Document:

YouTube, Inc. 2005 Stock Plan

 Exhibit 10.25 
 YOUTUBE, INC. 
 2005 STOCK PLAN 
 (Amended and Restated November 3, 2006) 
 1. Purposes of the Plan. The
purposes of this Plan are to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to Employees, Directors and Consultants and to promote the success of the Company’s
business. Options granted under the Plan may be Incentive Stock Options or Nonstatutory Stock Options, as determined by the Administrator at the time of grant. Stock Purchase Rights and Restricted Stock Units may also be granted under the Plan.

 2. Definitions. As used herein, the following definitions shall apply: 
 (a) “Administrator” means the Board or any of its Committees as shall be administering the Plan in accordance with Section 4 hereof.

 (b) “Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. state
corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any other country or jurisdiction where Awards are granted under the
Plan. 
 (c) “Award” means, individually or collectively, a grant under the Plan of Options, Stock Purchase Rights, or
Restricted Stock Units as the Administrator may determine. 
 (d) “Award Agreement” means the written or electronic
agreement setting forth the terms and provisions applicable to each Award granted under the Plan, including an Option Agreement. The Award Agreement is subject to the terms and conditions of the Plan. 
 (e) “Board” means the Board of Directors of the Company. 
 (f) “Change in Control” means the occurrence of any of the following events: 
 (i) Any
“person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing
fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities, except that any change in the beneficial ownership of the securities of the Company as a result of a private financing of the
Company that is approved by the Board, shall not be deemed to be a Change in Control; or 
 (ii) The consummation of the sale or disposition
by the Company of all or substantially all of the Company’s assets; or 
 (iii) The consummation of a merger or consolidation of the
Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger
or consolidation. 
 (g) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code
herein will be a reference to any successor or amended section of the Code. 

 (h) “Committee” means a committee of Directors or of other individuals satisfying
Applicable Laws appointed by the Board in accordance with Section 4 hereof. 
 (i) “Common Stock” means the Common Stock of
the Company. 
 (j) “Company” means YouTube, Inc., a Delaware corporation. 
 (k) “Consultant” means any person who is engaged by the Company or any Parent or Subsidiary to render consulting or advisory services to
such entity. 
 (l) “Director” means a member of the Board. 
 (m) “Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code. 
 (n) “Employee” means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary of the Company.
Neither service as a Director nor payment of a director’s fee by the Company shall be sufficient to constitute “employment” by the Company. 
 (o) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (p)
“Exchange Program” means a program under which (a) outstanding Awards are surrendered or cancelled in exchange for Awards of the same type (which may have lower exercise prices and different terms), Awards of a different type,
and/or cash, and/or (b) the exercise price of an outstanding Award is reduced. The terms and conditions of any Exchange Program will be determined by the Administrator in its sole discretion. 
 (q) “Fair Market Value” means, as of any date, the value of Common Stock determined as follows: 
 (i) If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq Global Market,
the Nasdaq Global Select Market, or The Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on
the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 
 (ii) If
the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the mean between the high bid and low asked prices for the Common Stock on the day of determination; or

 (iii) In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by
the Administrator. 
 (r) “Incentive Stock Option” means an Option intended to qualify as an incentive stock option within
the meaning of Section 422 of the Code. 
 (s) “Nonstatutory Stock Option” means an Option not intended to qualify as an
Incentive Stock Option. 
 (t) “Option” means a stock option granted pursuant to the Plan. 
 (u) “Option Agreement” means a written or electronic agreement between the Company and an Optionee evidencing the terms and conditions
of an individual Option grant. The Option Agreement is subject to the terms and conditions of the Plan. 
 (v) “Optioned
Stock” means the Common Stock subject to an Award. 
  

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 (w) “Optionee” means the holder of an outstanding Option or Stock Purchase Right granted
under the Plan. 
 (x) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in
Section 424(e) of the Code. 
 (y) “Participant” means the holder of an outstanding Award, including an Optionee.

 (z) “Plan” means this 2005 Stock Plan. 
 (aa) “Restricted Stock” means Shares issued pursuant to a Stock Purchase Right or Shares of restricted stock issued pursuant to an Option. 
 (bb) “Restricted Stock Purchase Agreement” means a written or electronic agreement between the Company and the Participant evidencing
the terms and restrictions applying to Shares purchased under a Stock Purchase Right. The Restricted Stock Purchase Agreement is subject to the terms and conditions of the Plan and the notice of grant. 
 (cc) “Restricted Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted
pursuant to Section 12. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company. 
 (dd)
“Securities Act” means the Securities Act of 1933, as amended. 
 (ee) “Service Provider” means an
Employee, Director or Consultant. 
 (ff) “Share” means a share of the Common Stock, as adjusted in accordance with Section
14 below. 
 (gg) “Stock Purchase Right” means a right to purchase Common Stock pursuant to Section 11 below. 
 (hh) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the
Code. 
 3. Stock Subject to the Plan. Subject to the provisions of Section 14 of the Plan, the maximum aggregate number of Shares
that may be subject to Awards and sold under the Plan is 4,900,000 Shares. The Shares may be authorized but unissued, or reacquired Common Stock. 
 If an
Award expires or becomes unexercisable without having been exercised in full, or is surrendered pursuant to an Exchange Program, the unpurchased Shares that were subject thereto shall become available for future grant or sale under the Plan (unless
the Plan has terminated). However, Shares that have actually been issued under the Plan, upon exercise of an Award, shall not be returned to the Plan and shall not become available for future distribution under the Plan, except that if unvested
Shares of Restricted Stock or Shares acquired pursuant to Restricted Stock Units are forfeited to or repurchased by the Company, such Shares shall become available for future grant under the Plan. 
 4. Administration of the Plan. 
 (a)
Administrator. The Plan shall be administered by the Board or a Committee appointed by the Board, which Committee shall be constituted to comply with Applicable Laws. 
 (b) Powers of the Administrator. Subject to the provisions of the Plan and, in the case of a Committee, the specific duties delegated by the Board
to such Committee, and subject to the approval of any relevant authorities, the Administrator shall have the authority in its discretion: 
 (i) to determine the Fair Market Value; 
  

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 (ii) to select the Service Providers to whom Awards may from time to time be granted hereunder;

 (iii) to determine the number of Shares to be covered by each such Award granted hereunder; 
 (iv) to approve forms of agreement for use under the Plan; 
 (v) to determine the terms and conditions of any Award granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be
based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the Common Stock relating thereto, based in each case on such factors as the Administrator, in
its sole discretion, shall determine; 
 (vi) to institute an Exchange Program; 
 (vii) to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established for
the purpose of satisfying applicable foreign laws; 
 (viii) to allow Participants to satisfy withholding tax obligations by electing to
have the Company withhold from the Shares to be issued upon exercise of an Award that number of Shares having a Fair Market Value equal to the minimum amount required to be withheld. The Fair Market Value of the Shares to be withheld shall be
determined on the date that the amount of tax to be withheld is to be determined. All elections by Participants to have Shares withheld for this purpose shall be made in such form and under such conditions as the Administrator may deem necessary or
advisable; and 
 (ix) to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan. 
 (c) Effect of Administrator’s Decision. All decisions, determinations and interpretations of the Administrator shall be final and binding on
all Participants. 
 5. Eligibility. Nonstatutory Stock Options, Stock Purchase Rights, and Restricted Stock Units may be granted to
Service Providers. Incentive Stock Options may be granted only to Employees. 
 6. Limitations. 
 (a) Incentive Stock Option Limit. Each Option shall be designated in the Option Agreement as either an Incentive Stock Option or a Nonstatutory
Stock Option. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year
(under all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such Options shall be treated as Nonstatutory Stock Options. For purposes of this Section 6(a), Incentive Stock Options shall be taken into account in the order in which
they were granted. The Fair Market Value of the Shares shall be determined as of the time the Option with respect to such Shares is granted. 
 (b) At-Will Employment. Neither the Plan nor any Award shall confer upon any Participant any right with respect to continuing the Participant’s relationship as a Service Provider with the Company, nor shall it interfere in any
way with his or her right or the Company’s right to terminate such relationship at any time, with or without cause, and with or without notice. 
 7. Term of Plan. Subject to stockholder approval in accordance with Section 20, the Plan shall become effective upon its adoption by the Board. Unless sooner terminated under Section 16, it shall continue in
effect for a term of ten (10) years from the later of (i) the effective date of the Plan, or (ii) the earlier of the most recent Board or stockholder approval of an increase in the number of Shares reserved for issuance under the Plan. 

 

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 8. Term of Option. The term of each Option shall be stated in the Option Agreement; provided,
however, that the term shall be no more than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to an Participant who, at the time the Option is granted, owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Option shall be five (5) years from the date of grant or such shorter term as may be provided in the Option Agreement. 
 9. Option Exercise Price and Consideration. 
 (a) Exercise Price. The per share exercise price for the Shares to be issued upon exercise of an Option shall be such price as is determined by the Administrator, but shall be subject to the following: 
 (i) In the case of an Incentive Stock Option 
 (1) granted to an Employee who, at the time of grant of such Option, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the exercise price shall be no
less than 110% of the Fair Market Value per Share on the date of grant. 
 (2) granted to any other Employee, the per Share exercise price
shall be no less than 100% of the Fair Market Value per Share on the date of grant. 
 (ii) In the case of a Nonstatutory Stock Option

 (1) granted to a Service Provider who, at the time of grant of such Option, owns stock representing more than ten percent (10%) of the
voting power of all classes of stock of the Company or any Parent or Subsidiary, the exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant. 
 (2) granted to any other Service Provider, the per Share exercise price shall be no less than 85% of the Fair Market Value per Share on the date of
grant. 
 (iii) Notwithstanding the foregoing, Options may be granted with a per Share exercise price other than as required above in
accordance with and pursuant to a transaction described in Section 424 of the Code. 
 (b) Forms of Consideration. The consideration
to be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option, shall be determined at the time of grant). Such
consideration may consist of, without limitation, (1) cash, (2) check, (3) promissory note, (4) other Shares, provided Shares acquired directly from the Company (x) have been owned by the Participant, and not subject to a substantial risk of
forfeiture, for more than six months on the date of surrender, and (y) have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option shall be exercised, (5) consideration received by
the Company under a cashless exercise program implemented by the Company in connection with the Plan, or (6) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the
Administrator shall consider if acceptance of such consideration may be reasonably expected to benefit the Company. 
 10. Exercise of
Option. 
 (a) Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder shall be exercisable according to the
terms hereof at such times and under such conditions as determined by the Administrator and set forth in the Option Agreement. An Option may not be exercised for a fraction of a Share. Except in the case of Options granted to officers, Directors and
Consultants, Options shall become exercisable at a rate of no less than 20% per year over five (5) years from the date the Options are granted. 
  

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 An Option shall be deemed exercised when the Company receives (i) written or electronic notice of
exercise (in accordance with the Option Agreement) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised. Full payment may consist of any consideration and method of
payment authorized by the Administrator and permitted by the Option Agreement and the Plan. Shares issued upon exercise of an Option shall be issued in the name of the Participant or, if requested by the Participant, in the name of the Participant
and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder
shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for
which the record date is prior to the date the Shares are issued, except as provided in Section 14 of the Plan. 
 Exercise of an Option in
any manner shall result in a decrease in the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 
 (b) Termination of Relationship as a Service Provider. If a Participant ceases to be a Service Provider, such Participant may exercise his or her
Option within thirty (30) days of termination, or such longer period of time as specified in the Option Agreement, to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of the
Option as set forth in the Option Agreement). Unless the Administrator provides otherwise, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall
revert to the Plan. If, after termination, the Participant does not exercise his or her Option within the time specified by the Administrator, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 
 (c) Disability of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant
may exercise his or her Option within six (6) months of termination, or such longer period of time as specified in the Option Agreement, to the extent the Option is vested on the date of termination (but in no event later than the expiration of the
term of such Option as set forth in the Option Agreement). Unless the Administrator provides otherwise, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the
Option shall revert to the Plan. If, after termination, the Participant does not exercise his or her Option within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 
 (d) Death of Participant. If a Participant dies while a Service Provider, the Option may be exercised within six (6) months following
Participant’s death, or such longer period of time as specified in the Option Agreement, to the extent that the Option is vested on the date of death (but in no event later than the expiration of the term of such Option as set forth in the
Option Agreement) by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to Participant’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by the
Participant, then such Option may be exercised by the personal representative of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent
and distribution. If, at the time of death, the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall immediately revert to the Plan. If the Option is not so exercised within the
time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 
 (e) Leaves of
Absence. 
 (i) Unless the Administrator provides otherwise, vesting of Options granted hereunder to officers and Directors shall be
suspended during any unpaid leave of absence. 
 (ii) A Service Provider shall not cease to be an Employee in the case of (A) any leave of
absence approved by the Company or (B) transfers between locations of the Company or between the Company, its Parent, any Subsidiary, or any successor. 
  

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 (iii) For purposes of Incentive Stock Options, no such leave may exceed ninety (90) days, unless
reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then three (3) months following the 91st day of such leave, any
Incentive Stock Option held by the Participant shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option. 
 11. Stock Purchase Rights. 
 (a)
Rights to Purchase. Stock Purchase Rights may be issued either alone, in addition to, or in tandem with other awards granted under the Plan and/or cash awards made outside of the Plan. After the Administrator determines that it will offer
Stock Purchase Rights under the Plan, it shall advise the offeree in writing or electronically of the terms, conditions and restrictions related to the offer, including the number of Shares that such person shall be entitled to purchase, the price
to be paid, and the time within which such person must accept such offer. The terms of the offer shall comply in all respects with Section 260.140.42 of Title 10 of the California Code of Regulations. The offer shall be accepted by execution of a
Restricted Stock Purchase Agreement in the form determined by the Administrator. 
 (b) Repurchase Option. Unless the Administrator
determines otherwise, the Restricted Stock Purchase Agreement shall grant the Company a repurchase option exercisable within 90 days of the voluntary or involuntary termination of the purchaser’s service with the Company for any reason
(including death or disability). Unless the Administrator provides otherwise, the purchase price for Shares repurchased pursuant to the Restricted Stock Purchase Agreement shall be the original price paid by the purchaser and may be paid by
cancellation of any indebtedness of the purchaser to the Company. The repurchase option shall lapse at such rate as the Administrator may determine. Except with respect to Shares purchased by officers, Directors and Consultants, the repurchase
option shall in no case lapse at a rate of less than 20% per year over five (5) years from the date of purchase. 
 (c) Other
Provisions. The Restricted Stock Purchase Agreement shall contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the Administrator in its sole discretion. 
 (d) Rights as a Stockholder. Once the Stock Purchase Right is exercised, the purchaser shall have rights equivalent to those of a stockholder and
shall be a stockholder when his or her purchase is entered upon the records of the duly authorized transfer agent of the Company. No adjustment shall be made for a dividend or other right for which the record date is prior to the date the Stock
Purchase Right is exercised, except as provided in Section 14 of the Plan. 
 12. Restricted Stock Units. 
 (a) Grant. Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. Each Restricted Stock Unit
grant will be evidenced by an Award Agreement that will specify such other terms and conditions as the Administrator, in its sole discretion, will determine, including all terms, conditions, and restrictions related to the grant, the number of
Restricted Stock Units and the form of payout, which, subject to Section 12(d), may be left to the discretion of the Administrator. 
 (b)
Vesting Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the
Participant. After the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any restrictions for such Restricted Stock Units. Each Award of Restricted Stock Units will be evidenced by an Award Agreement
that will specify the vesting criteria, and such other terms and conditions as the Administrator, in its sole discretion, will determine. 
 (c) Earning Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout as specified in the Award Agreement. Notwithstanding the foregoing, at any time after the grant of
Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout. 
  

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 (d) Form and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as
practicable after the date(s) set forth in the Award Agreement. The Restricted Stock Units will be paid in Shares. 
 (e)
Cancellation. On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company. 
 13. Limited Transferability of Awards. Unless determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or the laws of descent and
distribution, and may be exercised during the lifetime of the Participant, only by the Participant. If the Administrator in its sole discretion makes an Award transferable, such Award may only be transferred (i) by will, (ii) by the laws of descent
and distribution, or (iii) to family members (within the meaning of Rule 701 of the Securities Act) through gifts or domestic relations orders, as permitted by Rule 701 of the Securities Act. 
 14. Adjustments; Dissolution or Liquidation; Merger or Change in Control. 
 (a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the
Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, shall adjust the number and class of Shares that may be
delivered under the Plan and/or the number, class, and price of Shares covered by each outstanding Award, including such adjustments to the extent required by Section 25102(o) of the California Corporations Code. 
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator shall notify each
Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an Award will terminate immediately prior to the consummation of such proposed action. 
 (c) Merger or Change in Control. In the event of a merger of the Company with or into another corporation, or a Change in Control, each
outstanding Award shall be assumed or an equivalent award substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the Award, the
Participant will fully vest in and have the right to exercise all of his or her outstanding Options and Stock Purchase Rights, including Shares as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted
Stock will lapse, and all outstanding Restricted Stock Units will fully vest. If the successor corporation refuses to assume or substitute an Option or Stock Purchase Right in the event of a merger or Change in Control, the Administrator shall
notify the Participant in writing or electronically that the Award shall be fully exercisable for a period of time as determined by the Administrator, and the Award shall terminate upon expiration of such period. For the purposes of this paragraph,
the Award shall be considered assumed if, following the merger or Change in Control, the option or right confers the right to purchase or receive, for each Share subject to the Award immediately prior to the merger or Change in Control, the
consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of
consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the merger or Change in Control is not solely common stock of the successor
corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of the Award, for each Share subject to the Award, to be solely common stock of the
successor corporation or its Parent equal in fair market value to the per share consideration received by holders of common stock in the merger or Change in Control. 
 15. Time of Granting Awards. The date of grant of an Award shall, for all purposes, be the date on which the Administrator makes the determination granting such Award, or such later date as is determined by the
Administrator. Notice of the determination shall be given to each Service Provider to whom an Award is so granted within a reasonable time after the date of such grant. 
  

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 16. Amendment and Termination of the Plan. 
 (a) Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan. 
 (b) Stockholder Approval. The Board shall obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with
Applicable Laws. 
 (c) Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan shall
impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination of the Plan shall not affect the
Administrator’s ability to exercise the powers granted to it hereunder with respect to Options granted under the Plan prior to the date of such termination. 
 17. Conditions Upon Issuance of Shares. 
 (a) Legal Compliance. Shares shall not be issued
pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares shall comply with Applicable Laws and shall be further subject to the approval of counsel for the Company with respect to such
compliance. 
 (b) Investment Representations. As a condition to the exercise of an Award, the Administrator may require the person
exercising such Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the
Company, such a representation is required. 
 18. Inability to Obtain Authority. The inability of the Company to obtain authority
from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to
issue or sell such Shares as to which such requisite authority shall not have been obtained. 
 19. Reservation of Shares. The
Company, during the term of this Plan, shall at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. 
 20. Stockholder Approval. The Plan shall be subject to approval by the stockholders of the Company within twelve (12) months after the date the Plan is adopted. Such stockholder approval shall be obtained in
the degree and manner required under Applicable Laws. 
 21. Information to Participants. The Company shall provide to each
Participant and to each individual who acquires Shares pursuant to the Plan, not less frequently than annually during the period such Participant has one or more Awards outstanding, and, in the case of an individual who acquires Shares pursuant to
the Plan, during the period such individual owns such Shares, copies of annual financial statements. The Company shall not be required to provide such statements to key employees whose duties in connection with the Company assure their access to
equivalent information. 
  

 -9-Third Supplemental Indenture

 Exhibit 4.1 
 CB RICHARD ELLIS GROUP, INC., 
 CB RICHARD ELLIS SERVICES, INC., 
 THE SUBSIDIARY GUARANTORS SIGNATORY HERETO 
 AND 
 U.S. BANK NATIONAL ASSOCIATION 
 as Trustee 
  

 THIRD SUPPLEMENTAL INDENTURE 

 Dated as of
November 17, 2006 
 to 
 Indenture 
 Dated as of May 22, 2003 
 9 3/4% Senior Notes due 2010 

 THIS THIRD SUPPLEMENTAL INDENTURE, dated as of November 17, 2006 (this “Supplemental
Indenture”), is by and among CB Richard Ellis Services, Inc., a Delaware corporation (the “Issuer”), CB Richard Ellis Group, Inc., a Delaware corporation (“CBRE Group”), each of the subsidiary guarantors party hereto
(collectively, the “Subsidiary Guarantors”) and U.S. Bank National Association, as trustee (the “Trustee”). 
 WHEREAS,
the Issuer and the Trustee have entered into that certain Indenture dated as of May 22, 2003, as amended by the First Supplemental Indenture dated as of July 23, 2003, by and among the Issuer, CBRE Group, each of the subsidiary guarantors
party thereto and the Trustee, and the Second Supplemental Indenture dated as of December 4, 2003, by and among the Issuer, the subsidiary guarantor party thereto and the Trustee (collectively, the “Indenture”), providing for the
issuance of 9 3/4% Senior Notes due 2010 (the “Notes”); 
 WHEREAS, the Issuer issued originally $200 million aggregate principal amount of the Notes; 
 WHEREAS, Section 9.02 of the Indenture provides that the Indenture may be amended with the consent of the Holders of at least a majority in
principal amount of the Notes then outstanding (including consents obtained in connection with a tender offer or exchange for Notes) (subject to certain exceptions); 
 WHEREAS, the Issuer desires and has requested the Trustee to join with it in entering into this Supplemental Indenture for the purpose of amending the Indenture in certain respects as permitted by Section 9.02 of
the Indenture; 
 WHEREAS, the execution and delivery of this Supplemental Indenture has been authorized by the Board of Directors of the
Issuer, CBRE Group and each Subsidiary Guarantor; and 
 WHEREAS, (1) the Issuer has received the consent of the Holders of a majority
in principal amount of the outstanding Notes and has satisfied all other conditions precedent, if any, provided under the Indenture to enable the Issuer, CBRE Group, the Subsidiary Guarantors and the Trustee to enter into this Supplemental
Indenture, all as certified by an Officers’ Certificate, delivered to the Trustee simultaneously with the execution and delivery of this Supplemental Indenture as contemplated by Section 9.06 of the Indenture, and (2) the Issuer has
delivered to the Trustee simultaneously with the execution and delivery of this Supplemental Indenture an Opinion of Counsel relating to this Supplemental Indenture as contemplated by Section 9.06 of the Indenture; 
 NOW, THEREFORE, in consideration of the above premises, each party hereby agrees, for the benefit of the others and for the equal and ratable benefit of
the Holders of the Notes, as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Deletion of Definitions and Related References.
Section 1.01 of the Indenture is hereby amended to delete in its entirety all terms and their respective definitions for which all references are eliminated in the Indenture as a result of the amendments set forth in Article II of this
Supplemental Indenture. 
  

 2 

 ARTICLE II 
 AMENDMENTS TO INDENTURE 
 Section 2.1 Amendments to the Indenture. The Indenture is
hereby amended by: 
 (i) deleting the following sections of the Indenture and all references thereto in the Indenture in
their entirety: 
 Section 4.03 (Limitation on Indebtedness); 
 Section 4.04 (Limitation on Restricted Payments); 
 Section 4.05 (Limitation on Restrictions on Distributions from Restricted Subsidiaries); 
 Section 4.06 (Limitation on Sales of Assets and Subsidiary Stock); 
 Section 4.07 (Limitation on Affiliate Transactions);

 Section 4.08 (Limitation on Other Activities); 
 Section 4.09 (Limitation on the Sale or Issuance of Capital Stock of Restricted Subsidiaries); 
 Section 4.10 (Limitation on Liens); 
 Section 4.11 (Limitation on Sale/Leaseback Transactions); 
 Section 4.12 (Change of Control); 
 Section 4.13 (Future Guarantors); 
 Section 4.15 (Payment of Additional Interest); and 
 Sections 6.01(4), 6.01(6), 6.01(9) and 6.01(10); 
 (i) amending Section 4.02 of the Indenture to delete it in its entirety and substitute in lieu thereof the following sentence: “The Company shall comply with the applicable provisions of TIA §
314(a).”; 
 (ii) amending Section 4.14 of the Indenture to delete it in its entirety and substitute in lieu thereof
the following sentence: “The Company shall comply with TIA § 314(a)(4).”; 
 (iii) amending the definition of
“Unrestricted Subsidiary” in Section 1.01 of the Indenture to delete the proviso of such definition; 
 (iv)
amending Section 5.01 of the Indenture, together with all necessary conforming changes to the Indenture, to delete clause (a)(2), clause (a)(3), the proviso to clause (a) and clauses (b) and (c) from Section 5.01; and

 (v) amending Section 6.01, together with all necessary conforming changes to the Indenture, to delete all references
to Significant Subsidiaries from Section 6.01(7) and 6.01(8). 
  

 3 

 ARTICLE III 
 MISCELLANEOUS PROVISIONS 
 Section 3.1 Indenture. Except as 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 Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes
heretofore or hereafter authenticated and delivered under the Indenture shall be bound by the Indenture as amended hereby. Subject to Section 11.01 of the Indenture, in the case of conflict between the Indenture and this Supplemental Indenture,
the provisions of this Supplemental Indenture shall control. 
 Section 3.2 Severability. In case any provision in this
Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 3.3 Capitalized Terms. Capitalized terms used herein but not defined shall have the meanings assigned to them in the Indenture.

 Section 3.4 Effect of Headings. The Article and Section headings used herein are for convenience only and shall not affect the
construction of this Supplemental Indenture. 
 Section 3.5 Trustee Makes No Representations. The Trustee makes no representation
as to the validity or sufficiency of this Supplemental Indenture. 
 Section 3.6 Certain Duties and Responsibilities of the
Trustee. In entering into this Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability or affording protection to the Trustee, whether or not
elsewhere herein so provided. 
 Section 3.7 Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Section 3.8 Counterparts. The parties may sign any number of
copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent one and the same agreement. 
 Section 3.9 Successors. All agreements of the Issuer, the Guarantors and the Trustee in this Supplemental Indenture and the Notes shall bind their respective successors. 
 Section 3.10 Effectiveness. The provisions of Articles I and II of this Supplemental Indenture shall be effective at the time the Issuer
accepts for purchase a majority in principal amount of the outstanding Notes issued under the Indenture. 
 Section 3.11 Endorsement
and Change of Form of Notes. Any Notes authenticated and delivered after the close of business on the date that this Supplemental Indenture becomes effective may be affixed to, stamped, imprinted or otherwise legended by the Trustee, with a
notation as follows: 
  

 4 

 “Effective as of December 5, 2006, the restrictive covenants of the Indenture
and certain of the Events of Default have been eliminated, as provided in the Third Supplemental Indenture, dated as of November 17, 2006. Reference is hereby made to said Third Supplemental Indenture, copies of which are on file with the
Trustee, for a description of the amendments made therein.” 
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

  

 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly
executed as of the day and year written above. 
  

			
	 CB RICHARD ELLIS SERVICES, INC.

		
	By:	 	    /s/ Kenneth J. Kay

			
	Name:	 	 Kenneth J. Kay

	Title:	 	 Senior Executive Vice President

  

			
	 CB RICHARD ELLIS GROUP, INC.

		
	By:	 	    /s/ Kenneth J. Kay

			
	Name:	 	 Kenneth J. Kay

	Title:	 	 Senior Executive Vice President

  

			
	 SUBSIDIARY GUARANTORS:

	
	 BONUTTO-HOFER INVESTMENTS
 CB RICHARD ELLIS,
INC.
 CB RICHARD ELLIS CORPORATE FACILITIES MANAGEMENT, INC.
 CB
RICHARD ELLIS INVESTORS, INC.
 CB RICHARD ELLIS INVESTORS, L.L.C.
 CB RICHARD ELLIS OF CALIFORNIA, INC.
 CB RICHARD ELLIS REAL ESTATE SERVICES, LLC
 CBRE CONSULTING, INC.
 CBRE MELODY & COMPANY
 CBRE-PROFI ACQUISITION CORP.
 CBRE/LJM MORTGAGE COMPANY, L.L.C.
 CBRE/LJM – NEVADA, INC.
 INSIGNIA/ESG CAPITAL CORPORATION
 INSIGNIA FINANCIAL GROUP, LLC
 KOLL CAPITAL MARKETS GROUP, INC.
 KOLL INVESTMENT MANAGEMENT, INC.
 KOLL PARTNERSHIPS I, INC.
 KOLL PARTNERSHIPS II, INC.
 LJMGP, LLC
 VINCENT F. MARTIN, JR., INC.

		
	By:	 	    /s/ Kenneth J. Kay

			
	Name:	 	 Kenneth J. Kay

	Title:	 	 Senior Executive Vice President

  

 6 

					
	 CBRE MELODY OF TEXAS, LP

	
	By: CBRE/LJM Mortgage Company, L.L.C., its general partner
			
		 	By:	 	    /s/ Kenneth J. Kay
		 	Name:	 	    Kenneth J. Kay
		 	Title:	 	    Senior Executive Vice President

  

					
	CBREI FUNDING, L.L.C.
	CBRE MANAGER, L.L.C.
	
	By: CB Richard Ellis Investors, L.L.C., its sole member
			
		 	By:	 	    /s/ Kenneth J. Kay
		 	Name:	 	    Kenneth J. Kay
		 	Title:	 	    Senior Executive Vice President

  

					
	GLOBAL INNOVATION ADVISOR, L.L.C.
	
	By: CB Richard Ellis Investors, L.L.C., its member
			
		 	By:	 	    /s/ Kenneth J. Kay
		 	Name:	 	    Kenneth J. Kay
		 	Title:	 	    Senior Executive Vice President

  

					
	HOLDPAR A
	HOLDPAR B
	
	By: CB Richard Ellis, Inc., its majority interest holder
			
		 	By:	 	    /s/ Kenneth J. Kay
		 	Name:	 	    Kenneth J. Kay
		 	Title:	 	    Senior Executive Vice President

  

					
	I/ESG-OCTANE HOLDINGS, LLC
	INSIGNIA ML PROPERTIES, LLC
	
	By: CB Richard Ellis Real Estate Services, LLC, its sole member
			
		 	By:	 	    /s/ Kenneth J. Kay
		 	Name:	 	    Kenneth J. Kay
		 	Title:	 	    Senior Executive Vice President

  

 7 

					
	 IIII-BSI HOLDINGS, LLC

	 IIII-SSI HOLDINGS, LLC

	
	By: CB Richard Ellis Real Estate Services, LLC, its managing member
			
		 	By:	 	    /s/ Kenneth J. Kay
		 	Name:	 	    Kenneth J. Kay
		 	Title:	 	    Senior Executive Vice President

  

					
	INVESTORS 1031, LLC
	
	By: CB Richard Ellis Investors, L.L.C., its Member-Manager
			
		 	By:	 	    /s/ Kenneth J. Kay
		 	Name:	 	    Kenneth J. Kay
		 	Title:	 	    Senior Executive Vice President
	
	By: CB Richard Ellis Investors, Inc., its member
			
		 	By:	 	    /s/ Kenneth J. Kay
		 	Name:	 	    Kenneth J. Kay
		 	Title:	 	    Senior Executive Vice President

  

					
	WESTMARK REAL ESTATE ACQUISITION PARTNERSHIP, L.P.
	
	By: CB Richard Ellis, Inc., its general partner
			
		 	By:	 	    /s/ Kenneth J. Kay
		 	Name:	 	    Kenneth J. Kay
		 	Title:	 	    Senior Executive Vice President

  

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	    /s/ P. Oswald

			
	Name:	 	   Paula Oswald
	Title:	 	   Vice President

  

 8

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