Document:

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                                                                    Exhibit 10.2
                             GRUBB & ELLIS COMPANY
                             2000 STOCK OPTION PLAN

                          Effective November 16, 2000

     Grubb & Ellis Company, a corporation organized under the laws of the State
of Delaware (the "Company") hereby adopts this Grubb & Ellis Company 2000 Stock
Option Plan.

     The purposes of this Plan are as follows:

     (1) To promote the interests of the Company, its subsidiaries and its
stockholders, in attracting and retaining key employees of the Company and its
subsidiaries, by granting options to such persons to purchase shares of its
common stock.

     (2) To enable the Company to obtain and retain the services of the type of
professional, technical and managerial employees considered essential to the
long-range success of the Company by providing to them an opportunity to become
owners of capital stock of the Company.

                                   ARTICLE I.

                                  DEFINITIONS

     Whenever the following terms are used in this Plan, they shall have the
meaning specified below unless the context clearly indicates to the contrary.
The masculine pronoun shall include the feminine and neuter and the singular
shall include the plural, where the context so indicates.

Section 1.1 - Administrator

     "Administrator" shall mean the entity that conducts the general
administration of the Plan as provided in Article VI.

Section 1.2 - Board

     "Board" shall mean the Board of Directors of the Company.

Section 1.3  -  Change of Control

     "Change of Control" shall mean:

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     (a) The acquisition by any individual, entity or group (within the meaning
of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "Person") of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
of 25% or more of either (i) the then outstanding shares of Common Stock of the
Company (the "Outstanding Company Common Stock") or (ii) the combined voting
power of the then outstanding voting securities of the Company entitled to vote
generally in the election of directors (the "Outstanding Company Voting
Securities"); provided, however, that for purposes of this subsection (a), the
following acquisitions shall not constitute a Change of Control: (i) any
acquisition by the Company, provided however, that after such acquisition, the
Company is not eligible for deregistration under Section 12 of the Exchange Act;
(ii) any acquisition by any employee benefit plan (or related trust) sponsored
or maintained by the Company or any corporation controlled by the Company,
provided however, that after such acquisition, the Company is not eligible for
deregistration under Section 12 of the Exchange Act; (iii) any acquisition by
any corporation pursuant to a transaction which complies with clauses (i), (ii)
and (iii) of subsection (c) of this Section 1.3; or (iv) any acquisition by
Warburg, Pincus Investors, L.P. ("Warburg"), The Goldman Sachs Group, Inc. ("GS
Group") or C. Michael Kojaian and Mike Kojaian (the "Kojaian Investors") or any
affiliates thereof (collectively the "Current Investors") of additional
securities beyond their present holdings unless such acquisition results in
either (x) the termination of the Voting Agreement dated January 24, 1997 by and
among the Current Investors as in effect on the date hereof, resulting in any
one of the Current Investors obtaining the power to elect all or a majority of
the Directors of the Company or (y) the Company being eligible for
deregistration under Section 12 of the Exchange Act.  For purposes hereof,
"affiliate" of a Current Investor shall include all Persons controlled by or
under common control with a Current Investor, or any trusts, partnerships or
other entity for the benefit of a Current Investor which is an individual or for
the benefit of such individual's family members; or

     (b) Individuals who, as of November 16, 2000, constitute the Board (the
"Incumbent Board") cease for any reason to constitute at least a majority of the
Board; provided, however, that any individual becoming a Director subsequent to
the date hereof whose election, or nomination for election by the Company's
stockholders, was approved by a vote of at least a majority of the Directors
then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election
or removal of Directors or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board; or

     (c) Consummation of a reorganization, merger or consolidation or the
acquisition of assets of another entity (a "Business Combination"), in each
case, unless, following such Business Combination, (i) all or substantially all
of the Persons who were the beneficial owners, respectively, of the Outstanding
Company Common Stock and Outstanding Company Voting Securities immediately prior
to such Business Combination beneficially own, directly or indirectly, more than
50% 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

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election of directors, or more than 50% of the ownership interests, as the case
may be, of the corporation or other entity resulting from such Business
Combination (including, without limitation, a corporation or other entity 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 Company Common Stock and Outstanding
Company Voting Securities, as the case may be, (ii) no Person (excluding any
entity resulting from such Business Combination or any employee benefit plan (or
related trust) of the Company or any entity resulting from such Business
Combination) beneficially owns, directly or indirectly, 25% or more of,
respectively, the then outstanding shares of common stock of the corporation (or
ownership interests of the entity) resulting from such Business Combination or
the combined voting power of the then outstanding voting securities of such
corporation (or such entity) except to the extent that such ownership existed
prior to the Business Combination and (iii) at least a majority of the members
of the board of directors of the corporation (or other such entity) resulting
from such Business Combination were members of the Incumbent Board at the time
of the execution of the initial agreement, or of the action of the Board,
providing for such Business Combination; or

     (d) A substantial partial or complete liquidation or dissolution of the
Company or approval of same by the stockholders of the Company; or

     (e) A sale or other disposition of all or substantially all of the assets
of the Company; or

     (f) The Current Investors in the aggregate cease to own beneficially at
least 45% of the Outstanding Company Common Stock or the Outstanding Company
Voting Securities, other than by reason of an underwritten offering of shares to
the public pursuant to a registration statement under the Securities Act,
provided that immediately following such sale, no Person owns 25% or more of the
Outstanding Company Common Stock or the Outstanding Company Voting Securities.

Section 1.4 - Code

     "Code" shall mean the Internal Revenue Code of 1986, as amended.

Section 1.5 - Common Stock

     "Common Stock" shall mean the Common Stock, par value $.01 per share, of
the Company and any equity security of the Company issued or authorized to be
issued in the future, but excluding any preferred stock and any warrants,
options or other rights to purchase Common Stock.  Debt securities of the
Company convertible into Common Stock shall be deemed equity securities of the
Company.

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Section 1.6 - Company

     "Company" shall mean Grubb & Ellis Company, a Delaware corporation.

Section 1.7 - Compensation Committee

     "Compensation Committee" shall mean the Compensation Committee of the
Board.

Section 1.8 - Director

     "Director" shall mean a member of the Board.

Section 1.9 - Disability

     "Disability" shall have the meaning set forth in Section 22(e)(3) of the
Code.

Section 1.10 - Employee

     "Employee" shall mean any Employee (as defined in accordance with the
regulations and revenue rulings then applicable under Section 3401(c) of the
Code) of the Company, or of any entity which is then a Parent Corporation or a
Subsidiary, whether such Employee is so employed at the time this Plan is
adopted or becomes so employed subsequent to the adoption of this Plan.

Section 1.11 - Exchange Act

     "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

Section 1.12 - Fair Market Value

     "Fair Market Value" of a share of Common Stock as of any given date shall
mean: (i) the closing price of the Common Stock on the New York Stock Exchange
(as reported for regular trading hours and not extended hours) on the trading
day preceding such date or, if shares of Common Stock were not traded on such
date, then on the next preceding trading day during which a sale occurred; or
(ii) if such stock is not traded on an exchange but is quoted on NASDAQ or a
successor quotation system, (1) the last sales price (if the stock is then
listed as a National Market Issue under the NASD National Market System) or (2)
the mean between the closing representative bid and asked prices (in all other
cases) for the stock on such date as reported by NASDAQ or such successor
quotation system; or (iii) if such stock is not publicly traded on an exchange
and not quoted on NASDAQ or a successor quotation system, the mean between the
closing bid and asked prices for the stock, on such date, as determined in good
faith by the Administrator; or (iv) if the Common Stock is not publicly traded,
the Fair Market Value established by the Administrator acting in good faith.  In
determining the Fair Market Value of the Common Stock under subsection (i) of
this Section 1.13, the Administrator may rely on the

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closing price as reported in the New York Stock Exchange composite transactions
published in a) the Wall Street Journal; b) the Yahoo Finance internet site, or
c) such other reliable source of information as the Administrator deems
appropriate.

Section 1.13 - Immediate Family

     "Immediate Family" shall mean parents, siblings, spouse and issue, spouses
of such issue and any trust for the benefit of, or the legal representative of,
any of the preceding persons, or any partnership substantially all of the
partners of which are one or more of such persons or the Optionee or any limited
liability company substantially all of the members of which are one or more of
such persons or the Optionee.

Section 1.14 - ISO

     "ISO" shall mean an incentive stock option within the meaning of Section
422 of the Code.

Section 1.15 - NQSO

     "NQSO" shall mean an Option that does not qualify as an incentive stock
option under Section 422 of the Code.

Section 1.16 - Officer

     "Officer" shall mean an Executive Officer designated as such by the Board
and other corporate officers who are elected by the Board.

Section 1.17 - Option

     "Option" shall mean an option to purchase Common Stock of the Company,
granted under this Plan.  Options shall be ISOs or NQSOs.

Section 1.18 - Optionee

     "Optionee" shall mean an Employee to whom an Option is granted under this
Plan.

Section 1.19 - Parent Corporation

     "Parent Corporation" shall mean any corporation in an unbroken chain of
corporations ending with the Company if each of the corporations other than the
Company then owns stock possessing 50% or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain.

Section 1.20 - Person

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     "Person" shall mean any of the following: an individual, a partnership, a
corporation, an association, a joint stock company, a trust, a joint venture, an
unincorporated organization or a governmental entity or any department, agency
or political subdivision thereof.

Section 1.21 - Plan

     "Plan" shall mean this Grubb & Ellis Company 2000 Stock Option Plan.

Section 1.22 - Rule 16b-3

     "Rule 16b-3" shall mean that certain Rule 16b-3 promulgated under the
Exchange Act, or any successor rule to such rule, and as such rule may be
amended from time to time.

Section 1.23 - Secretary

     "Secretary" shall mean the Secretary of the Company.

Section 1.24 - Section 16 Insider

     "Section 16 Insider" shall mean any Employee who is subject to the
reporting requirements and trading restrictions of Section 16 of the Exchange
Act.

Section 1.25 - Securities Act

     "Securities Act" shall mean the Securities Act of 1933, as amended.

Section 1.26 - Subsidiary

     "Subsidiary" shall mean any corporation in an unbroken chain of
corporations beginning with the Company if each of the corporations other than
the last corporation in the unbroken chain then owns stock possessing 50% or
more of the total combined voting power of all classes of stock in one of the
other corporations in such chain.

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Section 1.27 - Term of Plan; Effective Date

     Subject to approval by the holders of a majority of the outstanding shares
of Common Stock of the Company voting on or before November 16, 2000, this Plan
shall be effective as of November 16, 2000 ("Effective Date"). Upon becoming
effective, this Plan shall continue in effect until such date as the Board
discontinues the Plan; provided, however, that no ISO shall be granted under the
Plan after November 15, 2010.  Any such termination of the Plan shall not affect
Options previously granted and such Options shall remain in full force and
effect as if this Plan had not been terminated.

Section 1.28 - Termination of Employment

     "Termination of Employment," for purposes of the Plan, shall mean the time
when the Employee-employer relationship between the Optionee and the Company, a
Parent Corporation or a Subsidiary is terminated for any reason, with or without
cause, including, but not by way of limitation, a termination by resignation,
discharge, death or retirement, but excluding (i) terminations where there is a
simultaneous reemployment or continuing employment of an Optionee by the
Company; and (ii) at the discretion of the Administrator, terminations which
result in a temporary severance of the Employee-employer relationship not
exceeding 180 calendar days.  The Administrator, in its absolute discretion,
shall determine the effect of all matters and questions relating to Termination
of Employment with respect to the Plan and the Options granted thereunder,
including, but not limited to, all questions of whether particular leaves of
absence constitute Terminations of Employment.  However, nothing in this Plan
shall be construed to modify the employment relationship between the Company and
the Employee, which is an at-will employment relationship except to the extent
expressly provided otherwise in writing.

                                  ARTICLE II.

                             SHARES SUBJECT TO PLAN

Section 2.1 - Shares Subject to Plan

     The shares of stock subject to Options shall be shares of the Company's
Common Stock.  The aggregate number of such shares which may be issued upon
exercise of Options shall not exceed one million five - hundred thousand
(1,500,000).

Section 2.2 - Unexercised Options

     If any Option expires or is canceled without having been fully exercised,
the number of shares subject to such Option but as to which such Option was not
exercised prior to its expiration or cancellation may again be available for the
grant of Options hereunder, subject to the limitations of Section 2.1.

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Section 2.3 - Changes in Common Stock

     In the event that the outstanding shares of Common Stock are hereafter
changed into or exchanged for a different number or kind of shares or other
securities of the Company, or of another corporation, by reason of
reorganization, merger, consolidation, recapitalization, reclassification, stock
split-up, stock dividend, combination of shares or otherwise, appropriate
adjustments shall be made by the Administrator in the number and kind of shares
for the purchase of which Options may be granted.

                                  ARTICLE III.

                              GRANTING OF OPTIONS

Section 3.1 - Eligibility

     The Administrator may grant Options to any key Employee of the Company or
of any of its Subsidiaries, whether presently in existence or hereinafter
organized or acquired.  Independent contractors are not eligible to be granted
Options under the Plan.  A key Employee with the Company is one whose duties
and/or authority are such that, in the judgment of the Administrator, he is in a
position to contribute significantly to the success of the Company or any of its
Subsidiaries.

Section 3.2 - Types of Options

     (a) Options may be granted pursuant to this Plan at any time during its
term.  Options granted may be either ISOs or NQSOs.

     (b) ISOs shall be granted only to eligible Employees. The aggregate fair
market value (determined as of the respective date or dates of grant) of the
shares with respect to which ISOs may first be exercisable under the Plan (or
any other plan of the Optionee's employer corporation or its Parent Corporation
or Subsidiary)  during any one calendar year shall not exceed the sum of
$100,000.  To the extent that an Option granted under this Plan exceeds these
limits, that portion of the Option which does not qualify as an ISO shall be
treated as an NQSO.

Section 3.3 - Granting of Options

     (a) The Administrator shall from time to time, in its absolute discretion,
and subject to applicable limitations of this Plan:

          (i)   Determine which Employees in its opinion should be granted
Options;

          (ii)  Determine the number of shares to be subject to such Options
granted to such selected Employees;

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          (iii) Determine the terms and conditions of such Options, consistent
with the Plan; and

          (iv)  Determine whether such options shall be ISOs or NQSOs.

     (b) Upon the selection of an Employee to be granted an Option, the
Administrator shall instruct the Secretary to issue such Option and may impose
such conditions on the grant of such Option as it deems appropriate.

                                  ARTICLE IV.

                                TERMS OF OPTIONS

Section 4.1 - Option Agreement

     Each Option shall be evidenced by a written Stock Option Grant, which shall
be executed by an authorized Officer of the Company and which shall contain such
terms and conditions as the Administrator shall determine, consistent with the
Plan.

Section 4.2 - Option Price

     The price per share of the Common Stock subject to each Option granted to
Employees shall be set by the Administrator; provided, however, that such price
shall be no less than the par value of a share of Common Stock, unless otherwise
permitted by applicable state law,  and in the case of ISOs, such price shall
not be a) less than 110% of the Fair Market Value of a share of Common Stock on
the date such ISO is granted if the optionee owns stock representing more than
10% of the total voting power of all classes of stock of the Company at the
grant date, or b) less than 100% of the Fair Market Value of a share of Common
Stock on the date such ISO is granted for all other Employees.

Section 4.3 - Option Vesting

     (a) Options shall become exercisable at such times and in such installments
(which may be cumulative) as the Administrator shall provide in the terms of
each individual Stock Option Grant; provided, however, that unless the
Administrator otherwise provides, in the Stock Option Grant or otherwise, no
Option shall be exercisable by any Optionee until the Optionee has remained in
employment for one year after the date the Option is granted.  At any time after
the grant of an Option, the Administrator may, on such terms and conditions as
it may determine to be appropriate, accelerate the time at which such Option or
any portion thereof may be exercised.

     (b) No portion of an Option which is unexercisable at Termination of
Employment shall thereafter become exercisable, unless otherwise determined by
the Administrator.

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Section 4.4 - Option Term

     The term of an Option shall be set by the Administrator in its discretion;
provided, however, that the term for an ISO shall not be more than ten (10)
years from the date of the Option is granted; and provided further, that no ISO
granted to an Optionee who owns stock possessing more than 10% of the total
combined voting power of all classes of stock of the Company at the date of
grant shall be exercisable more than five (5) years after the date of grant.
The Administrator may extend the term of any outstanding Option in connection
with any Termination of Employment of the Optionee, or amend any other term or
condition of such Option relating to such a termination; provided that an ISO
may not be exercisable more than three months following Termination of
Employment.

Section 4.5 - Adjustments in Outstanding Options

     In the event that the outstanding shares of Common Stock subject to Options
are changed into or exchanged for a different number or kind of shares of the
Company or other securities of the Company by reason of merger, consolidation,
recapitalization, reclassification, stock split-up, stock dividend, combination
of shares or otherwise, the Administrator shall make an appropriate and
equitable adjustment in the number and kind of securities as to which all
outstanding Options, or portions thereof then unexercised, shall be exercisable,
to the end that after such event the Optionee's proportionate interest shall be
maintained as before the occurrence of such event.  Such adjustment in an
outstanding Option shall be made without change in the total price applicable to
the Option or the unexercised portion of the Option (except for any change in
the aggregate price resulting from rounding-off of share quantities or prices)
and with any necessary corresponding adjustment in Option price per share.  Any
such adjustment made by the Administrator shall be final and binding upon all
Optionees, the Company and all other interested persons.

                                   ARTICLE V.

                              EXERCISE OF OPTIONS

Section 5.1 - Person Eligible to Exercise

     During the lifetime of the Optionee, only he may exercise an Option granted
to him, or any portion thereof; provided, however, if such Option is transferred
pursuant to Section 8.1, such Option may be exercised by the Immediate Family
member to whom such Option was so transferred.  After the death of the Optionee,
any exercisable portion of an Option may, prior to the time when such portion
becomes unexercisable, be exercised by his personal representative or by any
person empowered to do so under the deceased Optionee's will or under the then
applicable laws of descent and distribution.

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Section 5.2 - Partial Exercise

     At any time and from time to time prior to the time when any exercisable
Option or exercisable portion thereof becomes unexercisable, such Option or
portion thereof may be exercised in whole or in part; provided, however, that
the Company shall not be required to issue fractional shares and the
Administrator may, by the terms of the Option, require any partial exercise to
be with respect to a specified minimum number of shares.

Section 5.3 - Manner of Exercise

     An exercisable Option, or any exercisable portion thereof, may be exercised
solely by delivery to the Secretary or his office of all of the following prior
to the time when such Option or such portion becomes unexercisable:

     (a) Notice in writing signed by the Optionee or other person then entitled
to exercise such Option or portion, stating that such Option or portion is
exercised, such notice complying with all applicable rules established by the
Administrator or its delegate; and

     (b) (i) Full payment (in cash or by check) for the shares with respect to
which such Option or portion is thereby exercised; or

          (ii) Subject to the Administrator's consent, shares of Common Stock
owned by the Optionee duly endorsed for transfer to the Company with a Fair
Market Value on the date of delivery equal to the aggregate Option price of the
shares with respect to which such Option or portion is thereby exercised; or
submission of proof of such owned shares satisfactory to the Administrator
followed by issuance of shares upon such exercise from which a number of such
previously owned shares of appropriate value have been deducted;

          (iii) Subject to the Administrator's consent, payment, in whole or in
part, through the surrender of shares of Common Stock then issuable upon
exercise of the Option having a Fair Market Value on the date of Option exercise
equal to the aggregate exercise price of the Option or exercised portion
thereof;

          (iv) Subject to the Administrator's consent, full payment in any other
form approved by the Administrator, consistent with applicable law and the Plan;
or

          (v) Any combination of the consideration provided in the foregoing
subsections (i), (ii), (iii) and (iv); and

     (c) On or prior to the date the same is required to be withheld:

          (i) Full payment (in cash or by check) of any amount that must be
withheld by the Company for federal, state and/or local tax purposes; or

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          (ii) Subject to the Administrator's consent, full payment by delivery
to the Company of shares of the Common Stock owned by the Optionee duly endorsed
for transfer to the Company by the Optionee or other person then entitled to
exercise such Option or portion with an aggregate Fair Market Value equal to the
amount that must be withheld by the Company for federal, state and/or local tax
purposes; or

          (iii) Subject to the Administrator's consent, full payment by
retention by the Company of shares of Common Stock to be issued pursuant to such
Option exercise with an aggregate Fair Market Value equal to the amount that
must be withheld by the Company for federal, state and/or local tax purposes; or

          (iv) Any combination of payments provided for in the foregoing
subsections (i), (ii) or (iii).

     (d) Such representations and documents as the Administrator, in its
absolute discretion, deems necessary or advisable to effect compliance with all
applicable provisions of the Securities Act and any other federal or state
securities laws or regulations.  The Administrator may, in its absolute
discretion, also take whatever additional actions it deems appropriate to effect
such compliance including, without limitation, placing legends on share
certificates and issuing stop-transfer orders to transfer agents and registrars;
and

     (e) In the event that the Option or portion thereof shall be exercised by
any person or persons other than the Optionee, appropriate proof of the right of
such person or persons to exercise the Option or portion thereof.

Section 5.4 - Conditions to Issuance of Stock and/or Stock Certificates

     The shares of stock issuable and deliverable upon the exercise of an
Option, or any portion thereof, may be either previously authorized but unissued
shares or issued shares which have then been reacquired by the Company.  The
Company shall not be required to issue any shares of Common Stock or deliver any
certificate or certificates for shares of Common Stock or other evidence of
ownership of shares purchased upon the exercise of any Option or portion thereof
prior to fulfillment of all of the following conditions:

     (a) The admission of such shares to listing on all stock exchanges on which
such class of stock is then listed; and

     (b) The completion of any registration or other qualification of such
shares under any state or federal law or under the rulings or regulations of the
Securities and Exchange Commission or any other governmental regulatory body,
which the Administrator shall, in its absolute discretion, deem necessary or
advisable; and

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     (c) The obtaining of any approval or other clearance from any state or
federal governmental agency which the Administrator shall, in its absolute
discretion, determine to be necessary or advisable; and

     (d) The payment to the Company (or other employer corporation) of all
amounts which it is required to withhold under federal, state or local law in
connection with the exercise of the Option; and

     (e) The lapse of such reasonable period of time following the exercise of
the Option as the Administrator may establish from time to time for reasons of
administrative convenience.

Section 5.5 - Expiration of Options

     (a) Subject to the provisions of Section 5.5(b), the Administrator shall
provide, in the terms of each individual Option, when such Option expires and
becomes unexercisable; and (without limiting the generality of the foregoing)
the Administrator may provide in the terms of individual Options that the
unvested portion of said Option expires immediately upon a Termination of
Employment for any reason.

     (b) In the event of Termination of Employment of an Optionee by reason of
death or Disability, his Option(s) may not be exercised to any extent by anyone
after the expiration of twelve (12) months from such Termination of Employment,
unless otherwise determined by the Administrator for a specifically designated
Option.

Section 5.6 - Rights as Stockholders

     The holders of Options shall not be, nor have any of the rights or
privileges of, stockholders of the Company in respect of any shares purchasable
upon the exercise of any part of an Option unless and until such shares have
been issued by the Company to such holders.

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Section 5.7 - Transfer Restrictions on Shares

     The Administrator, in its absolute discretion, may impose such restrictions
on the transferability of the shares purchasable upon the exercise of an Option
as it deems appropriate.  Any such restriction shall be set forth in the
respective Stock Option Grant and may be referred to on the certificates
evidencing such shares and/or through the issuance of stop-transfer orders to
transfer agents and registrars.  The Administrator may require the Optionee to
give the Company prompt notice of any disposition of shares of stock, acquired
by exercise of any stock options, within two years from the date of granting
such option or one year after the transfer of such shares to such Optionee.  The
Administrator may direct that certificates evidencing shares or other evidence
of ownership of such shares acquired by exercise of any stock options refer to
such requirement to give prompt notice of disposition.

                                  ARTICLE VI.

                                 ADMINISTRATION

Section 6.1 - Committee

     The Administrator of the Plan with respect to Options granted to Employees
who are not Section 16 Insiders shall be the Compensation Committee.  The
Administrator of the Plan with respect to Options granted to Section 16 Insiders
shall be the Board; provided, that the Board is authorized to delegate to the
Compensation Committee or other Board committee designated as the Administrator
such administrative powers with respect to the Plan as it deems appropriate but
only to the extent that the requirements of the exemption under Rule 16b-3 are
met with respect to Options granted to Section 16 Insiders.  In either case, the
Board has the authority to designate another committee or a subcommittee of the
Board to administer the Plan, consisting solely of two or more Directors
appointed by, and serving on such committee at the pleasure of, the Board.
Appointment of members of such committee shall be effective upon acceptance of
appointment.  Such members may resign at any time by delivering written notice
to the Board.  Vacancies in such committee shall be filled by the Board.

Section 6.2 - Duties and Powers of the Administrator

     (a) The Administrator is authorized to grant Options, including determining
the terms of the Options, granted under the Plan.  It shall be the duty of the
Administrator to conduct the general administration of the Plan in accordance
with its provisions.  The Administrator shall have the power to interpret the
Plan and the Stock Option Grants, and to adopt such rules for the
administration, interpretation and application of the Plan and the Stock Option
Grants as are consistent therewith and to interpret, amend or revoke any such
rules.

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Section 6.3 - Majority Rule; Written Consent

     The Administrator shall act by a majority of its members in office.  The
Administrator may act either by vote at a meeting at which a quorum is present
or by a memorandum or other written instrument signed by a majority of the
members of the Administrator.

Section 6.4 - Compensation; Professional Assistance; Good Faith Actions

     Members of the Administrator shall receive such compensation, if any, for
their services as members as may be determined by the Board.  All expenses and
liabilities incurred by members of the Administrator in connection with the
administration of the Plan shall be borne by the Company.  The Administrator may
employ attorneys, consultants, accountants, appraisers, brokers, administrative
service providers or other persons.  The Administrator, the Company and its
Officers and Directors shall be entitled to rely upon the advice, opinions or
valuations of any such persons.  All actions taken and all interpretations and
determinations made by the Administrator in good faith shall be final and
binding upon all Optionees, the Company and all other interested persons.  No
member of the Administrator shall be personally liable for any action,
determination or interpretation made in good faith with respect to the Plan or
the Options, and all members of the Administrator shall be fully protected by
the Company in respect to any such action, determination or interpretation.

                                  ARTICLE VII.

                               CHANGE OF CONTROL

Section 7.1 - Automatic Acceleration of Vesting of Options

     Notwithstanding the  provisions of Section 4.3, all outstanding Options
which are at least 50% vested prior to a Change of Control, shall vest
immediately upon the occurrence of a Change of Control; subject to the
provisions of Sections 7.2 and 7.4 hereunder.

Section 7.2 - Administrator's Powers Upon a Change of Control

     In the event of a Change of Control, the Administrator, in its sole
discretion, and on such terms and conditions as it deems appropriate, either by
the terms of the Option, or by action taken prior to the occurrence of such
transaction or event and either automatically or upon the Optionee's request, is
hereby authorized to take any one or more of the following actions whenever the
Administrator determines that such action is appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended by the
Company to be made available under the Plan or with respect to any Option,
granted or issued under the Plan or to facilitate such transaction or event:

          (i) To provide for either the purchase of any such Option, for an
amount of cash equal to the amount that could have been obtained upon the
exercise of such Option or

                                       15
<PAGE>

realization of the Optionee's rights had such Option been currently exercisable
or payable or fully vested or the replacement of such Option, with other rights
or property selected by the Administrator in its sole discretion;

          (ii) To provide that such Option shall be exercisable as to all shares
covered thereby, notwithstanding anything to the contrary in the Plan or the
provisions of such Option;

          (iii) To provide that such Option be assumed by the successor or
survivor corporation, or a parent or subsidiary thereof, or shall be substituted
for by similar options, rights or awards covering the stock of the successor or
survivor corporation, or a parent or subsidiary thereof, with appropriate
adjustments as to the number and kind of shares and prices;

          (iv) To make adjustments in the number and type of shares of Common
Stock (or other securities or property) subject to outstanding Options, and/or
in the terms and conditions of (including the grant or exercise price), and the
criteria included in, outstanding Options, or Options which may be granted in
the future; and

          (v) To provide that immediately upon the consummation of such event,
such Option shall not be exercisable and shall terminate; provided, that for a
specified period of time prior to such event, such Option shall be exercisable
in full, notwithstanding anything to the contrary in the Plan or the provisions
of such Option.

Section 7.3 - Assumption of Options or Substitutions of Equity Awards by
Successors

     If the Company undergoes an Change of Control, then any surviving
corporation or entity or acquiring corporation or entity, or affiliate of such
corporation or entity, may assume any Options outstanding under the Plan or may
substitute similar stock awards (including an award to acquire the same
consideration paid to the stockholders in the Change of Control transaction)for
Options outstanding under the Plan.

Section 7.4 - Impact of Options Upon Pooling of Interests

     Notwithstanding the foregoing, in the event that the Company becomes a
party to a transaction that is intended to qualify for "pooling of interests"
accounting treatment and, but for one or more of the provisions of this Plan or
any Option would so qualify, then this Plan and any such agreement shall be
interpreted so as to preserve such accounting treatment, and to the extent that
any provision of the Plan or any such agreement would disqualify the transaction
from pooling of interests accounting treatment then such provision shall be null
and void.  All determinations to be made in connection with the preceding
sentence shall be made by the independent accounting firm whose opinion with
respect to "pooling of interests" treatment is required as a condition to the
Company's consummation of such transaction.  The existence of the Plan, any
Option shall not affect or restrict in any way the right or power of the Company
or the stockholders of the Company to make or authorize any adjustment,
recapitalization, reorganization or other change in the Company's capital
structure or its business, any merger or

                                       16
<PAGE>

consolidation of the Company, any issue of stock or of options, warrants or
rights to purchase stock or of bonds, debentures, preferred or prior preference
stocks whose rights are superior to or affect the Common Stock or the rights
thereof or which are convertible into or exchangeable for Common Stock, or the
dissolution or liquidation of the Company, or any sale or transfer of all or any
part of its assets or business, or any other corporate act or proceeding,
whether of a similar character or otherwise.

                                 ARTICLE VIII.

                                OTHER PROVISIONS

Section 8.1 - Transferability of Options

     Options granted under this Plan may not be sold, pledged, assigned, or
transferred in any manner otherwise than by will or the laws of descent or
distribution.  Notwithstanding the foregoing provisions of this Section 8.1, the
Administrator may provide that an Option may be transferred to an Immediate
Family member; provided, however, that any such transfer is without payment of
any consideration whatsoever, that no such transfer shall be valid unless first
approved by the Administrator, acting in its sole discretion, and that any
Option so transferred shall remain subject to the terms and conditions of this
Plan and the Stock Option Grant.

Section 8.2 - Amendment, Suspension or Termination of the Plan

     The Plan may be wholly or partially amended or otherwise modified or
suspended by the Administrator; provided, that stockholder approval shall be
required for any amendments or modifications which change the number of shares
of Common Stock or otherwise are required to be submitted to a vote of
stockholders of the Company pursuant to the requirements of any exchange on
which the Company's shares are then listed, the Exchange Act or pursuant to
Section 422 of the Code.  In such event, the amendment or modification shall be
effective upon the affirmative vote of a majority of shares voting.  The Plan
may be  terminated at any time or from time to time by the Board. However,
neither the amendment, suspension nor termination of the Plan shall, without the
consent of the holder of the each outstanding Option granted hereunder, impair
any rights or obligations under any Option theretofore granted.  No Option may
be granted during any period of suspension nor after termination of the Plan.

Section 8.3 - Effect of Plan Upon Other Option and Compensation Plans

     The adoption of this Plan shall not affect any other compensation or
incentive plans in effect for the Company, any Parent Corporation or any
Subsidiary.  Nothing in this Plan shall be construed to limit the right of the
Company, any Parent Corporation or any Subsidiary (a) to establish any other
forms of incentives or compensation for Employees of the Company, any Parent
Corporation or any Subsidiary or (b) to grant or assume options or other rights
otherwise than under this Plan in connection with any proper corporate purpose,
including, but not by way

                                       17
<PAGE>

of limitation, the grant or assumption of options in connection with the
acquisition by purchase, lease, merger, consolidation or otherwise, of the
business, stock or assets of any corporation, firm or association.

Section 8.4 - Miscellaneous

     (a) No person shall have any claim or right to be granted an Option under
this Plan.  The grant of an Option under this Plan shall not confer any right on
the Optionee to continue in the employ of or association with the Company or
limit in any way the right of the Company to terminate such employment.

     (b) The Company shall have the right to condition exercise of Options
granted pursuant to this Plan upon satisfactory arrangements to assure that, to
the extent the exercise of such Options shall result in realization by the
person exercising such Options of income subject to a requirement that taxes be
withheld with respect to such income, the amount of such taxes shall be provided
by the Optionee at the time of exercise of the Options or the number of Shares
issuable upon such exercise shall be reduced and withheld to satisfy such tax
obligations.

Section 8.5 - Compliance with Laws

     The Plan, the granting and vesting of Options under the Plan and the
issuance and delivery of shares of Common Stock and the payment of money under
the Plan or in connection with options granted or awarded hereunder are subject
to compliance with all applicable federal and state laws, rules and regulations
(including but not limited to state and federal securities law and federal
margin requirements) and to such approvals by any listing, regulatory or
governmental authority as may, in the opinion of counsel for the Company, be
necessary or advisable in connection therewith.  Any securities delivered under
the Plan shall be subject to such restrictions, and the person acquiring such
securities shall, if requested by the Company, provide such assurances and
representations to the Company as the Company may deem necessary or desirable to
assure compliance with all applicable legal requirements.  To the extent
permitted by applicable law, the Plan and Options granted or awarded hereunder
shall be deemed amended to the extent necessary to conform to such laws, rules
and regulations.

Section 8.6 - Titles

     Titles are provided herein for convenience only and are not to serve as a
basis for interpretation or construction of the Plan.

Section 8.7 - Governing Law

     This Plan and any agreements hereunder shall be administered, interpreted
and enforced under the internal laws of the State of Delaware, without regard to
conflicts of laws thereof.

                                       18
<PAGE>

**********

     I hereby certify that the foregoing Grubb & Ellis Company 2000 Stock Option
Plan was duly adopted by the holders of the Common Stock of the Company as of
November 16, 2000.

     Executed on this _____ day of_______________, 2000.

                              /s/Carol Vanairsdale
                              --------------------
                              Vice President and Assistant General
                                Counsel

                                       19<PAGE>

                                                                    EXHIBIT 10.3
                                 PLEDGE AGREEMENT
                                 ----------------

          THIS PLEDGE AGREEMENT (this "Agreement") made as of this 31st day of
December, 2000 is between LANDAUER REALTY GROUP, INC., a Florida corporation
having its principal place of business and chief executive office at 2215
Sanders Road, Suite 400, Northbrook, Illinois 60062 ("Pledgor"), and BANK OF
AMERICA, N.A., a national banking association having an office at 231 South
LaSalle Street, Chicago, Illinois 60697 ("Pledgee"), as Administrative Agent on
behalf of itself and all Lenders (as hereinafter defined).

                                 RECITALS:

          WHEREAS, Grubb & Ellis Company, a Delaware corporation ("Borrower"),
has entered into a Credit Agreement of even date herewith (as the same may
hereafter be amended, restated, supplemented or otherwise modified from time to
time, the "Credit Agreement") with Pledgee for the benefit of all lenders
thereunder ("Lenders"), and the Lenders from time to time as parties thereto;
and

          WHEREAS, Borrower owns 100% of the issued and outstanding capital
stock of Pledgor; and

          WHEREAS, Pledgor is the legal and beneficial owner of the issued and
outstanding capital stock described on Exhibit A hereto; and

          WHEREAS, Borrower has received, and may hereafter receive, loans and
other financial accommodations from Lenders under the Credit Agreement, as a
result of which it has incurred, and expects simultaneously with the delivery of
this Agreement to, and will hereafter, incur, "Borrower Obligations" (as that
term is defined in the Credit Agreement) to Lenders; and

          WHEREAS, as a Wholly Owned Subsidiary of Borrower, Pledgor will derive
substantial benefit from the loans and other financial accommodations to
Borrower; and

          WHEREAS, Pledgor wishes to grant further security and assurance to
Pledgee, for itself and the benefit of all Lenders, in order to secure the
performance of the Borrower Obligations to Pledgee and the Lenders under the
Credit Agreement and to that effect to pledge to Pledgee, for itself and the
benefit of all Lenders, all of the present and future capital stock of the
Subsidiaries owned by Pledgor;

          NOW, THEREFORE, in consideration of the foregoing recitals (which are
incorporated herein by this reference thereto as though fully set forth below)
and in order to induce Pledgee and Lenders to extend credit and make other
financial accommodations under the Credit Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which
<PAGE>

are hereby acknowledged, Pledgor hereby agrees with Pledgee, on behalf of and
for the ratable benefit of Lenders, as follows:

          1.  Defined Terms.  Unless otherwise defined herein, all capitalized
terms used herein shall have the meanings given to such terms in the Credit
Agreement. Terms defined in the Illinois Uniform Commercial Code which are not
otherwise defined in this Agreement or in the Credit Agreement are used in this
Agreement as defined in the Illinois Uniform Commercial Code as in effect on the
date hereof.

          2.  Pledge.  Pledgor hereby pledges, assigns, hypothecates, transfers,
delivers and grants to Pledgee, for itself and the benefit of all Lenders, a
first lien (other than Inchoate Tax Liens) on and security interest in (a) all
of the capital stock of each Domestic Subsidiary, which is a corporation, except
those Domestic Subsidiaries described in Schedule I hereto and the capital stock
of each Foreign Subsidiary, which is a corporation (in no event to exceed 66% of
the capital stock such Foreign Subsidiary), except those Foreign Subsidiaries
described in Schedule I hereto, in each case now or hereafter owned by Pledgor
(the "Pledged Shares"), (b) all other property hereafter delivered to Pledgor in
substitution for or in addition to the Pledged Shares, (c) any other property of
Pledgor, as described in Section 4 below or otherwise, now or hereafter
delivered by Pledgor to Pledgee, and (d) any and all proceeds thereof (all such
property being hereinafter referred to collectively as the "Collateral"), as
collateral security for (i) the prompt and complete payment and performance when
due (whether at the stated maturity, by acceleration or otherwise) of all of the
Borrower Obligations, and (iii) the due and punctual payment and performance by
Pledgor of its obligations and liabilities under, arising out of, or in
connection with this Agreement including, without limitation, any taxes and
expenses payable pursuant to Section 18 hereof (all of the foregoing being
hereinafter referred to collectively as the "Liabilities"). Other than with
respect to those Subsidiaries listed on Schedule I hereto, all of the issued and
outstanding capital stock of each Domestic Subsidiary and up to 66% of the
capital stock of each Foreign Subsidiary presently owned by Pledgor is
represented by stock certificates listed on Exhibit A hereto, which stock
certificates, together with undated stock powers duly executed in blank by
Pledgor, are being delivered to Pledgee simultaneously herewith. Pledgee shall
maintain possession and custody of the certificates representing the Pledged
Shares in accordance with Section 5 below and shall return the Pledged Shares in
accordance with said section.

          3.  Representations and Warranties of Pledgor.  Pledgor represents and
warrants to Pledgee, for the benefit of the Lenders, that:

               (a) With respect to each Subsidiary the shares of which are
pledged hereunder, Exhibit A sets forth (i) the authorized capital stock of each
such Subsidiary other than those Subsidiaries listed on Schedule I hereto, (ii)
the number of shares of capital stock of each such Subsidiary that are issued
and outstanding as of the date hereof and (iii) the number of shares of capital
stock of each such Subsidiary held in its treasury. Pledgor is the record and
beneficial owner of, and has good and marketable title to, the Pledged Shares,
and the Collateral is free and clear of all Liens except the Liens created by
this Agreement;
<PAGE>

               (b) Pledgor has full power, authority and legal right to execute
the pledge provided for herein and to pledge the Collateral to Pledgee, for the
ratable benefit of Lenders;

               (c) this Agreement has been duly authorized, executed and
delivered by Pledgor and constitutes a legal, valid and binding obligation of
Pledgor enforceable in accordance with its terms;

               (d) Pledgor holds no options, warrants or other agreements with
respect to the issuance of additional shares of capital stock of any Subsidiary
and, to the best of Pledgor's knowledge, no options, warrants or other
agreements with respect to issuance of additional shares of capital stock of any
Subsidiary exist;

               (e) the Pledged Shares have been duly and validly authorized and
issued, are fully paid and non-assessable and represent the issued and
outstanding shares of capital stock of each Restricted Subsidiary as described
in Exhibit A;

               (f) no consent, approval or authorization of or designation or
filing with any federal, state or other governmental authority or regulatory
body on the part of Pledgor is required in connection with the execution,
delivery and performance of this Agreement, the granting of Liens in the
Collateral by Pledgor or the exercise by Pledgee, for the benefit of Pledgee and
Lenders, of the voting and other rights provided for in this Agreement;

               (g) the execution, delivery and performance of this Agreement by
Pledgor will not violate any provision of (i) any applicable law or regulation,
(ii) any order, judgment, writ, award or decree of any court, arbitrator or
governmental authority, domestic or foreign, (iii) the charter or by-laws of
Pledgor or any Subsidiary, (iv) any securities issued by Pledgor or any
Subsidiary, or (v) any mortgage, indenture, lease, contract, or other agreement,
instrument or undertaking to which Pledgor or any; Subsidiary is a party or
which purports to be binding upon Pledgor or such Subsidiary or upon any of
their respective assets, and will not result in the creation or imposition of
any Lien on any of the assets of Pledgor or any Subsidiary except as
contemplated by this Agreement; and

               (h) the pledge, assignment and delivery of the Collateral
pursuant to this Agreement creates a valid first Lien on the Collateral in favor
of Pledgee, for the benefit of Pledgee and Lenders, subject to no other Liens
nor to any agreement purporting to grant to any third party any Liens in the
property or assets of Pledgor which would include the Collateral (in each case,
other than Liens permitted by the Credit Agreement.) Pledgor covenants and
agrees that it will defend all of the right, title and interest of Pledgee in
and to the Collateral, for the benefit of Pledgee and the Lenders, against the
claims and demands of all persons whomsoever other than Liens permitted by the
Credit Agreement.

          4.  Stock Dividends, Distributions, etc.  If, while this Agreement
is in effect, Pledgor shall become entitled to receive or shall receive any
stock certificate (including, without
<PAGE>

limitation, any certificate representing a stock dividend or a stock
distribution in connection with any reclassification, increase or reduction of
capital, or issued in connection with any reorganization, merger or
consolidation), or any options or rights, whether as an addition to, in
substitution for, or in exchange for any of the Pledged Shares or otherwise,
Pledgor agrees to accept the same as Pledgee's agent and to hold the same in
trust for Pledgee, and to deliver the same forthwith to Pledgee in the exact
form received, with the endorsement of Pledgor when necessary and/or appropriate
undated stock powers duly executed in blank, to be held by Pledgee as additional
collateral security for the Liabilities. In case any distribution of capital
shall be made to Pledgor on or in respect of the Pledged Shares or any property
shall be distributed to Pledgor upon or with respect to the Pledged Shares
pursuant to the recapitalization or reclassification of the capital of the
issuer thereof or pursuant to the reorganization, merger or consolidation
thereof, the property so distributed shall be delivered, to the extent permitted
pursuant to the Credit Agreement and provided no Event of Default exists and is
continuing, to Pledgor and will constitute additional collateral security for
the Liabilities. Upon the occurrence and during the continuance of an Event of
Default and at the request of Pledgee at the direction of the Required Lenders,
all sums of money and property so paid or distributed shall be paid to Pledgee
and applied in accordance with the terms and provisions of the Credit Agreement.

          5.  Administration of Security.  The following provisions shall govern
the administration of the Pledged Shares:

               (a) So long as no Event of Default has occurred and is
continuing, Pledgor shall be entitled (subject to the other provisions hereof
and the Credit Agreement, including, without limitation, Section 8 below and
Section 8 of the Credit Agreement) (i) to vote or consent with respect to the
Pledged Shares and to otherwise exercise the incidents of ownership thereof in
any manner not inconsistent with this Agreement, the Credit Agreement or any of
the other Loan Documents; and (ii) to receive cash dividends or other
distributions in the ordinary course made in respect of the Pledged Shares.
Pledgor hereby grants to Pledgee or its nominee, for the ratable benefit of
Lenders, an irrevocable proxy to exercise all voting and corporate rights
relating to the Pledged Shares in any instance, including, without limitation,
to approve any merger involving any Subsidiary as a constituent corporation,
which proxy shall be exercisable immediately upon the occurrence of an Event of
Default and for so long as such Event of Default is continuing. After the
occurrence and during the continuance of an Event of Default and upon request of
Pledgee, Pledgor agrees to deliver to Pledgee such further evidence of such
irrevocable proxy or such further irrevocable proxies to vote the Pledged Shares
as Pledgee may request.

               (b) Upon the occurrence and during the continuance of an Event of
Default, in the event that Pledgor, as record and beneficial owner of the
Pledged Shares, shall have received or shall have become entitled to receive any
cash dividends or other distributions in the ordinary course, Pledgor shall
deliver to Pledgee, and Pledgee shall be entitled to receive and retain, on
behalf of Pledgee and Lenders, all such cash or other distributions as
additional collateral security for the Liabilities; provided, however, that upon
such Event of Default being cured (provided that no part of the Borrower
Obligations shall have been accelerated pursuant to subsection 8.3 of the Credit
Agreement), Pledgee shall return such portion of any such cash
<PAGE>

dividends or other distributions received and retained by Pledgee as have not
been applied to cure such Event of Default to Pledgor.

               (c) Subject to any sale or other disposition by Pledgee of the
Pledged Shares or other property pursuant to this Agreement, upon full payment,
satisfaction and termination of all of the Liabilities (other than contingent
indemnification obligations to the extent no unsatisfied claim giving rise
thereto has been asserted) and the termination pursuant to Section 15 hereof of
the Liens hereby granted, the Pledged Shares and any other property then held as
part of the collateral security for the Liabilities in accordance with the
provisions of this Agreement shall be returned to Pledgor.

          6.  Rights of Pledgee.  Neither Pledgee nor Lenders shall be liable
for any failure to collect or realize upon the Liabilities or any collateral
security or guaranty therefor, or any part thereof, or for any delay in so
doing, nor shall Pledgee or any Lender be under any obligation to take any
action whatsoever with regard thereto. Any or all of the Collateral held by
Pledgee hereunder may, if an Event of Default has occurred and is continuing,
without notice, be registered in the name of Pledgee or its nominee, for the
benefit of Pledgee and the Lenders, and Pledgee or its nominee may thereafter
without notice exercise all voting and corporate rights at any meeting with
respect to a Subsidiary whose shares are pledged hereunder and exercise any and
all rights of conversion, exchange, subscription or any other rights, privileges
or options pertaining to any of the Pledged Shares, for the benefit of Pledgee
and Lenders, as if Pledgee or its nominee were the absolute owner thereof,
including, without limitation, the right to vote in favor of, and to exchange at
its discretion any and all of the Collateral upon the merger, consolidation,
reorganization, recapitalization or other readjustment with respect to a
Subsidiary whose shares are pledged hereunder or upon the exercise by a
Subsidiary whose shares are pledged hereunder or Pledgee, on behalf of Pledgee
and Lenders, of any right, privilege or option pertaining to any of the
Collateral, and in connection therewith, to deposit and deliver any and all of
the Collateral with any committee, depositary, transfer agent, registrar or
other designated agency upon such terms and conditions as Pledgee may determine,
all without liability except to account for property actually received by
Pledgee, but Pledgee shall have no duty to exercise any of the aforesaid rights,
privileges or options and shall not be responsible for any failure to do so or
delay in so doing.

          7.  Remedies.  Upon the occurrence and during the continuance of an
Event of Default, Pledgee, on behalf of Pledgee and Lenders, without demand of
performance or other demand, advertisement or notice of any kind (except the
notice specified below of time and place of public or private sale) to or upon
Pledgor or any other Person (all and each of which demands, advertisements
and/or notices are hereby expressly waived), may forthwith collect, receive,
appropriate and realize upon the Collateral, or any part thereof, and/or may
forthwith sell, assign, give an option or options to purchase, contract to sell
or otherwise dispose of (including any disposition in connection with a merger
of a Subsidiary) and deliver the Collateral, or any part thereof, in one or more
portions at public or private sale or sales or transactions, at any exchange,
broker's board or at any of Pledgee's offices or elsewhere upon such terms and
conditions as Pledgee may deem advisable and at such prices as it may deem best,
for any combination of cash
<PAGE>

and/or securities or other property or on credit or for future delivery without
assumption of any credit risk, with the right to Pledgee upon any such sale or
sales, public or private, to purchase, on behalf of Pledgee and Lenders, the
whole or any part of the Collateral so sold free of any right or equity of
redemption in Pledgor, which right or equity of redemption Pledgor hereby
expressly waives and releases. Pledgee shall apply the net proceeds of any such
collection, recovery, receipt, appropriation, realization, sale or disposition,
after deducting all costs and expenses of every kind incurred therein or
incidental to the safekeeping or otherwise of any and all of the Collateral or
in any way relating to the rights of Pledgee or Lenders hereunder, including
attorneys' fees and expenses, to the payment, in whole or in part, of the
Liabilities in such order (unless a court of competent jurisdiction shall
otherwise direct) as Pledgee may elect. Pledgor shall remain liable for any
deficiency remaining unpaid after such application. Only after so paying over
such net proceeds and after the payment by Pledgee of any other amount required
by any provision of law, including, without limitation, Section 9-504(1)(c) of
the Uniform Commercial Code of the State of Illinois, need Pledgee account for
the surplus, if any, to Pledgor. Pledgor agrees that Pledgee need not give more
than ten days' notice of the time and place of any public sale or of the time
after which a private sale or other intended disposition is to take place and
that such notice shall constitute commercially reasonable notification of such
matters. No notification need be given to Pledgor if Pledgor has signed after
default a statement renouncing any right to notification of sale or other
intended disposition. In addition to the rights and remedies granted to Pledgee
and Lenders in this Agreement and in any of the other Loan Documents, Pledgee
and Lenders shall have all the rights and remedies of secured parties under the
Uniform Commercial Code of the State of Illinois and under any other applicable
law. Pledgor further agrees to waive and agrees not to assert any rights or
privileges which it may acquire under Section 9-112 of the Uniform Commercial
Code of the State of Illinois and Pledgor shall be liable for the deficiency if
the proceeds of any sale or other disposition of the Collateral are insufficient
to pay the Liabilities in full.

          8.  No Disposition, Liens, etc.  Except as expressly permitted
pursuant to the Credit Agreement, without the prior written consent of Pledgee,
Pledgor agrees that it will not sell, assign, transfer, exchange, or otherwise
dispose of, or grant any option with respect to, any of the Collateral, nor
create, incur or permit to exist any Lien (other than Inchoate Tax Liens) on any
of the Collateral, or any interest therein, or any proceeds thereof, except for
the Liens granted pursuant to this Agreement. Except as permitted under the
Credit Agreement, Pledgor agrees that it will not vote to enable, and will not
otherwise permit any Subsidiary to (a) issue any stock or other securities of
any nature in addition to or in exchange or substitution for the Pledged Shares
or (b) dissolve, liquidate, retire any of its capital stock, reduce its capital
or merge or consolidate with any other Person.

          9.  Sale of Pledged Shares.  (a) Pledgor acknowledges that Pledgee may
be unable to effect a public sale or disposition (including, without limitation,
any disposition in connection with a merger of a Subsidiary) of any or all the
Collateral by reason of certain prohibitions contained in the Securities Act of
1933, as amended (the "Securities Act"), and applicable state securities laws,
but may be compelled to resort to one or more private sales or dispositions
thereof to a restricted group of purchasers who will be obliged to agree, among
other
<PAGE>

things, to acquire such securities for their own account for investment and not
with a view to the distribution or resale thereof. Pledgor acknowledges that any
such private sale or disposition may result in prices and other terms (including
the terms of any securities or other property received in connection therewith)
less favorable to the seller than if such sale or disposition were a public sale
or disposition and, shall not be deemed commercially unreasonable solely because
such sale is a private sale. Pledgee shall be under no obligation to delay a
sale or disposition of any of the Collateral in order to permit Pledgor or any
Subsidiary to register such securities for public sale under the Securities Act,
or under applicable state securities laws, even if Pledgor or such Subsidiary
would agree to do so.

               (b) Pledgor further agrees to do or cause to be done all such
other reasonable acts and things as may be necessary to make any sale or other
disposition of all or any portion of the Collateral valid and binding and in
compliance with any and all applicable laws, regulations, orders, writs,
injunctions, decrees or awards of any and all courts, arbitrators or
governmental instrumentalities, domestic or foreign, having jurisdiction over
any such sale or sales or dispositions, all at Pledgor's expense.

               (c) Pledgor further agrees to indemnify and hold harmless Pledgee
and each Lender and their respective successors and assigns, officers,
directors, employees and agents, and any Person in control of any thereof, from
and against any loss, liability, claim, damage and expense, including, without
limitation, attorneys' fees and expenses (in this paragraph collectively called
the "Indemnified Liabilities"), under federal and state securities laws or
otherwise insofar as such loss, liability, claim, damage or expense (i) arises
out of or is based upon any untrue statement or alleged untrue statement of a
material fact contained in any registration statement, prospectus or offering
memorandum, any preliminary prospectus or preliminary offering memorandum, any
amendment or supplement to any thereof or any other writing prepared in
connection with the offer, sale or resale of all or any portion of the
Collateral (collectively, the "Disclosure Documents") unless such untrue
statement of material fact was provided by Pledgee or such Lender specifically
for inclusion therein, or (ii) arises out of or is based upon any omission or
alleged omission to state a material fact required to be stated or necessary to
make the statements in any of the Disclosure Documents not misleading, such
indemnification to remain operative regardless of any investigation made by or
on behalf of Pledgee, any Lender and their respective successors and assigns,
officers, directors, employees and agents, or any Person in control of any
thereof. In connection with a public sale or other distribution, Pledgor shall
provide customary indemnification to any underwriters and their respective
successors and assigns, officers and directors, and each Person who controls any
such underwriter (within the meaning of the Securities Act). If and to the
extent that any of the foregoing undertakings in this paragraph may be
unenforceable for any reason, Pledgor agrees to make the maximum contribution to
the payment and satisfaction of each of the Indemnified Liabilities which is
permissible under applicable law. The obligations of Pledgor under this
paragraph (c) shall survive the termination of this Agreement.
<PAGE>

               (d) Pledgor further agrees to waive any and all rights of
subrogation it may have against any Subsidiary upon the sale or other
disposition of all or any portion of the Collateral by Pledgee.

          10.  Further Assurances.  Pledgor agrees that at any time and from
time to time upon the written request of Pledgee, Pledgor will execute and
deliver all stock powers, financing statements and other documents and do such
further acts and things as Pledgee may reasonably request consistent with the
provisions hereof in order to effect the purposes of this Agreement.

          11.  Severability.  Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

          12.  No Waiver; Cumulative Remedies.  Pledgee shall not by any act,
delay, omission or otherwise be deemed to have waived any of its remedies
hereunder, and no waiver by Pledgee shall be valid unless in writing and signed
by Pledgee, on behalf of the Lenders, and then only to the extent therein set
forth. A waiver by Pledgee of any right or remedy hereunder on any one occasion
shall not be construed as a bar to any right or remedy which Pledgee would
otherwise have on any subsequent occasion. No course of dealing between Pledgor
and Pledgee or any Lender and no failure to exercise, nor any delay by Pledgee
in exercising any right, power or privilege hereunder or under the Credit
Agreement, on behalf of Lenders, shall impair such right or remedy or operate as
a waiver thereof; nor shall any single or partial exercise of any right, power
or privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies herein
provided are cumulative and may be exercised singly or concurrently, and are not
exclusive of any rights or remedies provided by law.

          13.  Successors and Assigns.  This Agreement and all obligations of
Pledgor hereunder shall be binding upon the successors and assigns of Pledgor,
and shall, together with the rights and remedies of Pledgee and Lenders
hereunder, inure to the benefit of Pledgee and Lenders and their successors and
assigns, except that Pledgor shall not have the right to assign its rights or
obligations under this Agreement or any interest herein without the prior
written consent of Pledgee.

          14.  Applicable Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND BE
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF
ILLINOIS (WITHOUT REFERENCE TO CONFLICTS OF LAW PRINCIPLES).

          15.  Termination.  This Agreement and the Liens granted hereunder
shall terminate upon the full and complete performance and satisfaction of the
Liabilities (other than contingent indemnification obligations to the extent no
unsatisfied claim giving rise thereto has been asserted).
<PAGE>

          16.  Possession of Collateral.  Beyond the exercise of reasonable care
to assure the safe custody of the Collateral in the physical possession of
Pledgee pursuant hereto, neither Pledgee nor any Lender, nor any nominee of any
of them, shall have any duty or liability to collect any sums due in respect of
the Collateral or to protect, preserve or exercise any rights pertaining to the
Collateral, and Pledgee, each Lender and any nominee thereof shall be relieved
of all responsibility for any portion of the Collateral surrendered to Pledgor.

          17.  Survival of Representations.  All representations and warranties
of Pledgor contained in this Agreement shall survive the execution and delivery
of this Agreement.

          18.  Taxes and Expenses.  Pledgor will upon demand pay to Pledgee, for
the benefit of Lenders, (a) any taxes (excluding income taxes, franchise taxes
or other taxes levied on gross earnings, profits or the like) payable or ruled
payable by any federal, state or other governmental authority in respect of this
Agreement, together with interest and penalties, if any, and (b) all expenses,
including the fees and expenses of attorneys, accountants, consultants or other
experts and agents that Pledgee or Lenders may retain in connection with (i) the
administration of this Agreement, (ii) the custody, preservation or sale of,
collection from, or other realization upon, any of the Collateral, (iii) the
exercise or enforcement of any of the rights and remedies of Pledgee or Lenders
hereunder or (iv) the failure of Pledgor to perform or observe any of the
provisions hereof.

          19.  Pledgee Appointed Attorney-In-Fact.  Pledgor hereby irrevocably
appoints Pledgee as Pledgor's attorney-in-fact, with full authority in the place
and stead of Pledgor and in the name of Pledgor or otherwise, from time to time
in Pledgee's discretion, to take any action and to execute any instrument that
Pledgee deems reasonably necessary or advisable to accomplish the purposes of
this Agreement, including, without limitation, to receive, endorse and collect
all instruments made payable to Pledgor representing any dividend, interest
payment or other distribution in respect of the Collateral and to give full
discharge for the same, when and to the extent permitted by this Agreement.

          20.  Notices.  Unless otherwise specifically provided herein, any
notice or other communication required or permitted to be given shall be in
writing addressed and delivered to the respective party as set forth in the
Credit Agreement. A notice not given as provided above shall, if it is in
writing, be deemed given if and when actually received by the party to whom
given.

          21.  Changes in Writing.  No amendment, modification, termination or
waiver of any provision of this Agreement or consent to any departure by Pledgor
therefrom, shall in any event be effective without the written concurrence of
Pledgee and Pledgor, and then only to the extent specifically set forth in such
writing.
<PAGE>

          22.  Headings.  Section and subsection headings in this Agreement are
included herein for convenience of reference only and shall not constitute a
part of this Agreement for any other purpose or be given any substantive effect.

          23.  Counterparts.  This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
instrument and any of the parties hereto may execute this Agreement by signing
any such counterpart.

          24.  Entire Agreement.  This Agreement embodies the entire agreement
and understanding among Pledgor, Pledgee and Lenders and supersedes all prior
oral and written agreements and understandings among Pledgor, Pledgee and
Lenders relating to the subject matter hereof.

          25.  WAIVER OF JURY TRIAL.  PLEDGOR, PLEDGEE AND EACH LENDER HEREBY
WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF THIS AGREEMENT AND THE OTTER LOAN DOCUMENTS.
PLEDGOR, PLEDGEE AND EACH LENDER ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL
INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS RELIED ON THE
WAIVER IN ENTERING INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THAT
EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS.
PLEDGOR, PLEDGEE AND EACH LENDER WARRANT AND REPRESENT THAT EACH HAS HAD THE
OPPORTUNITY OF REVIEWING THIS JURY WAIVER WITH LEGAL COUNSEL, AND THAT EACH
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS.

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed and delivered by their duly authorized officers on the date
first above written.

                                    LANDAUER REALTY GROUP, INC., a Florida
                                    corporation

                                    By:  /s/ Carol Vanairsdale
                                         ---------------------
                                    Its: Vice President
                                         ---------------------

                                    BANK OF AMERICA, N.A., as Administrative
                                    Agent

                                    By:  W. Thomas Barnett
                                         -----------------
                                    Its: Managing Director
                                         -----------------

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