Document:

Agreement between Alan Froggatt and CB Richard Ellis Limited

 EXHIBIT 10.13 
  
 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  
 DATED as of 23 January 2005 
  
 (1) CB RICHARD ELLIS LIMITED 
  
 - and - 
  
 (2) ALAN CHARLES FROGGATT 
  

  
 AGREEMENT 
  

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

 AGREEMENT 
  
 This Agreement is dated as of 23 January 2005. 
  
 BETWEEN: 
  

	1.	CB RICHARD ELLIS LIMITED (company no. 3350437) whose registered office is at Kingsley House, Wimpole Street, London, W1G 0RE (the “Company”); and

  

	2.	ALAN CHARLES FROGGATT of Bedford Farm House, Portsmouth Road, Thursley, Surrey, GU8 6NN (the “Executive”). 

  
 WHEREAS: 
  

	(A)	The Executive is employed under an Amended and Restated Executive Service Agreement effective as of 17 July 2003 (the “Employment Agreement”) between the Executive
and Insignia Richard Ellis Limited. 

  

	(B)	The parties have agreed that the Executive’s employment with the Company and/or any Group Company (as defined below) shall terminate by mutual agreement on the Employment
Termination Date (as defined below). 

  

	(C)	The parties have agreed that from the Employment Termination Date until the Appointment Termination Date the Executive shall be appointed as a non-executive director of the Company
and/or any Group Company. 

  

	(D)	The parties have entered into this Agreement to: 

  

	 	(a)	record and implement the terms upon which they have each agreed to settle and compromise all outstanding claims which the Executive has or may have arising out of or in connection
with or as a consequence of his employment or the termination thereof or otherwise against the Company or any Group Company and its or their respective directors, officers, employees direct or indirect shareholders or agents (whether past or
present) and in particular those statutory complaints which the Executive intimates in this Agreement; and 

  

	 	(b)	record the terms of the Executive’s appointment as a non-executive director of the Company and/or any Group Company (the “Appointment”).

  

	(E)	The Company is entering into this Agreement for itself and as agent for and trustee of all Group Companies and is duly authorised to do so. The parties intend that each Group
Company should be able to enforce in its own right the terms of this Agreement which expressly or impliedly confer a benefit on that company. 

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

 IT IS AGREED as follows:- 
  

	1.	INTERPRETATION 

  

	 	1.1	In this Agreement the following expressions shall, unless the context otherwise requires, have the following meanings:- 

  
 “2003 Option Agreement” means the Option Agreement between
CBRE Holding, Inc. and the Executive effective as of 16 September 2003; 
  
 “2004 Option Agreement” means the Option Agreement between CB Richard Ellis Group, Inc. and the Executive effective as of 22 September 2004; 
  
 “Appointment” has the meaning given to it in Recital
(D)(b); 
  
 “Appointment Termination Date” means
30 September 2006; 
  
 “Board” means the board
of directors of the Company; 
  
 “Employment
Agreement” has the meaning given to it in Recital (A); 
  
 “Employment Termination Date” means 30 June 2005; and 
  
 “Group Company” means the holding company of the Company and all subsidiary and associated companies of the holding company of the Company (“subsidiary” and “holding
company” having the meanings given to them in section 736 of the Companies Act 1985 as amended and “associated company” meaning a company which is treated as such for the purposes of Statement of Standard Accounting
Practice No. 1 of the Institute of Chartered Accountants in England and Wales) and references herein to “Group Companies” shall be construed accordingly. 
  

	 	1.2	Words and expressions used in this Agreement but not defined herein shall, unless the context requires otherwise, have the same meaning given to them in the Employment Agreement.

  

	 	1.3	The headings in this Agreement are inserted for convenience only and shall not affect its construction. 

  

	 	1.4	Any reference to a statutory provision shall be construed as a reference to any statutory modification or re-enactment thereof (whether before or after the date hereof) for the time
being in force. 

  

	2.	NOVATION OF EMPLOYMENT AGREEMENT  

  

	 	2.1	As from the date of this Agreement, the Company undertakes to perform the Employment Agreement and be bound by its terms in every way as if the Company had been a party to it in
place of Insignia Richard Ellis Limited. 

  

	 	2.2	The Executive hereby: 

  

	 	2.2.1	releases Insignia Richard Ellis Limited from its obligations under the Employment Agreement; 

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

	 	2.2.2	releases Insignia Richard Ellis Limited from all future claims and demands whatsoever in respect of the Employment Agreement; and 

  

	 	2.2.3	accepts the liability of the Company under the Employment Agreement from the date of this Agreement. 

  

	3.	EMPLOYMENT TERM 

  
 The Executive shall continue to serve the Company as Chief Executive on the terms provided in the Employment Agreement as varied by this Agreement (the
“Employment”). 
  

	4.	SHARE OPTIONS 

  
 For the avoidance of doubt, nothing contained in this Agreement shall vary the provisions of the 2003 Option Agreement and/or the 2004 Option Agreement
which Option Agreements shall continue in full force and effect. If the Employment is terminated other than in accordance with Clauses 6.1.4.1 and 6.1.5 below or the Appointment is terminated prior to the Appointment Termination Date other than in
accordance with Clause 10.1 below then the vesting of the Executive’s Options shall be accelerated so that such Options or such part thereof which would have vested up to and including the Appointment Termination Date shall vest immediately and
all other Options shall, to the extent not then vested, be cancelled by CB Richard Ellis Group, Inc. without consideration. 
  

	5.	BONUS 

  

	 	5.1	The Employment Agreement is varied as follows. 

  

	 	5.1.1	The Executive shall be entitled to participate in the Executive Bonus Plan of CB Richard Ellis, Inc. (the “Bonus Plan”) (in accordance with the rules thereof for
the time being) up to and including 30 September 2005. 

  

	 	5.1.2	If termination of the Employment in accordance with Clause 6.1.1 below renders the Executive ineligible to participate in the Bonus Plan from the Employment Termination Date with
the result that the Executive’s Award (as defined in the Bonus Plan) for 2005 is forfeited as of the Employment Termination Date pursuant to Section 4.5(a) of the Bonus Plan, the Company agrees to pay to the Executive an amount equivalent to
75% of the Award for 2005 which the Executive would have received under the Bonus Plan if he had remained eligible to participate in the Bonus Plan in 2005 in accordance with the terms of the Bonus Plan (which will be based on the same principles as
in 2004 with the exception that the target for 2005 against which company performance is measured will be set by the Company and/or any Group Company at its and/or their absolute discretion, but so that the criteria applicable to the
Executive’s Award are set on the same basis as those applicable to the other participants), such amount to be payable as soon as the amount of the Awards for 2005 is determined and in any event not later than 31 March 2006.

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

	 	5.2	The Executive acknowledges and agrees that other than as set out in Clause 5.1 above, he has no further entitlement to any bonus under the Bonus Plan. 

  

	 	5.3	The Executive may, at the absolute discretion of the Managing Director of the Company, be invited to participate in the 2004 UK bonus pool of the Company. If the Executive does so
participate, any amount payable to him shall be at the absolute discretion of the Managing Director of the Company. For the avoidance of doubt, nothing in this Agreement gives rise to any entitlement on the part of the Executive or obligation on the
part of the Company, whether express or implied, regarding the Executive’s participation in the 2004 UK bonus pool. 

  

	6.	EMPLOYMENT TERMINATION 

  

	 	6.1	The Employment Agreement is varied as follows. 

  

	 	6.1.1	Without prejudice to Clause 11 of the Employment Agreement and subject to Clauses 6.1.2-6.1.5 below, the Employment shall terminate by mutual agreement on the Employment Termination
Date. 

  

	 	6.1.2	The Executive may give to the Company 6 months’ notice in writing to terminate the Employment, such notice to be given on or before 31 March 2005. 

  

	 	6.1.3	If the Executive gives notice in accordance with Clause 6.1.2 above, the Employment will terminate on the expiry of the notice or the Employment Termination Date, whichever is the
earlier, but the Company will pay to the Executive payments in lieu of salary, bonus and contractual benefits that the Executive would have received until the Employment Termination Date. 

  

	 	6.1.4	The Company may terminate the Employment at any time prior to the Employment Termination Date by giving written notice to the Employee. The Executive’s entitlements on
termination of the Employment are as follows: 

  

	 	6.1.4.1	If the Company terminates the Employment because in the reasonable opinion of the Company and/or any Group Company the Executive fails or neglects efficiently and diligently to
discharge his duties to and to promote and protect the interests and reputation of the Company and/or any Group Company or does anything that is harmful to the Company and/or any Group Company, the Company will pay to the Executive payments in lieu
of salary, bonus and contractual benefits that the Executive would have received had the Employment continued until 30 September 2005, save that if the Company terminates the Employment after the Executive has given notice in accordance with Clause
6.1.2 above the Company will pay to the Executive payments in lieu of salary, bonus and contractual benefits that the Executive would have received had the Employment continued during the 6 months’ notice period or until 30 September 2005,
whichever is the earlier. 

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

	 	6.1.4.2	If the Company terminates the Employment other than as set out in Clause 6.1.4.1 above or Clause 6.1.5 below, the Company will pay to the Executive payments in lieu of salary, bonus
and contractual benefits that the Executive would have received had the Employment continued until the Employment Termination Date and the Appointment continued until the Appointment Termination Date. 

  

	 	6.1.5	For the avoidance of doubt, nothing in this Agreement shall affect the Company’s right to terminate the Employment summarily in accordance with Clause 11 of the Employment
Agreement. 

  

	 	6.2	Save where Clause 5.1.2 above applies, for the purposes of determining the value of any bonus entitlement or of pay in lieu of any bonus entitlement under Clause 6.1 above, the
relevant amount will be the average of the bonuses awarded to the Executive in respect of the 3 previous financial years prior to the date of termination of the Employment. 

  

	 	6.3	The Executive will not be entitled to any of the benefits or items of compensation described in Clause 6.1 above if he is dismissed summarily in accordance with Clause 11 of the
Employment Agreement. 

  

	 	6.4	This Clause 6 replaces the provisions in Clause 2.1 and 2.3 of the Employment Agreement. 

  

	 	6.5	The Company will issue the Executive with his form P45 on the Employment Termination Date. 

  

	 	6.6	In accordance with Clause 13.2 of the Employment Agreement, the Executive shall deliver all documents to the Board on the Employment Termination Date, save that the Executive shall
not be required to deliver to the Board any documents which will be required by him during the Appointment for the purposes of carrying out the Appointment. 

  

	7.	RESTRICTIONS AFTER TERMINATION OF EMPLOYMENT 

  

	 	7.1	Notwithstanding the Executive’s subsequent Appointment, the restrictions set out in Clause 10 of the Employment Agreement shall apply, save that they shall not operate so as to
prevent the Executive carrying out the Appointment. 

  

	 	7.2	For the avoidance of doubt and without prejudice to the provisions of Clause 10 of the Employment Agreement, the Executive may be engaged or concerned in, whether directly or
indirectly paid or unpaid, the conduct of or be or become an employee, executive, director, agent, partner or consultant of or assisting or having any financial interest in, any other actual or prospective business, company or firm engaged in
recruitment and/or management consulting. 

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

	8.	RESIGNATION AS EXECUTIVE DIRECTOR AND OFFICER 

  

	 	8.1	Subject to the Appointment, at the Employment Termination Date the Executive shall at the request of the Company resign and do everything the Company may require (including
executing documents) to resign as an executive director and/or officer of the Company and of all Group Companies by signing letters of resignation in the form set out in Schedule 1 to this Agreement. 

  

	 	8.2	The Executive confirms that he has no claims against the Company and/or any Group Company and/or any of their respective directors, officers, employees, direct or indirect
shareholders and agents arising from such resignations. 

  

	9.	APPOINTMENT TERMS 

  

	 	9.1	If the Employment has not been terminated and/or notice to terminate the Employment has not been given by either the Company or the Executive prior to the Employment Termination
Date, the Executive shall serve as a non-executive director of the Company and/or any Group Company effective as from the Employment Termination Date. 

  

	 	9.2	The terms of the Appointment are set out in this Clause 9.2. 

  

	 	9.2.1	The Appointment shall commence on the Employment Termination Date. 

  

	 	9.2.2	The Executive shall be expected to commit up to ten hours per week to the Appointment to perform tasks at the request of the EMEA Divisional President, the President and/or the
Chief Executive Officer of CB Richard Ellis Inc. 

  

	 	9.2.3	For the avoidance of doubt, it is hereby agreed and acknowledged that during the Appointment the Executive shall be a Consultant as defined in Section 2(j)(ii) of the 2004 Stock
Incentive Plan of CB Richard Ellis Group, Inc. 

  

	 	9.2.4	By accepting the Appointment, the Executive hereby confirms that he is able to allocate sufficient time to the Appointment up to the maximum stated in Clause 9.2.2 above. Save in
the circumstances set out in Clause 9.2.5 below, the Executive must seek the agreement in writing of the board before he undertakes additional commitments that might affect the time that he is able to devote to the Appointment.

  

	 	9.2.5	Without prejudice to the provisions of Clause 10 of the Employment Agreement, the Company hereby permits the Executive during the term of the Appointment to be engaged or concerned
in, whether directly or indirectly paid or unpaid, the conduct of or be or become an employee, executive, director, agent, partner or consultant of or assist or have any financial interest in, any other actual or prospective business, company or
firm engaged in recruitment and/or management consulting. 

  

	 	9.2.6	 The Executive must declare to the board his business interests other 

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than those of the Company and any potential conflicts of interest between his other business interests and those of the Company as soon as he becomes aware
of the same and before he pursues such competing interest. 

  

	 	9.2.7	From the Employment Termination Date until 30 September 2005 the Executive shall: 

  

	 	9.2.7.1	be paid a prorated fee at the rate of £250,000 gross per annum, subject to deduction of income tax and national insurance contributions under the PAYE system, payable by bank
credit transfer in equal monthly installments in arrears on or before the last working day of each calendar month: 

  

	 	9.2.7.2	be entitled to participate in the permanent health insurance, life assurance and medical expenses insurance schemes set out in Clause 6.4 of the Employment Agreement and to be
covered (at the Executive’s expense) by the Company’s motor fleet insurance policy, save that if the terms and conditions of such schemes prevent the Executive from participating in such schemes then the Company and/or any Group Company
will reimburse the Executive a market-rate premium for his participation in schemes providing equivalent benefits to such schemes at no extra expense to the Executive. 

  

	 	9.2.8	From 1 October 2005 until the Appointment Termination Date the Executive shall: 

  

	 	9.2.8.1	not be required to perform the services set out in Clause 9.2.2 above but be available to provide consulting and advice as requested by the President of CB Richard Ellis Inc. and
agreed with the Executive and at a rate to be agreed with them from time to time prior to any service being performed; 

  

	 	9.2.8.2	be entitled to participate in the permanent health insurance, life assurance and medical expenses insurance schemes set out in Clause 6.4 of the Employment Agreement and to be
covered (at the Executive’s expense) by the Company’s motor fleet insurance policy, save that if the terms and conditions of such schemes prevent the Executive from participating in such schemes then the Company and/or any Group Company
will reimburse the Executive a market-rate premium for his participation in schemes providing equivalent benefits to such schemes at no extra expense to the Executive. 

  

	 	9.2.9	During the period of the Appointment the Executive shall be entitled to be repaid all reasonable travelling, hotel and other expenses properly authorized by the board and incurred
in or about the performance of his duties as a non-executive director or consultant, which expenses shall be evidenced in such manner as the board may specify from time to time. 

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

	 	9.2.10	The Executive shall not during the period of the Appointment or thereafter use or divulge or communicate to any person other than with proper authority any of the trade secrets or
other confidential information of or relating to the Company and/or any Group Company. Confidential information includes but is not limited to details of customers, potential customers, consultants, suppliers, potential suppliers, designs, product
details, future product details, prices, discounting arrangements, specific product applications, existing trade arrangements, terms of business and those in the course of negotiation, operating systems, pricing and fee structures, financial
information, inventions and research and development activities. 

  

	 	9.2.11	The Executive shall not during the period of the Appointment make otherwise than for the benefit of the Company and/or any Group Company any records (whether recorded on paper,
computer memory or discs or otherwise) relating to any matter within the scope of the business of the Company and/or any Group Company or concerning any of its or their dealings or affairs nor either during the Appointment or thereafter use or
permit to be used any such records otherwise than for the benefit of the Company and/or any Group Company, it being agreed by the parties that all such records (and copies thereof) in the possession or control of the Executive shall be the property
of the Company and/or any Group Company and shall be handed over by the Executive to the Company and/or any Group Company from time to time and on demand and in any event upon the termination of the Appointment. 

  

	 	9.2.12	The Executive shall not during the Appointment speak in public or write any article for publication on any matter connected with or relating to the business of the Company and/or
any Group Company without first obtaining the approval of the President and/or the EMEA Divisional President of CB Richard Ellis Inc. 

  

	 	9.3	The Executive hereby acknowledges and agrees that the terms of the Appointment set out in this Agreement constitute a contract for services and that nothing in this Agreement or
otherwise is intended by the Executive or by the Company and/or any Group Company to constitute a contract of service or to create any relationship of employment. 

  

	10.	APPOINTMENT TERMINATION 

  

	 	10.1	The Appointment shall terminate on the Appointment Termination Date unless otherwise terminated by the Company and/or any Group Company giving one month’s written notice to the
Executive, such notice not to take effect prior to 1 January 2006. Notice shall only be given if in the reasonable opinion of the Company and/or any Group Company the Executive fails or neglects efficiently and diligently to discharge his duties to
and to promote and protect the interests and reputation of the Company and/or any Group Company or does anything that is harmful to the Company and/or any Group Company. 

  

	 	10.2	 The Executive acknowledges and agrees that the covenants set out below are 

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reasonably necessary for the proper protection of the legitimate business interests of the Company and any “Relevant Group Company” (as
defined below). The Executive covenants to the Company and all Relevant Group Companies (for themselves and as trustee for each of the Group Companies) that he shall not for the following periods after the termination of the Appointment howsoever
arising (but excluding repudiatory breach of this Agreement by the Company) directly or indirectly, either alone or jointly with or on behalf of any person, firm, company, or entity and whether on his own account or as principal, partner,
shareholder, director, executive, consultant or in any other capacity whatsoever:- 

  

	 	10.2.1	for 12 months following the Appointment Termination Date or such earlier termination of the Appointment by the Company and/or any Group Company in the “Relevant
Territory” (as defined below) and in competition with the Company and/or any Relevant Group Company, save in relation to the business of providing recruitment services, engage, assist or be interested in any undertaking which provides
services similar to those provided by the Company and/or any Relevant Group Company in the 24 months prior to the Appointment Termination Date and with which the Executive was concerned in the said period of 24 months; 

  

	 	10.2.2	for 12 months following the Appointment Termination Date or such earlier termination of the Appointment by the Company and/or any Group Company in the Relevant Territory solicit or
interfere with or endeavour to entice away from the Company and/or any Relevant Group Company any person, firm, company or entity who was a client of the Company and/or any Relevant Group Company in the 24 months prior to the Appointment Termination
Date and with whom the Executive was concerned or had personal contact in the said period of 24 months; 

  

	 	10.2.3	for 12 months following the Appointment Termination Date or such earlier termination of the Appointment by the Company and/or any Group Company in the Relevant Territory be
concerned with the supply of services, other than the provision of recruitment services, to any person, firm, company or entity which was a client of the Company and/or any Relevant Group Company in the 24 months prior to the Appointment Termination
Date where such services are identical or similar to and in competition with those services supplied by the Company and/or any Relevant Group Company in the said 24 month period, with which supply the Executive was concerned in the said period of 24
months; 

  

	 	10.2.4	 for 12 months following the Appointment Termination Date or such earlier termination of the Appointment by the Company and/or any Group Company offer to employ or
engage or solicit the employment or engagement of any person who immediately prior to the Appointment Termination Date was a senior Executive or consultant of the Company and/or any Relevant Group Company and with whom the Executive had significant
working contact in the 24 months prior to the 

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Appointment Termination Date (whether or not such person would commit any breach of their contract of employment or engagement by reason of leaving the
service of such company); and 

  

	 	10.2.5	represent himself as being in any way connected with or interested in the business of the Company and/or any Relevant Group Company. 

  

	 	10.3	Each of the obligations contained in this Clause constitutes an entire separate and independent restriction on the Executive and if any part if found to be unenforceable the
remainder will remain valid and enforceable. 

  

	 	10.4	While the restrictions are considered by the parties to be fair and reasonable in the circumstances, it is agreed that if any such restrictions should be judged to be void or
ineffective for any reason but would be treated as valid and effected if part of the wording thereof were deleted the said restrictions shall apply with such modifications will be necessary to make them valid and effective. 

 

	 	10.5	The Executive agrees that he will at the request and cost of the Company and/or any Relevant Group Company enter into a direct agreement with any of the Group Companies under which
he will accept restrictions corresponding to the restrictions contained in this clause (or such as will be appropriate in the circumstances) in relation to such Group Company. 

  

	 	10.6	For the purposes of this clause: 

  

	 	10.6.1	a “Relevant Group Company” means any of the Group Companies for which the Executive has performed services or in which he has held office during the 24 months
immediately preceding the Appointment Termination date and, if applicable, their predecessors in business during such 24 month period; and 

  

	 	10.6.2	“Relevant Territory” means the United Kingdom. 

  

	11.	OBLIGATIONS UPON TERMINATION OF APPOINTMENT 

  

	 	11.1	Upon termination of the Appointment howsoever arising the Executive shall: 

  

	 	11.1.1	at any time or from time to time thereafter upon the request of the Company, resign and do everything the Company and/or any Group Company may require (including executing
documents) to resign from: 

  

	 	(i)	all offices held in the Company and/or any Group Company or any of the Group Companies; and 

  

	 	(ii)	any office in any other company acquired by reason of or in connection with the Appointment; 

  
 by signing letters of resignation in the form set out in Schedule 2 to this Agreement and should he fail to do so the
Company and/or any Group Company is hereby irrevocably appointed to be the Executive’s Attorney in his name and on his behalf to execute any documents and to do any things necessary or requisite to give effect to this Clause; and 

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

	 	11.1.2	deliver to the board all documents (including, but not limited to, correspondence, lists of clients or customers notes, memoranda, plans, drawings and other documents or whatsoever
nature and all copies thereof) made or complied or acquired by the Executive during the Appointment and concerning the business, finances or affairs of the Company and/or any Group Company or its or their clients. 

  

	 	11.2	The Executive confirms that he has no claims against the Company and/or any Group Company and/or any Group Company and/or any of their respective directors, officers, employees,
direct or indirect shareholders and agents arising from such resignations 

  

	12.	DATA PROTECTION  

  

	 	12.1	The Executive hereby confirms that the Company and/or any Group Company will be entitled to process (within the meaning of the Data Protection Act 1998 (and any amending or
subordinate legislation passed from time to time)) in any way it reasonably considers fit any data and other information concerning the Executive provided that the Company and/or any Group Company shall exercise all reasonable care to treat such
data and information with the degree of confidentiality that would normally be expected of a reasonable and responsible data controller engaged in the processing of such data or information. 

  

	 	12.2	The Executive hereby consents to the passing of any such data and information by the Company and/or any Group Company to any of the Group Companies whether within or outside the
European Union or to any associated companies subject to the conditions set out above. 

  

	13.	WARRANTIES AND REPRESENTATIONS 

  

	 	13.1	The Executive hereby warrants and represents to the Company that as at the date of this Agreement he:- 

  

	 	13.1.1	has not committed any breach of duty (including fiduciary duty) owed to the Company or any Group Company; 

  

	 	13.1.2	has not done or failed to do anything amounting to a repudiatory breach of the express or implied terms of the Employment; 

  

	 	13.1.3	has not taken court, tribunal or other proceedings against the Company or any Group Company. 

  

	 	13.2	The Executive hereby warrants and represents to the Company that on the Employment Termination Date, he will reconfirm the warranties set out in Clauses 13.1.1 and 13.1.3 above.

  

	 	13.3	The Company hereby warrants and represents to the Executive that it has no present claims against the Executive and knows of no past or current circumstances which might give rise
to any such claim in the future. 

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

	14.	SETTLEMENT AND WAIVER 

  

	 	14.1	The Executive agrees to accept the arrangements contained in this Agreement in full and final settlement all and any claims including, for the avoidance of doubt any claims in
respect of any share options granted to the Executive by the Company or any Group Company or other rights of action whatsoever and howsoever arising (whether under the laws of England and Wales, those of the European Union or any other law, and
whether such claims are known or unknown to the parties and whether or not they are or could be in the contemplation of the parties at the time of signing this Agreement, including claims which as a matter of law do not at the date of this Agreement
exist and whose existence cannot currently be foreseen and any claims or rights of action arising from a subsequent retrospective change or clarification of the law) which the Executive now has or may in the future have against the Company or any
Group Company or any director, officer, employee, direct or indirect shareholder or agent (whether past or present) of the Company or any Group Company and the Executive hereby agrees to waive any such claims or rights of action. There will be
excluded from this clause (i) any personal injury claims of which the Executive is unaware as at signing this Agreement (and the Executive hereby warrants that he is not aware of any circumstances that could give rise to a personal injury claim
against any of the foregoing in the future); and (ii) any claims for pension rights accrued to the Employment Termination Date. For the avoidance of doubt, but not by way of limitation, this settlement compromises all employment rights under
European law and all statutory employment protection rights under English law including the following (all as the same may be amended from time to time, and where the reference is to a statute it also includes all regulations made thereunder from
time to time): 

  

	 	14.1.1	any claim whatsoever in respect of notice; 

  

	 	14.1.2	any claim(s) under or arising out of rights or obligations conferred by the Equal Pay Act 1970; 

  

	 	14.1.3	any claim(s) under or arising out of rights or obligations conferred by the Sex Discrimination Act 1975; 

  

	 	14.1.4	any claim(s) under or arising out of rights or obligations conferred by the Race Relations Act 1976; 

  

	 	14.1.5	any claims under or arising out of rights or obligations conferred by the Transfer of Undertakings (Protection of Employment) Regulations 1981; 

  

	 	14.1.6	any claim(s) under or arising out of rights or obligations conferred by the Trade Union and Labour Relations (Consolidation) Act 1992; 

  

	 	14.1.7	any claim(s) under or arising out of rights or obligations conferred by the Disability Discrimination Act 1995; 

  

	 	14.1.8	any claim(s) under or arising out of rights or obligations conferred by the Employment Rights Act 1996; 

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	 	14.1.9	any claim(s) under or arising out of rights or obligations conferred by the Working Time Regulations 1998; 

  

	 	14.1.10	any claim(s) under or arising out of rights or obligations conferred by the National Minimum Wage Act 1998; 

  

	 	14.1.11	any claim(s) under or arising out of rights or obligations conferred by the Employment Relations Act 1999; 

  

	 	14.1.12	any claim(s) under or arising out of rights or obligations conferred by the Transnational Information and Consultation of Employees Regulations 1999; 

  

	 	14.1.13	any claim(s) under or arising out of rights or obligations conferred by the Employment Act 2002; 

  

	 	14.1.14	any claim(s) under or arising out of rights or obligations conferred the Flexible Working (Eligibility Complaints and Remedies) Regulations 2002; 

  

	 	14.1.15	any claim(s) under or arising out of rights or obligations conferred the Flexible Working (Procedural Requirements) Regulations 2002; 

  

	 	14.1.16	any claim(s) under or arising out of rights or obligations conferred by the Employment Equality (Religion or Belief) Regulations 2003; 

  

	 	14.1.17	any claim(s) under or arising out of rights or obligations conferred by the Employment Equality (Sexual Orientation) Regulations 2003; 

  

	 	14.1.18	any claim(s) under or arising out of rights or obligations conferred by the Employment Act 2002 (Dispute Resolution) Regulations 2004; 

  

	 	14.1.19	any claim(s) in respect of which a Conciliation Officer is authorised to act; and 

  

	 	14.1.20	any claims arising under any directive or other legislation applicable in the United Kingdom by virtue of the United Kingdom’s membership of the European Union.

  

	 	14.2	To give full effect to the provisions of Clause 14.1 above the Executive hereby agrees to refrain from instituting or continuing any proceedings before any court or tribunal or
arbitral body or any other body in any part of the world in relation to any claims or complaints referred to in Clause 14.1 above. 

  

	 	14.3	The Executive warrants and agrees that: 

  

	 	14.3.1	he has received independent legal advice as to the terms and effect of this Agreement and in particular as to its effect on his ability to pursue claims before an Employment
Tribunal from Patrick Burgess of Jones Day, 21 Tudor Street, London, EC4Y 0DJ; 

  

	 	14.3.2	 Patrick Burgess is covered by a contract of insurance, or an indemnity 

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

	 	 
provided for members of a profession or professional body covering the risk of a claim by the Executive in respect of loss arising in consequence of the
advice; 

  

	 	14.3.3	at the time of giving the advice referred to in 14.2.1, Patrick Burgess was a “qualified lawyer” and “independent” as defined in Section 203(4) and Section
203(3B) respectively of the Employment Rights Act 1996; and 

  

	 	14.3.4	he will procure that Patrick Burgess send a letter on execution of this Agreement to the Company’s solicitors, Morrison & Foerster MNP, in the form set out in Schedule 3.

  

	15.	NO ADMISSION OF LIABILITY 

  
 This Agreement does not constitute an admission by the Company or any Group Company that it or any Group Company has breached any law or regulation, or
that the Executive has any claims against the Company or any Group Company, or its or their respective directors, officers, employees, direct or indirect shareholders or agents (whether past or present) of the Company or any Group Company.

  

	16.	CONFIDENTIALITY 

  

	 	16.1	In consideration of the covenant on the part of Company set out in Clause 16.2, the Executive agrees and undertakes:- 

  

	 	16.1.1	to keep confidential and not to make or publish any statement to any person, firm or company concerning this Agreement or the circumstances surrounding the termination of the
Employment and/or the Appointment, provided that the Executive will not be prevented from making a disclosure: 

  

	 	(i)	for the purposes of seeking legal or accountancy advice in relation to this Agreement provided his professional adviser is bound by a duty of confidence; 

 

	 	(ii)	to the proper authorities as required by law; 

  

	 	(iii)	to any actual or prospective employer; and 

  

	 	(iv)	to his wife or partner provided such person agrees to maintain confidentiality 

  

	 	16.1.2	 not to make or publish or cause to be made or published any statement or remark in any circumstances or do anything in relation to Company or any Group Company or
their respective directors, officers, employees and direct or indirect shareholders which harms or is intended to harm or may harm the business or prospects of Company or any Group Company or which damages or lowers or is intended to damage or lower
or may damage or lower the reputation of Company or any Group Company or their respective directors, officers, employees and direct or indirect shareholders. In particular, but not by 

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

	 	 
way of limitation, the Executive agrees and acknowledges that any statement, remark or action by the Executive which does not indicate unqualified support
for whoever succeeds him as Chief Executive of the Company will constitute a breach of this Clause 16.1.2. 

  

	 	16.2	Save as may be required by law or regulatory requirements, the Company agrees to keep the terms and conditions of this Agreement confidential. 

  

	17.	ENTIRE AGREEMENT 

  

	 	17.1	Other than where expressly stated to the contrary in this Agreement, this Agreement and the documents referred to herein constitute the entire agreement relating to the
Executive’s Employment and Appointment and the termination of the same and is in substitution for and replaces any previous agreements or arrangements between the Executive and the Company and any Group Company which shall be deemed to have
been terminated by mutual consent as from the date of this Agreement and the Executive hereby waives with effect from the date of this Agreement any and all claims which he may have arising out of or in connection with any such previous agreements
or arrangements. 

  

	 	17.2	It is agreed that (i) no party has entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set out or referred to in this Agreement;
(ii) in the absence of fraud, no party will have any remedy in respect of any untrue statement, made to it or its representatives or agents, upon which it or they relied, and such party’s only remedy will be for breach of contract; and (iii)
this Clause 17 shall not exclude any liability for fraudulent misrepresentation. 

  

	18.	THIRD PARTIES 

  
 The terms, representations, warranties and agreements of the parties set forth in this Agreement are not intended for, nor shall they be for the benefit
of or enforceable by, any third party other than the Group Companies. 
  

	19.	WITHOUT PREJUDICE 

  
 Notwithstanding that this Agreement is marked “Without Prejudice and Subject to Contract”, when it is signed and dated by the Executive it will
become open and binding. 
  

	20.	GOVERNING LAW AND JURISDICTION 

  
 This Agreement shall be governed by and construed in accordance with the laws of England and Wales and the courts of England and Wales shall have
non-exclusive jurisdiction to deal with disputes arising from or touching upon this Agreement. 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first written above. 
  
  

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

 SCHEDULE 1 
  
 Letter of Resignation 
  
 Please see attached. 

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

 Letter of Resignation 
  
 Private and Confidential 
  

			
	 TO:    
	 	 The Directors

	 	 	 [LIST COMPANY/IES]

  
 [    ] 2005 
  
 Dear Sirs 
  
 Resignation 
  
 I hereby resign as an Executive and from all my offices and directorships (if any) with the above-listed companies. My resignations are to
be with effect from [    ] 2005. 
  
 I hereby confirm that I
have no claims against the above companies and any of their directors, officers, employees and direct or indirect shareholders arising from such resignations. 
  

Please arrange for particulars of my resignations to be filed with the appropriate bodies. 
  
 Yours faithfully 
  

	
	  

	 ALAN CHARLES FROGGATT

  
  

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

 SCHEDULE 2 
  
 Letter of Resignation 
  
 Please see attached. 

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

 Letter of Resignation 
  
 Private and Confidential 
  

			
	 TO:    
	 	 The Directors

	 	 	 [LIST COMPANY/IES]

  
 [    ] 2006 
  
 Dear Sirs 
  
 Resignation 
  
 I hereby resign as non-executive director and from all my offices and directorships (if any) with the above-listed companies. My
resignations are to be with effect from [    ] 2006. 
  
 I
hereby confirm that I have no claims against the above companies and any of their directors, officers, employees and direct or indirect shareholders arising from such resignations. 
  
 Please arrange for particulars of my resignations to be filed with the appropriate bodies. 
  
 Yours faithfully 
  

	
	  

	ALAN CHARLES FROGGATT

  
  

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

 SCHEDULE 3 
  
 Adviser’s Letter 
  
 Please see attached. 
  
  

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

 ON JONES DAY HEADED PAPER 
  

	TO:	MORRISON & FOERSTER MNP 

  
 23 January 2005 
  
 Dear Sirs 
  
 I refer to the agreement made between my
client, Alan Charles Froggatt (“Mr Froggatt”) and your client, Insignia Richard Ellis Limited (“the Company”) dated 23 January 2005, a copy of which is attached (“the Agreement”). 
  
 I confirm that: 
  
 1. I am a qualified lawyer as defined by section 203(4) of the Employment
Rights Act 1996. 
  
 2. I am independent of the Company.

  
 3. I have advised Mr Froggatt as to the terms and effect of
the Agreement and, in particular, that Mr Froggatt will be precluded from bringing a claim under the legislation set out in Clause 14 of the Agreement. 
  
 4. There is now in force and there was at the time I gave Mr Froggatt the advice referred to above, a contract of insurance or appropriate indemnity as
required by section 203(3)(d) of the Employment Rights Act 1996 covering the risk of a claim by Mr Froggatt in respect of loss arising in consequence of the advice referred to in paragraph 3 above. 
  
 Yours sincerely 
  
 Patrick Burgess 

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 
  

 Executed for and on behalf of 
 INSIGNIA RICHARD ELLIS LIMITED 
 acting by a duly authorised officer: 
  

			
	 	 	  

	 	 	 Director

		
	 	 	  

	 	 	 Dated

		
	 Signed and delivered as a deed by
	 	 
	ALAN CHARLES FROGGATT	 	  

		
	 	 	  

	 	 	 Dated

		
	 Witnessed by:-
	 	  

		
	 	 	  

	 	 	 Dated

		
	 	 	  

	 	 	 Name

		
	 	 	  

	 	 	 AddressTransition Agreement

 EXHIBIT 10.14 
  
 TRANSITION AGREEMENT 
  
 THIS TRANSITION AGREEMENT (this “Agreement”), is made and entered into as of the 22nd day of February, 2005, effective as of the Effective Date (as such term is hereinafter defined), by and between CB RICHARD ELLIS GROUP, INC. and CB RICHARD
ELLIS, INC. (collectively, the “Company”), and RAYMOND E. WIRTA (“Executive”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Company currently employs Executive as its Chief Executive Officer, and Executive currently serves as a member of the Company’s Board of Directors (the “Board of Directors”);

  
 WHEREAS, Executive wishes to resign from the position of Chief
Executive Officer on the Effective Date but continue as an employee of the Company in a different capacity; and 
  
 WHEREAS, Executive and the Company deem it to be in their respective best interests to enter into this Agreement upon the terms and subject to the
conditions set forth herein. 
  
 NOW, THEREFORE, in consideration
of the promises and the mutual covenants and agreements contained herein, it is hereby agreed as follows: 
  
 1. Effective Date; Pro Rata Bonus. 
  
 (a) From the date of this Agreement until the later of June 2, 2005 or such other date on which the 2005 annual meeting of the Company’s shareholders
is held and the Company designates a new Chief Executive Officer (the “Trigger Date”), the Company agrees to continue to pay to Executive his current base salary, payable in regular installments in accordance with the Company’s
normal payroll procedures, and to continue Executive’s participation in current bonus programs and benefit plans, according to the terms of such plans and programs as they may exist from time to time. On the Trigger Date, Executive shall submit
a letter of resignation to the Board of Directors of the Company (the “Board of Directors”) to resign from the position of Chief Executive Officer and this Agreement shall become effective on the date (the “Effective
Date”) immediately following the Trigger Date; provided, however, that in the event the Board of Directors refuses to accept Executive’s resignation and Executive is reinstated as the Chief Executive Officer on the Trigger Date, this
Agreement shall become null and void and the current terms of Executive’s employment shall continue in full force in effect; and further provided that if the Board of Directors terminates the employment of Executive without Cause at any time
before the Trigger Date, the Effective Date shall be the day before the date of such termination. 
  

 1 

 (b) Executive shall be entitled to receive a pro-rata portion of the annual bonus (“Pro-Rata
Bonus”) which he would have earned if he were employed as the Chief Executive Officer of the Company for the entire 2005 calendar year, with such pro-rata portion being calculated as the product of the annual bonus multiplied by a fraction,
the numerator of which is the number of days employed as the Chief Executive Officer of the Company in 2005 and the denominator of which is 365 days. All stock options and “Equity Incentive Plan” shares issued to Executive prior to the
Effective Date shall become fully vested and exercisable as of the Effective Date. 
  
 2. Duties. The Company hereby agrees to employ Executive as its Vice Chairman, and Executive agrees to render services to the Company as a member of the Board of Directors, for the “Employment
Period” (as such term is hereinafter defined); provided, however, that in the event the Executive shall be removed from the Board of Directors, Executive shall nonetheless continue as an employee for the remainder of the
Employment Period. Executive agrees to use his best efforts during the Employment Period to protect, encourage and promote the interests of the Company and its subsidiaries and affiliates (collectively, the “Affiliates”). During the
Employment Period, Executive shall also perform such other duties consistent with the offices held by Executive, including overseas business travels, as may be reasonably assigned to him from time to time by the Chief Executive Officer of the
Company, and will devote substantial time and attention to such duties, except while on sick leave, reasonable vacations and excused leaves of absence; provided, however, that Executive shall not be required to be present in the
Company’s offices or travel in excess of 40 hours per month. 
  
 3. Compensation and Benefits. 
  
 (a) The Company
agrees to pay to Executive a base salary during the Employment Period at a rate equal to two hundred fifty thousand dollars ($250,000) per year (“Base Salary”), payable in regular installments in accordance with the Company’s
normal payroll procedures. 
  
 (b) During the Employment Period,
Executive shall be eligible to participate in the life, health, long-term disability insurance, deferred compensation plans and 401(k) plan of the Company (the “Company Benefit Plans”) available to other employees of the Company.

  
 (c) The Company will reimburse Executive for reasonable
business expenses in performing Executive’s duties and promoting the businesses of the Company and its Affiliates, including, without limitation, reasonable entertaining expenses, automobile expenses, and travel and lodging, when incurred in
connection with business matters of the Company or an Affiliate assigned to Executive from time to time. The cost of these items shall be borne by the Company upon presentation of an itemized expense voucher. 
  
 4. Employment Period. As used herein, the phrase “Employment
Period” shall mean the period commencing on the Effective Date and ending on the 2nd anniversary thereof. 

  

 2 

 
Notwithstanding the foregoing, the Employment Period shall expire on the first to occur of the following: 
  
 (a) Termination without Cause. If the Employment Period is terminated
by the Company without Cause, Executive shall be entitled to continue to receive his Base Salary for the period beginning on the date of such termination and ending on the 2nd anniversary of the Effective Date. The payments of Executive’s Base
Salary by the Company under this Section 4(a) will be made periodically in the same amounts and at the same intervals as if the Employment Period had not ended and Executive’s Base Salary otherwise continued to be paid. In addition, (i) all
unvested stock options and unvested “Equity Incentive Plan” shares previously granted to Executive shall automatically vest in full and (ii) the Company shall offer continued medical benefit coverage as required by law; provided that
Executive’s obligation to pay premiums for such coverage shall be limited to the employee premiums payable by similarly situated active employees until the earlier of (A) the expiration of the Employment Period and (B) the date Executive
becomes employed by another party. Following the expiration of such period of limited premiums, the remaining coverage shall be subject to payment by Executive of any applicable premiums. Executive shall not be required to mitigate the amount of any
payment or benefit provided for under this Section 4(a) by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Section 4(a) be reduced by any compensation earned by Executive as a result of
other employment. Payment to Executive pursuant to this Section 4(a) shall constitute the entire obligation of the Company for severance pay and full settlement of any claim for severance pay under law or in equity that Executive might otherwise
assert against the Company or any of its employees, officers or directors on account of the Company’s termination of the Employment Period without Cause. Executive shall remain entitled to any benefits which are then due to him under the
Company Benefit Plans. 
  
 (b) Termination for Cause. The
Company shall have the right to terminate Executive’s employment at any time for Cause by giving Executive written notice of the effective date of termination (which effective date may, except as otherwise provided below, be the date of such
notice). For purposes of this Agreement, “Cause” shall mean: 
  
 (i) fraud, misappropriation, embezzlement or other proven, felonious act of willful and material misconduct against the Company or any of its Affiliates; 
  
 (ii) willful and substantial failure to render services (except by reason of Disability (as such term is hereinafter
defined) or incapacity) or comply with the agreements and covenants set forth herein in accordance with the terms of this Agreement, provided that (A) a demand for performance of services had been delivered to Executive by the Chief Executive
Officer of the Company at least thirty (30) days prior to termination identifying the manner in which such Chief Executive Officer believes that Executive has failed to perform or comply and (B) Executive has thereafter failed to remedy such failure
to perform or comply; or 
  
 (iii) conviction of or plea of
guilty or nolo contendere to a felony. 
  
 If the Company terminates
Executive’s employment for any of the reasons set forth in this Section 4(b), the Company shall have no further obligations hereunder from and after the effective date of termination and shall have all other rights and remedies available under
this or 

  

 3 

 
any other agreement and at law or in equity, except that Executive shall remain entitled to any benefits which are then due to him under the Company Benefit
Plans, and under previously vested stock options and previously vested “Equity Incentive Plan” shares. If Executive’s employment is terminated for Cause and Executive does not consent to such termination, such Executive shall perform
no further duties hereunder, but such termination shall not be considered immediately effective and Executive’s rights under this Agreement during the Employment Period shall continue (including, without limitation, the provisions of Section 3
hereof) until the existence of such Cause has been determined by an independent arbitrator appointed by the American Arbitration Association and either party’s rights to petition a court of law for a decision in the matter have been exhausted.
In connection with the appointment of an arbitrator, both parties agree to submit the question to final and binding arbitration in the County of Los Angeles, California by an appointee of the American Arbitration Association and to cooperate with
the arbitrator. If the arbitrator determines that Executive’s termination was for Cause, then Executive’s termination shall be considered effective as of the date set forth in the notice of termination, and Executive shall repay to the
Company all compensation received pursuant to Section 3 hereof during the period commencing upon Executive’s termination and ending upon the arbitrator’s final determination. If the arbitrator determines that Executive’s termination
was not for Cause, then such termination shall be considered without Cause, shall be effective on the date of the arbitrator makes its determination and Section 4(a) shall apply. 
  
 (c) Termination on Account of Disability. If the Employment Period is terminated by the Company because of
Executive’s Disability (as such term is hereinafter defined), in addition to any benefits paid or payable to Executive under any long-term disability insurance policy maintained for the benefit of Executive, Executive shall be entitled to
continue to receive his Base Salary for the period beginning on the date of such termination and ending on the 2nd anniversary of the Effective Date. The payments of Executive’s Base Salary by the Company under this Section 4(c) will be made
periodically in the same amounts and at the same intervals as if the Employment Period had not ended and Executive’s Base Salary otherwise continued to be paid. For purposes of this Agreement, “Disability” shall mean
Executive’s inability to perform his duties under this Agreement for one hundred eighty (180) consecutive days during any twelve (12) month period due to illness, accident or other incapacity (as determined in good faith by a physician mutually
acceptable to the Company and Executive). All unvested stock options and unvested “Equity Incentive Plan” shares previously granted to Executive shall vest in full upon Executive’s Disability. Executive shall remain entitled to any
benefits which are then due to him under the Company Benefit Plans. 
  
 (d) Termination on Account of Death. In the event of Executive’s death during the Employment Period, in addition to any benefits paid or payable to Executive under any life insurance policy maintained by Executive, the Company
shall pay to such person or persons, as Executive may specifically designate (successively or contingently) to receive payments under this Agreement following Executive’s death (the “Designated Beneficiary”), Executive’s
Base Salary for the period beginning on the date of such termination and ending on the 2nd anniversary of the Effective Date. The payments of Executive’s Base Salary by the Company under this Section 4(d) will be made periodically in the same
amounts and at the same intervals as if the Employment Period had not ended and Executive’s Base Salary otherwise continued to be paid. All unvested stock options and unvested “Equity Incentive Plan” shares previously granted to
Executive shall vest in full upon Executive’s death. 
  

 4 

 (e) Voluntary Termination by Executive. In the event that Executive’s service with the
Company is voluntarily terminated by Executive, the Company shall have no further obligations hereunder from and after the effective date of such termination and shall have all other rights and remedies available under this or any other agreement
and at law or in equity. Executive shall remain entitled to any benefits accrued by him prior to the date of termination under the Company Benefit Plans and under any previously vested stock option and preciously vested “Equity Incentive
Plan” shares. 
  
 5. Confidential Information.

  
 (a) Executive agrees that any and all confidential knowledge
or information, including but not limited to customer lists, books, records, data, formulae, specifications, inventions, processes and methods, developments, and improvements, which has or have been or may be obtained or learned by Executive in the
course of his employment with the Company, will be held confidential by Executive and that Executive will not disclose the same to any person outside of the Company either during his employment with the Company or after his employment with the
Company has terminated. 
  
 (b) Executive agrees that upon
termination of his employment with the Company, he will immediately surrender and turn over to the Company all customer lists, books, records, forms, specifications, formulae, data, and all papers and writings relating to the business of the Company
and other property belonging to the Company, it being understood and agreed that the same are the sole property of the Company and the Executive will not make or retain any copies thereof. 
  
 (c) Executive agrees that all inventions, developments or improvements which
he makes, conceives, invents, discovers or .otherwise acquires during his employment with the Company in the scope of his responsibilities or otherwise shall become the sole property of the Company. 
  
 6. Non-Competition; Non-Solicitation. Executive acknowledges that, in
the course of his employment with the Company, he has become familiar, or will become familiar, with the Company’s trade secrets and with other confidential information concerning the Company and that his services have been and will be of
special, unique and extraordinary value to the Company. Therefore, Executive agrees as follows: 
  
 (a) During the period commencing on the Effective Date and ending on the second anniversary of the Effective Date (the “Non-Compete
Period”), Executive will not directly or indirectly: 
  
 (i) engage in any business that competes with any business line of the Company or any of its Affiliates for which the gross revenue of the competing business was in excess of $500 million during 2004, wherever such competing business may be
performed (a “Competitive Business”); 
  
 (ii)
enter the employ of, or render services to, any person or entity (or any division of any person or entity) who or which engages in a Competitive Business; 
  

 5 

 (iii) acquire a financial interest in, or otherwise become actively involved with, any Competitive
Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or 
  
 (iv) interfere with, or attempt to interfere with, business relationships (whether formed before, on or after the date of this Agreement) between the
Company or any of its Affiliates and customers, clients, suppliers, partners, members or investors of the Company or its Affiliates. 
  
 (b) During the Non-Compete Period, Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction with any person, company,
business entity or other organization whatsoever, directly or indirectly: 
  
 (i) solicit or encourage any employee of the Company or its Affiliates to leave the employment of the Company or its Affiliates; 
  

(ii) solicit or encourage to cease to work with the Company or its Affiliates any consultant then under contract with the Company or its affiliates.

  
 (c) Executive will not, whether on Executive’s own behalf
or on behalf of or in conjunction with any person, company, business entity or other organization whatsoever, directly or indirectly solicit or assist in soliciting in competition with the Company, the business of any client or prospective client:

  
 (i) with whom Executive has had personal contact or dealings
on behalf of the Company; 
  
 (ii) with whom employees reporting
to Executive have had personal contact or dealings on behalf of the Company; or 
  
 (iii) for whom Executive has had direct or indirect responsibility. 
  
 (d) Notwithstanding anything to the contrary in this Agreement, Executive may: 
  
 (i) directly or indirectly own, solely as an investment, securities of a Competitive Business which are publicly traded on
a national or regional stock exchange or on the over-the-counter market if Executive (a) is not a controlling person of, or a member of a group which controls, such person, and (b) does not, directly or indirectly, own 5% or more of any class of
securities of such person; 
  
 (ii) alone or with one or more
partners, invest directly (or indirectly through an intervening entity) in real estate; and 
  
 (iii) provide services with respect to the real estate or entity referred to in subsection (ii) so long as no fees, other than the reimbursement of costs, are charged, directly or indirectly, by Executive or such
partners or entity for such services. 
  

 6 

 (e) It is expressly understood and agreed that although Executive and the Company consider the
restrictions contained in this Section 6 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction
against Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be
enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the
enforceability of any of the other restrictions contained herein. 
  
 7. Injunctive Relief. Because Executive’s services are unique and because Executive has access to confidential information, the parties hereto agree that money damages would be an inadequate remedy for any breach of this
Agreement. Therefore, in the event of a breach or threatened breach of Section 5 or 6 of this Agreement, the Company or its successors or assigns may, in addition to other rights and remedies existing in their favor, apply to any court of competent
jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or other security). 
  
 8. Key Man Life and Disability Insurance. The Company may, for its own
benefit, maintain “key man” life and disability insurance policies covering Executive. Executive shall cooperate with the Company and provide such information or other assistance as the Company may reasonably request in connection with the
Company obtaining and maintaining such policies. 
  
 9.
Representations. 
  
 (a) Executive hereby represents and
warrants to the Company that (i) the execution, delivery and performance of this Agreement by Executive does not and will not conflict with, breach, violate or cause a default under any agreement, contract or instrument to which Executive is a party
or any judgment, order or decree to which Executive is subject, and (ii) Executive is not a party to or bound by any employment agreement, consulting agreement, non-compete agreement, confidentiality agreement or similar agreement with any other
person or entity, and (iii) Executive has been provided with the opportunity to have this Agreement reviewed by Executive’s legal counsel prior to its execution. 
  
 (b) The Company hereby represents and warrants to Executive that (i) this Agreement has been duly authorized by all
necessary corporate action on the part of the Company; and (ii) the execution, delivery and performance of this Agreement by the Company does not and will not conflict with, breach, violate or cause a default under any agreement, contract or
instrument to which the Company is a party or any judgment, order or decree to which the Company is subject. 
  

 7 

 10. Release. 
  
 (a) Executive, for Executive, Executive’s successors, administrators, heirs and assigns, hereby fully and generally
releases, waives and forever discharges the Company and its stockholders, directors, officers, employees, agents and attorneys, whether past, present or future (the “Released Parties”), from any and all actions, suits, debts,
demands, damages, claims, judgments, liabilities, benefits or other remedial relief of any nature, including, costs and attorneys’ fees, based on acts or occurrences prior to execution of this Agreement, whether known or unknown, including,
without limitation, all claims arising out of Executive’s employment prior to and on the date of this Agreement with the Company, as the case may be, their respective subsidiaries and affiliates, their predecessors, successors, assigns, such as
(by way of example only) any claim for compensation or other benefits apart from the benefits stated herein and which are provided to Executive under the Company Benefit Plans; material breach of contract; impairment of economic opportunity; any
claim under common-law or equity; any tort; claims for reimbursements; claims for commissions; implied or express employment contracts and/or estoppel; or claims for employment discrimination under the Age Discrimination in Employment Act, as
amended, Title VII of the Civil Rights Act of 1964, as amended, the Rehabilitation Act of 1973, as amended, the Americans with Disabilities Act of 1990, as amended, the Civil Rights Act of 1866 and 1991, as amended, the Employee Retirement Income
Security Act of 1974, as amended, or any other state, federal or local law, statute, or regulation. Executive acknowledges and agrees that this release is an essential and material term of this Agreement and that, without such release, no agreement
would have been reached by the parties and no benefits under this Agreement would have been paid. Executive understands and acknowledges the significance and consequences of this Agreement. 
  
 (b) Executive represents that Executive has not engaged in any breach of
fiduciary duty or criminal activity towards the Company. In reliance upon and conditioned upon the representations by Executive contained in this Agreement, the Company hereby releases Executive from any and all claims, suits, demands, actions or
causes of action of any kind or nature whatsoever, whether the underlying facts are known or unknown, which the Company has or now claims, or might have or claim, pertaining to or arising out of Executive’s employment by the Company prior to
and on the date of this Agreement and agrees not to sue Executive concerning such claims. This release shall run to and be for the benefit of Executive and her heirs and assigns. This release shall run to and be binding upon the Company, and its
successors, assigns and transferees. 
  
 (c) Executive and the
Company hereby expressly waive any and all rights or benefits conferred by the provisions of SECTION 1542 OF THE CALIFORNIA CIVIL CODE and expressly consent that the release provided in this Agreement shall be given full fore and effect according to
each and all of its express terms and conditions, including those relating to unknown claims, demands and causes of actions, if any, as well as those relating to any other claims, demands and causes of actions hereinabove specified. SECTION 1542
PROVIDES: 
  
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS
WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR” 
  

 8 

 Executive and the Company each acknowledge that they may hereafter discover claims or facts in addition to or different
from those which they now know or believe to exist with respect to the subject matter of this Agreement and which, if known or suspected at the time of executing this Agreement, may have materially affected this Agreement. Nevertheless, Executive
and the Company each hereby waive any right, claim or cause of action that might arise as a result of such different or additional claims or facts. Executive and the Company each acknowledge that they understand the significance and consequence of
such release and such specific waiver of SECTION 1542. 
  
 11.
Miscellaneous. This Agreement shall also be subject to the following miscellaneous considerations: 
  
 (a) The Company shall, to the maximum extent permitted by law, indemnify Executive against expenses (including, without limitation, reasonable
attorneys’ fees), judgments, fines, settlements and other amounts actually and reasonably incurred in connection with any proceedings arising by reason of the fact that Executive is or was an employee, officer, independent contractor or agent
of the Company or any of its Affiliates. The Company shall advance to Executive expenses incurred in defending any such proceedings to the maximum extent permitted by law. The Company’s obligations under this provision shall not cease upon
termination of this Agreement. 
  
 (b) In any action at law or in
equity to enforce any of the provisions or rights under this Agreement, the unsuccessful party in such action, as determined by the Court in a final judgment or decree, shall pay the successful party or parties all costs, expenses and reasonable
attorneys’ fees incurred therein by such party or parties (including without limitation such costs, expenses and fees on any appeals), and if such successful party or parties shall recover judgment in any such action or proceeding, such costs,
expenses, and attorneys’ fees shall be included as part of such judgment. Notwithstanding the foregoing provision, in no event shall the successful party or parties be entitled to recover an amount from the unsuccessful party or parties for
costs, expenses and attorneys’ fees that exceeds the costs, expenses and attorneys’ fees of the unsuccessful party or parties in connection with the action or proceeding. 
  
 (c) Either party’s failure to enforce any provision or provisions of this Agreement shall not in any way be construed
as a waiver of any such provision or provisions, or prevent that party thereafter from enforcing each and every other provision of this Agreement. 
  
 (d) It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under the laws
and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable for any
reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of this Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn,
without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 
  

 9 

 (e) This Agreement contains a complete statement of all the arrangements between the parties with respect
to Executive’s employment by the Company, this Agreement supersedes all prior and existing negotiations and agreements between them concerning Executive’s employment, and this Agreement can only be changed or modified pursuant to a written
instrument executed by each of the parties hereto; provided, however, Executive shall remain entitled to any benefits which are provided to him under the Company Benefit Plans. 
  
 (f) All compensation payable hereunder shall be subject to such withholding taxes as may be required by law. 
  
 (g) This Agreement shall be binding upon and inure to the benefit of the
successors and assigns of the Company. The Company will require any successor, whether direct or indirect, by purchase, merger, consolidation or otherwise, to expressly assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession had taken place. Except as expressly provided herein, Executive may not sell, transfer, assign, or pledge any of his rights or interests pursuant to this Agreement.

  
 (h) This Agreement shall be governed by and construed in
accordance with the laws of the State of California, except to the extent governed by federal law. 
  
 (i) Any notice or other communication required or permitted to be given hereunder shall be deemed properly given if personally delivered or deposited in
the United States mail, registered or certified and postage prepaid, addressed to the Company at 100 North Sepulveda Blvd., El Segundo, CA 90245-4380, Attention: President, or to Executive at 846 Emerald Bay, Laguna Beach, California, 92651, or at
such other addresses as may from time to time be designated in writing by the respective parties. 
  
 (j) This Agreement may be executed in counterparts, each of which shall be deemed an original, but both of which together shall constitute one and the
same agreement, binding on all of the parties hereto. 
  
 IN
WITNESS WHEREOF, the parties hereto have read, understood, and voluntarily executed this Agreement as of the day and year first above written. 
  

					
	 	 	 CB RICHARD ELLIS GROUP, INC.

	 	 	 CB RICHARD ELLIS, INC.

			
	  

	 	 By:
	 	  

	 RAYMOND E. WIRTA
	 	 	 	 Brett White

	 	 	 	 	 President

  

 10

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