Document:

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                                                                    Exhibit 10.3

                            2001 CBRE HOLDING, INC.
                             STOCK INCENTIVE PLAN

                               OPTION AGREEMENT

          THIS AGREEMENT (the "Agreement"), is made effective as of the ____ day
                               ---------
of ________ 2001, (the "Date of Grant"), between CBRE Holding, Inc., a Delaware
                        -------------
corporation (the "Company"), and ___________ (the "Participant").  Capitalized
                  -------                          -----------
terms not otherwise defined herein shall have the same meanings given them in
the 2001 CBRE Holding, Inc. Stock Incentive Plan (the "Plan").

                               R E C I T A L S:
                               ---------------

          WHEREAS, the Company has adopted the Plan, which Plan is incorporated
herein by reference and made a part of this Agreement; and

          WHEREAS, the Committee has determined that it would be in the best
interests of the Company and its stockholders to grant the Options provided for
herein to the Participant pursuant to the Plan and the terms set forth herein.

          NOW THEREFORE, in consideration of the mutual covenants hereinafter
set forth, the parties agree as follows:

          1.   Grant of the Options.  The Company hereby grants to the
               --------------------
Participant the right and option to purchase, on the terms and conditions
hereinafter set forth, all or any part of an aggregate of ________ Shares (the
"Option"), subject to adjustment from time to time pursuant to the Plan.  The
 ------
purchase price of the Shares subject to the Option shall be $16.00 per Share,
subject to adjustment from time to time pursuant to the provisions of the Plan.
The Options are intended to be non-qualified stock options, and are not intended
to be treated as options that comply with Section 422 of the Internal Revenue
Code of 1986, as amended.

          2.   Vesting.  The portion of the Option which have become vested and
               -------
exercisable at any time as described in this Section 2 are hereinafter referred
to as the "Vested Portion."
           --------------

          (a)  Vesting Schedule.
               ----------------

               (i)  Subject to Section 2(a)(ii) and Section 2(b) below, the
     Option shall vest and become exercisable with respect to 20% of the Shares
     initially subject thereto on the first, second, third, fourth and fifth
     anniversaries of the Date of Grant.

               (ii) Notwithstanding the foregoing, upon a Change of Control, the
     Option, to the extent not previously canceled pursuant to Section 2(b)
     below, shall immediately vest and become exercisable with respect to all
     the Shares at the time subject to the Option.
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                                                                               2

          (b)  Termination of Employment.
               -------------------------

          If the Participant's Employment is terminated for any reason, the
Option shall, to the extent not then vested, be canceled by the Company without
consideration [; provided, however, that (i) if the Participant's Employment is
                 --------  -------
terminated by the Company or applicable Affiliate without Cause (as defined
below) or if the Participant resigns from his or her Employment for Good Reason
(as defined below), the Option shall immediately vest and become exercisable for
all the Shares at the time subject to the Option or (ii) if the Participant's
Employment is terminated due to the Participant's death or Disability (as
defined below), the Option shall immediately vest and become exercisable with
respect to the number of Shares with respect to which the Option would have
become vested and exercisable in the calendar year of such termination of
Employment.]/1/ The Vested Portion of the Option shall remain exercisable for
the period set forth in Section 3(a).

          3.   Exercise of Options.
               -------------------

          (a)  Period of Exercise.  Subject to the provisions of the Plan and
               ------------------
this Agreement, the Participant may exercise all or any part of the Vested
Portion of the Option at any time prior to the earliest to occur of:

               (i)    the tenth anniversary of the Date of Grant;

               (ii)   one year following the date of the Participant's
     termination of Employment as a result of death or Disability;

               (iii)  ninety days following the date of the Participant's
     termination of Employment by the Company or applicable Affiliate without
     Cause (other than as a result of death or Disability) or by the Participant
     for any reason; and

               (iv)   the date of the Participant's termination of Employment by
     the Company or applicable Affiliate for Cause.

          For purposes of this Agreement:

          "Cause" shall mean (i) the Participant's willful failure to perform
           -----
duties to the Company or its Affiliates, which is not cured within 10 days
following written notice from the Company describing such failure, (ii) the
Participant's conviction of a felony, (iii) the Participant's willful
malfeasance or misconduct which is materially and demonstrably injurious to the
Company, or (iv) breach by the Participant of the material terms of any
employment agreement with the Company (an "Employment Agreement"), including
                                           --------------------
without limitation all sections thereof addressing non-competition, non-
solicitation or confidentiality/2/.  [For the purpose of the preceding sentence,
clause (i) only applies to the extent Participant refuses to

_____________________

/1/ Tier I Senior Managers only.

/2/ Tier I Senior Managers only.
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                                                                               3

undertake the duties of his or her office and does not apply to situations
where, although the Participant is undertaking the duties of his or her office
to the best of his or her ability in good faith, a disagreement exists with
regard to the quality of the services rendered by the Participant; provided
                                                                   --------
further, that no act or failure to act by the Participant shall be considered
"willful" unless it is done, or omitted to be done, in bad faith without a
reasonable belief that the action or omission was in the best interest of the
Company.]/3/

          "Disability" shall mean the inability of a Participant to perform in
           ----------
all material respects his or her duties and responsibilities to the Company, or
its Affiliates, for a period of six consecutive months or for an aggregate of
nine months in any twenty-four consecutive month period by reason of a physical
or mental incapacity.  Any question as to the existence of a Disability as to
which the Participant and the Company cannot agree shall be determined in
writing by a qualified independent physician mutually acceptable to the
Participant and the Company.  If the Participant and the Company cannot agree as
to a qualified independent physician, each shall appoint such a physician and
those two physicians shall select a third who shall make such determination in
writing.  The determination of Disability made in writing to the Company and the
Participant shall be final and conclusive for all purposes of this Agreement.

          "Good Reason" shall mean (i) a substantial diminution in the
           -----------
Participant's position or duties, an adverse change in reporting lines, or the
assignment of duties materially inconsistent with his or her position; (ii) any
reduction in the Participant's base salary or material adverse change in the
Participant's bonus opportunity; or (iii) failure of the Company to pay
compensation or benefits to the Participant when due under an Employment
Agreement; in each of the foregoing clauses (i) through (iii), which is not
cured within 30 days following receipt of written notice from the Participant
describing the event that would constitute Good Reason if not cured within such
period.

          (b)  Method of Exercise.
               -------------------

               (i)  Subject to Section 3(a), the Vested Portion of the Options
     may be exercised by delivering to the Company at its principal office or
     its designee written notice of intent to so exercise; provided, that, the
                                                           --------
     Options may be exercised with respect to whole Shares only. Such notice
     shall specify the number of Shares for which the Options are being
     exercised and shall be accompanied by payment in full of the Option Price.
     The purchase price for the Shares as to which Options are exercised shall
     be paid to the Company in full at the time of exercise at the election of
     the Participant (A) in cash or its equivalent (e.g., by check); (B) in
     Shares having a Fair Market Value equal to the aggregate Option Price for
     the Shares being purchased and satisfying such other requirements as may be
     imposed by the Committee; provided, that such Shares have been held by the
                               --------
     Participant for no less than six months (or such other period as
     established from time to time by the Committee in order to avoid adverse
     accounting treatment applying generally accepted accounting principles);
     (C) partly in cash and partly in such Shares; or (D) if there should be a
     public market for the Shares at such time, subject to

________________________
/3/ Tier I Senior Managers only.
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                                                                               4

     such rules as may be established by the Committee, through the delivery of
     irrevocable instructions to a broker to sell Shares obtained upon the
     exercise of the Option and to deliver promptly to the Company an amount out
     of the proceeds of such sale equal to the aggregate Option Price for the
     Shares being purchased. The Participant shall also be required to pay all
     withholding taxes relating to the exercise.

               (ii)   Notwithstanding any other provision of the Plan or this
     Agreement to the contrary, unless there is an available exemption from such
     registration or qualification requirements, the Options may not be
     exercised prior to the completion of any registration or qualification of
     the Options or the Shares that is required to comply with applicable state
     and federal securities laws or any ruling or regulation of any governmental
     body or national securities exchange that the Committee shall in its sole
     discretion determine in good faith to be necessary or advisable.

               (iii)  Upon the Company's determination that the Options have
     been validly exercised as to any of the Shares, the Company shall issue
     certificates in the Participant's name for such Shares. However, the
     Company shall not be liable to the Participant for damages relating to any
     delays in issuing the certificates to the Participant, any loss of the
     certificates, or any mistakes or errors in the issuance of the certificates
     or in the certificates themselves.

               (iv)   Should the Participant die while holding the Options, the
     Vested Portion of the Options shall remain exercisable by the Participant's
     executor or administrator, or the person or persons to whom the
     Participant's rights under this Agreement shall pass by will or by the laws
     of descent and distribution as the case may be, to the extent set forth in
     Section 3(a). Any heir or legatee of the Participant shall take rights
     herein granted subject to the terms and conditions hereof.

               (v)    As a condition to exercising the Options, the Participant
     shall become a party to the Subscription Agreement.

          4.   No Right to Continued Employment.  Neither the Plan nor this
               --------------------------------
Agreement shall be construed as giving the Participant the right to be retained
in the Employment of the Company or any Affiliate. Further, the Company or an
Affiliate may at any time dismiss the Participant or discontinue any Employment,
free from any liability or any claim under the Plan or this Agreement, except as
otherwise expressly provided herein.

          5.   Legend on Certificates.  To the extent provided by the
               ----------------------
Subscription Agreement, the certificates representing the Shares purchased by
exercise of the Options shall contain a legend stating that they are subject to
the Subscription Agreement and may be subject to such stop transfer orders and
other restrictions as the Committee may deem advisable under the Plan or the
rules, regulations and other requirements of the Securities and Exchange
Commission, any stock exchange upon which such Shares are listed, and any
applicable Federal or state laws, and the Committee may cause an additional
legend or legends to be put on any such certificates to make appropriate
reference to such other restrictions.
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          6.   Transferability.  Except as otherwise permitted by the Committee,
               ---------------
the Options are exercisable only by the Participant during the Participant's
lifetime and may not be assigned, alienated, pledged, attached, sold or
otherwise transferred or encumbered by the Participant otherwise than by will or
by the laws of descent and distribution, and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and
unenforceable against the Company or any Affiliate; provided, that the
                                                    --------
designation of a beneficiary shall not constitute an assignment, alienation,
pledge, attachment, sale, transfer or encumbrance.

          7.   Withholding and Other Taxes.  A Participant shall be required to
               ---------------------------
pay to the Company or any Affiliate and the Company shall have the right and is
hereby authorized to withhold, any applicable withholding and other taxes in
respect of the Options, their exercise or any payment or transfer under the
Options or under the Plan and to take such other action as may be necessary in
the opinion of the Company to satisfy all obligations for the payment of such
withholding and other taxes (which include, without limitation, income tax and
national insurance contributions payable under the United Kingdom PAYE regime).

          8.   Securities Laws.  Upon the acquisition of any Shares pursuant to
               ---------------
the exercise of the Options, the Participant will make or enter into such
written representations, warranties and agreements as the Committee may
reasonably request in order to comply with applicable securities laws or with
this Agreement.

          9.   Notices.  Any notice necessary under this Agreement shall be
               -------
addressed to the Company in care of its Secretary at the principal executive
office of the Company and to the Participant at the address appearing in the
personnel records of the Company for the Participant or to either party at such
other address as either party hereto may hereafter designate in writing to the
other. Any such notice shall be deemed effective upon receipt thereof by the
addressee.

          10.  Choice of Law.  THE INTERPRETATION, PERFORMANCE AND ENFORCEMENT
               -------------
OF THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE.

          11.  Options Subject to Plan and Subscription Agreement.  By entering
               --------------------------------------------------
into this Agreement the Participant agrees and acknowledges that the Participant
has received a copy of the Plan and the Subscription Agreement. The Options are
subject to the Plan and the Subscription Agreement. The terms and provisions of
the Subscription Agreement as it may be amended from time to time in accordance
with its respective terms are hereby incorporated herein by reference. In the
event of a conflict between any term or provision contained herein and a term or
provision of the Plan or the Subscription Agreement, the applicable terms and
provisions of the Plan or the Subscription Agreement, as applicable, will govern
and prevail. In the event of a conflict between any term or provision of the
Plan and any term or provision of the Subscription Agreement, the applicable
terms and provisions of the Subscription Agreement will govern and prevail.
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          12.  Signature in Counterparts.  This Agreement may be signed in
               -------------------------
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.
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                                                                               7

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

                                        CBRE HOLDING, INC.

                                        By:____________________________
Agreed and acknowledged as
of the date first above written:

_________________________<PAGE>

                                                                   Exhibit 10.10

          JAMES J. DIDION
                           EMPLOYMENT AGREEMENT

            This employment agreement ("Agreement") is made effective as of June
          1, 1997, by and between CB Commercial, Inc. (the "Company") and James
          J. Didion ("Executive").

            In consideration of the mutual promises and agreements set forth
          herein, the Company and Executive agree as follows:

          1.  TERM
              ----

            1.1  The term of this Agreement ("Term") shall commence on June 1,
               1997 and shall terminate on December 31, 2000 unless the Company
               and executive expressly agree in writing to extend the Term
               beyond December 31, 2000.

          2.  POSITION AND TITLE
              ------------------

            2.1  The Company hereby employs Executive as its Chairman of the
               Board and Chief Executive Officer, and Executive hereby accepts
               such employment.
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                                                                               2

            2.2  Executive shall devote substantially all of his efforts on a
               full-time basis to the business and affairs of the Company and to
               its subsidiaries and affiliates. Executive shall not engage in
               any business or perform any services in any capacity whatsoever
               that is competitive with the Company.

            2.3  Executive shall at al times faithfully, industriously, and to
               the best of his ability, experience, and talents, perform all of
               the duties of the office of Chairman of the Board and Chief
               Executive Officer of the Company.

            2.4  As Chairman of the Board and Chief Executive Officer, Executive
               shall be responsible to the Board of Directors of the Company for
               all actions and activities of the Company.

          3.  BASE SALARY
              -----------

            3.1  Executive's annual base salary shall be $500,000 effective
               January 1, 1997 and payable in equal monthly installments. The
               cumulative difference between the amount of salary earned by
               Executive for the period January 1, 1997 through May 31, 1997 and
               the amount Executive
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                                                                               3

               would have earned had Executive's annual base salary been
               $500,000 during this period shall be paid to Executive in a lump
               sum, without interest, no later than June 15, 1997.

            3.2  Executive's annual base salary shall be reviewed each January
               during the Term by the Compensation Committee of the Board of
               Directors (the "Committee"). Such annual base salary may be
               increased at the discretion of the Committee based on merit,
               changes in the competitive market, or other considerations as the
               Committee shall deem appropriate.

          4.  ANNUAL INCENTIVE BONUS
              ----------------------

            4.1  During the Term, Executive shall be eligible for an annual cash
               incentive bonus beginning with the 1997 calendar year.

            4.2  Such annual incentive bonus shall be based on the Company's
               performance against an EBITDA target mutually agreed to by
               Executive and the Committee. The EBITDA calculation for bonus
               determination hall include EBITDA related to acquisitions, but
               shall exclude "one-time" charges and costs associated with
               acquisitions. The EBITDA target for 1997
<PAGE>

                                                                               4

               shall be $68.1 million.

            4.3  The relationship between Executive's annual incentive bonus
               opportunity and the Company EBITDA target shall be according to
               the following table.

                     Actual EBITDA             Bonus As A
                  As A Percent of Target    Percent of Base Salary*
                  ----------------------    -----------------------

                         Below 90%                    0%
                           90%                       25%
                           100%                      75%
                           110%                     100%
                           120%                     125%
                           130%                     150%
                       140% and Above               200%

               *For performance between discrete points, bonus opportunity shall
               be interpreted linearly.

            4.4  The annual incentive bonus determined in accordance with the
               table in Paragraph 4.3 hereinabove may be reduced by a maximum of
               25% by the
<PAGE>

                                                                               5

               Committee if, in the discretion of the Committee, Executive has
               failed to satisfactorily achieve other important strategic or
               personal objectives previously established for Executive by the
               Board of Directors. Such objectives must be reasonable and must
               be set forth in writing by March 31 of the year in which
               performance is being measured.

            4.5  The annual incentive bonus earned by Executive shall be payable
               no later than March 31 of the year following the calendar year in
               which the bonus is earned.

          5.  STOCK OPTIONS
              -------------

            5.1  On May 23, 1997, the Company shall cause Executive to be
               granted stock option for 200,000 shares of the Company's common
               stock.

            5.2  Such stock options shall (i) be granted pursuant to the
               Company's 1991 Service Providers Stock Option Plan, (ii) be
               granted at the closing price of the Company's common stock on the
               date of grant (such price being $21.25 per share), (iii) be in
               the form of non-qualified stock
<PAGE>

                                                                               6

               options with a term of 10 years from the date of grant, and (iv)
               vest in 31 equal monthly installments, with the first installment
               vesting on June 30, 1997 and subsequent installments vesting on
               the last day of each subsequent month through December 31, 1999.

            5.3  Executive acknowledges that the 200,000 stock options granted
               in accordance with Paragraphs 5.1 and 5.2 hereinabove shall
               represent the only stock option grants to which Executive is
               entitled during the Term. Notwithstanding the foregoing,
               additional stock options may be granted to Executive from time to
               time during the Term at the sole discretion of, and by, the Board
               of Directors of the Company.

          6.  EMPLOYEE BENEFITS AND PERQUISITES
              ---------------------------------

            6.1  Executive shall have the right to participate in all medical,
               life, disability, savings and retirement, and other benefits
               programs and perquisites offered to other executive officers of
               the Company, so long as such benefits programs and perquisites
               are continued by the Company. Among these benefits and
               perquisites is an automobile allowance of $1,000 per month
               pursuant to the Company's current policy.

          7.  TERMINATION OF EMPLOYMENT
              -------------------------
<PAGE>

                                                                               7

            7.1  During the Term, the Board of Directors of the Company may
               terminate Executive's employment herein at any time for "Cause".
               For purposes of this Agreement, "Cause" shall be defined as any
               of the following events: (i) willful and habitual neglect by
               Executive of his duties under this Agreement except for reason of
               disability or incapacity, (ii) willful failure by Executive to
               follow a direct order of the Board of Directors of the Company
               except in such case where, in the sound business judgment of
               Executive, following such order would be harmful to the Company,
               (iii) conduct or action by Executive which, in he opinion of the
               majority of the members of the Board of Directors, is materially
               injurious to the Company, and (iv) conviction of Executive of any
               felony.

            7.2  In the event that the Company terminates Executive's employment
               during the Term for any reason other than for Cause as defined in
               Paragraph 7.1 hereinabove or as a result of Executive's death or
               disability, such action hall be considered a Termination Without
               Cause. In addition,
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                                                                               8

               any reduction in Executive's title, responsibilities, salary,
               bonus opportunity, benefits and perquisites, or movement of
               Executive's primary place of business by more than 50 miles from
               its present location during the Term without Executive's written
               consent also shall be deemed to be a Termination Without Cause.

            7.3  In the event that a Termination Without Cause occurs, then:

               (a) the Company shall pay Executive a lump sum severance amount
                  within thirty (30) days following termination equal to two (2)
                  times the sum of (i) Executive's annual base salary in effect
                  as of the date of termination, and (ii) the higher of 75% of
                  Executive's annual base salary in effect as of the date of
                  termination and the annual bonus Executive would have received
                  during the year of termination if the Company has achieved
                  100% of its EBITDA target and no discretionary reduction in
                  such bonus amount was applied by the Board of Directors;

               (b) all unvested stock options and unvested "Equity Incentive
                  Plan" shares previously granted to Executive shall
                  automatically vest in full;

               (c) the Company shall provide Executive with substantially the
                  same
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                                                                               9

                  level of medical and disability benefits in effect for
                  Executive as of the date of Executive's termination, with
                  Executive remaining obligated to continue to pay employee
                  contributions towards such coverage at the same level as in
                  effect as of the date of Executive's termination until the
                  earlier of (i) the second anniversary of the date of
                  Executive's termination, and (ii) the date Executive becomes
                  employed by another party.

               Executive shall not be obligated to seek other employment or take
               any other action by way of mitigation of the amounts payable to
               Executive under any of the provisions of Paragraph 7.3
               hereinabove.

            7.4  In the event that Executive should die or become disabled or
               incapacitated for an uninterrupted period in excess of six (6)
               months during the Term, then (i) all unvested stock options and
               unvested "Equity Incentive Plan" shares previously granted to
               Executive shall automatically vest in full, and (ii) Executive
               (or Executive's
<PAGE>

                                                                              10

               beneficiaries in he event of death) shall be entitled to a
               prorated annual incentive bonus payment based on the amount
               Executive would have received had he remained employed for the
               full calendar year and no discretionary reduction as applied to
               Executive's bonus as determined by the Company's EBITDA
               performance in accordance with Paragraph 4.3 hereinabove.
               Proration of the annual incentive bonus shall be based on the
               number of full weeks of Executive's employment with the Company
               during the year divided by 52.

            7.5  In the event that Executive should voluntarily resign or is
               terminated for Cause by the Company during the Term, Executive
               shall not be entitled to any of the severance benefits described
               in Paragraph 7.3, including the accelerated vesting of any stock
               option grants.

        8.  CHANGE OF CONTROL
            -----------------

            8.1  In the event of a Change of Control at any time during the Term
               of this Agreement, then:

               (a) all unvested stock options and unvested "Equity Incentive
                  Plan" shares previously granted to Executive shall vest in
                  full upon the Change of Control;
<PAGE>

                                                                              11

               (b) in the event that a Termination Without Cause occurs within a
                  period of twelve (12) months following the date of the Change
                  of Control, Executive shall be entitled to the termination
                  benefits described in Paragraphs 7.3(a) and 7.3(c)
                  hereinabove; provided that the lump sum severance amount paid
                  to Executive under this Paragraph 8.1(b) which is calculated
                  based on Paragraph 7.3(a) hereinabove shall (i) be reduced to
                  equal the present value, determined in accordance with IRC
                  280G(d)(4), of the lump sum severance amount which otherwise
                  would be payable under Paragraph 7.3(a), and (ii) shall be
                  reduced to offset compensation and other earned income earned
                  by Executive in the manner provided for in Paragraphs 8.1(c)
                  and 8.1(d) below;

               (c) the amount of the lump sum severance amount payable to
                  Executive under Paragraph 8.1(b) which is calculated based on
                  Paragraph 7.3(a) shall be reduced by one hundred percent
                  (100%) of any compensation and other earned income (within the
                  meaning of Section 911(d)(2)(A) of the Internal Revenue Code
                  ("IRC") which is earned by Executive for services rendered to
                  persons or entities
<PAGE>

                                                                              12

                  other than the Company or its affiliates for two years
                  following he date of termination. Medical disability benefits
                  shall be offset as provided for in Paragraph 7.3(c);

               (d) by December 31 of each year, Executive shall account to the
                  Company with respect to all compensation and other earned
                  income earned by Executive which is required hereunder to be
                  offset against the lump sum severance amount received by
                  Executive from the Company under Paragraph 8.1(b), which is
                  calculated based on Paragraph 7.3(a). If the Company has paid
                  a lump sum severance amount in excess of the amount to which
                  Executive is entitled (after giving effect to the offsets
                  provided for above), Executive shall reimburse the Company for
                  such excess by December 31 of such year. The requirements
                  imposed under this Paragraph 8.1(d) shall terminate two years
                  following the date of Executive's termination.

            8.2  Notwithstanding any other provisions in this Agreement or any
               other agreement, plan or arrangement, if any payment or benefit
               received or to be received by Executive, whether under the terms
               of this Agreement, or any other agreement, plan or arrangement
               with the Company, or any other plan, arrangement or agreement
               with any person whose actions result in a Change of Control, or
               any person affiliated with the Company (all such payments and
               benefits being hereinafter referred to
<PAGE>

                                                                              13

               as "Total Payments") would be subject, in whole or in part, to
               taxes imposed by IRC Section 4999, when the portion of the Total
               Payments payable under this Agreement shall be reduced to the
               extent necessary so that no portion of the Total Payments shall
               be subject to the parachute excise tax imposed by Section 4999
               (after taking into account any reduction in the Total Payments
               provided by reason of IRC Section 280G in any other plan,
               arrangement or agreement).

            8.3  As used herein, the term "Change of Control" means either (i)
               the dissolution or liquidation of the Company; (ii) a
               reorganization, merger or consolidation of the Company with one
               or more corporations as a result of which the Company is not the
               surviving corporation; (iii) approval by the stockholders of the
               Company of any sale, lease, exchange or other transfer (in one or
               a series of transactions) of all or substantially all of the
               assets of the Company; (iv) approval by the stockholders of the
               Company of any merger or consolidation of the Company in which
               the holders of voting stock of the Company immediately before the
               merger or consolidation will not own fifty percent (50%) or more
               of the outstanding voting
<PAGE>

                                                                              14

               shares of the continuing or surviving corporation immediately
               after such merger or consolidation; or (v) a change of 50% or
               more (rounded to the next whole person) in the membership of the
               Board of Directors of the Company within a 12-month period,
               unless the election or nomination or election by stockholders of
               each new director within such period was approved by the vote of
               at least 75% (rounded to the next whole person) of the directors
               then still in office who were in office at the beginning of the
               12-month period.

        9.  COVENANTS
            ---------

            9.1  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 the Company either during his employment with the
               Company or after his employment with the Company has terminated.

            9.2  Executive agrees that upon termination of his employment with
               the
<PAGE>

                                                                              15

               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 all other property
               belonging to the Company, it being understood and agreed that the
               same are the sole property of the Company and that Executive will
               not make or retain any copies thereof.

            9.3  Executive agrees that al inventions, developments or
               improvements which he make, conceive, invent, discover or
               otherwise acquire during his employment with the Company in the
               scope of his responsibilities or otherwise shall become the sole
               property of the Company.

        10. MISCELLANEOUS
            -------------

            10.1 All terms and conditions of this Agreement are set forth
               herein, and there are no warranties, agreements or
               understandings, express or implied, except those expressly set
               forth herein.

            10.2 Any modification of this Agreement shall be binding only if
               evidenced
<PAGE>

                                                                              16

               in writing signed by both parties hereto.

            10.3 In any action at law or in equity or enforce any of the
               provisions or rights under this Agreement, the unsuccessful party
               to such legislation, 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.

            10.4 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 533
               South Fremont Avenue, Los Angeles, CA 90071-1798, or to Executive
               at P.O. Box 1441, Pebble
<PAGE>

                                                                              17

               Beach, CA 93953, or at such other addresses as may from time to
               time be designated in writing by the respective parties.

            10.5 The laws of the State of California shall govern the validity
               of this Agreement, the construction of its terms, and the
               interpretation of the rights and duties of the parties involved.

            10.6 In the event that any one or more of the provisions contained
               in this Agreement shall for any reason be held to be invalid,
               illegal or unenforceable, the same shall not affect any of the
               other provisions of this Agreement, but this Agreement shall be
               construed as if such invalid, illegal or unenforceable provisions
               had never been contained herein.

            10.7 This Agreement shall be binding upon, and inure to the benefit
               of, the successors and assigns of the Company, and the personal
               representatives, heirs and legatees of Executive.

          IN WITNESS WHEREOF, the parties have executed this Agreement effective
as of the
<PAGE>

                                                                              18

              date first above written.

             CB COMMERCIAL, INC.

             By /s/ Peter Ueberroth
                ------------------------------
                Peter Ueberroth
                Chairman of the Compensation
                 Committee of the Board of
                 Directors

           EXECUTIVE

            /s/ James J. Didion
          -----------------------------------
              James J. Didion
          Chairman & Chief Executive Officer

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