such Welfare Plan; and (D) an amount equal to your Pro Rata Bonus, which will be paid at such time as the Company pays its other senior executives
their annual cash incentive bonuses with respect to the calendar year in which termination of your employment occurs. "Pro Rata Bonus" means
(i) the amount of your Annual Bonus Target for the calendar year in which your employment is terminated, multiplied by (ii) the average (median) percentage of annual cash incentive bonus
targets actually paid as bonuses to the Company's senior
executive officers as a group for such year, multiplied by (iii) a fraction, the numerator of which is the number of days that have elapsed in such calendar year as of the date of termination,
and the denominator of which is 365. Except as described in this Section 4(a), in the event of your termination by reason of your death or
Disability, you and your legal representatives, as applicable, will forfeit all rights to any other compensation. 

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        (b)  For Cause; Resignation by You Without Good Reason; Non-Renewal Election by You or the Company. If your
employment is terminated by us for Cause or by you without Good Reason or due to a Non-Renewal election by us or you, we will have no further obligations to you other than as set forth in
Section 3(e)(i) and the obligation for payment of (i) Accrued Obligations, (ii) the Accrued Investments and the Accrued Welfare Benefits (which will be payable in
accordance with the terms and conditions of the Investment Plans and the Welfare Plans, as applicable), and (iii) the amount of any unpaid Annual Bonus that was awarded to you prior to the date
of termination. Except as described in this Section 4(b), in the event of your termination by the Company for Cause or due to your resignation
without Good Reason or a Non-Renewal election by us or you, you will forfeit all rights to any other compensation. 

        (c)  Without Cause; Resignation for Good Reason. If we terminate your employment without Cause or you resign for Good Reason,
then we will pay or provide to you: 

        (i)    a
cash lump sum within thirty (30) days after the date of termination equal to the aggregate of the following amounts: (A) the Accrued Obligations;
(B) an amount equal to two (2) multiplied by the sum of (x) the highest Annual Base Salary to which you were entitled during the twelve months immediately preceding the date of
termination, and (y) the sum of (i) one-half your average (median) Annual Bonus over the three years preceding termination plus (ii) one-half your current
Annual Bonus Target; and (C) the amount of any unpaid Annual Bonus that was awarded to you prior to the date of termination; 

        (ii)    an
amount equal to your Pro Rata Bonus, which will be paid at such time as the Company pays its other senior executives their annual cash incentive bonuses with respect
to the calendar year in which termination of your employment occurs; 

        (iii)    the
Accrued Investments and the Accrued Welfare Benefits, which amounts will be payable in accordance with the terms and conditions of the Investment Plans and the
Welfare Plans, as applicable; 

        (iv)    if
you are entitled on the date of termination to coverage under the healthcare portion of the Trammell Crow and Associated Companies Welfare Benefits Plan or a similar
Company group health arrangement (the "Health Plan"), continuation of such coverage for you and your dependents for a period ending on the third (3rd) anniversary of the date of
termination, at the active employee cost
payable by you with respect to those costs paid by you prior to your termination. Provided, however, that this coverage will count towards the depletion of any continued health care coverage rights
that you and your dependents may have pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"). Provided further, that you or your dependents' rights to continued
health care coverage pursuant to this Section will terminate at the time you or your dependents become covered, as described in COBRA, under another group health plan, and will also terminate as of
the date the Company ceases to provide coverage to its senior executives generally under any such Health Plan; and 

        (v)    upon
your request and at the Company's sole cost and expense, your enrollment in an outplacement program with a placement agency selected by the Company, and reasonably
acceptable to you, for a period of up to twelve months, commencing on the date of termination. 

        In
addition, the Company will continue to vest all of your Awards that would have otherwise vested during the twenty-four (24) month period beginning on the date of
termination and such Awards will continue to vest and, if applicable, be exercisable during such twenty-four (24) month period. "Awards" means any option to acquire common stock,
restricted stock award, stock appreciation right or similar equity-based award granted under the Trammell Crow Long-Term Incentive Plan or any other 

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option or equity-based incentive plan sponsored by the Company. Except as described in this Section 4(c), in the event of your termination by us without Cause or by you for Good Reason, you
will forfeit all rights to any other compensation. 

        (d)  As
used in this Agreement: 

        (i)    "Change in Control" has the meaning given such term in the Trammell Crow Long-Term Incentive Plan (as such
plan is in effect on the date of this Agreement, the "LTIP"); provided, however, that the occurrence of a Rule 13e-3 transaction (within the meaning of Rule 13e-3
promulgated under the Securities Exchange Act of 1934 or any similar successor rule thereto) that has been approved by the Board will not be deemed to be a Change in Control; provided, further, if,
prior to any Change in Control, you terminate your employment for Good Reason or your employment is terminated by the Company without Cause or as a result of a Non-Renewal Notice delivered
by the Company prior to such Change in Control and a Change in Control occurs within 180 days after such termination, or within 180 days after such Non-Renewal Notice
delivery in the case of a Non-Renewal, (excluding a Change in Control that occurs pursuant to an unsolicited tender or exchange offer by any person, in response to which the Company does
not recommend acceptance of the person's tender or exchange offer), then for all purposes hereof, the date of the Change of Control with respect to your employment shall mean the date immediately
prior to such termination, or immediately prior to such Non-Renewal Notice delivery in the case of a Non-Renewal; provided, further that notwithstanding that any such
transaction does not constitute a Change in Control as defined in the LTIP, a Change in Control shall be deemed to have occurred for all purposes under this Agreement other than Section 5(d)
upon either (A) the consummation of a Business Combination (as defined in the LTIP) with a National Competitor, unless, following such Business Combination, the conditions in clauses
(B) and (C) of Section 1.6 (iii) of the LTIP are satisfied and all or substantially all of the individuals and entities
who were the beneficial owners, respectively, of the Outstanding Corporation Common Stock and Outstanding Corporation Voting Securities (each as defined in the LTIP) immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 60% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which
as a result of such transaction owns the Company, or all or substantially all of the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as
their ownership, immediately prior to such Business Combination, of the Outstanding Corporation Common Stock and Outstanding Corporation Voting Securities, as the case may be, or (B) the
acquisition by any National Competitor (or any group (as defined in the LTIP) of which a National Competition is a controlling (within the meaning of Rule 12l-2 promulgated under
the Securities Exchange Act of 1934) member of the group) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934) of 40% or
more of either the Outstanding Corporation Common Stock or the Outstanding Corporation Voting Securities. 

        (ii)    "Annual Bonus Target" means, for the calendar year in which the date of termination occurs, the Annual Bonus authorized
to be awarded to you if certain performance criteria are met. 

        (iii)    "National Competitor" means any one of the companies known as Jones Lange LaSalle, Inc., Insignia Financial
Group, Inc., Grubb and Ellis Co. and CB Richard Ellis or their respective successors. 

5

 

        5.    Compensation Upon Termination Occurring On or Within Two Years After a Change in Control. After a
Change in Control and on or before the second anniversary of such Change in Control, conditioned on the effectiveness of a Release signed by you, you will be entitled to the following compensation
from the Company upon termination of your employment (including a termination resulting from the delivery of a Non-Renewal Notice by the Company during such two-year period),
which shall be in lieu of any other severance pay or employment benefits to which you might otherwise be entitled (whether contractual, under a severance plan, the WARN Act, any other applicable law,
or otherwise): 

        (a)  Death or Disability. If your employment is terminated by reason of your death or Disability, the Company will pay you
(A) in a lump sum in cash within thirty (30) days after the date of termination, the following amounts: (1) the Accrued Obligations; and (2) the amount of any unpaid Annual
Bonus that was awarded to you prior to the date of termination; (B) the Accrued Investments, which amounts will be payable in accordance with the terms and conditions of the Investment Plans;
(C) the Accrued Welfare Benefits, which amounts will be payable in accordance with the terms and conditions of the Welfare Plans; and (D) an amount equal to your Pro Rata Bonus, which
will be paid at such time as the Company pays its other senior executives their annual cash incentive bonuses with respect to the calendar year in which termination of your employment occurs. Except
as described in this Section 5(a), in the event of your termination by reason of your death or Disability, you and your legal representatives, as
applicable, will forfeit all rights to any other compensation. 

        (b)  For Cause; Resignation by You Without Good Reason. If your employment is terminated by us for Cause or by you without
Good Reason, we will have no further obligations to you other than for payment of (i) Accrued Obligations, (ii) the Accrued Investments and the Accrued Welfare Benefits (which will be
payable in accordance with the terms and conditions of the Investment Plans and the Welfare Plans, as applicable), and (iii) the amount of any unpaid Annual Bonus that was awarded to you prior
to the date of termination. Except as described in this Section 5(b), in the event of your termination by the Company for Cause or due to your
resignation without Good Reason, you will forfeit all rights to any other compensation. 

        (c)  Without Cause; Resignation for Good Reason; Non-Renewal Election by Company. If your employment is terminated
by the Company without Cause or due to a Non-Renewal election made by the Company as provided in Section 3(e)(ii) and in the definition of Change in Control or by you for
Good Reason or if you terminate your employment as permitted in Section 5(d) below, then, in lieu of any other severance pay or benefits, and
conditioned on the effectiveness of a Release signed by you, the Company will pay or provide to you: 

        (i)    a
lump cash sum within thirty (30) days after the date of termination equal to the aggregate of the following amounts: (A) the Accrued Obligations;
(B) an amount equal to three (3) multiplied by the sum of (x) the highest Annual Base Salary to which you were entitled during the twelve months immediately preceding the date of
termination, and (y) the sum of (i) one-half your average (median) Annual Bonus over the three years preceding termination plus (ii) one-half your current
Annual Bonus Target; and (C) the amount of any unpaid Annual Bonus that was awarded to you prior to the date of termination; 

        (ii)    the
Accrued Investments and the Accrued Welfare Benefits, which amounts will be payable in accordance with the terms and conditions of the Investment Plans and the
Welfare Plans, as applicable; 

        (iii)    a
lump cash sum within thirty (30) days after the date of termination equal to the sum of (1) the unvested portion of your Matching Contribution Account
under the Company's Retirement Savings Plan, plus (2) the product of (x) three (3), multiplied times (y) the 

6

 

Matching Contribution you received for the calendar year ended prior to the calendar year in which the Change in Control occurs; 

        (iv)    if
you are entitled on the date of termination to coverage under the healthcare portion of the Health Plan, continuation of such coverage for a period ending on the
third (3rd) anniversary of the date of termination, at the active employee cost payable by you with respect to those costs paid by you prior to such termination. Provided, however, that
this coverage will count towards the depletion of any continued health care coverage rights that you and your dependents may have pursuant to COBRA. Provided further, that you or your dependents'
rights to continued health care coverage pursuant to this Section will terminate at the time you or your dependents become covered, as described in COBRA,
under another group health plan, and will also terminate as of the date the Company ceases to provide coverage to its senior executives generally under any such Health Plan; 

        (v)    an
amount equal to your Pro Rata Bonus, which will be paid at such time as the Company pays its other senior executives their annual cash incentive bonuses with respect
to the calendar year in which termination occurs; and 

        (vi)    upon
your request and at the Company's sole cost and expense, your enrollment in an outplacement program with a placement agency selected by the Company, and reasonably
acceptable to you, for a period of up to twelve months, commencing on the date of termination. 

        In
addition, the Company will continue to vest all of your Awards that would have otherwise vested during the twenty-four (24) month period beginning on the date of
termination and such Awards will continue to vest and, if applicable, be exercisable during such twenty-four (24) month period. Except as described in this Section 5(c), in
the event of your termination by us without Cause or due to a Non-Renewal election made by the Company as provided in Section 3(e)(ii) and in the definition of Change in
Control or by you for Good Reason, you will forfeit all rights to any other compensation. 

        (d)  Walkaway Right. Except as otherwise set forth in Section 4(d)(i), at any time during the period beginning on the
6 month anniversary of a Change in Control and continuing through the 30th day of the calendar month following the month during which such 6 month anniversary occurs, you may terminate
your employment by resigning without Good Reason, and you nevertheless will be entitled to receive all the benefits provided by Section 5(c). 

        6.    Other Provisions Relating to Termination. 

        (a)  Good Reason. Upon you learning of any event described in the definition of Good Reason, you may terminate your employment
for Good Reason by giving a Notice of Termination (describing, if applicable, the action required to cure the basis for termination) to us within 60 days thereafter. If the event constituting
Good Reason may be cured, we will have the opportunity to cure any such event for a period of 60 days following receipt of your Notice of Termination. If you do not give a Notice of Termination
to us within 60 days after learning of an event giving rise to Good Reason, then this Agreement will remain in effect and, without any further act on your part, you will have waived your right
to terminate your employment hereunder for Good Reason in respect of such event. 

        (b)  Cause. Upon the Company learning of any event described in the definition of Cause, we may terminate your employment for
Cause by giving you a Notice of Termination (describing, if applicable, the action required to cure the basis for termination) to you within 60 days thereafter. If we do not give a Notice of
Termination within 60 days after learning of an event giving rise to Cause, then this
Agreement will remain in effect and, without any further act on our part, we will have waived our right to terminate your employment for Cause in respect of such event. 

7

 

        (c)  Full Settlement; Mitigation. In no event will you be obligated to seek other employment or take any other action by way
of mitigation of the amounts payable to you under any of the provisions of this Agreement and, except for your right, if any, to continue your participation in the Health Plan as provided herein, such
amounts will not be reduced whether or not you obtain other employment. The Company will not be liable to you for any damages for breach of this Agreement arising out of the termination of your
employment other than for amounts payable under Sections 3(e), 4 or 5, which amounts will be payable subject to the terms and conditions set forth therein. The Company will be entitled to seek damages
from you for any breach of Section 7 or 8 by you or for your criminal misconduct. 

        (d)  Release and Other Agreements. Notwithstanding any other provision in this Agreement to the contrary, as a condition to
receiving the benefits described in this Agreement, upon any termination of your employment hereunder you hereby agree to execute (and not revoke) a release in substantially the form attached hereto
as Exhibit A (the "Release") and such other documents and agreements as required by the Company, in the form and pursuant to the procedures reasonably established by the Company. 

        7.    Confidential Information. 

        (a)  You
acknowledge that the Company has trade, business and financial secrets and other confidential and proprietary information regarding the Company and its business, in
whatever form, tangible or intangible (collectively, the "Confidential Information"), and that during the course of your employment with the Company you
have received, will receive or will contribute to the Confidential Information. Confidential Information includes sales materials, technical information, processes and compilations of information,
records, specifications and information concerning customers or vendors, customer lists, and information regarding methods of doing business. However, Confidential Information does not include
information that (i) is obtained by you from a source other than the Company or its affiliates who is not under a duty of non-disclosure to the Company or such affiliate or
(ii) becomes generally available to the public other than through disclosure by you in violation of the provisions of this Agreement. 

        (b)  You
are aware of those policies implemented by the Company to keep its Confidential Information secret. You acknowledge that the Confidential Information has been
developed or acquired by the Company through the expenditure of substantial time, effort and money and provides the Company with an advantage over competitors who do not know or use such Confidential
Information. 

        (c)  During
and following your employment by the Company, you will hold in confidence and will not directly or indirectly disclose, use, copy, make lists of, or make
available to others any Confidential Information except in the good faith performance of your duties to the Company or to the extent authorized in writing by the Board or required by law or compelled
by legal process. You agree to use reasonable efforts to give the Company notice (accompanied by a copy of the subpoena, order or other process used to compel disclosure) of any and all attempts to
compel disclosure of any Confidential Information, in such a manner so as to provide the Company with written notice within one (1) business day after you are informed that such disclosure is
being or will be compelled. 

        (d)  You
further agree not to use any Confidential Information for the benefit of any person or entity other than the Company. 

        (e)  Upon
termination of your employment, you agree that all Confidential Information and other files, documents, materials and other repositories containing information
concerning the Company or the business of the Company (including all copies thereof) in your possession, custody 

8

 

or control, whether prepared by you or others, will remain with or be returned to the Company promptly (within twenty-four (24) hours) after the date of such termination. 

        8.    Non-Competition; Non-Solicitation. (a) You acknowledge and agree
that your use of Confidential Information in the conduct of business on behalf of a competitor of the Company would constitute unfair competition with the Company. Accordingly, as a material
inducement to the Company to enter into this Agreement, to protect the Company's Confidential Information, in consideration for the compensation and other benefits payable hereunder to you, for the
benefits to you of having access to Confidential Information during the Employment Period and for other good and valuable consideration, you hereby covenant and agree that, during the Term of
Non-Competition, you will not directly or indirectly, individually or as an officer, director, manager, employee, shareholder, consultant, contractor, partner, member, joint venturer,
agent, equity owner or in any capacity whatsoever: 

        (i)    own,
engage in, manage, operate, join, control, be employed by, provide Competing Services to, or participate in the ownership, management, operation or control of or
provision of Competing Services to, a Competing Business in the Geographic Area; 

        (ii)    recruit,
hire, assist in hiring, attempt to hire, or contact or solicit with respect to hiring any person who, at any time during the twelve (12) month period
ending on the date of termination, was an employee of the Company; provided, that you may hire any person that served as an administrative or clerical employee at the time their employment with the
Company terminates so long as you do not recruit, contact or solicit such employee; 

        (iii)    induce
or attempt to induce any employee of the Company to terminate, or in any way interfere with, the relationship between the Company and any employee thereof; or 

        (iv)    induce
or attempt to induce any customer, client, supplier, service provider, or other business relation of the Company in the Geographic Area to cease doing business
with the Company, or in any way interfere with the relationship between the Company and any such person. 

        Notwithstanding
the foregoing, the Company agrees that you may own less than one percent of the outstanding voting securities of any publicly traded company that is a Competing Business
so long as you do not otherwise participate in such competing business in any way prohibited by this Section. 

        (b)  You
acknowledge that the geographic boundaries, scope of prohibited activities, and time duration of the preceding paragraphs in this Section are reasonable in nature
and are no broader than are necessary to maintain the goodwill of the Company and the confidentiality of its Confidential Information and to protect the goodwill and other legitimate business
interests of the Company, and also that the enforcement of such covenants would not cause you any undue hardship or unreasonably interfere with your ability to earn a livelihood. If you violate the
covenants and restrictions in this Section and the Company brings legal action for injunctive or other equitable relief, you agree that the Company will not be deprived of the benefit of the full
period of the restrictive covenant, as a result of the time involved in obtaining such relief. Accordingly, you agree that the provisions in this Section will have a duration determined pursuant to
Subsection (a) above, computed from the date the legal or equitable relief is granted. 

        (c)  As
used in this Agreement: 

        (i)    "Competing Business" means a business that competes with the business, or any line of business, engaged in by the Company
or any of its Subsidiaries as of the date of termination of your employment. 

        (ii)    "Competing Services" means services that, if provided to a business other than a Competing Business, would constitute
the conduct of a Competing Business. 

9

 

        (iii)    "Geographic Area" means the geographic area in which the Company or any of its Subsidiaries engages in its respective
business or any line of its business as of the date of termination of your employment. 

        (iv)    "Term of Non-Competition" means the period of time beginning on the date hereof and continuing until
5:00 p.m., Dallas, Texas time, on (A) the date of termination if your employment is terminated by the Company for any reason other than Cause, by you for Good Reason or due to a
Non-Renewal election made by the Company, or (B) the date that is fifteen (15) months after the date of termination if your employment is terminated by the Company for Cause,
by you for any reason other than Good Reason (including a termination by you contemplated in Section 5(d)) or due to any Non-Renewal election made by you. 

        (d)    If
any court or arbitrator determines that any portion of this Section 8 is invalid or unenforceable, the
remainder of this Section 8 will not thereby be affected and will be given full effect without regard to the invalid or unenforceable provisions.
If any court or arbitrator construes any of the provisions of this Section 8 to be invalid or unenforceable because of the duration or scope of
such provision, such court or arbitrator will be required to reduce the duration or scope of such provision, to the minimum extent necessary so as to be enforceable, and to enforce such provision as
so reduced. 

        9.    Gross-Up for Certain Taxes. If any of the payments or benefits due to you under this
Agreement result in your liability for any excise taxes pursuant to Internal Revenue Code ("Code") Section 4999 ("Excise Tax") (whether at the
time of payment or upon a later IRS audit), the Company will reimburse you for the amount of such Excise Tax plus all federal, state and local taxes applicable to the Company's payment of such Excise
Taxes, including any additional taxes due under Section 4999 of the Code with respect to payments made pursuant to this provision. Calculations for these purposes will assume the highest
marginal rate for individuals applicable at the time of calculation. The intent of this Section 9 is that the Company will pay you an additional
amount (the "Gross-Up Payment") such that the net amount retained by you after deduction of (i) any Excise Tax imposed on any such
payment or benefit; and (ii) any excise tax, federal, state or local income, payroll, and/or other taxes, imposed on the Gross-Up Payment, will equal the amount of such payment or
benefit reduced by all applicable taxes on such amount other than the Excise Tax. 

        10.  Successors; Binding Agreement. (a) This Agreement may not be assigned by you other than
by will or by the laws of descent and distribution. This Agreement will inure to the benefit of and be enforceable by your personal and legal representatives, executors, administrators, heirs,
distributees, devisees and legatees. This Agreement will inure to the benefit of and be binding upon the Company and its successors and assigns. 

        (b)  The
Company will require any successor to all or substantially all of the business and/or assets of the Company, by a written agreement in form and substance reasonably
satisfactory to you, to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken
place. Failure of the Company to obtain such agreement prior to the effectiveness of any such succession will be considered grounds for you to terminate your employment for Good Reason, and if you do
so terminate your employment, you will be entitled to compensation from the Company in the same amount and on the same terms as you would be entitled to pursuant to Section 5 if you terminated
your employment for Good Reason thereunder after, but before the second anniversary of, a Change in Control. As used in this Agreement and after any such succession, "Company" will mean the Company as
hereinbefore
defined and any successor and/or assigns which assumes and agrees to perform this Agreement by operation of law, or otherwise. 

10

 

        11.  Miscellaneous. 

        (a)  Construction. This Agreement will be deemed drafted equally by both the parties. Any presumption or principle that the
language is to be construed against any party will not apply. 

        (b)  Notices. For purposes of this Agreement, notices and all other communications provided for in this Agreement will be in
writing and will be deemed to have been duly given when (i) delivered personally; (ii) sent by facsimile or similar electronic device and confirmed; (iii) delivered by overnight
express; or (iv) if sent by any other means, upon receipt. Any notice or other communication shall be delivered to the address set forth below the Company's or your signature hereto, as
applicable, or to such other address as either party will have furnished to the other in writing in accordance herewith. 

        (c)  Severability. Except as otherwise provided in Section 8(d), if any
provision of this Agreement is held to be illegal, invalid or unenforceable, such provision will be fully severable; this Agreement will be construed and enforced as if such illegal, invalid or
unenforceable provision had never comprised a portion of this Agreement; and the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal,
invalid or unenforceable provision or by its severance from this Agreement. Furthermore, except as otherwise provided in Section 8(d), in lieu of
such illegal, invalid or unenforceable provision there will be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may
be possible and be legal, valid and enforceable. 

        (d)  Withholding. The Company may withhold from any amounts payable under this Agreement such Federal, state or local taxes as
are required to be withheld pursuant to any applicable law or regulation. 

        (e)  No Waiver. Except as expressly set forth in this Agreement, no waiver by either party at any time of any breach by the
other party of, or compliance with, any condition or provision of this Agreement to be performed by the other party will be deemed a waiver of similar or dissimilar provisions or conditions at any
time. 

        (f)    Equitable and Other Relief. You acknowledge that money damages would be both incalculable and an insufficient remedy for
a breach of Section 7 or 8 by you and that any such breach would cause the Company irreparable
harm. Accordingly, the Company, in addition to any other remedies at law or in
equity it may have, will be entitled, without the requirement of posting of bond or other security, to equitable relief, including injunctive relief and specific performance, in connection with a
breach of Section 7 or 8 by you. The parties agree that the only circumstances in which disputes
between them will not be subject exclusively to arbitration pursuant to the provisions in Section 11(h) are in connection with a breach of
Section 7 or 8 by you. If the Company files a pleading with a court seeking immediate injunctive relief and this pleading is challenged by you and injunctive relief sought is not awarded, the
Company will pay all of your costs and attorneys' fees. The parties consent to venue in Dallas County, Texas and to the exclusive jurisdiction of competent state courts or federal courts in the state
or district in Dallas County, Texas for all litigation which may be brought, subject to the requirement for arbitration hereunder, with respect to the terms of, and the transactions and relationships
contemplated by, this Agreement. 

        (g)  Entire Agreement. The provisions of this Agreement constitute the entire and complete understanding and agreement between
the parties with respect to the subject matter hereof. 

        (h)  Arbitration. Except as otherwise provided in Section 11(f), in the
event any claim, demand, cause of action, dispute, controversy or other matter in question ("Claim") arises out of this Agreement (or its termination)
or your employment (or termination of employment) by the Company or its Subsidiaries, then, upon the written request of you or us, such dispute or 

11

 

controversy will be submitted to binding arbitration. Any arbitration will be conducted in accordance with the Federal Arbitration Act ("FAA") and, to
the extent an issue is not addressed by the FAA or the FAA does not apply, with the then-current National Rules for the Resolution of Employment Disputes of the American Arbitration
Association ("AAA") or other rules of the AAA as applicable to the claims asserted. The results of arbitration will be binding and conclusive on the
parties hereto. All parties agree that venue for arbitration will be in Dallas County, Texas. If you are the prevailing party, then you will be entitled to reimbursement by the Company for reasonable
attorneys fees, reasonable costs and other reasonable expenses pertaining to the arbitration. All proceedings conducted pursuant to this  Section 11(h) will be kept confidential by all parties.
THE ARBITRATORS SHALL HAVE NO AUTHORITY TO AWARD PUNITIVE DAMAGES
UNDER ANY CIRCUMSTANCES (WHETHER IT BE EXEMPLARY DAMAGES, TREBLE DAMAGES, OR ANY OTHER PENALTY OR PUNITIVE TYPE OF DAMAGES). REGARDLESS OF WHETHER SUCH DAMAGES MAY BE AVAILABLE UNDER TEXAS LAW, YOU
AND THE COMPANY EACH HEREBY WAIVE THE RIGHT, IF ANY, TO RECOVER PUNITIVE DAMAGES IN CONNECTION WITH ANY CLAIMS. YOU AND THE COMPANY ACKNOWLEDGE THAT BY SIGNING THIS AGREEMENT YOU AND THE COMPANY ARE
WAIVING ANY RIGHT THAT YOU OR THE COMPANY MAY HAVE TO A JURY TRIAL OR, OTHER THAN AS EXPRESSLY PROVIDED BY SECTION 11(f), A TRIAL BEFORE A JUDGE IN CONNECTION WITH, OR RELATING TO, A
CLAIM. 

        (i)    Survival. Sections 3(e),  4, 5, 6,  7, 8, 9,
10 and 11 of this Agreement will survive the termination of this Agreement. 

        (j)    Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS
WITHOUT REFERENCE TO
PRINCIPLES OF CONFLICT OF LAWS OF TEXAS OR ANY OTHER JURISDICTION, AND, WHERE APPLICABLE, THE LAWS OF THE UNITED STATES. 

        (k)  Amendments. This Agreement may not be amended or modified at any time except by a written instrument approved by the
Board and executed by the Company and you. 

        (l)    Acknowledgement. You acknowledge that you have read and understand this Agreement (including its legal effect), have had
an opportunity to consult legal counsel regarding it, have not acted in reliance upon any representations or promises made by the Company not contained herein, and have entered into this Agreement
freely. 

        (m)  Counterparts. This Agreement may be executed (including by facsimile transmission) in any number of counterparts. 

12

 

        By
signing and countersigning this Agreement in the appropriate space set forth below, we and you have agreed to be bound by the terms and conditions set forth herein, effective as of
July 1, 2002. 

	 	 	Sincerely,

 TRAMMELL CROW COMPANY,
 a Delaware corporation
	

 	
 	

By:	

/s/  DEREK R. MCCLAIN      

	 	 	Name:	Derek R. McClain

	 	 	Title:	Chief Financial Officer

	

 	
 	

Address:	

Trammell Crow Company

2001 Ross Avenue, Suite 3400

Dallas, Texas 75201

Attention: General Counsel

Telephone: (214) 863-3000

Fax: (214) 863-3125
	
ACKNOWLEDGED AND AGREED BY EXECUTIVE:
	

/s/  ROBERT E. SULENTIC      
 Name: Robert E. Sulentic	
 	

 	

 

	Address:	[INTENTIONALLY OMITTED]	 	 
	Telephone: [INTENTIONALLY OMITTED]	 	 
	Fax: (214) 863-3125	 	 

13

QuickLinks

Exhibit 10.3

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