Document:

Underwritting Aggrement

 Exhibit 10.1 
  
 CONFORMED COPY 
  
 6,000,000 
  
 CB RICHARD ELLIS GROUP, INC. 
  
 Common Stock 
  
 UNDERWRITING AGREEMENT 
  
 November 8,
2005 
  
 LEHMAN BROTHERS INC. (the
“Underwriter”) 
  
 745 Seventh Avenue

  
 New York, New York 10019 
  
 Dear Sirs: 
  
 1. Introductory. The stockholders listed in Schedule A hereto (each a
“Selling Stockholder” and, collectively, the “Selling Stockholders”) propose severally to sell an aggregate of 6,000,000 outstanding shares (“Firm Securities”) of the Class A Common Stock,
$0.01 par value per share (“Securities”), of CB Richard Ellis Group, Inc., a Delaware corporation (the “Company”), with each Selling Stockholder selling the number of Firm Securities set forth opposite its or his
name on Schedule A hereto. The Company and the Selling Stockholders hereby agree with the Underwriter as follows: 
  
 2. Representations and Warranties of the Company, the Selling Stockholders and the Underwriter. (a) The Company represents and warrants to,
and agrees with, the Underwriter that: 
  
 (i) The
Company meets the requirements for the use of Form S-3 under the Securities Act of 1933, as amended (the “Act”), and has filed with the Securities and Exchange Commission (the “Commission”) a registration statement
on Form S-3 (File No. 333-127118), including a base prospectus, relating to the shares of Firm Securities registered thereon and the offering thereof from time to time in accordance with Rule 415 under the Act. Such registration statement has
been declared effective by the Commission and no post-effective amendment to such registration statement has been filed as of the date of this Agreement. A final prospectus supplement relating to the Firm Securities, the terms of the offering
thereof and the other matters set forth therein has been prepared and will be filed pursuant to Rule 424 under the Act in the form first used to confirm sales of the Firm Securities (the “Prospectus Supplement”). The aforementioned
Registration Statement, as amended as of the date hereof, including the exhibits thereto, is herein called the “Registration Statement,” and the base prospectus included therein, as supplemented by the Prospectus Supplement, is
herein called the “Prospectus,” in each case including the documents filed by the Company with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are incorporated
by reference therein (it being understood that any statement contained in the Registration Statement or Prospectus or in any document incorporated by reference or deemed to be incorporated by reference therein shall be deemed to be modified to the
extent such statement is modified or superceded by a statement in any subsequently filed document which forms part of the Registration Statement or Prospectus or is incorporated by reference or deemed to be incorporated by reference therein).

 (ii) (a) The Registration Statement has become effective; no stop order suspending the
effectiveness of the Registration Statement is in effect, and no proceedings for such purpose are pending before, or to the knowledge of the Company, threatened by the Commission, (b) (1) Each document, if any, filed or to be filed
pursuant to the Exchange Act and incorporated by reference in the Prospectus complied or will comply when so filed in all material respects with the Exchange Act and the rules and regulations of the Commission (the “Rules and
Regulations”), (2) the Registration Statement, when it became effective, did not contain and, any post-effective amendment to the Registration Statement, on the date it becomes effective, if applicable, will not contain, any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (3) the Registration Statement when it became effective complied, and the Prospectus, when
filed with the Commission pursuant to Rule 424(b) of the Act, will comply, and, at any time when any post-effective amendment to the Registration Statement is declared effective or any amendment or supplement to the Prospectus is filed with the
Commission, if applicable, such documents will comply, in all material respects with the Act and the Rules and Regulations, and (4) the Prospectus, when filed with the Commission pursuant to Rule 424(b), will not contain and any amendment or
supplement to the Prospectus on the date filed with the Commission, if applicable, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. This paragraph does not apply to statements in, or omissions from the Registration Statement or the Prospectus based upon written information furnished to the Company by the Underwriter specifically for
use therein, it being understood and agreed that the only such information is that described in Section 7(c) hereof. Except with respect to any provision regarding the conformity, in all material respects, of the Registration Statement or the
Prospectus with the requirements of the Act and the Rules and Regulations, this paragraph does not apply to statements in or omissions from the Registration Statement or the Prospectus based upon written information furnished to the Company by any
Selling Stockholder specifically for use therein, it being understood and agreed that the only such information is the Selling Stockholder Information (as defined below). 
  
 (iii) The Company has been duly incorporated and is an existing corporation in good standing under the laws
of the State of Delaware, with corporate power and authority to own its properties and conduct its business as described in the Prospectus; and the Company is duly qualified to do business as a foreign corporation in good standing in all other
jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except to the extent that the failure to be so qualified or to be in good standing would not reasonably be expected to have a
material adverse effect on the business, financial condition or results of operations of the Company and its subsidiaries, taken as a whole (a “Material Adverse Effect”). 
  
 (iv) Each subsidiary of the Company has been duly formed and is an existing corporation, limited liability
company or limited partnership, as the case may be, in good standing (if applicable) under the laws of the jurisdiction of its incorporation or organization, with corporate (or equivalent) power and authority to own its properties and conduct its
business as described in the Prospectus; and each subsidiary of the Company is duly qualified to do business as a foreign corporation, limited liability company or limited partnership, as the case may be, in good standing (if applicable) in all
other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except to the extent that the failure to be so qualified or to be in good standing would not reasonably be expected to have a
Material Adverse Effect; all of the issued and outstanding capital stock, ownership interests, or partnership interests, as the case may be, of each subsidiary of the Company has been duly authorized and validly issued and, in the case of capital
stock, is fully paid and nonassessable; and except as disclosed in the Prospectus and for pledges in favor of Credit Suisse First Boston, as collateral agent under the amended and restated credit agreement dated as of April 23, 2004, among the
Company, CB Richard Ellis Services, Inc., the Lenders (as 

  

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defined therein) and Credit Suisse First Boston, as administrative agent (as amended from time to time, the “Credit Agreement”), the capital
stock, ownership interests, or partnership interests, as the case may be, of each subsidiary owned by the Company, directly or through subsidiaries, is owned free from liens, encumbrances and defects. 
  
 (v) The Firm Securities and all other outstanding shares of
capital stock of the Company have been duly authorized; all outstanding shares of capital stock of the Company are validly issued, fully paid and nonassessable and conform to the description thereof contained in the Prospectus; and, except as
disclosed in the Prospectus, the stockholders of the Company have no preemptive rights with respect to the Securities. 
  
 (vi) Except as disclosed in the Prospectus, there are no contracts, agreements or understandings between the Company and any person that
would give rise to a valid claim against the Company or the Underwriter for a brokerage commission, finder’s fee or other like payment in connection with the offering contemplated by this Agreement. 
  
 (vii) Except as disclosed in the Prospectus, there are no
contracts, agreements or understandings between the Company and any person granting such person the right to require the Company to file a registration statement under the Act with respect to any securities of the Company owned or to be owned by
such person or to require the Company to include such securities in the securities registered pursuant to a Registration Statement or in any securities being registered pursuant to any other registration statement filed by the Company under the Act
that have not been satisfied or waived prior to the date hereof. 
  
 (viii) The Securities are listed on the New York Stock Exchange. 
  
 (ix) No consent, approval, authorization, or order of, or filing with, any governmental agency or body or any court is required to be
obtained or made by the Company for the consummation of the transactions contemplated by this Agreement in connection with the sale of the Firm Securities by the Selling Stockholders, except such as have been obtained and made under the Act and such
as may be required under any state or foreign securities laws. 
  
 (x) Assuming the accuracy of the representations of the other parties hereto and the performance by those parties of their agreements herein, the execution, delivery and performance of this Agreement, and the
consummation of the transactions herein contemplated, will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, (a) any statute, rule, regulation or order of any governmental agency or body
or any court, domestic or foreign, that has jurisdiction over the Company or any of its subsidiaries or any of their properties, (b) any agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company
or any of its subsidiaries is bound or to which any of the properties of the Company or its subsidiaries is subject or (c) the charter, by-laws or similar governing documents of the Company or any of its subsidiaries, except, with respect to
clauses (a) and (b), where such breach, violation or default would not reasonably be expected to have a Material Adverse Effect. 
  
 (xi) This Agreement has been duly authorized, executed and delivered by the Company. 
  
 (xii) Except as disclosed in the Prospectus, the Company and
its subsidiaries have good and marketable title to all real properties and all other properties and assets owned by them that are material to the Company and its subsidiaries, taken as a whole, in each case free from liens, encumbrances and defects
that would materially affect the value thereof or materially interfere with the use made or proposed to be made thereof by them; and except as disclosed in the Prospectus, the Company and its subsidiaries hold any leased real or personal 

  

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property that is material to the Company and its subsidiaries taken as a whole under valid and enforceable leases with no exceptions that would materially
interfere with the use made or proposed to be made thereof by them. 
  
 (xiii) The Company and its subsidiaries possess adequate certificates, authorities or permits issued by appropriate governmental agencies or bodies necessary to conduct the business now operated by them and have not
received any notice of proceedings relating to the revocation or modification of any such certificate, authority or permit that, if determined adversely to the Company or any of its subsidiaries, would reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect. 
  
 (xiv) No labor dispute with the employees of the Company or any subsidiary exists or, to the knowledge of the Company, is imminent that would reasonably be expected to have a Material Adverse Effect. 
  
 (xv) The Company and its subsidiaries own, possess or can
acquire on reasonable terms, adequate trademarks, trade names and other rights to inventions, know-how, patents, copyrights, confidential information and other intellectual property (collectively, “intellectual property rights”)
necessary to conduct the business now operated by them, or presently employed by them, and have not received any notice of infringement of or conflict with asserted rights of others with respect to any intellectual property rights that, if
determined adversely to the Company or any of its subsidiaries, would reasonably be expected to individually or in the aggregate have a Material Adverse Effect. 
  

(xvi) Except as disclosed in the Prospectus, neither the Company nor any of its subsidiaries is in violation of any statute, rule,
regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment or human
exposure to hazardous or toxic substances (collectively, “environmental laws”), owns or operates any real property contaminated with any substance that is subject to any environmental laws, is liable for any off-site disposal or
contamination pursuant to any environmental laws, or is subject to any claim relating to any environmental laws, which violation, contamination, liability or claim would reasonably be expected to individually or in the aggregate have a Material
Adverse Effect; and the Company is not aware of any pending investigation which might lead to such a claim. 
  
 (xvii) Except as disclosed in the Prospectus, there are no pending actions, suits or proceedings against or affecting the Company, any of
its subsidiaries or any of their respective properties that (a) if determined adversely to the Company or any of its subsidiaries, would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (b) would
materially and adversely affect the ability of the Company or its subsidiaries to perform their respective obligations under this Agreement or (c) are otherwise material in the context of the sale of the Firm Securities; and no such actions,
suits or proceedings are, to the knowledge of the Company, threatened or contemplated. 
  
 (xviii) The historical financial statements included or incorporated by reference in the Registration Statement and the Prospectus present
fairly the financial position of the Company and its consolidated subsidiaries as of the dates shown and their results of operations and cash flows for the periods shown, and such financial statements have been prepared in conformity with the
generally accepted accounting principles in the United States (“GAAP”) applied on a consistent basis (subject to normal year-end adjustments and the absence of certain footnotes, to the extent permitted by GAAP, in the case of any
unaudited interim financial statements); the schedules included or incorporated by reference in the Registration Statement present fairly the information required to be stated therein. 
  

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 (xix) Each of the Company and its subsidiaries maintain a system of internal accounting
controls sufficient to provide reasonable assurance that (a) transactions are executed in accordance with management’s general or specific authorizations; (b) transactions are recorded as necessary to permit preparation of financial
statements in conformity with generally accepted accounting principles and to maintain asset accountability; (c) access to assets is permitted only in accordance with management’s general or specific authorization; and (d) the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company maintains disclosure controls and procedures (as such term is defined in
Rule 13a-14 under the Securities Exchange Act of 1934 (the “Exchange Act”)) that are effective in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is
recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the Commission, including, without limitation, controls and procedures designed to ensure that information required to be disclosed by the
Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive officer or officers and its principal financial officer or officers, as
appropriate to allow timely decisions regarding required disclosure. 
  
 (xx) Except as disclosed in the Prospectus, since the date of the latest audited financial statements of the Company included or incorporated by reference in the Registration Statement or the Prospectus, there has
been no material adverse change, nor any development or event involving a prospective material adverse change, in the financial condition, business, properties or results of operations of the Company and its subsidiaries taken as a whole, and,
except as disclosed in or contemplated by the Prospectus, there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock. 
  
 (xxi) The Company is subject to the reporting requirements of either Section 13 or Section 15(d)
of the Exchange Act and files reports with the Commission on the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. 
  
 (xxii) The Company is not an “investment company” as defined in the Investment Company Act of 1940. 
  
 (xxiii) The Company has not taken, directly or indirectly,
any action designed to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or
resale of the Securities. 
  
 (xxiv) The minimum
funding standard under Section 302 of the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (“ERISA”), has been satisfied by each “pension plan”
(as defined in Section 3(2) of ERISA) which has been established or maintained by the Company and/or one or more of its subsidiaries, and the trust forming part of each such plan, which is intended to be qualified under Section 401 of the
Internal Revenue Code of 1986, as amended, is so qualified; each of the Company and its subsidiaries has fulfilled its obligations, if any, under Section 515 of ERISA; each welfare plan established or maintained by the Company and/or one or
more of its subsidiaries is in compliance in all material respects with the currently applicable provisions of ERISA; and neither the Company nor any of its subsidiaries has incurred or could reasonably be expected to incur any withdrawal liability
under Section 4201 of ERISA, any liability under Section 4062, 4063, or 4064 of ERISA, or any other liability under Title IV of ERISA. 
  

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 (xxv) There is and has been no failure which is continuing on the part of the Company and
any of the Company’s directors or officers, in their capacities as such, to comply with the provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley
Act”). 
  
 (xxvi) Neither the Company nor
any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a violation
by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate
commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official”
(as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA, and the Company, its subsidiaries and, to the knowledge of the Company, its
affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. 

 
 (xxvii) The operations of the Company and its subsidiaries
are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions,
the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or
proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.

  
 (xxviii) Neither the Company nor any of its
subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the
U.S. Treasury Department (“OFAC”). 
  
 (b) Each
Selling Stockholder severally, and not jointly, represents and warrants to, and agrees with, the Underwriter that: 
  
 (i) Such Selling Stockholder (a) has, and on the Closing Date will have, valid title to the Firm Securities to be delivered by such
Selling Stockholder on the Closing Date, free and clear of all security interests, claims, liens, equities or other encumbrances; (b) if such Selling Stockholder is not a natural person, has, on the date hereof, all necessary corporate or
partnership, as the case may be, power and authority to enter into this Agreement and will have on each Closing Date all necessary corporate or partnership, as the case may be, power and authority to sell, assign, transfer and deliver the Firm
Securities to be delivered by such Selling Stockholder on the Closing Date; and (c) upon payment for the Firm Securities to be sold by such Selling Stockholder pursuant to this Agreement, delivery of such Firm Securities, as directed by the
Underwriter, to Cede & Co. (“Cede”) or such other nominee as may be designated by the Depository Trust Company (“DTC”), registration of such Firm Securities in the name of Cede or such other nominee and the
crediting of such Firm Securities on the books of DTC to securities accounts of the Underwriter (assuming that neither DTC nor the Underwriter has notice of any adverse claim (within the meaning of Section 8-105 of the New York Uniform
Commercial Code (the “UCC”)) to such Firm Securities), (1) DTC shall be a “protected purchaser” of such Firm Securities within the meaning of Section 8-303 of the UCC, 

  

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(2) under Section 8-501 of the UCC, the Underwriter will acquire a valid security entitlement with respect to such Firm Securities and (3) no
action based on any “adverse claim”, within the meaning of Section 8-102 of the UCC, to such Firm Securities may be asserted against the Underwriter with respect to such security entitlement; for purposes of this representation, such
Selling Stockholder may assume that when such payment, delivery and crediting occur, (x) such Firm Securities will have been registered in the name of Cede or another nominee designated by DTC, in each case on the Company’s share registry
in accordance with its certificate of incorporation, by-laws and applicable law, (y) DTC will be registered as a “clearing corporation” within the meaning of Section 8-102 of the UCC and (z) appropriate entries to the
accounts of the Underwriter on the records of DTC will have been made pursuant to the UCC. 
  
 (ii) Such Selling Stockholder has not taken, directly or indirectly, any action designed to or that would constitute or that might
reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities. 
  
 (iii) No consent, approval, authorization or order of, or
filing with, any governmental agency or body or any court is required to be obtained or made by such Selling Stockholder for the consummation of the transactions contemplated by this Agreement in connection with the sale of the Firm Securities being
sold by such Selling Stockholder, except such as have been obtained and made under the Act and such as may be required pursuant to Sections 13 and 16 of the Exchange Act or under state securities laws. 
  
 (iv) This Agreement has been duly authorized, executed and
delivered by or on behalf of such Selling Stockholder. 
  
 (v) Assuming the accuracy of the representations of the other parties hereto and the performance by those parties of their agreements herein, the execution, delivery and performance of this Agreement, and the consummation of the
transactions herein contemplated, will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, (a) any statute, rule, regulation or order of any governmental agency or body or any court,
domestic or foreign, that has jurisdiction over such Selling Stockholder or any of its properties, (b) any agreement or instrument to which such Selling Stockholder is a party or by which such Selling Stockholder is bound or to which any of the
properties of such Selling Stockholder is subject or (c) the organizational documents of such Selling Stockholder, except, with respect to clause (a) and (b), where such breach, violation or default would not, individually or in the
aggregate, materially adversely affect such Selling Stockholder’s ability to fulfill its obligations under, and consummate the transactions contemplated by, this Agreement. 
  
 (vi) (a) The Registration Statement, when it became effective, did not contain and, any post-effective
amendment to the Registration Statement, on the date it becomes effective, if applicable, will not contain, any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, (b) the Registration Statement, when it became effective, complied, and the Prospectus, when filed with the Commission pursuant to Rule 424(b) of the Act, will comply, and, at any time when any post-effective amendment
to the Registration Statement is declared effective or any amendment or supplement to the Prospectus is filed with the Commission, if applicable, such documents will comply, in all material respects with the Act and the Rules and Regulations, and
(iv) the Prospectus, when filed with the Commission pursuant to Rule 424(b), will not contain and any amendment or supplement to the Prospectus on the date filed with the Commission, if applicable, will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. This paragraph only applies to the extent that any statements in or omissions from
the Registration Statement or the Prospectus are made in reliance upon and in conformity with written information furnished to the Company by such Selling Stockholder 

  

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specifically for use therein, it being understood and agreed that the only such information furnished by any Selling Stockholder (the “Selling
Stockholder Information”) consists of the name of such Selling Stockholder, the number of Firm Securities to be offered by such Selling Stockholder and the address and other information with respect to such Selling Stockholder (excluding
any percentages) which appear in the table (and the corresponding footnotes thereto) under the caption “Selling Stockholders” in the Prospectus. 
  
 (vii) Except as disclosed in the Prospectus, there are no contracts, agreements or understandings between such Selling Stockholder and any
person that would give rise to a valid claim against such Selling Stockholder or the Underwriter for a brokerage commission, finder’s fee or other like payment in connection with the sale of the Firm Securities by any Selling Stockholder.

  
 (c) The Underwriter, represents and warrants to, and agrees
with, the Company and the Selling Stockholders that the Underwriter has not offered, sold or delivered, and will not offer, sell or deliver, any of the Firm Securities, directly or indirectly, or distribute the Prospectus or any other offering
material relating to the Firm Securities, in or from any jurisdiction except under circumstances that will result in compliance with the applicable laws and regulations thereof and that will not impose any obligations on the Company except as set
forth in this Agreement. 
  
 3. Purchase, Sale and Delivery of
Firm Securities. On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, each Selling Stockholder agrees, severally and not jointly, to sell to the Underwriter,
and the Underwriter agrees to purchase from each Selling Stockholder, at a purchase price of $52.95 per share, that number of Firm Securities set forth opposite such Selling Stockholder’s name in Schedule A hereto. 
  
 The Selling Stockholders will deliver the Firm Securities to the Underwriter,
against payment of the purchase price in Federal (same day) funds by wire transfer to an account at a bank reasonably acceptable to the Underwriter drawn to the order of Blum Strategic Partners, L.P. in the case of 2,745,289 shares of Firm
Securities being sold by Blum Strategic Partners, L.P., Blum Strategic Partners II, L.P. in the case of 3,188,960 shares of Firm Securities being sold by Blum Strategic Partners II, L.P. and Blum Strategic Partners II GmbH & Co. KG in the
case of 65,751 shares of Firm Securities being sold by Blum Strategic Partners II GmbH & Co. KG, at the office of Cravath, Swaine & Moore LLP, at 10:00 A.M., New York time, on November 15, 2005, or at such other time not later
than seven full business days thereafter as the Underwriter and the Company determine, such time being herein referred to as the “Closing Date”. For purposes of Rule 15c6-1 under the Securities Exchange Act of 1934, the Closing Date
(if later than the otherwise applicable settlement date) shall be the settlement date for payment of funds and delivery of securities for all the Firm Securities sold pursuant to the offering contemplated by this Agreement. The certificates for the
Firm Securities so to be delivered will be in definitive form, in such denominations and registered in such names as the Underwriter requests and will be made available for checking and packaging a reasonable time in advance of the Closing Date.

  
 4. Offering by Underwriter. It is understood that the
Underwriter proposes to offer the Firm Securities for sale to the public as set forth in the Prospectus. 
  
 5. Certain Agreements of the Company and the Selling Stockholders. In the case of paragraphs (a) through (g) and (h) and
(i) (to the extent applicable to the Company) below, the Company agrees with the Underwriter, and in the case of paragraphs (h) and (i) (to the extent applicable to the Selling Stockholders) below, the Selling Stockholders severally
and not jointly agree with the Underwriter, that: 
  
 (a) The
Company will file the Prospectus Supplement with the Commission pursuant to and in accordance with subparagraph (4) of Rule 424(b) not later than the second business day following the execution and delivery of this Agreement. 

 

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 (b) The Company will advise the Underwriter promptly of any proposal to amend or supplement the
Registration Statement or the Prospectus and will not effect such amendment or supplementation without the Underwriter’s consent; and the Company will also advise the Underwriter promptly of any amendment or supplementation of the Registration
Statement or the Prospectus and of the institution by the Commission of any stop order proceedings in respect of the Registration Statement and will use its reasonable best efforts to prevent the issuance of any such stop order and to obtain, as
soon as possible, its lifting, if issued. 
  
 (c) If, at any time
when a prospectus relating to the Firm Securities is required to be delivered under the Act in connection with sales by the Underwriter or dealer, any event occurs as a result of which the Prospectus, as then amended or supplemented, would include
an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or, if it is necessary at any time to amend the
Prospectus to comply with the Act, the Company will promptly notify the Underwriter of such event and will promptly prepare and file with the Commission, at its own expense, an amendment or supplement which will correct such statement or omission or
an amendment which will effect such compliance. Neither the Underwriter’s consent to, nor the Underwriter’s delivery of, any such amendment or supplement shall constitute a waiver of any of the conditions set forth in Section 6.

  
 (d) As soon as practicable, but not later than the
Availability Date (as defined below), the Company will make generally available to its securityholders an earnings statement covering a period of at least 12 months beginning after the effective date of the Registration Statement which will satisfy
the provisions of Section 11(a) of the Act. For the purpose of the preceding sentence, “Availability Date” means the 90th day after the end of the Company’s fourth fiscal quarter of the year after the year during which
such effective date occurs. 
  
 (e) The Company will furnish to
the Underwriter copies of the Registration Statement (one of which will be signed and, along with four other copies, will include all exhibits), each related preliminary prospectus, and, so long as a prospectus relating to the Firm Securities is
required to be delivered under the Act in connection with sales by any Underwriter or dealer, the Prospectus and all amendments and supplements to such documents, in each case in such quantities as the Underwriter shall reasonably request. The
Prospectus shall be so furnished on or prior to 11:00 A.M., New York time, on the second business day following the later of the execution and delivery of this Agreement or the effective date of the Registration Statement. All other such documents
shall be so furnished as soon as available. The Company will pay the expenses of printing and distributing to the Underwriter all such documents. 
  
 (f) The Company will arrange for the qualification of the Firm Securities for sale under the laws of such U.S. and Canadian jurisdictions as the
Underwriter shall designate and will continue such qualifications in effect so long as required for the distribution; provided, however, that in connection therewith the Company shall not be required to qualify as a foreign corporation or to file a
general consent to service of process in any jurisdiction or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. 
  
 (g) The Company agrees with the Underwriter that the Company will pay (1) the expenses incident to the performance of
the obligations of the Company and each Selling Stockholder under this Agreement, (2) for any filing fees and other expenses (including reasonable fees and disbursements of counsel) in connection with qualification of the Firm Securities for
sale under the laws of such jurisdictions as the Underwriter designates and the printing of memoranda relating thereto, (3) for the filing fee incident to the review by the National Association of Securities Dealers, Inc. of the Firm
Securities, and (4) for expenses incurred in distributing the Prospectus (including any amendments and supplements thereto) to the Underwriter. 
  
 (h) The Company and each Selling Stockholder agree with the Underwriter that they will not take, directly or indirectly, any action designed to or that
would constitute or that might reasonably be expected 

  

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to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale
or resale of the Securities. 
  
 (i) The Company and the Selling
Stockholders acknowledge and agree that in connection with this offering, sale of the Firm Securities or any other services the Underwriter may be deemed to be providing hereunder, notwithstanding any preexisting relationship, advisory or otherwise,
between the parties or any oral representations or assurances previously or subsequently made by the Underwriter: (A) no fiduciary or agency relationship between the Company, Selling Stockholders and any other person, on the one hand, and the
Underwriter, on the other, exists; (B) the Underwriter is not acting as advisor, expert or otherwise, to either the Company or the Selling Stockholders, including, without limitation, with respect to the determination of the public offering
price of the Firm Securities, and such relationship between the Company and the Selling Stockholders, on the one hand, and the Underwriter, on the other, is entirely and solely commercial, based on arms-length negotiations; (C) any duties and
obligations that the Underwriter may have to the Company or Selling Stockholders shall be limited to those duties and obligations specifically stated herein; and (D) the Underwriter and affiliates may have interests that differ from those of
the Company and the Selling Stockholders. The Company and the Selling Stockholders hereby waive any claims that the Company or the Selling Stockholders may have against the Underwriter with respect to any breach of fiduciary duty in connection with
the offering. 
  
 The Company and each of the Selling Stockholders
agree that, notwithstanding anything in this Section 5 to the contrary, this Agreement shall not in any way supersede any of the rights or obligations of the Company, CB Richard Ellis Services, or any of the Selling Stockholders under the
Securityholders’ Agreement dated as of July 20, 2001 (the “Securityholders’ Agreement”), by and among the Company, CB Richard Ellis Services, Inc., the Selling Stockholders and the other parties thereto, as amended on
April 14, 2004, November 24, 2004, and August 1, 2005, and as further amended from time to time. As between the Company and any of the Selling Stockholders, in the event of any conflict between this Agreement and the
Securityholders’ Agreement, as amended from time to time, the Securityholders’ Agreement shall control. 
  
 6. Conditions of the Obligations of the Underwriter. The obligations of the Underwriter to purchase and pay for the Firm Securities on the Closing
Date will be subject to the accuracy of the representations and warranties on the part of the Company and the applicable Selling Stockholders herein, to the accuracy of the statements of Company officers made pursuant to the provisions hereof, to
the performance by the Company and the applicable Selling Stockholders of their obligations hereunder and to the following additional conditions precedent: 
  
 (a) The Underwriter shall have received a letter, dated the date of delivery thereof (which shall be on or prior to the date of this Agreement), of
Deloitte & Touche LLP with respect to the financial statements and schedules of the Company contained in the Registration Statement, in each case in form and substance satisfactory to the Underwriter in all respects. 
  
 (b) If the effective date of the Registration Statement is not prior to the
execution and delivery of this Agreement, such effective date shall have occurred not later than 10:00 P.M., New York time, on the date of this Agreement or such later date as shall have been consented to by the Underwriter. If the
effective date of the Registration Statement is prior to the execution and delivery of this Agreement, the Prospectus shall have been filed with the Commission in accordance with the Rules and Regulations and Section 5(a) of this Agreement.
Prior to the Closing Date, no stop order suspending the effectiveness of a Registration Statement shall have been issued that has not been lifted and no proceedings for that purpose shall have been instituted that have not been terminated or, to the
knowledge of any Selling Stockholder, the Company or the Underwriter, shall be contemplated by the Commission. 
  
 (c) Subsequent to the execution and delivery of this Agreement, there shall not have occurred (i) any change, or any development or event involving a
prospective change, in the financial condition, business, properties or results of operations of the Company and its subsidiaries taken as one enterprise which, in the judgment of the Underwriter is material and adverse and makes it impractical or
inadvisable to 

  

 10 

 
proceed with completion of the public offering or the sale of and payment for the Firm Securities; (ii) any downgrading in the rating of any debt
securities of the Company by any “nationally recognized statistical rating organization” (as defined for purposes of Rule 436(g) under the Act), or any public announcement that any such organization has under surveillance or review
its rating of any debt securities of the Company (other than an announcement with positive implications of a possible upgrading, and no implication of a possible downgrading, of such rating) or any announcement that the Company has been placed on
negative outlook; (iii) any change in U.S. or international financial, political or economic conditions or currency exchange rates or exchange controls as would, in the judgment of the Underwriter, be likely to prejudice materially the success
of the proposed issue, sale or distribution of the Firm Securities, whether in the primary market or in respect of dealings in the secondary market; (iv) any material suspension or material limitation of trading in securities generally on the
New York Stock Exchange, or any setting of minimum prices for trading on such exchange; (v) or any suspension of trading of any securities of the Company on any exchange or in the over-the-counter market; (vi) any banking moratorium
declared by U.S. Federal or New York authorities; (vii) any major disruption of settlements of securities or clearance services in the United States; or (viii) any attack on, outbreak or escalation of hostilities or act of terrorism
involving the United States, any declaration of war by Congress or any other national or international calamity or emergency if, in the judgment of the Underwriter, the effect of any such attack, outbreak, escalation, act, declaration, calamity or
emergency makes it impractical or inadvisable to proceed with completion of the public offering or the sale of and payment for the Firm Securities. 
  
 (d) The Underwriter shall have received an opinion, dated the Closing Date, of Simpson Thacher & Bartlett LLP, counsel for the Company,
substantially in the form of Exhibit A-1 hereto and a letter, dated the Closing Date, substantially in the form of Exhibit A-2 hereto. 
  
 (e) The Underwriter shall have received an opinion, dated the Closing Date, of Laurence Midler, Esq., General Counsel of the Company, substantially in the
form of Exhibit B hereto. 
  
 (f) The Underwriter shall have
received an opinion, dated the Closing Date, of Wilmer Cutler Pickering Hale and Dorr LLP, counsel for the Selling Stockholders, substantially in the form of Exhibit C hereto. 
  
 (g) The Underwriter shall have received from Cravath, Swaine & Moore LLP, counsel for the Underwriter, such opinion
or opinions, dated the Closing Date, with respect to the incorporation of the Company, the validity of the Firm Securities delivered on the Closing Date, the Registration Statements, the Prospectus and other related matters as the Underwriter may
require, and the Selling Stockholders and the Company shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters. 
  
 (h) The Underwriter shall have received a certificate, dated the Closing Date, of the Chief Executive Officer or the
President or any Vice President and a principal financial or accounting officer of the Company in which such officers, to the best of their knowledge after reasonable investigation, shall state that: the representations and warranties of the Company
in this Agreement are true and correct; the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date; no stop order suspending the effectiveness of any
Registration Statement has been issued that has not been lifted and no proceedings for that purpose have been instituted (that have not been terminated) or are contemplated by the Commission; and, subsequent to the date of the most recent financial
statements in the Prospectus, there has been no material adverse change, nor any development or event involving a prospective material adverse change, in the financial condition, business or results of operations of the Company and its subsidiaries
taken as a whole except as set forth in the Prospectus or as described in such certificate. 
  
 (i) The Underwriter shall have received a letter, dated the Closing Date, of Deloitte & Touche LLP which meets the requirements of subsection (a) of this Section, except that the specified date referred

  

 11 

 
to in such subsection will be a date not more than three days prior to the Closing Date for the purposes of this subsection. 
  
 (j) Each Selling Stockholder agrees to deliver to the Underwriter prior to
closing a properly completed and executed United States Treasury Department Form W-9 (or other applicable form or statement specified by Treasury Department regulations in lieu thereof). 
  
 The Selling Stockholders and the Company will furnish the Underwriter with such conformed copies of such opinions,
certificates, letters and documents as the Underwriter reasonably requests. The Underwriter may waive compliance with any conditions to the obligations of the Underwriter hereunder, whether in respect of a Closing Date or otherwise. 
  
 7. Indemnification and Contribution. (a) The Company will
indemnify and hold harmless the Underwriter, its partners, members, directors and officers and each person, if any who controls the Underwriter within the meaning of Section 15 of the Act, against any losses, claims, damages or liabilities,
joint or several, to which the Underwriter may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of any material fact contained in any Registration Statement, the Prospectus, or any amendment or supplement thereto, or any related preliminary prospectus, or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in the light of the circumstances under which they were made) not misleading, and will reimburse the Underwriter for
any legal or other expenses reasonably incurred by the Underwriter in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that the Company will not be liable
in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement in or omission or alleged omission from any of such documents in reliance upon and in
conformity with written information furnished to the Company by the Underwriter specifically for use therein, it being understood and agreed that the only such information furnished by the Underwriter consists of the information described as such in
subsection (c) below; and provided, further, that with respect to any untrue statement or alleged untrue statement in or omission or alleged omission from any preliminary prospectus, the indemnity agreement contained in this subsection
(a) shall not inure to the benefit of the Underwriter from whom the person asserting any such losses, claims, damages or liabilities purchased the Firm Securities concerned, to the extent that a prospectus relating to such Firm Securities was
required by law to be delivered by the Underwriter in connection with such purchase and any such loss, claim, damage or liability (or action in respect thereof) of the Underwriter results from the fact that there was not sent or given to such
person, at or prior to the written confirmation of the sale of such Firm Securities to such person, a copy of the Prospectus if the Company had previously furnished, in the requisite quantity and sufficiently in advance to permit proper delivery,
copies thereof to the Underwriter in accordance with this Agreement and such untrue statement or alleged untrue statement or omission or alleged omission was cured in such Prospectus. 
  
 (b) Each Selling Stockholder, severally and not jointly, will indemnify and hold harmless the Underwriter, its partners,
directors and officers and each person who controls the Underwriter within the meaning of Section 15 of the Act, against any losses, claims, damages or liabilities to which the Underwriter may become subject, under the Act or otherwise, insofar
as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement, the Prospectus, or any
amendment or supplement thereto, or any related preliminary prospectus, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in
the case of the Prospectus, in the light of the circumstances under which they were made) not misleading, and will reimburse the Underwriter for any legal or other expenses reasonably incurred by the Underwriter in connection with investigating or
defending any such loss, claim, damage, liability or action as such expenses are incurred, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in
reliance upon and in conformity with the Selling Stockholder Information relating to such Selling Stockholder; and provided that with respect to 

  

 12 

 
any untrue statement or alleged untrue statement in or omission or alleged omission from any preliminary prospectus, the indemnity agreement contained in
this subsection (b) shall not inure to the benefit of the Underwriter from whom the person asserting any such losses, claims, damages or liabilities purchased the Firm Securities concerned, to the extent that a prospectus relating to such Firm
Securities was required by law to be delivered by the Underwriter in connection with such purchase and any such loss, claim, damage or liability (or action in respect thereof) of the Underwriter results from the fact that there was not sent or given
to such person, at or prior to the written confirmation of the sale of such Firm Securities to such person, a copy of the Prospectus if the Company had previously furnished copies thereof to the Underwriter in accordance with this Agreement; and
provided, further, that the liability under this subsection (b) of each Selling Stockholder shall be limited to an amount equal to the aggregate gross proceeds after underwriting commissions and discounts, but before expenses, to such Selling
Stockholder from the sale of Firm Securities sold by such Selling Stockholder hereunder. 
  
 (c) The Underwriter will indemnify and hold harmless the Company, its directors and officers and each person, if any, who controls the Company within the meaning of Section 15 of the Act, and each Selling
Stockholder, its partners, members, directors, officers, and each person, if any, who controls such Selling Stockholder within the meaning of Section 15 of the Act, against any losses, claims, damages or liabilities (or actions in respect
thereof), joint or several, to which the Company or such Selling Stockholder may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof), joint or several, arise out of or
are based upon any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement, the Prospectus, or any amendment or supplement thereto, or any related preliminary prospectus, or arise out of or are based
upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by the Underwriter specifically for use therein, and will reimburse any legal or other expenses
reasonably incurred by the Company and each Selling Stockholder in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred, it being understood and agreed that the only such
information furnished by the Underwriter consists of the following information in the Prospectus Supplement under the caption “Underwriting,” furnished on behalf of the Underwriter: (1) the selling concession figures appearing in the
fourth paragraph, (2) the maximum underwriting discounts and commissions to be received by any member of the NASD appearing in the sixth paragraph, (3) the eighth and ninth paragraph related to stabilizing transactions, over-allotment
transactions, syndicate covering transactions and penalty bids and (4) the eleventh paragraph related to prospectuses in electronic format. 
  
 (d) Promptly after receipt by an indemnified party under this Section of notice of the commencement of any action, such indemnified party will, if a claim
in respect thereof is to be made against an indemnifying party under subsection (a), (b) or (c) above, notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve it from
any liability that it may have under subsection (a), (b) or (c) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the
failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under subsection (a), (b) or (c) above. In case any such action is brought against any indemnified
party and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the
defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified
party of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party under this Section for any legal or other expenses subsequently incurred by such indemnified party in connection with the
defense thereof other than reasonable costs of investigation; provided, however, that the indemnified party shall have the right to employ counsel to represent it and its directors, officers, employees and controlling persons who may be
subject to liability arising out of any claim in respect of which indemnity may be sought under this Section 7 and, if the parties to any such action 

  

 13 

 
include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual
conflicts of interests between them in relation to material aspects of the defense, the indemnified party and its directors, officers, employees and controlling persons may be jointly represented by one separate counsel, and, in that event, the fees
and expenses of such separate counsel shall be paid by the indemnifying party. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which any
indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such (i) settlement includes an unconditional release of such indemnified party from all liability on any claims
that are the subject matter of such action and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of an indemnified party. No indemnifying party shall be liable for any settlement
of any proceeding without its prior written consent, which consent shall not be unreasonably withheld. 
  
 (e) If the indemnification provided for in this Section is unavailable or insufficient to hold harmless an indemnified party under subsection (a),
(b) or (c) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred to in subsection (a), (b) or (c) above
(i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Selling Stockholders on the one hand and the Underwriter on the other from the offering of the Securities or (ii) if the allocation
provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company and the Selling
Stockholders on the one hand and the Underwriter on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities as well as any other relevant equitable considerations. The relative benefits
received by the Company and the Selling Stockholders on the one hand and the Underwriter on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Selling
Stockholders bear to the total underwriting discounts and commissions received by the Underwriter. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the Company, the Selling Stockholders or the Underwriter and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such untrue statement or omission. The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (e) shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the subject of this subsection (e). Notwithstanding the provisions of this subsection (e), (i) the Underwriter
shall not be required to contribute any amount in excess of the amount by which the total price at which the Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which the
Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and (ii) the liability under this subsection of each Selling Stockholder shall be limited to an amount equal to
the aggregate gross proceeds after underwriting commissions and discounts, but before expenses, to such Selling Stockholder from the sale of the Firm Securities sold by such Selling Stockholder hereunder, less any amounts for which such Selling
Stockholder is liable under subsection (b) above. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Selling Stockholders’ obligations in this subsection (e) to contribute are several in proportion to their respective aggregate gross proceeds received after underwriting commissions and discounts, but before
expenses, from the sale of the Firm Securities sold by the Selling Stockholders hereunder and not joint. 
  
 (f) The obligations of the Company and the Selling Stockholders under this Section shall be in addition to any liability which the Company and the Selling
Stockholders may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls the Underwriter within the meaning of the Act; and the obligations of the Underwriter under this Section shall be in addition
to any liability which the respective Underwriter may otherwise have and shall extend, upon the same terms and conditions, to each director of the Company, to each Selling Stockholder, to each officer of the Company 

  

 14 

 
who has signed a Registration Statement and to each person, if any, who controls the Company or any Selling Stockholder within the meaning of the Act.

  
 8. Survival of Certain Representations and Obligations.
The respective indemnities, agreements, representations, warranties and other statements of the several Selling Stockholders, of the Company or its officers and of the Underwriter set forth in or made pursuant to this Agreement will remain in full
force and effect, regardless of any investigation, or statement as to the results thereof, made by or on behalf of the Underwriter, any Selling Stockholder, the Company or any of their respective representatives, officers or directors, partners,
members, or any controlling person, and will survive delivery of and payment for the Firm Securities. If the purchase of the Firm Securities by the Underwriter is not consummated for any reason other than solely because of the occurrence of any
event specified in clause (iii), (iv), (vi), (vii) or (viii) of Section 6(c), the Company will reimburse the Underwriter for all out-of-pocket expenses (including fees and disbursements of counsel) reasonably incurred by them in
connection with the offering of the Firm Securities. 
  
 9.
Notices. All communications hereunder will be in writing and, if sent to the Underwriter, will be mailed, delivered or faxed and confirmed to Lehman Brothers Inc., 745 Seventh Avenue, New York, New York 10019, Attention: Syndicate
Department (fax: 646-834-8133), or, if sent to the Company, will be mailed, delivered or faxed and confirmed to it at CB Richard Ellis Group, Inc., 100 North Sepulveda Boulevard, Suite 1050, El Segundo, California 90245, Attention: Kenneth J. Kay,
Chief Financial Officer (fax: 213-438-4820), or, if sent to the Selling Stockholders or any of them, will be mailed, delivered or faxed and confirmed to each of them at its respective address set forth on Schedule A hereto. 
  
 10. Successors. This Agreement will inure to the benefit of and be
binding upon the parties hereto and their respective personal representatives and successors and the officers and directors and controlling persons referred to in Section 7, and no other person will have any right or obligation hereunder.

  
 11. Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same Agreement. 
  
 12. Applicable Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

  
 The Company hereby submits to the non-exclusive
jurisdiction of the Federal and state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 
  

 15 

 If the foregoing is in accordance with the Underwriter’s understanding of our agreement, kindly sign
and return to the Company one of the counterparts hereof, whereupon it will become a binding agreement among the Selling Stockholders, the Company and the Underwriter in accordance with its terms. 
  
 Very truly yours, 
  

					
	
	 CB RICHARD ELLIS GROUP, INC.

			
	 	 	By	 	 /S/    KENNETH J. KAY

	 	 	 	 	Name: Kenneth J. Kay
	 	 	 	 	Title: Chief Financial Officer

  

					
	
	 BLUM STRATEGIC PARTNERS, L.P.

		
	By	 	Blum Strategic GP, L.L.C., its general partner
			
	 	 	By	 	 /S/    GREGORY D. HITCHAN

	 	 	 	 	Name: Gregory D. Hitchan
	 	 	 	 	Title: Member and General Counsel

  

					
	
	 BLUM STRATEGIC PARTNERS II, L.P.

		
	By	 	Blum Strategic GP II, L.L.C., its general partner
			
	 	 	By	 	 /S/    GREGORY D. HITCHAN

	 	 	 	 	Name: Gregory D. Hitchan
	 	 	 	 	Title: Member and General Counsel

  

					
	
	 BLUM STRATEGIC PARTNERS II GMBH & CO.
KG

		
	By	 	Blum Strategic GP II, L.L.C., its managing limited partner
			
	 	 	By	 	 /S/    GREGORY D. HITCHAN

	 	 	 	 	Name: Gregory D. Hitchan
	 	 	 	 	Title: Member and General Counsel

  

 16 

					
	 The foregoing Underwriting Agreement is hereby
 confirmed and accepted as of the date first above
 written.

	
	 LEHMAN BROTHERS INC.

			
	 	 	By	 	 /S/    MICHAEL HRYNUIK

	 	 	 	 	Name: Michael Hrynuik
	 	 	 	 	Title: Vice President

  

 17 

 SCHEDULE A 
  

					
	 Selling Stockholder

	  	 Address

	  	 Number of
 Firm
Securities
to be Sold

	 Blum Strategic Partners, L.P.
	  	 c/o Blum Capital Partners, L.P.
 909 Montgomery
Street
 Suite 400
 San Francisco, CA 94133
 Attn: General Counsel
 Fax: (415) 434-3130
	  	2,745,289
			
	 Blum Strategic Partners II, L.P.
	  	As above	  	3,188,960
			
	 Blum Strategic Partners II GmbH & Co. KG
	  	As above	  	65,751
	 	  	 	  	

	 Total
	  	6,000,000
	 	  	 	  	

 EXHIBIT A-1 
  
 Form of Opinion of Simpson Thacher & Bartlett LLP, counsel to the Company, 
  
 to be delivered pursuant to Section 6(d): 
  
 November     , 2005 
  
 Lehman Brothers Inc. 
 745 Seventh Avenue 
 New York, New York 10019 
  
 Ladies and
Gentlemen: 
  
 We have acted as counsel to CB Richard Ellis
Group, Inc., a Delaware corporation (the “Company”), in connection with the purchase by you of an aggregate of              shares (the “Shares”) of Class A
Common Stock, $0.01 par value per share (the “Common Stock”), of the Company from certain selling stockholders of the Company (the “Selling Stockholders”) named in Schedule A to the Underwriting Agreement (as defined below)
pursuant to the Underwriting Agreement, dated November     , 2005 (the “Underwriting Agreement”), among the Company, the Selling Stockholders and you. 
  
 We have examined the Registration Statement on Form S-3 (File No. 333-127118) (the “Registration Statement”)
filed by the Company under the Securities Act of 1933, as amended (the “Securities Act”), as it became effective under the Securities Act; the Company’s prospectus, dated August 19, 2004, as supplemented by the prospectus
supplement, dated November     , 2005 (the “Prospectus”), filed by the Company pursuant to Rule 424(b) of the rules and regulations of the Securities and Exchange Commission (the “Commission”) under the
Securities Act, which pursuant to Form S-3 incorporates by reference or is deemed to incorporate by reference the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2004, the Company’s Quarterly Reports on
Form 10-Q for the fiscal quarters ended March 31, 2005, June 30, 2005 and September 30, 2005, and the Company’s Current Reports on Form 8-K filed on January 4, 2005, January 25, 2005, February 25,
2005, March 15, 2005, March 23, 2005, May 13, 2005, May 27, 2005, June 8, 2005, June 29, 2005, August 2, 2005 and September 21, 2005 (collectively, the “Exchange Act
Documents”), each as filed under the Securities Exchange Act of 1934, as amended; and the Underwriting Agreement. We also have examined a specimen certificate representing the Common Stock of the Company. In addition, we have examined, and have
relied as to matters of fact upon, the documents delivered to you at the closing and upon originals, or duplicates or certified or conformed copies, of such corporate records, agreements, documents and other instruments and such certificates or
comparable documents or oral statements of public officials and of officers and 

 
representatives of the Company and have made such other investigations, as we have deemed relevant and necessary in connection with the opinions hereinafter
set forth. Our opinion that the Registration Statement has become effective under the Securities Act is based on oral advice from the staff of the Commission to that effect. 
  
 In such examination, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the
authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as duplicates or certified or conformed copies and the authenticity of the originals of such latter documents.

  
 Based upon the foregoing, and subject to the qualifications,
assumptions and limitations stated herein, we are of the opinion that: 
  
 1. The Shares to be sold by the Selling Stockholders have been duly authorized by the Company and are validly issued, fully paid and nonassessable. 
  
 2. The Company has been duly incorporated and is validly existing and in good standing as a corporation
under the laws of the State of Delaware and has full corporate power and authority to conduct its business as described in the Registration Statement and the Prospectus. 
  
 3. The statements made in the Prospectus under the caption “Description of Capital Stock”, insofar
as they purport to constitute summaries of the terms of the Company’s capital stock (including the Shares), constitute accurate summaries of the terms of such capital stock in all material respects. 
  
 4. The Underwriting Agreement has been duly authorized,
executed and delivered by the Company. 
  
 5. The
execution, delivery and performance by the Company of the Underwriting Agreement will not breach or result in a default under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument filed as an exhibit to the
Registration Statement or the Exchange Act Documents, nor will such action violate the Restated Certificate of Incorporation or the Amended and Restated By-Laws of the Company or any federal or New York state statute or the Delaware General
Corporation Law or any rule or regulation that has been issued pursuant to any federal or New York statute or the Delaware General Corporation Law or any order known to us issued pursuant to any federal or New York state statute or the Delaware
General Corporation Law by any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties. 

 6. No consent, approval, authorization, order, registration or qualification of or with
any federal or New York state governmental agency or body or any Delaware governmental agency or body acting pursuant to the Delaware General Corporation Law or, to our knowledge, any federal or New York state court or any Delaware state court
acting pursuant to the Delaware General Corporation Law is required for the compliance by the Company with all of the provisions of the Underwriting Agreement, except for the registration under the Securities Act of the Shares, and such consents,
approvals, authorizations, registrations or qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Shares by the Underwriters. 
  
 7. The Registration Statement has become effective under the
Securities Act, and the Prospectus was filed on November __, 2004 pursuant to Rule 424(b) of the rules and regulations of the Commission under the Securities Act; and, to our knowledge, no stop order suspending the effectiveness of the Registration
Statement has been issued or proceeding for that purpose has been instituted or threatened by the Commission. 
  
 8. There are no preemptive rights under federal or New York state law or under the Delaware General Corporation Law to subscribe for or
purchase shares of the Common Stock; and except as described in the Prospectus, there are no preemptive or other rights to subscribe for or purchase, nor any restriction upon the voting or transfer of, any shares of the Common Stock pursuant to the
Company’s Restated Certificate of Incorporation or Amended and Restated By-Laws or any agreement or other instrument filed as an exhibit to the Registration Statement. 
  
 We do not express any opinion herein concerning any law other than the law of the State of New York, the federal law of the
United States and the Delaware General Corporation Law. 
  
 This
opinion letter is rendered to you in connection with the above-described transaction. This opinion letter may not be relied upon by you for any other purpose, or relied upon by, or furnished to, any other person, firm or corporation without our
prior written consent. 
  
 Very truly yours,

  
 SIMPSON THACHER & BARTLETT LLP

 EXHIBIT A-2 
  
 Form of Letter from Simpson Thacher & Bartlett LLP, counsel to the Company, 
  
 to be delivered pursuant to Section 6(d): 
  
 November     , 2005 
  
 Lehman Brothers Inc. 
 745 Seventh Avenue 
 New York, New York 10019 
  
 Ladies and
Gentlemen: 
  
 We have acted as counsel to CB Richard Ellis
Group, Inc., a Delaware corporation (the “Company”), in connection with the purchase by you of an aggregate of              shares (the “Shares”) of Class A
Common Stock, $0.01 par value per share (the “Common Stock”), of the Company from certain selling stockholders of the Company (the “Selling Stockholders”) named in Schedule A to the Underwriting Agreement (as defined below)
pursuant to the Underwriting Agreement, dated November     , 2005 (the “Underwriting Agreement”), among the Company, the Selling Stockholders and you. 
  
 We have not independently verified the accuracy, completeness or fairness of the statements made or included in the
Registration Statement on Form S-3 (File No. 333-127118) (the “Registration Statement”) filed by the Company under the Securities Act of 1933, as amended (the “Securities Act”), as it became effective under the Securities
Act or the Company’s prospectus dated August 19, 2005, as supplemented by the prospectus supplement dated November     , 2005 (the “Prospectus”), filed by the Company pursuant to Rule 424(b) of the
rules and regulations of the Securities and Exchange Commission (the “Commission”) under the Securities Act, the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2004, the Company’s Quarterly
Reports on Form 10-Q for the fiscal quarters ended March 31, 2005, June 30, 2005 and September 30, 2005, and the Company’s Current Reports on Form 8-K filed on January 4, 2005, January 25,
2005, February 25, 2005, March 15, 2005, March 23, 2005, May 13, 2005, May 27, 2005, June 8, 2005, June 29, 2005, August 2, 2005 and September 21, 2005
(collectively, the “Exchange Act Documents”), each as filed under the Securities Exchange Act of 1934, as amended, and incorporated by reference or deemed to be incorporated by reference in the Prospectus, and we take no responsibility
therefor, except as and to the extent set forth in numbered paragraph 3 of our opinion letter to you dated the date hereof. 
  
 In connection with, and under the circumstances applicable to the offering of the Shares, we participated in conferences with certain officers and
employees of the Company, representatives of Deloitte 

 
& Touche LLP, representatives of the Selling Stockholders and their counsel and with your representatives and your counsel in the course of the
preparation by the Company of the Registration Statement and the Prospectus (excluding the Exchange Act Documents) and also reviewed certain records and documents furnished to us by the Company, as well as the documents delivered to you at the
closing. 
  
 We did not participate in the preparation of the
Exchange Act Documents; however, we discussed the Exchange Act Documents (except the Current Reports) with the Company prior to their filing with the Commission. Based upon our review of the Registration Statement and the Prospectus, our reviews
made in connection with the preparation of the Registration Statement and the Prospectus (excluding the Exchange Act Documents), our participation in the conferences referred to above, our review of the records and documents as described above, as
well as our understanding of the U.S. federal securities laws and the experience we have gained in our practice thereunder: 
  

	 	(i)	we advise you that each of the Registration Statement, as of its effective date, and the Prospectus, as of November __, 2005, appeared, on its face, to be appropriately responsive,
in all material respects, to the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder, except that in each case we express no view with respect to the financial statements or other financial data
contained in, incorporated or deemed incorporated by reference in, or omitted from the Registration Statement or the Prospectus; and 

  

	 	(ii)	nothing has come to our attention that causes us to believe that the Registration Statement (including the Exchange Act Documents on file with the Commission on the effective date
of the Registration Statement), as of its effective date, contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading or
that the Prospectus (including the Exchange Act Documents), as of November __, 2005 or as of the date hereof, contained or contains any untrue statement of a material fact or omitted or omits to state any material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading, except that in each case we express no belief with respect to the financial statements or other financial data contained in, incorporated or deemed
incorporated by reference in, or omitted from the Registration Statement, the Prospectus or the Exchange Act Documents. 

  
 This letter is delivered to you in connection with the above-described transaction. This letter may not be relied upon by you for any other purpose, or
relied upon by, or furnished to, any other person, firm or corporation. 
  
 Very truly yours, 
  
 SIMPSON THACHER & BARTLETT LLP 

 EXHIBIT B 
  
 Form of Opinion of Laurence Midler, Esq., General Counsel of the Company, 
  
 to be delivered pursuant to Section 6(e): 
  
 November     , 2005 
  
 Lehman Brothers Inc. 
 745 Seventh Avenue 
 New York, New York 10019 
  
 Ladies and
Gentlemen: 
  
 Reference is hereby made to the purchase by you of
an aggregate of              shares (the “Shares”) of Class A Common Stock, $0.01 par value per share (the “Common Stock”), of CB Richard Ellis Group, Inc.,
a Delaware corporation (the “Company”), from certain selling stockholders of the Company (the “Selling Stockholders”) named in Schedule A to the Underwriting Agreement, dated November     , 2005 (the
“Underwriting Agreement”), among the Company, the Selling Stockholders and you. 
  
 As General Counsel of the Company, I have examined the Registration Statement on Form S-3 (File No. 333-127118) (the “Registration Statement”) filed by the Company under the Securities Act of 1933, as
amended (the “Securities Act”), as it became effective under the Securities Act; the Company’s prospectus, dated August 19, 2005, as supplemented by the prospectus supplement, dated November     , 2005
(the “Prospectus”), filed by the Company pursuant to Rule 424(b) of the rules and regulations of the Commission under the Securities Act, which pursuant to Form S-3 incorporates by reference or is deemed to incorporate by reference the
Company’s Annual Report on Form 10-K for the fiscal quarter ended December 31, 2004, the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2005, June 30, 2005 and September 30, 2005,
and the Company’s Current Reports on Form 8-K filed on January 4, 2005, January 25, 2005, February 25, 2005, March 15, 2005, March 23, 2005, May 13, 2005, May 27,
2005, June 8, 2005, June 29, 2005, August 2, 2005 and September 21, 2005 (collectively, the “Exchange Act Documents”), each as filed under the Securities Exchange Act of 1934, as amended; and the
Underwriting Agreement. I also have examined a specimen certificate representing the Common Stock of the Company. In addition, I have examined, and have relied as to matters of fact upon, the documents delivered to you at the closing and upon
originals, or duplicates or certified or conformed copies, of such corporate records, agreements, documents and other instruments and such certificates or comparable documents or oral statements of public officials and of officers and
representatives of the Company and 

 
have made such other investigations, as I have deemed relevant and necessary in connection with the opinions hereinafter set forth. 
  
 In such examination, I have assumed the genuineness of all signatures, the
legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as duplicates or certified or conformed copies and the authenticity of the
originals of such latter documents. 
  
 Based upon the foregoing,
and subject to the qualifications, assumptions and limitations stated herein, I am of the opinion that: 
  
 1. All outstanding shares of the Common Stock, including the Shares to be sold by the Selling Stockholders, have been duly authorized by
the Company and are validly issued, fully paid and nonassessable. 
  
 2. Each of the subsidiaries listed on Schedule I hereto (the “U.S. Significant Subsidiaries”) has been duly incorporated, organized or formed, as the case may be, and is validly existing as a corporation,
limited partnership or limited liability company, as the case may be, in good standing under the laws of the jurisdiction of its incorporation, organization or formation, as the case may be, with corporate, partnership or company power and authority
to own its properties and conduct its business as described in the Registration Statement and the Prospectus; and each of the Company and the U.S. Significant Subsidiaries is duly qualified to do business as a foreign corporation, limited
partnership or limited liability company, as the case may be, in good standing in all jurisdictions in which its ownership or leasing of properties or the conduct of its business requires such qualification; except to the extent that the failure to
be so qualified or to be in good standing would not have a material adverse effect on the business, financial condition or results of operation of the Company and its subsidiaries, taken as a whole (a “Material Adverse Effect”); all of the
issued and outstanding capital stock of each U.S. Significant Subsidiary has been duly authorized and validly issued and is fully paid and nonassessable; and, except as disclosed in the Prospectus or the Exchange Act Documents and for pledges in
favor of Credit Suisse First Boston, as collateral agent under the amended and restated credit agreement dated as of April 23, 2004, among the Company, CB Richard Ellis Services, Inc., the Lenders (as defined therein) and Credit Suisse First
Boston, as administrative agent (as such agreement has been amended), the capital stock of each U.S. Significant Subsidiary owned by the Company, directly or through subsidiaries, is owned free from liens, encumbrances and defects. 
  
 3. The execution, delivery and performance by the Company of
the Underwriting Agreement and the consummation of the transactions therein contemplated will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, any statute, rule or regulation, or any order
known to me of any governmental agency or body or any court having jurisdiction over the 

 
Company or any U.S. Significant Subsidiary or any of the properties of the Company or any of the properties of the U.S. Significant Subsidiary, or any
agreement or instrument which the Company or a U.S. Significant Subsidiary is a party or by which the Company or a U.S. Significant Subsidiary is bound or to which any of the properties of the Company or, to my knowledge, a U.S. Significant
Subsidiary is subject, or the charter or by-laws of the Company or any U.S. Significant Subsidiary. 
  
 4. To my knowledge, there are no statutes or pending or threatened legal or governmental proceedings to which the Company or any U.S.
Significant Subsidiary is a party or otherwise subject that would be required to be described in the Prospectus pursuant to the federal securities laws and regulations which are not described as required. 
  
 5. There are no contracts or agreements between the Company
and any person granting such person the right (other than rights which have been waived or satisfied) to require the Company to include any securities of the Company owned or to be owned by such person in the securities registered pursuant to the
Registration Statement. 
  
 6. The Company is
subject to the reporting requirements of Section 13 of the Exchange Act of 1934, as amended, and files reports with the Commission on the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. 
  
 7. The Company is not, and after giving effect to the
offering and sale of the Shares will not be, an “investment company” within the meaning of, and subject to regulation under, the Investment Company Act of 1940, as amended. 
  
 8. The Company and its subsidiaries own, possess or can acquire on reasonable terms, adequate intellectual
property rights necessary to conduct the business now operated by them, or presently employed by them, and have not received any notice of infringement of or conflict with asserted rights of others with respect to any intellectual property rights
that, if determined adversely to the Company or any of its subsidiaries, would individually or in the aggregate have a Material Adverse Effect. 
  
 I have not independently verified the accuracy, completeness or fairness of the statements made or included in the Registration Statement
or the Prospectus and take no responsibility therefor. Based upon my review of the Registration Statement and the Prospectus: 
  
 A. I advise you that the Registration Statement, as of its effective date, and the Prospectus, as of November __, 2005, appeared, on its
face, to be appropriately responsive, in all material respects, to the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder, except that in each case I express no view with respect to the financial
statements or other financial data contained in, incorporated or deemed incorporated by reference in, or omitted from the Registration Statement or the Prospectus; and 

 B. Nothing has come to my attention that causes me to believe that the Registration
Statement, as of its effective date, contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading or that the Prospectus, as
of November __, 2005 and as of the date hereof, contained or contains any untrue statement of a material fact or omitted or omits to state any material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, except that in each case I express no belief with respect to the financial statements or other financial data contained in, incorporated or deemed incorporated by reference in, or omitted from the Registration
Statement or the Prospectus. 
  
 I do not express any opinion
herein concerning any law other than the law of the State of California, the federal law of the United States and the Delaware General Corporation Law. 
  
 This opinion letter is rendered to you in connection with the above-described transaction. This opinion letter may not be relied upon by you for any other
purpose, or relied upon by, or furnished to, any other person, firm or corporation without my prior written consent. 
  
 Very truly yours, 
  
 LAURENCE MIDLER 

 Schedule I 
  
 List of U.S. Significant Subsidiaries 
  
 CB Richard Ellis, Inc. 
 CB Richard Ellis Real Estate Services, Inc.

 CB Richard Ellis Services, Inc. 
 Insignia Financial Group,
Inc. 
 CBRE Melody & Company 
 CBRE Melody of Texas,
L.P. 

 EXHIBIT C 
  
 Form of Opinion of Wilmer Cutler Pickering Hale and Dorr LLP, counsel to Blum Strategic Partners, L.P., Blum Strategic Partners II, L.P. and Blum
Strategic Partners II GmbH & Co. KG, to be delivered pursuant to Section 6(f): 
  
 November , 2005 
  
 Lehman Brothers Inc. 
 745 Seventh Avenue 
 New York, New York 10019 
  
 Ladies and Gentlemen: 
  
 We have acted as counsel to Blum Strategic Partners, L.P., Blum Strategic Partners II, L.P. (each a “Blum Domestic Selling Stockholder” and
collectively, the “Blum Domestic Selling Stockholders”), and Blum Strategic Partners II GmbH & Co. KG (the “Blum German Selling Stockholder”, and together with the Blum Domestic Selling Stockholders, the “Blum
Selling Stockholders”), in connection with the purchase by you of an aggregate of [6,000,000] shares of Class A common stock, par value $0.01 per share (the “Common Stock”) of CB Richard Ellis Group, Inc., a Delaware corporation
(the “Company”), from the Blum Selling Stockholders, pursuant to the Underwriting Agreement, dated as of November __, 2005 (the “Underwriting Agreement”), among the Company, the Blum Selling Stockholders, and you (the
“Underwriter”). This letter is being delivered to you pursuant to Section 6(f) of the Underwriting Agreement. Unless otherwise defined herein or unless the context otherwise requires, capitalized terms used herein shall have the
meanings set forth in the Underwriting Agreement. 
  
 In rendering
the opinions expressed in paragraphs (a) through (d) below (the “Opinions”), we have examined the Underwriting Agreement as well as originals or copies, certified or otherwise identified to our satisfaction, of such corporate
records, agreements, documents and other instruments and such certificates or comparable documents of officers and representatives of the Blum Selling Stockholders, and have made such other and further investigations as we have deemed necessary or
appropriate as a basis for the Opinions. 
  
 In our examination of
the Underwriting Agreement and the other documents, we have assumed the genuineness of all signatures, the full legal capacity of all natural persons, the accuracy and completeness of all of the documents, the authenticity of all originals of the
documents and the conformity to authentic originals of all of the documents submitted to us as copies (including telecopies). We have also assumed the validity and constitutionality of each relevant statute, rule, regulation and agency action
covered by this opinion letter. As to matters of fact relevant to the Opinions expressed herein, we have relied on the 

 
representations and warranties as to factual matters made in or pursuant to the Underwriting Agreement, statements contained in the Registration Statement
and the Prospectus, and the statements made in the certificates of officers or other appropriate representatives of the Blum Selling Stockholders. We have not independently established the facts so relied on. The Opinions are given in the context of
the foregoing. 
  
 In addition, in connection with our opinion set
forth in paragraph (a) below, we have assumed that (i) Depository Trust Company (“DTC”) is a “securities intermediary” as defined in Section 8-102 of the UCC as in effect in the State of New York (the
“UCC”), and the State of New York is the “securities intermediary’s jurisdiction” of DTC for purposes of Section 8-110 of the UCC, (ii) Firm Securities to be sold by such Blum Selling Stockholders under the
Underwriting Agreement are registered in the name of DTC or its nominee, and DTC or another person on behalf of DTC maintains possession of certificates representing such Securities, (iii) DTC indicates by book entries on its books that
securities entitlements with respect to such Securities have been credited to the Underwriter’s securities account, (iv) the Underwriter is purchasing such Securities without notice of any adverse claim (within the meaning of the UCC) and
(v) DTC is purchasing such Securities without any notice of an adverse claim (within the meaning of the UCC). 
  
 Based upon, subject to and limited by the foregoing and subject also to the comments and qualifications set forth below, we are of the opinion that:

  
 (a) With respect to the Firm Securities to be sold by each
Blum Selling Stockholder, upon the payment and transfer contemplated by the Underwriting Agreement, the Underwriter will acquire a security entitlement with respect to such Firm Securities to be sold by the Blum Selling Stockholders, no action based
on adverse claim may be asserted against the Underwriter within the meaning of Section 8-102 of the UCC and DTC shall be a “protected purchaser” of such Firm Securities within the meaning of Section 8-303 of the UCC. 

 
 (b) No consent, approval, authorization, order, registration or
qualification of or with any federal or New York governmental agency or body or, to our knowledge, any federal or New York court is required for the sale of the Firm Securities by the Blum Selling Stockholders and the compliance by such Blum Selling
Stockholders with the provisions of the Underwriting Agreement, except for the registration under the Securities Act of 1933, as amended, of the Firm Securities, and such consents, approvals, authorizations, registrations or qualifications as may be
required under state securities or Blue Sky laws in connection with the purchase and distribution of the Firm Securities by the Underwriter. 
  
 (c) The execution and delivery by each Blum Selling Stockholder of, and the performance by such Blum Selling Stockholder of its obligations under the
Underwriting Agreement will not contravene (i) any provision of applicable law, or (ii) the organizational documents of such Blum 

 
Selling Stockholder, or (iii) any indenture, loan agreement, mortgage, lease or other agreement or instrument to which such Blum Selling Stockholder is
a party and that is identified by the Blum Selling Stockholders in an officer’s certificate as a material agreement, which officer’s certificate is attached as Exhibit A to this opinion or, (iv) to our knowledge, any judgment, order
or decree of any governmental body, agency or court having jurisdiction over such Blum Selling Stockholder. 
  
 (d) The Underwriting Agreement has been duly authorized, executed and delivered by or on behalf of each of the Blum Selling Stockholders and each of the
Blum Selling Stockholders has full right, power and authority under its respective organizational documents to sell, assign, transfer and deliver the Firm Securities delivered by such Blum Selling Stockholder pursuant to the Underwriting Agreement.

  
 We express no opinion herein as to the laws of any
jurisdiction other than the state laws of the State of New York, the Delaware Revised Uniform Limited Partnership Act, the federal laws of the United States of America, and, solely with respect to Opinions (c) and (d) to the extent they
relate to the Blum German Selling Stockholder, the German Commercial Code. In addition, we express no opinion and make no statement herein with respect to the antifraud laws of any jurisdiction or the bankruptcy laws of Germany. The foregoing
Opinions are legal opinions only and not a guaranty or warranty of the matters discussed herein. These Opinions are based upon currently existing statutes, rules, regulations and judicial decisions and are rendered as of the date hereof, and we
disclaim any obligation to advise you of any change in any of the foregoing sources of law or subsequent developments in law or changes in facts or circumstances that might affect any matters or opinions set forth herein. 
  
 This opinion has been prepared solely for your use in connection with the
Closing under the Underwriting Agreement on the date hereof, and should not be quoted in whole or in part or otherwise be referred to, and should not be filed with or furnished to any governmental agency or other person or entity, without the prior
written consent of this firm. 
  
 Very truly
yours, 
  
 WILMER
CUTLER PICKERING 
 HALE AND DORR LLPEmployment Agreement

 Exhibit 10.1 
  
 EMPLOYMENT AGREEMENT 
  
 AGREEMENT, made this 15th day of December, 1999, by and between Yellow Corporation, a Delaware corporation (“Yellow”), and William D.
Zollars (the “Executive”). 
  
 WITNESSETH 
  
 WHEREAS, the Board of Directors of Yellow has approved the employment of the
Executive on the terms and conditions set forth in this Agreement; and 
  
 WHEREAS, the Executive is willing, for the consideration provided, to enter into employment with Yellow on the terms and conditions set forth in this Agreement; 
  
 NOW, THEREFORE, the parties, intending to be legally bound, agree as follows: 
  

	1.	Employment. Yellow hereby agrees to employ the Executive, and the Executive hereby accepts such employment, upon the terms and conditions set forth in this Agreement.

  

	2.	Term. The term of this Agreement shall be for two (2) years from the date hereof (the “Effective Date”), with said term renewing daily, and ending on the date
of termination of the Executive’s employment determined pursuant to Section 5, 6 or 7, whichever shall be applicable. 

  

	3.	Position and Duties. The Executive shall serve as Chairman, President and CEO of Yellow, and shall have such responsibilities and authority as commensurate with such offices
and as may from time to time be prescribed by or pursuant to Yellow’s bylaws. The Executive shall devote substantially all of his working time and efforts to the business and affairs of Yellow. 

  

	4.	Compensation. During the period of the Executive’s employment, Yellow shall provide the Executive with the following compensation and other benefits:

  

	 	(a)	Base Salary. Yellow shall pay to the Executive base salary at the initial rate of $550,000 per annum, retroactive to November 8, 1999, which shall be payable in
accordance with the standard payroll practices of Yellow. Such base salary rate shall be reviewed annually in accordance with Yellow’s normal policies beginning in calendar year 2000; provided, however, that at no time during the term of this
Agreement shall the Executive’s base salary be decreased from the rate then in effect except (i) in connection with across-the-board reductions similarly affecting substantially all senior executives of Yellow or (ii) with the written
consent of the Executive. 

  

	 	(b)	Annual Bonus. 

  

	 	(1)	For Calendar Year 1999. Executive shall receive a Bonus for calendar year 1999, calculated as follows: 

  

	 	(i)	For the period January 1, 1999 through November 7, 1999, Executive’s Bonus shall be calculated utilizing the formula adopted for Senior Management Executive
Bonuses at Yellow’s subsidiary, Yellow Freight System, Inc., based upon the salary received by Executive in his position as President of that subsidiary for this period. 

  

	 	(ii)	For the period November 8, 1999 through December 31, 1999, Executive’s Bonus shall be calculated utilizing the formula previously adopted by the Compensation
Committee for the position of Chairman, President and CEO of Yellow based upon the salary received by Executive for these positions under this Agreement and for this period. 

	 	(2)	For Calendar Year 2000 and Beyond. The Executive shall participate in a bonus program established and maintained by Yellow pursuant to which a threshold award for each fiscal year
is 18.75% of the Executive’s base salary; a target award is 75% of base salary; and a maximum award is 150% of base salary in respect of each fiscal year of Yellow commencing with 2000, provided that any payment under such award shall be
conditioned upon satisfaction of the threshold. The criteria for establishment of the threshold and target and the parameters for payments at, above or below the target shall be determined annually by the Compensation Committee of the Board of
Directors of Yellow. At least 80% of the criteria established by the Compensation Committee which would result in a payment of 75% of base salary to the Executive shall be based on specific measurements of financial performance of Yellow during the
applicable fiscal year and the remaining percentage may be based on non-financial criteria. 

  

	 	(c)	Stock Options. Yellow has granted to the Executive, effective as of the Effective Date, an option to purchase 200,000 shares of Common Stock of Yellow, with an option term of
ten years and an option price per share equal to the closing price of a share of Common Stock of Yellow as reported on the NASDAQ National Market System on the Effective Date; provided, however, that such option shall vest and become exercisable at
the rate of (i) 25% on the first anniversary of the Effective Date; (ii) 25% on the second anniversary of the Effective Date; (iii) 25% on the third anniversary of the Effective Date; and (iv) 25% on the fourth anniversary of the
Effective Date. With respect to succeeding years, the Compensation Committee of the Board of Directors of Yellow shall determine the number of stock options, if any, to be granted to the Executive and the terms and conditions of any such options.

  

	 	(d)	 Supplemental Retirement Benefits. Yellow shall provide Executive with supplemental retirement benefits in accordance with this subsection (d) and
Appendix A pursuant to which the Executive shall receive from Yellow upon his termination of employment with Yellow (and subject to the vesting provision hereinafter set forth), the difference between (i) the monthly benefit that he would have
received under Section 4.4 of the Yellow Freight Office, Clerical, Sales and Supervisory Personnel Pension Plan (the “Pension Plan”) (calculated as a single life annuity payable commencing at his Normal Retirement Date as defined
under the Pension Plan with an actuarial reduction if payment commences prior to his Normal Retirement Date) using 20 years of Credit Service as defined under the Pension Plan plus his actual Credited Service credited under the Pension Plan after
five (5) years from September 6, 1996, the date of Executive’s commencement of employment with Yellow’s subsidiary, Yellow Freight System, Inc., and using Compensation as defined in Section 2.1(h) (2) of the Pension
Plan, including Compensation previously earned during his employment with Yellow Freight System, Inc. from September 6, 1996 through November 7, 1999, but without any reduction under Section 401(a) (17) of the Internal Revenue
Code of 1986, as amended )the “Code”) and (ii) the monthly benefit actually payable to the Executive under Section 4.4 of the Pension Plan, calculated at the time the Executive commences payment of a Vested Pension under the
Pension Plan, if any. The Executive shall vest in the supplemental retirement benefit described in this subsection (d) at the rate of 20% per year commencing on September 6, 1997 (so that he would become 100% vested on
September 6, 2001), provided, however, that the Executive shall forfeit any unvested portion in the event of the termination of his employment prior to becoming 100% vested. Notwithstanding the foregoing, the Executive shall immediately become
100% vested in the event of the termination of his employment under circumstances entitling the Executive to benefits pursuant to Section 8. The supplemental retirement benefit 

	 	 
described in this subsection (d) and Appendix A shall be payable monthly commencing as of the last day of the month following the month of termination
of the Executive’s employment or, if Executive has not yet qualified for payment of a retirement benefit under the Pension Plan as of his date of termination, the supplemental retirement benefit shall be payable monthly commencing as of the
earliest date of Executive’s eligibility to retire under the Pension Plan subject to actuarial reduction for payments commencing prior to Executive’s normal retirement date, and shall continue until the Executive’s death. Upon the
Executive’s death, if at the time of his death he had already qualified for payment of a retirement benefit under the Pension Plan and if he is survived by and still married to the person who was his spouse on September 6, 1996, the
monthly supplemental retirement benefit payable to the Executive during his life shall continue to said surviving spouse until her death. If at the time of his death, the Executive had not yet qualified for payment of a retirement benefit under the
Pension Plan, if he is survived by and still married to the person who was his spouse on September 6, 1996, said spouse shall qualify to receive the same monthly supplemental retirement benefit commencing on the last day of the month in which
Executive would have reached his Normal Retirement Date. If the Executive at the time of his death is neither survived by or not married to the person who was his spouse on September 6, 1996, no further supplemental retirement benefits shall be
payable under this subsection (d) following his death. The Executive acknowledges that these supplemental retirement benefits are an element of the compensation to be paid for his services and not an unfunded plan of deferred compensation
within the meaning of Section 201 of the Employee Retirement Income Security Act, as amended. 

  

	 	(e)	Other Benefits. In addition to the compensation and benefits otherwise specified in this Agreement, the Executive (and, if provided for under the applicable plan or program,
his spouse) shall be entitled to participate in, and to receive benefits under, Yellow’s employee benefit plans and programs that are or may be available to senior executives generally and on terms and conditions that are no less favorable than
those generally applicable to other senior executives of Yellow. At no time during the term of this Agreement shall the Executive’s participation in or benefits received under such plans and programs be decreased except (i) in connection
with across-the-board reductions similarly affecting substantially all senior executives of Yellow or (ii) with the written consent of the Executive. The Executive shall be treated as having satisfied any otherwise applicable waiting period
requirement for coverage under Yellow’s disability insurance plan, effective as of the Effective Date. 

  

	 	(f)	Expenses. The Executive shall be entitled to prompt reimbursement of all reasonable expenses incurred by him in performing services hereunder, provided he properly accounts
therefore in accordance with Yellow’s policies. 

  

	 	(g)	Office and Services Furnished. Yellow shall furnish the Executive with office space, secretarial assistance and such other facilities and services as shall be suitable to the
Executive’s position and adequate for the performance of his duties hereunder. 

  

	5.	Termination of Employment by Yellow. 

  

	 	(a)	 Cause. Yellow may terminate the Executive’s employment for Cause if the Executive willfully engages in conduct which is materially and demonstrably
injurious to Yellow or if the Executive willfully engages in an act or acts of dishonesty resulting in material personal gain to the Executive at the expense of Yellow. Yellow shall exercise its right to terminate the Executive’s employment for
Cause by (i) giving him written notice of termination at least 30 days before the date of such termination specifying in reasonable detail the circumstances constituting such Cause; and (ii) delivering to the Executive a copy of a
resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board of Directors (except the Executive), after reasonable 

	 	 
notice to the Executive and an opportunity for the Executive and his counsel to be heard before the Board of Directors, finding that the Executive has
engaged in the conduct set forth in this subsection (a). In the event of such termination of the Executive’s employment for Cause, the Executive shall be entitled to receive (i) his base salary pursuant to Section 4(a) and any other
compensation and benefits to the extent actually earned pursuant to this Agreement or any benefit plan or program of Yellow as of the date of such termination at the normal time for payment of such salary, compensation or benefits and (ii) any
amounts owing under Section 4 (f). In addition, in the event of such termination of the Executive’s employment for Cause, all outstanding options held by the Executive at the effective date of such termination which had not already been
exercised shall be forfeited. Except as provided in Section 9, the Executive shall receive no other compensation or benefits from Yellow. 

  

	 	(b)	Disability. If the Executive incurs a Permanent and Total Disability, as defined below, Yellow may terminate the Executive’s employment by giving him written notice of
termination at least 30 days before the date of such termination. In the event of such termination of the Executive’s employment because of Permanent and Total Disability, (i) the Executive shall be entitled to receive his base salary
pursuant to Section 4(a) and any other compensation and benefits to the extent actually earned by the Executive pursuant to this Agreement or any benefit plan or program of Yellow as of the date of such termination of employment at the normal
time for payment of such salary, compensation or benefits, and any amounts owing under Section 4(f), and (ii) all outstanding stock options held by the Executive at the time of his termination of employment shall become immediately
exercisable at that time, and the Executive shall have one year from the date of such termination of employment to exercise any or all of such outstanding options (but not beyond the term of such option). For purposes of this Agreement, the
Executive shall be considered to have incurred a Permanent and Total Disability if he is unable to engage in any substantial gainful employment by reason of any materially determinable physical or mental impairment which can be expected to result in
death or which has lasted or can be expected to last for a continuous period of not less than 12 months. The existence of such Permanent and Total Disability shall be evidenced by such medical certification as the Secretary of Yellow shall require
and shall be subject to the approval of the Compensation Committee of the Board of Directors of Yellow. 

  

	 	(c)	Without Cause. Yellow may terminate the Executive’s employment at any time and for any reason, other than for Cause or because of Permanent and Total Disability, by
giving him a written notice of termination to that effect at least 30 days before the date of termination. In the event of such termination of the Executive’s employment without Cause, the Executive shall be entitled to the benefits described
in Section 8. 

  

	6.	Termination of Employment by the Executive. 

  

	 	(a)	Good Reason. The Executive may terminate his employment for Good Reason by giving Yellow a written notice of termination at least 30 days before the date of such termination
specifying in reasonable detail the circumstances constituting such Good Reason. In the event of the Executive’s termination of his employment for Good Reason, the Executive shall be entitled to the benefits described in Section 8. For
purposes of this Agreement, Good Reason shall mean the failure of Yellow in any material way either (i) to pay or provide to the Executive the compensation and benefits that he is entitled to receive pursuant to this Agreement by the later of
(A) 60 days after the applicable due date or (B) 30 days after the Executive’s written demand for payment, or (ii) to maintain the titles, positions and duties of the Executive commensurate with those titles and positions and as
required by this Agreement except with the Executive’s written consent, or (iii) Executive’s receipt of notice from Yellow of the cut-off of the automatic renewal of the term of this Agreement as described in Section 2 above.

	 	(b)	Following A Change of Control. The Executive may terminate his employment at any time within the three-month period which begins six months after a Change of Control of
Yellow by giving Yellow a written notice of such termination at least 30 days before the date of termination. In the event of the Executive’s termination of employment within such three-month period, the Executive shall be entitled to the
benefits described in Section 8. For purposes of this Agreement, a Change of Control of Yellow shall be deemed to have taken place if: (i) a third person, including a “group” as defined in Section 13(d) (3) of the
Securities Exchange Act of 1934, purchases or otherwise acquires shares of Yellow after the date hereof and as a result thereof becomes the beneficial owner of shares of Yellow having 20% or more of the total number of votes that may be cast for the
election of directors of Yellow; or (ii) as the result of, or in connection with any cash tender or exchange offer, merger or other Business Combination, or contested election, or any combination of the foregoing transactions, the Continuing
Directors shall cease to constitute a majority of the Board of Directors of Yellow or any successor to Yellow. For this purpose, (i) Business Combination means any transaction which is referred to in any one or more of clauses (a) through
(e) of Section 1 of Subparagraph A of Article Seventh of the Certificate of Incorporation of Yellow, and (ii) Continuing Director means a director of Yellow who meets the definition of Continuing Director contained in Section 7
of Subparagraph C of Article Seventh of the Certificate of Incorporation of Yellow. 

  

	 	(c)	Other. The Executive may terminate his employment at any time and for any reason, other than pursuant to subsection (a) or (b) above, by giving Yellow a written
notice of termination to that effect at least 30 days before the date of termination. In the event of the Executive’s termination of his employment pursuant to this subsection (c), the Executive shall be entitled to receive (i) his base
salary pursuant to Section 4(a) and any other compensation and benefits to the extent actually earned by the Executive pursuant to this Agreement or any benefit plan or program of Yellow as of the date of such termination at the normal time for
payment of such salary, compensation or benefits, and (ii) any amounts owing under Section 4(f). In addition, in the event of the Executive’s termination of his employment pursuant to this subsection (c), (i) all outstanding
options held by the Executive at the time of such termination which had not already become exercisable shall be forfeited, and (ii) all outstanding options held by the Executive at the time of such termination which had already become
exercisable shall expire 90 days after the date of such termination (or, if earlier, upon the expiration of the term of the option). Except as provided in Section 9, the Executive shall receive no other compensation or benefits from Yellow.

  

	7.	Termination of Employment By Death. In the event of the death of the Executive during the course of his employment hereunder, (i) the Executive’s estate shall be
entitled to receive his base salary pursuant to Section 4(a) and any other compensation and benefits to the extent actually earned by the Executive pursuant to this Agreement or any other benefit plan or program of Yellow as of the date of such
termination at the normal time for payment of such salary, compensation or benefits, and any amounts owing under Section 4(f), (ii) any death benefit due under the Pension Plan and any death benefit due under Section 4(d) shall be
paid to the Executive’s spouse as provided under Section 4(d) and (iii) all outstanding stock options held by the Executive at the time of his death shall become immediately exercisable upon his death, and the Executive’s spouse
or, if predeceased, the Executive’s estate, shall have one year from the date of his death to exercise any or all of such outstanding options (but not beyond the term of such option). 

  

	8.	 Benefits Upon Termination Without Cause, For Good Reason, or Following Change of Control. If the Executive’s employment with Yellow shall terminate
(i) because of termination by Yellow pursuant to Section 5(c) and not for Cause or because of Permanent and Total Disability, (ii) because of termination by the Executive for Good Reason pursuant to Section 6(a), or
(iii) because of termination by the Executive within the three-month period which begins six months 

	 	 
after a Change of Control of Yellow pursuant to Section 6(b), the Executive shall be entitled to the following: 

  

	 	(a)	Yellow shall pay to the Executive his base salary pursuant to Section 4 (a) and, subject to the further provisions of this Section 8, any other compensation and
benefits to the extent actually earned by the Executive under this Agreement or any benefit plan or program of Yellow as of the date of such termination at the normal time for payment of such salary, compensation or benefits.

  

	 	(b)	Yellow shall pay the Executive any amounts owing under Section 4(f). 

  

	 	(c)	Yellow shall pay to the Executive as a severance benefit an amount equal to twice the sum of (i) his annual rate of base salary immediately preceding his termination of
employment, and (ii) the target bonus payable pursuant to subsection (d) below. Such severance benefit shall be paid in a lump sum within 30 days after the date of such termination of employment. 

  

	 	(d)	Yellow shall pay to the Executive his target bonus under Yellow’s target bonus plan for the fiscal year in which his termination of employment occurs as if the target had been
exactly met. Such payment shall be made in a lump sum within 30 days after the date of such termination of employment, and the Executive shall have no right to any further bonuses under said program. 

  

	 	(e)	The Executive shall become 100% vested in all benefits accrued to the date of termination of his employment but not previously paid under the supplemental retirement benefits
pursuant to Section 4(d), and Yellow’s nonqualified defined contribution plans. Payment of benefits under such plans, and under the Pension Plan and Yellow’s qualified defined contribution plans, shall be made at the time and in the
manner determined under the applicable plan. 

  

	 	(f)	During the period of 24 months beginning on the date of the Executive’s termination of employment, the Executive (and, if applicable under the applicable program, his spouse)
shall remain covered by the employee benefit plans and programs that covered him immediately prior to his termination of employment as if he had remained in employment for such period, provided, however, that there shall be excluded for this purpose
any plan or program providing payment for time not worked (including without limitation holiday, vacation, and long- and short-term disability). In the event that the Executive’s participation in any such employee benefit plan or program is
barred, Yellow shall arrange to provide the Executive with substantially similar benefits. Any medical insurance coverage for such two-year period pursuant to this subsection (f) shall become secondary upon the earlier of (i) the date on
which the Executive begins to be covered by comparable medical coverage provided by a new employer, or (ii) the earliest date upon which the Executive becomes eligible for Medicare or a comparable Government insurance program.

  

	 	(g)	All outstanding stock options held by the Executive at the time of termination of his employment shall become fully exercisable upon such termination of employment and may be
exercised for the balance of the term of such option. 

  

	 	(h)	 If any payment or benefit received by or in respect of the Executive under this Agreement or any other plan, arrangement or agreement with Yellow (determined
without regard to any additional payments required under this subsection (h) and Appendix B of this Agreement) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as
amended (the “Code”) (or any similar tax that may hereafter be imposed) or any interest or penalties are incurred by the Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, 

	 	 
being hereinafter collectively referred to as the “Excise Tax”), Yellow shall pay to the Executive with respect to such Payment at the time
specified in Appendix B an additional amount (the “Gross-up Payment”) such that the net amount retained by the Executive from the Payment and the Gross-up Payment, after reduction for any Excise Tax upon the payment and any federal, state
and local income and employment tax and Excise Tax upon the Gross-up Payment, shall be equal to the Payment. The calculation and payment of the Gross-up Payment shall be subject to the provisions of Appendix B. 

  

	9.	Entitlement To Other Benefits. Except as provided in this Agreement, this Agreement shall not be construed as limiting in any way any rights to benefits that the Executive
may have pursuant to any other plan or program of Yellow. 

  

	10.	Arbitration. 

  

	 	(a)	Arbitration of Disputes. Any dispute between the parties hereto arising out of, in connection with, or relating to this Agreement or the breach thereof shall be settled by
arbitration in Overland Park, Kansas, in accordance with the rules then in effect of the American Arbitration Association (“AAA”). Arbitration shall be the exclusive remedy for any such dispute except only as to failure to abide by an
arbitration award rendered hereunder. Regardless of whether or not both parties hereto participate in the arbitration proceeding, any arbitration award rendered hereunder shall be final and binding on each party hereto and judgment upon the award
rendered may be entered in any court having jurisdiction thereof. 

  

	 	The	party seeking arbitration shall notify the other party in writing and request the AAA to submit a list of 5 or 7 potential arbitrators. In the event the parties do not agree upon an
arbitrator, each party shall, in turn, strike one arbitrator from the list, Yellow having the first strike, until only one arbitrator remains, who shall arbitrate the dispute. The parties shall have the opportunity to conduct reasonable discovery as
determined by the arbitrator, and the arbitration hearing shall be conducted within 30 to 60 days of the selection of an arbitrator or at the earliest date thereafter that the arbitrator is available or as otherwise set by the arbitrator.

  

	 	(b)	Indemnification. If arbitration occurs as provided for herein and the Executive is awarded more than Yellow has asserted is due him or otherwise substantially prevails
therein, Yellow shall reimburse the Executive for his reasonable attorneys’ fees, costs and disbursements incurred in such arbitration and hereby agrees to pay interest on any money award obtained by the Executive from the date payment should
have been made until the date payment is made, calculated at the prime interest rate of Bank of America, Inc., Kansas City, Missouri in effect from time to time from the date that payment(s) to him should have been made under this Agreement. If the
Executive enforces the arbitration award in court, Yellow shall reimburse the Executive for his reasonable attorneys’ fees, costs and disbursements incurred in such enforcement. 

  

	11.	Confidential Information. The Executive shall retain in confidence any confidential information known to him concerning Yellow and its subsidiaries, and their respective
businesses until such information is publicly disclosed. This provision shall survive the termination of the Executive’s employment for any reason under this Agreement. 

  

	12.	Indemnification under Bylaws. Yellow shall provide the Executive with rights to indemnification by Yellow that are no less favorable to the Executive than those set forth in
Yellow’s by-laws as in effect as of the Effective Date. 

  

	13.	Successors. This Agreement shall be binding upon and insure to the benefit of the Executive and his estate and Yellow and any successor of Yellow, but neither this Agreement
nor any rights arising hereunder may be assigned or pledged by the Executive. 

	14.	Severability. Any provision in this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of
such prohibition or unenforceability without invalidating or affecting the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 

  

	15.	Notices. All notices required or permitted to be given under this Agreement shall be given in writing and shall be deemed sufficiently given if delivered by hand or mailed by
registered mail, return receipt requested, to his residence in the case of the Executive and to its principal executive offices in the case of Yellow. Either party may by giving written notice to the other party in accordance with this
Section 15 change the address at which it is to receive notices hereunder. 

  

	16.	Controlling Law. This Agreement shall in all respects by governed by and construed in accordance with the laws of the State of Kansas. 

  

	17.	Changes to Agreement. This Agreement may not be changed orally but only in a writing, signed by the party against whom enforcement is sought. 

  

	18.	Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed an original but all of which together shall
constitute one and the same instrument. 

  

	19.	Prior Agreement. Except as regards the commencement date for Executive’s Supplemental Retirement Benefits, as discussed in Section 4(d) above, this Agreement in all
respects supercedes and replaces the Employment Agreement entered into between Executive and Yellow Freight System, Inc. on September 6, 1996. 

  
 IN WITNESS WHEREOF, the parties have executed this Agreement on the 21 of December, 1999. 
  

			
	EXECUTIVE:	 	YELLOW CORPORATION
		
	 	 	 /s/ William D. Zollars

	 	 	 William D. Zollars

	 	 	 Chairman of the Board of Directors,
 President &
Chief Executive Officer

		
	 	 	 /s/ William F. Martin

	 	 	 William F. Martin

		
	 ATTEST
	 	 
		
	 	 	 /s/ Lawrence D. Berkowitz

	 	 	 Lawrence D. Berkowitz

 Appendix A 
 Supplemental Retirement Benefits 
  
 The following provisions shall be applicable with respect to the supplemental retirement benefits described in Section 4(e) of this Agreement. 
  

	1.	Benefit Calculation 

  
 For purposes of calculating the supplemental retirement benefits, the following assumptions shall be utilized. 
  

	 	(a)	“Credited Service”, shall be assumed to be twenty (20) years for periods of employment prior to five (5) years of employment measured from September 6,
1996, plus actual Credited Service, if any, for periods of employment after five (5) years of employment measured from September 6, 1996 and Executive’s Compensation for the period September 6, 1996 through November 7, 1999
shall be the Compensation earned by Executive during his employment with Yellow Freight System, Inc. 

  

	 	(b)	If the Executive is employed by Yellow for less than five (5) years from September 6, 1996, “Average Final Compensation” shall be calculated as the average
“base wage” as so defined in Section 2.1(h)(2) of the Plan for actual number of years of employment, with partial years annualized; 

  

	 	(c)	Any vested accrued benefit which the Executive is paid under the Pension Plan, shall reduce any supplement retirement benefits payable under this Agreement; and

  

	 	(d)	The defined terms used in this Appendix A and in Section 4(e) of this Agreement shall have the meanings provided in the Yellow Freight Office, Clerical, Sales and Supervisory
Personnel Pension Plan as restated as of January 1, 1989 and as amended by Amendment No. 1 dated July 15, 1992, by Amendment No. 2 dated December 28, 1994, all as in existence as of the Effective Date of this Agreement
(collectively the “Pension Plan”) unless another meaning is expressly provided in this Agreement and Appendix or unless the Executive and Yellow agree in writing to apply any subsequent amendments, revisions, interpretations or
restatements of the Pension Plan. 

  
 Notwithstanding the vesting provisions of Section 4(d), the Executive shall become 100% vested in the supplemental retirement benefits provided under that subsection and this Appendix upon the termination of his employment for any of
the following reasons: 
  

	 	(a)	Termination by Yellow without “Cause”, 

  

	 	(b)	Termination by the Executive for “Good Reason”, or 

  

	 	(c)	The Executive’s resignation within the three month period which begins six months after a “Change of Control” of Yellow, Cause”, “Good Reason”, and
“Change of Control” shall have the respective meanings as defined in Section 5, 6(a) and 6(b) of this Agreement. 

  

	2.	Taxability of Benefit 

  
 The Executive and Yellow understand and agree that for federal tax purposes, all supplemental retirement benefits paid under this agreement to the
Executive or his spouse shall be treated as ordinary income under the applicable provisions of the Internal Revenue Code of 1986, as amended, and are subject to any taxes required to be withheld by federal, state or local law; provided that the
Executive shall have the right to determine the timing of any withholding within the parameters permitted under the Code and under any Regulations or proposed Regulations under Code Section 3121(v) or any successor thereto. 
  

	3.	Nonassignability 

  
 The supplemental retirement benefits payable under this Agreement, and any and all rights thereto, shall not be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution, or levy of any kind, either voluntarily or involuntarily. Any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, charge, or
otherwise dispose of any rights to benefits payable hereunder shall be void. 

 AMENDMENT NUMBER ONE 
 TO EMPLOYMENT AGREEMENT 
 DATED DECEMBER 15, 1999 
  
 THIS IS AMENDMENT NUMBER ONE to the Employment Agreement entered into between
Yellow Corporation, a Delaware Corporation (‘“Yellow”) and William D. Zollars (the “Executive”) on the 15th day of December, 1999. 
  

	1.	Paragraph 4(d) of said Employment Agreement is hereby amended in its entirety to read as follows: 

  

	 	(d)	 Supplemental Retirement Benefits. Yellow shall provide Executive with Supplemental Retirement Benefits in accordance with this subsection (d) and
Appendix A pursuant to which the Executive shall receive from Yellow upon his termination of employment with Yellow (and subject to the vesting provision hereinafter set forth), the difference between (i) the monthly benefit that he would have
received under Section 4.4 of the Yellow Freight Office, Clerical, Sales and Supervisory Personnel Pension Plan (the “Pension Plan”) (calculated as a single life annuity payable commencing at his initial Normal Retirement Date as
defined under the Pension Plan with an actuarial reduction if payment commences prior to his Normal Retirement Date) using 20 years of Credit Service as defined in the Pension Plan plus his actual Credit Service credited under the Pension Plan after
five (5) years from September 6, 1996, the date of Executive’s commencement of employment with Yellow’s subsidiary, Yellow Freight System, Inc., and using compensation as defined in Section 2.1(h)2 of the Pension Plan,
including Compensation previously earned during his employment with Yellow Freight System, Inc. from September 6, 1996 through November 7, 1999, but without any reduction under Section 401(a)(17) of the Internal Revenue Code of 1986,
as amended (the “Code”) and (ii) the monthly benefit actually payable to the Executive under Section 4.4 of the Pension Plan, calculated at the time the Executive commences payment of a Vested Pension under the Pension Plan, if
any. The Executive shall vest in the Supplemental Retirement Benefit described in this subsection (d) at the rate of 20% per year commencing on September 6, 1997 (so that he would become 100% vested on September 6, 2001),
provided, however, that the Executive shall forfeit any unvested portion in the event of the termination of his employment prior to becoming 100% vested. Notwithstanding the foregoing, the Executive shall immediately become 100% vested in the event
of the termination of his employment under circumstances entitling the Executive to benefits pursuant to Section 8. Following the termination of Executive’s employment, the Supplemental Retirement Benefit described in this subsection
(d) and Appendix A shall be payable monthly commencing no sooner than the earliest date of Executive’s eligibility to receive Retirement Benefits under the Pension Plan measured from his date of termination with Executive having the option
of deciding when to commence payments following achieving such eligibility, subject to actuarial reduction for payments commencing prior to Executive’s Normal Retirement Date, and shall continue until the Executive’s death. Upon the
Executive’s death, if at the time of his death payments had already commenced under the Supplemental Retirement Benefit and if he is survived by and still married to the person who was his spouse on September 6, 1996, the monthly
Supplemental Retirement Benefit payable to the Executive during his life shall continue to said surviving spouse until her death. If at the time of his death, the Executive had not yet qualified for payment of a Retirement Benefit under the Pension
Plan, or if Executive had qualified but payments had not yet commenced, if he is survived by and still married to the person who was his spouse on September 6, 1996, the Supplemental Retirement Benefit shall be payable to said spouse no sooner
than the earliest date that Executive would have been eligible to receive Retirement Benefits under the Pension Plan measured from his date of death with said spouse having the option of deciding when to commence payments following the date that
Executive would have achieved such eligibility, subject 

	 	 
to actuarial reduction for payments commencing prior to the date that Executive would have reached his Normal Retirement Date, and shall continue to said
surviving spouse until her death. The Executive acknowledges that these Supplemental Retirement Benefits are an element of the compensation to be paid for his services and not an unfunded plan of deferred compensation within the meaning of
Section 201 of the Employee Retirement Income Security Act, as amended. 

  

	2.	All other provisions and conditions of the Employment Agreement dated December 15, 1999 remain in full force and effect. 

  
 IN WITNESS WHEREOF, the parties have executed this Amendment Number One to
the Agreement dated December 15, 1999 on the 20th day of April, 2000. 
  

			
	THE EXECUTIVE:	 	YELLOW CORPORATION
		
	 	 	 /s/ William D. Zollars

	 	 	William D. Zollars
	 	 	 Chairman of the Board of Directors,
 President &
Chief Executive Officer

		
	 	 	 /s/ William F. Martin

	 	 	 William F. Martin

		
	 ATTEST
	 	 
		
	 	 	 /s/ Lawrence D. Berkowitz

	 	 	 Lawrence D. Berkowitz

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