Document:

Prepared by R.R. Donnelley Financial -- Second Supplemental Indenture

 EXHIBIT 4.1(c) 
  
 THIS SECOND SUPPLEMENTAL INDENTURE, dated as of December 4, 2003 (this “Second Supplemental Indenture”), is
by and among CB Richard Ellis Services, Inc., a Delaware corporation (“CB Richard Ellis Services”), Investors 1031, LLC, a Delaware limited liability company (the “Subsidiary Guarantor”), and U.S. Bank National
Association, as trustee (the “Trustee”). 
  
 W  I  T  N  E  S  S  E  T  H 
  
 WHEREAS, CB Richard Ellis Services (as successor by merger with CBRE Escrow, Inc.) and the Trustee are parties to an indenture dated as of May 22, 2003
and supplemented as of July 22, 2003 (as may be further supplemented from time to time, the “Indenture”), providing for the issuance of the Issuer’s 93⁄4% Senior Notes due May 15, 2010 (the “Notes”);

  
 WHEREAS, pursuant to Section 4.13 of the Indenture, after the
date of the Merger, CB Richard Ellis Services is required to cause each Restricted Subsidiary that Guarantees any Indebtedness of CB Richard Ellis Services to execute and deliver to the Trustee a supplemental indenture pursuant to which such
Restricted Subsidiary shall unconditionally and irrevocably guarantee CB Richard Ellis Services’ obligations with respect to the Notes on the terms set forth in the Indenture; and 
  
 WHEREAS, pursuant to Section 9.01(4) of the Indenture, the Trustee is authorized to execute and deliver this Second
Supplemental Indenture. 
  
 NOW, THEREFORE, for and in
consideration of the foregoing premises, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows: 
  

1.    Capitalized Terms.    Capitalized terms used herein without definition shall have the meanings
assigned to them in the Indenture. 
  
 2.    Agreement to Become Guarantor.    The Subsidiary Guarantor hereby unconditionally and irrevocably guarantees CB Richard Ellis Services’ obligations under the Notes and the Indenture
on the terms and subject to the conditions set forth in Article 10 of the Indenture and agrees to be bound by all other provisions of the Indenture and the Notes applicable to a Guarantor therein. 
  
 3.    Ratification of Indenture; Supplemental
Indenture Part of Indenture.    Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This
Second Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 
  

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 4.    Notices.    For purposes of Section 11.02 of the
Indenture, the address for notices to CB Richard Ellis Services and each of the Guarantors shall be: 
  
 c/o CB Richard Ellis Services, Inc. 
 865 South Figueroa Street 
 Suite 3500 
 Los Angeles, CA 90017 
 Attention: Kenneth J. Kay 
  
 5.    Governing Law.    This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 
  
 6.    Counterparts.    The
parties may sign any number of copies of this Second Supplemental Indenture. Each signed copy shall be an original, but all of them together shall represent the same agreement. 
  
 7.    Effect of Headings.    The section headings herein are for convenience
only and shall not affect the construction hereof. 
  
 8.    The Trustee.    The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Second Supplemental Indenture or for or in respect
of the recitals contained herein, all of which recitals are made solely by CB Richard Ellis Services and the Subsidiary Guarantor. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly
executed, all as of the date first above written. 
  

	CB RICHARD ELLIS SERVICES, INC.
		
	By:	 	/S/    ELLIS D. REITER,
JR.        
	 	 	

	 	 	Name:	 	Ellis D. Reiter, Jr.
	 	 	Title:	 	Executive President and Secretary
	
	INVESTORS 1031, LLC, as Subsidiary Guarantor
		
	By:	 	CB Richard Ellis Investors, LLC, as its Member-Manager
		
	By:	 	/S/    ELLIS D. REITER,
JR.        
	 	 	

	 	 	Name:	 	Ellis D. Reiter, Jr.
	 	 	Title:	 	Vice President and Assistant Secretary
		
	By:	 	CB Richard Ellis Investors, Inc.,
		
	By:	 	/S/    ELLIS D. REITER,
JR.        
	 	 	

	 	 	Name:	 	Ellis D. Reiter, Jr.
	 	 	Title:	 	Senior Vice President and Assistant Secretary
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/S/    PAULA M. OSWALD        
	 	 	

	 	 	Name:	 	Paula M. Oswald
	 	 	Title:	 	Vice President

  

 3Prepared by R.R. Donnelley Financial -- Option Agreement dated as of 07/08/2002-Kenneth J. Kay

 Exhibit 10.8 
  
 2001 CBRE HOLDING, INC. 
 STOCK INCENTIVE PLAN 
  
 OPTION AGREEMENT 
  
 THIS AGREEMENT (the
“Agreement”) is made effective as of the 8th day of July 2002, (the “Date of
Grant”), between CBRE Holding, Inc., a Delaware corporation (the “Company”), and Kenneth J. Kay (the “Participant”). Capitalized terms not otherwise defined herein shall have the same meanings given them in
the 2001 CBRE Holding Inc. Stock Incentive Plan (the “Plan”). 
  
 RECITALS: 
  
 WHEREAS, the Company has adopted the Plan, which Plan is incorporated herein by reference and made a part of this Agreement; and 
  

WHEREAS, the Committee has determined that it would be in the best interests of the Company and its stockholders to grant the Options provided for
herein to the Participant pursuant to the Plan and the terms set forth herein. 
  
 NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows: 
  
 1. Grant of the Options. The Company hereby grants to the Participant the right and option to purchase, on the terms and conditions hereinafter set
forth, all or any part of an aggregate of 62,000 Shares (the “Option”), subject to adjustment from time to time pursuant to the Plan. The purchase price of the Shares subject to the Option shall be $16.00 per Share, subject to
adjustment from time to time pursuant to the provisions of the Plan. The Options are intended to be non-qualified stock options, and are not intended to be treated as options that comply with Section 422 of the Internal Revenue Code of 1986, as
amended. 
  
 2. Vesting. The portion of the Option which
have become vested and exercisable at any time as described in this Section 2 are hereinafter referred to as the “Vested Portion.” 
  
 (a) Vesting Schedule. 
  
 (i) Subject to Section 2(a)(ii) and Section 2(b) below, the Option shall vest and become exercisable with respect to 20% of the Shares
initially subject thereto on the first, second, third, fourth and fifth anniversaries of the Date of Grant. 
  
 (ii) Notwithstanding the foregoing, upon a Change of Control, the Option, to the extent not previously canceled pursuant to Section 2(b)
below, shall immediately vest and become exercisable with respect to all the Shares at the time subject to the Option. 

 (b) Termination of Employment. 
  
 If the Participant’s Employment is terminated for any reason, the Option shall, to the extent not then vested, be
canceled by the Company without consideration. The Vested Portion of the Option shall remain exercisable for the period set forth in Section 3(a). 
  
 3. Exercise of Options. 
  
 (a) Period of Exercise. Subject to the provisions of the Plan and this Agreement, the Participant may exercise all or any part of the Vested Portion of
the Option at any time prior to the earliest to occur of: 
  
 (i) the tenth anniversary of the Date of Grant; 
  
 (ii) one year following the date of the Participant’s termination of Employment as a result of death or Disability; 
  
 (iii) ninety days following the date of the
Participant’s termination of Employment by the Company or applicable Affiliate without Cause (other than as a result of death or Disability) or by the Participant for any reason; and 
  
 (iv) the date of the Participant’s termination of
Employment by the Company or applicable Affiliate for Cause. 
  
 For purposes of this Agreement: 
  
 “Cause” shall mean (i) the Participant’s willful failure to perform duties to the Company or its Affiliates, which is not cured within 10 days following written notice from the Company describing such failure, (ii) the
Participant’s conviction of a felony, (iii) the Participant’s willful malfeasance or misconduct which is materially and demonstrably injurious to the Company, or (iv) breach by the Participant of the material terms of any confidentiality
provision to which the Participant is subject. 
  
 “Disability” shall mean the inability of a Participant to perform in all material respects his or her duties and responsibilities to the Company, or its Affiliates, for a period of six consecutive months or for an aggregate
of nine months in any twenty-four consecutive month period by reason of a physical or mental incapacity. Any question as to the existence of a Disability as to which the Participant and the Company cannot agree shall be determined in writing by a
qualified independent physician mutually acceptable to the Participant and the Company. If the Participant and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall
select a third who shall make such determination in writing. The determination of Disability made in writing to the Company and the Participant shall be final and conclusive for all purposes of this Agreement. 
  
 “Good Reason” shall mean (i) a substantial diminution in the
Participant’s position or duties, an adverse change in reporting lines, or the assignment of duties materially inconsistent with his or her position; (ii) any reduction in the Participant’s base salary or material adverse change in the
Participant’s bonus opportunity; or (iii) failure of the Company to pay 
  

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 compensation or benefits to the Participant when due under any employment agreement with the Company; in each of the
foregoing clauses (i) through (iii), which is not cured within 30 days following receipt of written notice from the Participant describing the event that would constitute Good Reason if not cured within such period. 
  
 (b) Method of Exercise. 
  
 (i) Subject to Section 3(a), the Vested Portion of the
Options may be exercised by delivering to the Company at its principal office or its designee written notice of intent to so exercise; provided, that, the Options may be exercised with respect to whole Shares only. Such notice shall specify
the number of Shares for which the Options are being exercised and shall be accompanied by payment in full of the Option Price. The purchase price for the Shares as to which Options are exercised shall be paid to the Company in full at the time of
exercise at the election of the Participant (A) in cash or its equivalent (e.g., by check); (B) in Shares having a Fair Market Value equal to the aggregate Option Price for the Shares being purchased and satisfying such other requirements as may be
imposed by the Committee; provided, that such Shares have been held by the Participant for no less than six months (or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment applying
generally accepted accounting principles); (C) partly in cash and partly in such Shares; or (D) if there should be a public market for the Shares at such time, subject to such rules as may be established by the Committee, through the delivery of
irrevocable instructions to a broker to sell Shares obtained upon the exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such sale equal to the aggregate Option Price for the Shares being purchased. The
Participant shall also be required to pay all withholding taxes relating to the exercise. 
  
 (ii) Notwithstanding any other provision of the Plan or this Agreement to the contrary, unless there is an available exemption from such
registration or qualification requirements, the Options may not be exercised prior to the completion of any registration or qualification of the Options or the Shares that is required to comply with applicable state and federal securities laws or
any ruling or regulation of any governmental body or national securities exchange that the Committee shall in its sole discretion determine in good faith to be necessary or advisable. 
  
 (iii) Upon the Company’s determination that the Options have been validly exercised as to any of the
Shares, the Company shall issue certificates in the Participant’s name for such Shares. However, the Company shall not be liable to the Participant for damages relating to any delays in issuing the certificates to the Participant, any loss of
the certificates, or any mistakes or errors in the issuance of the certificates or in the certificates themselves. 
  
 (iv) Should the Participant die while holding the Options, the Vested Portion of the Options shall remain exercisable by the
Participant’s executor or administrator, or the person or persons to whom the Participant’s rights under this Agreement shall pass by will or by the laws of descent and distribution as the case may 
  

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 be, to the extent set forth in Section 3(a). Any heir or legatee of the Participant shall take rights
herein granted subject to the terms and conditions hereof. 
  
 (v) As a condition to exercising the Options, the Participant shall become a party to the Subscription Agreement. 
  
 4. No Right to Continued Employment. Neither the Plan nor this Agreement shall be construed as giving the Participant the right to be retained in
the Employment of the Company or any Affiliate. Further, the Company or an Affiliate may at any time dismiss the Participant or discontinue any Employment, free from any liability or any claim under the Plan or this Agreement, except as otherwise
expressly provided herein. 
  
 5. Legend on Certificates.
To the extent provided by the Subscription Agreement, the certificates representing the Shares purchased by exercise of the Options shall contain a legend stating that they are subject to the Subscription Agreement and may be subject to such stop
transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares are listed, and any
applicable Federal or state laws, and the Committee may cause an additional legend or legends to be put on any such certificates to make appropriate reference to such other restrictions. 
  
 6. Transferability. Except as otherwise permitted by the Committee, the Options are exercisable only by the
Participant during the Participant’s lifetime and may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant otherwise than by will or by the laws of descent and distribution, and any such
purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate; provided, that the designation of a beneficiary shall not constitute an assignment,
alienation, pledge, attachment, sale, transfer or encumbrance. 
  
 7. Withholding and Other Taxes. A Participant shall be required to pay to the Company or any Affiliate and the Company shall have the right and is hereby authorized to withhold, any applicable withholding and other taxes in respect
of the Options, their exercise or any payment or transfer under the Options or under the Plan and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such withholding and other
taxes (which include, without limitation, income tax and national insurance contributions payable under the United Kingdom PAYE regime). 
  
 8. Securities Laws. Upon the acquisition of any Shares pursuant to the exercise of the Options, the Participant will make or enter into such
written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement. 
  
 9. Notices. Any notice necessary under this Agreement shall be addressed to the Company in care of its Secretary at
the principal executive office of the Company and to the Participant at the address appearing in the personnel records of the Company for the Participant 
  

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 or to either party at such other address as either party hereto may hereafter designate in writing to the other. Any such
notice shall be deemed effective upon receipt thereof by the addressee. 
  
 10. Choice of Law. THE INTERPRETATION, PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE. 
  
 11. Options Subject to Plan and Subscription Agreement. By entering into this Agreement the Participant agrees and
acknowledges that the Participant has received a copy of the Plan and the Subscription Agreement. The Options are subject to the Plan and the Subscription Agreement. The terms and provisions of the Subscription Agreement as it may be amended from
time to time in accordance with its respective terms are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan or the Subscription Agreement, the
applicable terms and provisions of the Plan or the Subscription Agreement, as applicable will govern and prevail. In the event of a conflict between any term or provision of the Plan and any term or provision of the Subscription Agreement, the
applicable terms and provisions of the Subscription Agreement will govern and prevail. 
  
 12. Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement. 
  

	CBRE HOLDING, INC.
		
	By:	 	/s/    Ray Wirta
	 	

	 	 	Ray Wirta

  
 Agreed and acknowledged as

 of the date first above written: 
  

	
	/s/    Kenneth J. Kay
	

	Kenneth J. Kay

  

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