This paper gives a detailed analysis of experiments on the kinetics of aggregation of lipid vesicles containing neural cell adhesion molecules (N-CAM). An explanation for the dependence of the "initial aggregation rate," kagg, on the square of the vesicle concentration is given, accounting both for Brownian motion of the vesicles and shear effects. A model in which trimers of N-CAM are one-half of the molecular unit bridging two vesicles explains the observed dependence of kagg on up to the sixth power of the lateral N-CAM concentration and corroborates electron micrographic evidence for N-CAM "triskelions."