Document:

<PAGE>

                                                                  Exhibit 4.2(b)

                                    FORM OF

                          SECURITYHOLDERS' AGREEMENT

                                     among

                        RCBA STRATEGIC PARTNERS, L.P.,

                         BLUM STRATEGIC PARTNERS, L.P.

                         FS EQUITY PARTNERS III, L.P.,

                    FS EQUITY PARTNERS INTERNATIONAL, L.P.,

                           THE KOLL HOLDING COMPANY,

                              FREDERIC V. MALEK,

                         DLJ INVESTMENT FUNDING, INC.,

                            [OTHER NOTE INVESTORS]

                           THE MANAGEMENT INVESTORS,

                       CB RICHARD ELLIS SERVICES, INC.,

                                      and

                              CBRE HOLDING, INC.

                          Dated as of July [20], 2001
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<TABLE>
<S>                                                                                     <C>
I      INTRODUCTORY MATTERS.............................................................  4
       1.1.   Defined Terms.............................................................  4
       1.2.   Construction.............................................................. 12

II     TRANSFERS........................................................................ 13
       2.1.   Limitations on Transfer................................................... 13
       2.2.   Right of First Offer...................................................... 14
       2.3.   Certain Permitted Transfers............................................... 16
       2.4.   Tag-Along Rights.......................................................... 16
       2.5.   Drag-Along Rights......................................................... 18
       2.6.   Participation Right....................................................... 19

III    REGISTRATION RIGHTS.............................................................. 20
       3.1.   Demand Registration....................................................... 20
       3.2.   Piggyback Registrations................................................... 22
       3.3.   Expenses of Registration.................................................. 23
       3.4.   Effective Registration Statement.......................................... 23
       3.5.   Selection of Counsel...................................................... 23
       3.6.   Obligations of the Company................................................ 24
       3.7.   Termination of Registration Rights........................................ 27
       3.8.   Delay of Registration; Furnishing Information............................. 27
       3.9.   Indemnification........................................................... 27
       3.10.  Assignment of Registration Rights......................................... 30
       3.11.  Amendment of Registration Rights.......................................... 30
       3.12.  Limitation on Subsequent Registration Rights.............................. 30
       3.13.  "Market Stand-Off" Agreement; Agreement to Furnish Information............ 31
       3.14.  Rule 144 Reporting........................................................ 31

IV     GOVERNANCE....................................................................... 32
       4.1.   The Board Prior to an Initial Public Offering............................. 32
       4.2.   The Board Subsequent to an Initial Public Offering........................ 34
       4.3.   Observers................................................................. 34
       4.4.   Advisors.................................................................. 36
       4.5.   Voting.................................................................... 36
       4.6.   General Consent Rights.................................................... 37
       4.7.   Consent Rights of FS Director............................................. 38
       4.8.   Board of Directors of CBRE................................................ 39

V      OTHER AGREEMENTS................................................................. 39
       5.1.   Financial Information..................................................... 39
       5.2.   Inspection Rights......................................................... 40
       5.3.   Confidentiality of Records................................................ 40
       5.4.   Indemnification........................................................... 40
</TABLE>

                                       2
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<TABLE>
<S>                                                                                      <C>
VI     MISCELLANEOUS.................................................................... 42
       6.1.   Additional Securities Subject to Agreement................................ 42
       6.2.   Term...................................................................... 43
       6.3.   Notices................................................................... 43
       6.4.   Further Assurances........................................................ 45
       6.5.   Non-Assignability......................................................... 46
       6.6.   Amendment; Waiver......................................................... 46
       6.7.   Third Parties............................................................. 47
       6.8.   Governing Law............................................................. 47
       6.9.   Specific Performance...................................................... 47
       6.10.  Entire Agreement.......................................................... 47
       6.11.  Titles and Headings....................................................... 47
       6.12.  Severability.............................................................. 48
       6.13.  Counterparts.............................................................. 48
       6.14.  Ownership of Shares....................................................... 48
</TABLE>

                                       3
<PAGE>

          SECURITYHOLDERS' AGREEMENT, dated as of July [20], 2001 (this
"Agreement"), among (i) CB Richard Ellis Services, a Delaware corporation
 ---------
("CBRE") and CBRE Holding, Inc. (the "Company"), (ii) RCBA Strategic Partners,
  ----                                -------
L.P., a Delaware limited partnership (together with its successors, "BLUM"),
                                                                     ----
(iii) Blum Strategic Partners, L.P., a Delaware limited partnership and
Affiliate (as defined below) of BLUM (together with its successors, "Blum
                                                                     ----
Strategic" and collectively with BLUM, the "BLUM Funds"), (iv) FS Equity
---------                                   ----------
Partners III, L.P., a Delaware limited partnership ("FSEP"), and FS Equity
                                                     ----
Partners International, L.P., a Delaware limited partnership ("FSEP
                                                               ----
International," and together with FSEP and their respective successors, the "FS
-------------                                                                --
Entities"), (v) DLJ Investment Funding, Inc. ("DLJ") and [OTHER NOTE PURCHASERS
--------                                       ---
TO COME] (together with DLJ, the "Note Investors"), (vi) The Koll Holding
                                  --------------
Company, a California corporation (together with its successors, "Koll"),
                                                                  ----
Frederic V. Malek ("Malek", and together with Koll, the "Other Non-Management
                    -----                                --------------------
Investors"), and (vii) the individuals identified on the signature pages hereto
---------
as "Management Investors" (together, the "Management Investors"; collectively
                                          --------------------
with the FS Entities, the Note Investors and the Other Non-Management Investors,
the "Non-BLUM Investors").
     ------------------

                                   RECITALS:

          A.  CBRE, the Company and BLUM CB Corp., a Delaware Corporation
("Newco"), are parties to an Amended and Restated Agreement and Plan of Merger,
-------
dated as of May 31, 2001 (the "Merger Agreement"), pursuant to which, among
                               ----------------
other things, Newco merged with and into CBRE on the date hereof (the "Merger")
                                                                       ------
and CBRE became a wholly-owned subsidiary of the Company;

          B.  As a result of the Merger, on the date hereof, BLUM is the largest
holder of the outstanding shares of Common Stock (as defined below) and the Non-
BLUM Investors also hold outstanding shares of the Common Stock; and

          C.  The parties hereto wish to provide for certain matters relating to
their respective holdings of the Common Stock.

          NOW, THEREFORE, in consideration of the mutual covenants and
agreements herein contained, the parties hereto agree as follows:

I    INTRODUCTORY MATTERS

     1.1. Defined Terms.
          -------------

          The following terms have the following meanings when used herein with
initial capital letters:

          "Advisory Services" has the meaning set forth in Section 4.4.
           -----------------

          "Affiliate" means, with respect to any Person, any Person that
           ---------
     directly or indirectly controls, is controlled by or is under common
     control with, such Person.  As used in this definition of "Affiliate" and
     the definition of "Subsidiary," "control" (including, with correlative
                                      -------
     meanings, "controlled by" and "under common control with") shall mean the
                -------------       -------------------------
     possession, directly or indirectly, of the power to direct or cause the

                                       4
<PAGE>

     direction of management or policies, whether through the ownership of
     securities or partnership or other ownership interests, by contract or
     otherwise.  Notwithstanding anything to the contrary stated herein, the
     Company shall not be considered an Affiliate of any Securityholder.

          "Agreement" means this Agreement, as the same may be amended,
           ---------
     supplemented or otherwise modified from time to time in accordance with the
     terms hereof.

          "Anti-Dilution Agreement" means the Anti-Dilution Agreement, dated as
           -----------------------
     of July [20], 2001, among the Company and the Note Investors, as amended,
     supplemented or otherwise modified from time to time.

          "Approved Sale" has the meaning set forth in Section 2.5(c).
           -------------

          "Assumption Agreement" means an agreement in the form attached hereto
           --------------------
     as Exhibit A whereby a transferee of Restricted Securities becomes a party
     to, and agrees to be bound by, the terms of this Agreement in the manner
     set forth in Section 6.5 hereto.

          "BLUM" has the meaning set forth in the Preamble.
           ----

          "BLUM Directors" has the meaning set forth in Section 4.1(c)(i).
           --------------

          "BLUM Funds" has the meaning set forth in the Preamble.
           ----------

          "BLUM Holder" means (i) BLUM, (ii) Blum Strategic and (iii) any Person
           -----------
     to whom BLUM or Blum Strategic Transfers Registrable Securities (but only
     to the extent of the Registrable Securities acquired from BLUM or Blum
     Strategic) and, in the case of clause (iii), which Person becomes bound by
     the provisions of this Agreement in the manner set forth in Section 6.5
     hereto.

          "BLUM Sale" has the meaning set forth in Section 2.4(a).
           ---------

          "Board" means the Board of Directors of the Company.
           -----

          "Bylaws" means the Bylaws of the Company as of the Closing, as the
           ------
     same may be amended from time to time.

          "Cause" has the meaning set forth in Section 4.1(j).
           -----

          "CBRE" has the meaning set forth in the Preamble.
           ----

          "Certificate of Incorporation" means the Certificate of Incorporation
           ----------------------------
     of the Company as of the Closing, as the same may be amended from time to
     time.

          "Claim Notice" has the meaning set forth in Section 5.4(b).
           ------------

          "Class A Common Stock" means Class A common stock, par value $.01 per
           --------------------
     share, of the Company.

                                       5
<PAGE>

          "Class B Common Stock" means Class B common stock, par value $.01 per
           --------------------
     share, of the Company.

          "Class B Securityholder" means any Securityholder that beneficially
           ----------------------
     owns shares of Class B Common Stock pursuant to the terms of the
     Certificate of Incorporation.

          "Closing" means the Closing of the Merger.
           -------

          "Common Stock" means Class A Common Stock and Class B Common Stock,
           ------------
     collectively.

          "Company" has the meaning set forth in the Preamble.
           -------

          "Consolidated EBITDA" means, for any period, [the consolidated net
           -------------------
     income of the Company and its subsidiaries for such period as set forth in
     the consolidated financial statements of the Company, plus the following of
     the Company and its subsidiaries to the extent deducted in calculating such
     consolidated net income:  (i) consolidated interest expense, (ii)
     consolidated income tax expense, (iii) consolidated depreciation expense
     and (iv) consolidated amortization expenses]. [Note: To the extent that the
     senior bank debt financing contains a different definition of Consolidated
     EBITDA, this definition will be conformed to that used in the senior bank
     debt financing.]

          "Contribution Agreement" means that certain Amended and Restated
           ----------------------
     Contribution and Voting Agreement, dated as May 31, 2001, among CBRE
     Holding, Inc., BLUM CB Corp., RCBA Strategic Partners, L.P., FS Equity
     Partners III, L.P., FS Equity Partners International, L.P., Wirta, White
     and the other investors who are signatories thereto.

          "DLJ Investors" means (i) DLJ, (ii) any Person to whom DLJ Transfers
           -------------
     Registrable Securities (but only to the extent of the Registrable
     Securities acquired from DLJ) and, in the case of clause (ii), which Person
     becomes bound by the provisions of this Agreement in the manner set forth
     in Section 6.5 hereto.

          "Drag-Along Notice" has the meaning set forth in Section 2.5(b).
           -----------------

          "Dragging Party" has the meaning set forth in Section 2.5(a).
           --------------

          "Equity Securities" means (i) any Common Stock or other equity
           -----------------
     security of the Company, (ii) any security convertible, with or without
     consideration, into Common Stock or any other equity security of the
     Company (including any option or other right to purchase or acquire such a
     convertible security) and (iii) any option, warrant or other right to
     purchase or acquire Common Stock or any other equity security of the
     Company.

          "Exchange Act" means the Securities Exchange Act of 1934, as amended,
           ------------
     or any similar federal statute then in effect, and a reference to a
     particular section thereof shall be deemed to include a reference to the
     comparable section, if any, of any such similar federal statute.

                                       6
<PAGE>

          "Fair Market Value" means (i) with respect to cash consideration, the
           -----------------
     total amount of such cash consideration in United States dollars, (ii) with
     respect to non-cash consideration consisting of publicly-traded securities,
     the average daily closing sales price of such securities for the ten
     consecutive trading days preceding the date of Fair Market Value of such
     securities is required to be determined hereunder (with the closing price
     for each day being the last reported sales price regular way or, in case no
     such reported sale takes place on such day, the average of the reported
     closing bid and asked prices regular way, in either case on the principal
     national securities exchange on which such securities are listed and
     admitted to trading, or, if not listed and admitted to trading on any such
     exchange on the NASDAQ National Market System, or if not quoted on the
     NASDAQ National Market System, the average of the closing bid and asked
     prices in the over-the-counter market as furnished by any New York Stock
     Exchange member firm selected from time to time by the Company for that
     purpose) and (iii) with respect to non-cash consideration not consisting of
     publicly-traded securities, such amount as is determined to be the fair
     market value of the non-cash consideration as of the date such Fair Market
     Value is required to be determined hereunder as determined in good faith by
     the Board.

          For the purposes of Section 2.2(a), if the Transferring Securityholder
     or BLUM disputes in good faith the determination by the Board pursuant to
     the above clause (iii) of the Fair Market Value of the non-cash
     consideration to be paid for the Transfer Securities, then the Transferring
     Securityholder or BLUM, as applicable, may require that an investment bank
     selected by the Company and reasonably acceptable to the Transferring
     Securityholder and BLUM determine such Fair Market Value for the purposes
     of clause (iii).

          For the purposes of Section 4.7(a)(ii), if the FS Director believes in
     good faith that the Fair Market Value, determined pursuant to the above
     clause (iii), of the consideration to be received for the assets of the
     Company or its Subsidiaries to be sold under that Section exceeds $75
     million, then the FS Director may require that such Fair Market Value be
     determined by an independent investment bank selected by the Company and
     reasonably acceptable to the FS Director.

          The Company shall pay the fees and expenses of the investment bank in
     making any Fair Market Value determination; provided, however that in the
                                                 --------  -------
     case of the second paragraph of this definition of "Fair Market Value", if
     the Transferring Securityholder does not have a good faith belief that the
     Fair Market Value of the non-cash consideration to be paid for the Transfer
     Securities, as determined pursuant to the above clause (iii), is greater
     than or equal to $5 million, then the fees and expenses of the investment
     bank in making any Fair Market Value determination at the request of such
     Transferring Securityholder under such circumstances shall be paid by such
     Transferring Securityholder.

          "FS Director" has the meaning set forth in Section 4.1(c)(ii).
           -----------

          "FS Entities" has the meaning set forth in the Preamble.
           -----------

                                       7
<PAGE>

          "FS Holder" means (i) each of the FS Entities and (ii) any Person to
           ---------
     whom either of the FS Entities Transfers Registrable Securities or
     Restricted Securities (but only to the extent of the Registrable Securities
     or Restricted Securities acquired from such FS Entity) and, in the case of
     clause (ii), which Person becomes bound by the provisions of this Agreement
     as a FS Party in the manner set forth in Section 6.5 hereto.

          "FS Parties" means (i) each of the FS Entities and (ii) any Person to
           ----------
     whom either of the FS Entities Transfers Restricted Securities and, in the
     case of clause (ii), which Person becomes bound by the provisions of this
     Agreement in the manner set forth in Section 6.5 hereto.

          "FS Warrants" means (i) the warrants to acquire Common Stock acquired
           -----------
     by the FS Entities pursuant to the Contribution Agreement and (ii) any
     shares of Common Stock received upon exercise of such warrants.

          "Holder" means any Person owning of record Registrable Securities who
           ------
     (i) is a party to this Agreement on the date hereof or (ii) subsequently
     agrees in writing to be bound by the provisions of this Agreement in
     accordance with the terms of Section 6.5 of this Agreement.

          "Indebtedness" means any indebtedness for borrowed money.
           ------------

          "Indemnified Party" has the meaning set forth in Section 5.4(b).
           -----------------

          "Initiating Holder" means, with respect to any registration effected
           -----------------
     pursuant to Section 3.1, (i) the BLUM Holders in the event that the Holder
     or Holders from whom a notice is received pursuant to Section 3.1(a) that
     initiates such registration is a BLUM Holder, (ii) the FS Holders in the
     event that the Holder or Holders from whom a notice is received pursuant to
     Section 3.1(a) that initiates such registration is a FS Holder, and (iii)
     the Note Investor Holders in the event that the Holder or Holders from whom
     a notice is received pursuant to Section 3.1(a) that initiates such
     registration is a Note Investor Holder.

          "IPO" or "Initial Public Offering" means the completion of an
           ---      -----------------------
     underwritten Public Offering of Common Stock pursuant to which the Company
     becomes listed on a national securities exchange or on the NASDAQ Stock
     Market.

          "Issuance" has the meaning set forth in Section 2.6(a).
           --------

          "Legend" has the meaning set forth in Section 2.1(d).
           ------

          "Losses" has the meaning set forth in Section 3.9(d).
           ------

          "Losses and Expenses" has the meaning set forth in Section 5.4(a).
           -------------------

          "Management Investors" has the meaning set forth in the Preamble.
           --------------------

                                       8
<PAGE>

          "Management Parties" means (i) each of the Management Investors and
           ------------------
     (ii) any Person to whom any of the Management Investors Transfers
     Restricted Securities and, in the case of clause (ii), which Person becomes
     bound by the provisions of this Agreement in the manner set forth in
     Section 6.5 hereto.

          "Material Securityholder" means BLUM, Blum Strategic, each of the FS
           -----------------------
     Entities, each of the Note Investor Parties that holds at least 1% of the
     total outstanding Common Stock as of such date, DLJ so long as it and its
     affiliates, in the aggregate, hold at least 1% of the total outstanding
     Common Stock as of such date, Malek, Koll and any Securityholder who (as
     determined on a particular date) beneficially owns, together with its
     Affiliates, greater than 10% of the total outstanding Common Stock as of
     such date.

          "Merger" has the meaning set forth in the Recitals.
           ------

          "Merger Agreement" has the meaning set forth in the Recitals.
           ----------------

          "Newco" has the meaning set forth in the Recitals.
           -----

          "Non-BLUM Investors" has the meaning set forth in the Preamble.
           ------------------

          "Non-BLUM Parties" means the FS Parties, the Note Investor Parties,
           ----------------
     the Other Non-Management Parties and the Management Parties, collectively.

          "Notes" means the Company's 16.0% Senior Notes due July 20, 2011.
           -----

          "Note Investor Holder" means (i) any Note Investor and (ii) any Person
           --------------------
     to whom any Note Investor Transfers Registrable Securities (but only to the
     extent of the Registrable Securities acquired from a Note Investor) and, in
     the case of clause (ii), which Person becomes bound by the provisions of
     this Agreement as an Investor Party in the manner set forth in Section 6.5
     hereto.

          "Note Investor Parties" means (i) any Note Investor and (ii) any
           ---------------------
     Person to whom a Note Investor Transfers Restricted Securities and, in the
     case of clause (ii), which Person becomes bound by the provisions of this
     Agreement in the manner set forth in Section 6.5 hereto.

          "Notice Period" has the meaning set forth in Section 5.4(b).
           -------------

          "Observer" has the meaning set forth in Section 4.3(a).
           --------

          "Offer Price" has the meaning set forth in Section 2.2(a).
           -----------

          "Offer Notice" has the meaning set forth in Section 2.2(a).
           ------------

          "Other Holder" means any Holder other than a BLUM Holder, a FS Holder
           ------------
     or a Note Investor Holder.

          "Other Non-Management Investors" has the meaning set forth in the
           ------------------------------
     Preamble.

                                       9
<PAGE>

          "Other Non-Management Parties" means (i) each of the Other Non-
           ----------------------------
     Management Investors and (ii) any Person to whom either of the Other Non-
     Management Investors Transfers Restricted Securities and, in the case of
     clause (ii), which Person becomes bound by the provisions of this Agreement
     in the manner set forth in Section 6.5 hereto.

          "Ownership" means, with respect to any Person, all matters related to
           ---------
     such Person's and such Person's Affiliates' (i) beneficial ownership of
     Restricted Securities, (ii) due authorization of a Transfer of such
     Restricted Securities, (iii) power to Transfer such Restricted Securities,
     and (iv) non-violation of agreements, laws, etc. relating to such Transfer
     of such Restricted Securities.

          "Permitted Third Party Transfer Date" means the three year anniversary
           -----------------------------------
     of the date hereof.

          "Permitted Transferees" means any Person to whom Restricted Securities
           ---------------------
     are Transferred by a Non-BLUM Party in a Transfer in accordance with
     Section 2.3 and not in violation of this Agreement and who is required to,
     and does, enter into an Assumption Agreement, and includes any Person to
     whom a Permitted Transferee of a Non-BLUM Party (or a Permitted Transferee
     of a Permitted Transferee) so further Transfers Restricted Securities and
     who is required to, and does, execute and deliver to the Company and BLUM
     an Assumption Agreement.

          "Person" means any individual, corporation, limited liability company,
           ------
     partnership, trust, joint stock company, business trust, unincorporated
     association, joint venture, governmental authority or other legal entity of
     any nature whatsoever.

          "Proposed Transferee" has the meaning set forth in Section 2.4(a).
           -------------------

          "Public Offering" means the sale of shares of any class of the Common
           ---------------
     Stock to the public pursuant to an effective registration statement (other
     than a registration statement on Form S-4 or S-8 or any similar or
     successor form) filed under the Securities Act in connection with an
     underwritten offering.

          "Purchase Agreement" means that certain Purchase Agreement, dated as
           ------------------
     of the date hereof, between the Company and Credit Suisse First Boston
     Corporation, pursuant to which, among other things, the Company issued and
     sold to Credit Suisse First Boston Corporation, and Credit Suisse First
     Boston Corporation, purchased from the Company, the Notes.

          "Purchase Price" means the Fair Market Value of the consideration paid
           --------------
     by the Company or any of its Subsidiaries.

          "Qualified Purchaser" means any Person to whom any Transferring
           -------------------
     Securityholder wishes to sell Restricted Securities pursuant to Section
     2.2; provided that such Person (i) shall be acceptable to BLUM (such
          --------
     acceptance to be evidence in writing and to not be unreasonably withheld;
     it is understood that, if the proposed Qualified Purchaser is a nationally-
     recognized private equity sponsor or institutional equity investor, such
     consent will not be withheld unless BLUM's decision to withhold consent

                                       10
<PAGE>

     results from BLUM's or any of its Affiliate's direct experience with such
     proposed Qualified Purchaser in connection with another actual or proposed
     transaction) and (ii) execute and deliver to the Company and BLUM an
     Assumption Agreement.

          "Registrable Securities" means any shares of Common Stock held by the
           ----------------------
     Securityholders, including as a result of the exercise of options or
     warrants to acquire Common Stock.  For purposes of this Agreement, any
     Registrable Securities held by any Person will cease to be Registrable
     Securities when (A) a registration statement covering such Registrable
     Securities has been declared effective and such Registrable Securities have
     been disposed of pursuant to such effective registration statement, (B) the
     registration rights of the holder of such Registrable Securities have
     terminated pursuant to Section 3.7 hereto, or (C) such Registrable
     Securities cease to be outstanding.

          "Registration Expenses" means all expenses incident to performance of
           ---------------------
     or compliance with Sections 3.1 and 3.2 hereof, including, without
     limitation, all registration and filing fees, printing, messenger and
     delivery expenses, fees and expenses of listing the Registrable Securities
     on any securities exchange, rating agency fees, fees and disbursements of
     counsel for the Company and of its independent public accountants,
     reasonable fees and disbursements of a single special counsel for the
     Holders selected in accordance with Section 3.5, blue sky fees and expenses
     and the expense of any special audits incident to or required by any such
     registration (including "cold comfort" letters), fees and disbursements of
     underwriters customarily paid by the issuers or sellers of securities
     (including liability insurance but excluding Selling Expenses), and other
     reasonable out-of-pocket expenses of Holders (but excluding the
     compensation of regular employees of the Company which shall be paid in any
     event by the Company).

          "Related Party" has the meaning set forth in Section 5.3.
           -------------

          "Relevant Period" has the meaning set forth in Section 3.1(c)(iv).
           ---------------

          "Restricted Period" means the period beginning on the date hereof and
           -----------------
     ending on the earlier of (i) the ten year anniversary of the date hereof
     and (ii) the date of the Initial Public Offering.

          "Restricted Securities" has the meaning set forth in Section 2.1(a).
           ---------------------

          "Right" has the meaning set forth in Section 2.6(a).
           -----

          "Rule 144" means Rule 144 of the Securities Act.
           --------

          "SEC" or "Commission" means the Securities and Exchange Commission.
           ---      ----------

          "Securities Act" means the Securities Act of 1933, as amended, and the
           --------------
     rules and regulations promulgated thereunder, as the same may be amended
     from time to time.

          "Securityholder" means each of the holders of Common Stock or the FS
           --------------
     Warrants who are parties to this Agreement or an Assumption Agreement.

                                       11
<PAGE>

          "Selling Expenses" means all underwriting discounts and selling
           ----------------
     commissions and transfer taxes applicable to the sale.

          "Subsidiary" means, with respect to any Person, any other Person (i)
           ----------
     of which (or in which) such first Person beneficially owns, directly or
     indirectly, 50% or more of the outstanding capital stock or other equity
     interests having ordinary voting power to elect the Board of Directors or
     any equivalent body of such other Person or (ii) of which such first Person
     or its Subsidiary is a general partner, managing member or an equivalent.

          "Tagging Securityholder" has the meaning set forth in Section 2.4(a).
           ----------------------

          "Third Party" has the meaning set forth in Section 2.4(a).
           -----------

          "Transfer" means a transfer, sale, assignment, pledge, hypothecation
           --------
     or other disposition (including, without limitation, by operation of law),
     whether directly or indirectly pursuant to the creation of a derivative
     security, the grant of an option or other right.

          "Transfer Offer" means the offer to sell the Transfer Securities owned
           --------------
     by the Transferring Securityholder to BLUM or one or more of its assignees
     in accordance with Section 2.2(a).

          "Transfer Period" has the meaning set forth in Section 2.2(c).
           ---------------

          "Transfer Securities" has the meaning set forth in Section 2.2(a).
           -------------------

          "Transferring Securityholder" has the meaning set forth in Section
           ---------------------------
     2.2(a).

          "Twelve-Month Normalized EBITDA" means, as of any date, the
           ------------------------------
     Consolidated EBITDA for the 12-month period ending on the last day of the
     most recent quarter for which consolidated financial statements of the
     Company have been filed with the SEC (or, if the Company is not then filing
     such statements with the SEC, the most recent quarter for which such
     statements are available); provided, however that such determination of
                                --------  -------
     Consolidated EBITDA shall be adjusted for such period to (i) include the
     pro forma effects for the entire period of any acquisitions or dispositions
     by the Company since the beginning of such period and (ii) disregard any
     extraordinary or similar one-time charges or revenues of the Company.

          "Violation" has the meaning set forth in Section 3.9(a).
           ---------

          "White" means W. Brett White.
           -----

          "Wirta" means Raymond E. Wirta.
           -----

     1.2. Construction.
          ------------

          The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rule of strict
construction will be applied

                                       12
<PAGE>

against any party. Unless the context otherwise requires: (a) "or" is
disjunctive but not exclusive, (b) words in the singular include the plural, and
in the plural include the singular, and (c) the words "hereof," "herein," and
"hereunder" and words of similar import when used in this Agreement refer to
this Agreement as a whole and not to any particular provision of this Agreement,
and Section references are to this Agreement unless otherwise specified.

II   TRANSFERS

     2.1. Limitations on Transfer.
          -----------------------

               (a)  Each Securityholder hereby agrees that it will not, directly
     or indirectly, Transfer any shares of Common Stock or FS Warrants
     (collectively, the "Restricted Securities") unless such Transfer complies
                         ---------------------
     with the provisions hereof and (i) such Transfer is pursuant to an
     effective registration statement under the Securities Act and has been
     registered under all applicable state securities or "blue sky" laws or (ii)
     (A) such Securityholder shall have furnished the Company with a written
     opinion of counsel in form and substance reasonably satisfactory to the
     Company to the effect that no such registration is required because of the
     availability of an exemption from registration under the Securities Act and
     (B) the Company shall be reasonably satisfied that no such registration is
     required because of the availability of exemptions from registration under
     all applicable state securities or "blue sky" laws.

               (b)  During the Restricted Period,

                    (i)   each of the Non-BLUM Parties may not Transfer any
     Restricted Securities other than (x) pursuant to Sections 2.3, 2.4 or 2.5,
     and (y) with respect to the FS Parties, the Note Investor Parties and the
     Other Non-Management Parties only, Transfers after the Permitted Third
     Party Transfer Date to Persons other than a Permitted Transferee of the
     Securityholder making the Transfer (subject to prior compliance in full
     with Section 2.2 and such Persons executing and delivering Assumption
     Agreements to the Company); and

                    (ii)  BLUM and its Affiliates will not Transfer any
     Restricted Securities in a transaction subject to Section 2.4 unless
     Section 2.4 is complied with in full prior to such Transfer.

               (c)  In the event of any purported Transfer by any of the
Securityholders of any Restricted Securities in violation of the provisions of
this Agreement, such purported Transfer will be void and of no effect and the
Company will not give effect to such Transfer.

               (d)  Each certificate representing Restricted Securities issued
to the Securityholders will bear a legend on the face thereof substantially to
the following effect (with such additions thereto or changes therein as the
Company may be advised by counsel are required by law or necessary to give full
effect to this Agreement, the "Legend"):
                               ------

     "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A
     SECURITYHOLDERS' AGREEMENT AMONG CBRE HOLDING, INC., RCBA STRATEGIC
     PARTNERS, L.P., BLUM STRATEGIC PARTNERS, L.P., FS EQUITY PARTNERS III,
     L.P., FS EQUITY PARTNERS INTERNATIONAL, L.P., THE KOLL

                                       13
<PAGE>

     HOLDING COMPANY, FREDERIC V. MALEK, DLJ INVESTMENT FUNDING, INC., CERTAIN
     MANAGEMENT INVESTORS, THE OTHER INVESTORS NAMED THEREIN AND CB RICHARD
     ELLIS SERVICES, INC., A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE
     COMPANY. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER
     DISPOSITION OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE MADE
     EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH STOCKHOLDERS' AGREEMENT.
     THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE OF THIS CERTIFICATE, AGREES
     TO BE BOUND BY ALL OF THE PROVISIONS OF SUCH SECURITYHOLDERS' AGREEMENT."

     "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
     UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE TRANSFERRED OR OTHERWISE
     DISPOSED OF UNLESS THEY HAVE BEEN REGISTERED UNDER THAT ACT OR AN EXEMPTION
     FROM REGISTRATION IS AVAILABLE."

The Legend will be removed by the Company by the delivery of substitute
certificates without such Legend in the event of (i) a Transfer permitted by
this Agreement in which the Permitted Transferee is not required to enter into
an Assumption Agreement or (ii) the termination of Article II pursuant to the
terms hereof; provided, however, that the second paragraph of the Legend will
              --------  -------
only be removed if at such time it is no longer required for purposes of
applicable securities laws and, if requested by the Company, the Company
receives an opinion to such effect of counsel to the applicable Securityholder
in form and substance reasonably satisfactory to the Company.

     2.2. Right of First Offer.
          --------------------

             (a)  If, following the Permitted Third Party Transfer Date, any of
the FS Parties, the Note Investor Parties or the Other Non-Management Parties
(each, a "Transferring Securityholder") desires to Transfer all or any portion
          ---------------------------
of the Restricted Securities (the "Transfer Securities") then owned by such
                                   -------------------
Transferring Securityholder to a Person that is not a Permitted Transferee of
the Transferring Securityholder, such Transferring Securityholder shall provide
BLUM with a written notice (the "Offer Notice") setting forth: (i) the number of
                                 ------------
shares of Common Stock proposed to be Transferred and (ii) the material terms
and conditions of the proposed transfer including the minimum price (the "Offer
                                                                          -----
Price") at which such Transferring Securityholder proposes to Transfer such
-----
shares. The Offer Notice shall also constitute an irrevocable offer to sell the
Transfer Securities to BLUM or, at BLUM's option following receipt of the Offer
Notice, to one or more assignees of BLUM (subject to such assignee's or
assignees' delivery of an Assumption Agreement in compliance with Section 6.5
hereof) (x) at the Offer Price and on the same terms and conditions as the
Transfer Offer or (y) if the Transfer Offer includes any consideration other
than cash, at the option of BLUM or such assignee, at a cash price equal to the
Fair Market Value of such non-cash consideration (the "Transfer Consideration").
                                                       ----------------------

             (b)  If BLUM or its assignee wishes to accept the offer set forth
in the Offer Notice, BLUM or such assignee shall deliver within 15 business days
of receipt of the Offer

                                       14
<PAGE>

Notice (such period, the "Election Period") an irrevocable notice of acceptance
                          ---------------
to the Transferring Securityholder (the "Acceptance Notice"), which Notice shall
                                         -----------------
indicate the form of Transfer Consideration chosen (to the extent that the
Transfer Offer includes any consideration other than cash). BLUM or its assignee
may accept such offer for any or all of the Transfer Securities, provided,
                                                                 --------
however, that if BLUM or its assignee agrees to purchase less than all of the
-------
Transfer Securities specified in the Offer Notice, then the Transferring
Securityholder can choose not to sell any shares to BLUM or its assignee, as
applicable, by delivering written notice thereof to BLUM or such assignee within
five Business Days of the Transferring Securityholder's receipt of the
Acceptance Notice. In the event that the Transferring Securityholder elects not
to sell any shares to BLUM or its assignee pursuant to the proviso in the
immediately preceding sentence, such Transferring Shareholder may transfer the
Transfer Securities to one or more Qualified Purchasers pursuant to Section
2.2(c) only if such Qualified Purchasers purchase in the aggregate at least as
many shares of the Transfer Securities as BLUM had agreed to purchase.

          (c)  If the option to purchase the Transfer Securities represented by
the Offer Notice is accepted on a timely basis by BLUM or its assignee, in
accordance with all the terms specified in Section 2.2(b) and such acceptance
(if it is for less than all of the Transfer Securities) has not been rejected by
the Transferring Securityholder, no later than the later of (x) 30 business days
after the date of the receipt by BLUM of the Offer Notice or (y) the second
business day after the receipt of any necessary governmental approvals
(including, without limitation, the expiration or early termination of any
applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended), BLUM (or its assignee), as applicable, shall deliver
payment by wire transfer of immediately available funds, to the extent the
Transfer Consideration is cash, and/or by delivery of the non-cash Transfer
Consideration (to the extent chosen by BLUM or its assignee), to such
Transferring Securityholder against delivery of certificates or other
instruments representing the Common Stock so purchased, appropriately endorsed
by such Transferring Securityholder. Each Transferring Securityholder shall
deliver its shares of Common Stock free and clear of all liens, claims, options,
pledges, encumbrances and security interests. To the extent BLUM or its assignee
(i) has not given notice of its acceptance of the offer represented by the Offer
Notice to purchase all of the Transfer Securities prior to the expiration of the
Election Period, (ii) has accepted as to less than all of the Transfer
Securities and such acceptance has been rejected by the Transferring
Securityholder, (iii) has accepted as to less than all of the Transfer
Securities and such acceptance has not been rejected by the Transferring
Securityholder, or (iv) has not tendered the Purchase Price for the Transfer
Securities in the manner and within the period set forth above in this Section
2.2(c), such Transferring Securityholder shall be free (subject to the last
sentence of Section 2.2(b)) for a period of 120 days from the end of the
Election Period to transfer the Transfer Securities (or in the case of the
foregoing clause (iii), such remaining portion of the Transfer Securities) to a
Qualified Purchaser at a price equal to or greater than the Offer Price and
otherwise on terms which are no more favorable in any material respect to such
Qualified Purchaser than the terms and conditions set forth in the Offer Notice.
If for any reason such Transferring Securityholder does not transfer the
Transfer Securities (or in the case of the foregoing clause (iii), such
remaining portion of the Transfer Securities) to a Qualified Purchaser on such
terms and conditions or if such Transferring Securityholder wishes to Transfer
the Transfer Securities (or in the case of the foregoing clause (iii), such
remaining portion of the Transfer Securities) at a lower Purchase Price or on
terms which are more favorable in any material respect to a Qualified

                                       15
<PAGE>

Purchaser than those set forth in the Offer Notice, the provisions of this
Section 2.2 shall again be applicable to the Transfer Securities (or in the case
of the foregoing clause (iii), such remaining portion of the Transfer
Securities); provided that if the Transferring Securityholder does not transfer
             -------------
all of the Transfer Securities (or in the case of the foregoing clause (iii),
such remaining portion of the Transfer Securities) to a Qualifying Purchaser
within 120 days from the end of the Election Period (the "Transfer Period") then
such Transferring Securityholder may not deliver another Offer Notice until 90
days have elapsed since the end of the Transfer Period.

     2.3. Certain Permitted Transfers.
          ---------------------------

               Notwithstanding any other provision of this Agreement to the
contrary, each Non-BLUM Party shall be entitled from time to time to Transfer
any or all of the Restricted Securities held by it to (i) any of its Affiliates,
(ii) in the case of each of the Note Investor Parties, its employees, (iii) in
the case of each of the Note Investor Parties, to a transferee of Notes in
connection with the Transfer of such Notes (or an affiliate of such transferee),
(iv) in the case of the FS Entities, beginning on April 12, 2003, on a pro rata
basis to the partners of such Transferor, (v) in the case of any Non-BLUM Party
(including any transferee that receives shares from an FS Entity pursuant to
clause (iv) of this Section 2.3) who is an individual, (A) such Transferor's
spouse or direct lineal descendants (including adopted children) or antecedents,
(B) a charitable remainder trust or trust, in each case the current
beneficiaries of which, or to a corporation or partnership, the stockholders or
limited or general partners of which, include only such transferor and/or such
transferor's spouse and/or such transferor's direct lineal descendants
(including adopted children) or antecedents, or (C) the executor, administrator,
testamentary trustee, legatee or beneficiary of any deceased transferor holding
Restricted Securities or (vi) in the case of a transferee from an FS Entity
pursuant to clause (iv) of this Section 2.3 that is a corporation, partnership,
limited liability company, trust or other entity, pro rata without payment of
consideration, to its shareholders, partners, members, beneficiaries or other
entity owners, as the case may be; provided that with respect to each of the
                                   --------
foregoing (x) any such transferee duly executes and delivers an Assumption
Agreement, (y) each such transferee pursuant to clause (i) or (v) shall, and
each such Transferring Non-BLUM Party shall cause such transferee (and, if
applicable, such transferee's spouse) to, Transfer back to such Transferring
Non-BLUM Party any Restricted Securities it owns prior to such transferee
ceasing to satisfy any of the foregoing clause (i) or (v) of this Section 2.3
with respect to its relationship to such Transferring Non-BLUM Party, and (z)
(1) if requested by the Company the Company has been furnished with an opinion
of counsel in connection with such Transfer, in form and substance reasonably
satisfactory to the Company, that such Transfer is exempt from or not subject to
the provisions of Section 5 of the Securities Act and (2) the Company shall be
reasonably satisfied that such Transfer is exempt from or not subject to any
other applicable securities laws.

     2.4. Tag-Along Rights.
          ----------------

               (a)  Prior to an Initial Public Offering, with respect to any
proposed Transfer by BLUM and its Affiliates of shares of Common Stock to any
Person other than BLUM and its Affiliates (each a "Third Party") (other than in
                                                   -----------
a Public Offering, which shall be subject to Article III), whether pursuant to a
stock sale, merger, consolidation, a tender or exchange offer or any other
transaction (any such transaction, a "BLUM Sale"), BLUM and its Affiliates will
                                      ---------
have the obligation, and each of the Non-BLUM Parties will have the right, to
require the proposed

                                       16
<PAGE>

transferee or acquiring Person (a "Proposed Transferee") to purchase from each
                                   -------------------
of the Non-BLUM Parties who exercises its rights under Section 2.4(b) (a
"Tagging Securityholder") a number of shares of Common Stock up to the product
 ----------------------
(rounded to the nearest whole number of shares) of (i) the quotient determined
by dividing (A) the aggregate number of outstanding shares of Common Stock owned
by such Tagging Securityholder by (B) the aggregate number of outstanding shares
of Common Stock and (ii) the total number of shares of Common Stock proposed to
be directly or indirectly Transferred to the Proposed Transferee, at the same
price per share and upon the same terms and conditions (including, without
limitation, time of payment and form of consideration) as to be paid by and
given to BLUM and/or its Affiliates (as applicable). In order to be entitled to
exercise its right to sell shares of Common Stock to the Proposed Transferee
pursuant to this Section 2.4, each Tagging Securityholder must agree to make to
the Proposed Transferee the same covenants, indemnities (with respect to all
matters other than BLUM's and/or its Affiliates' Ownership of Common Stock) and
agreements as BLUM and/or its Affiliate (as applicable) agrees to make in
connection with the BLUM Sale and such representations and warranties (and
related indemnification) as to its Ownership of its Common Stock as are given by
BLUM and/or its Affiliate (as applicable) with respect to such party's Ownership
of Common Stock; provided, that all such covenants, indemnities and agreements
                 --------
shall be made by each Tagging Securityholder, severally and not jointly, and
that the liabilities thereunder (other than with respect to Ownership, which
shall be several obligations) shall be borne on a pro rata basis based on the
number of shares Transferred by each of BLUM, and its Affiliates and the Tagging
Securityholders. Each Tagging Securityholder will be responsible for its
proportionate share of the reasonable out-of-pocket costs incurred by BLUM and
its Affiliates in connection with the BLUM Sale to the extent not paid or
reimbursed by the Company or the Proposed Transferee.

          (b)  BLUM will give notice to each Tagging Securityholder of each
proposed BLUM Sale at least 15 business days prior to the proposed consummation
of such BLUM Sale, setting forth the number of shares of Common Stock proposed
to be so Transferred, the name and address of the Proposed Transferee, the
proposed amount and form of consideration (and if such consideration consists in
part or in whole of property other than cash, BLUM will provide such
information, to the extent reasonably available to BLUM, relating to such
consideration as the Tagging Securityholder may reasonably request in order to
evaluate such non-cash consideration) and other terms and conditions of payment
offered by the Proposed Transferee. The tag-along rights provided by this
Section 2.4 must be exercised by each Tagging Securityholder within 10 business
days following receipt of the notice required by the preceding sentence by
delivery of an irrevocable written notice to BLUM indicating such Tagging
Securityholder's exercise of its, her or his rights and specifying the number of
shares of Common Stock it, she or he desires to sell. The Tagging Securityholder
will be entitled under this Section 2.4 to Transfer to the Proposed Transferee
the number of shares of Common Stock determined in accordance with Section
2.4(a).

          (c)  If any Tagging Securityholder exercises its, her or his rights
under Section 2.4(a), the closing of the purchase of the Common Stock with
respect to which such rights have been exercised is subject to, and will take
place concurrently with, the closing of the sale of BLUM's or its Affiliate's
Common Stock to the Proposed Transferee.

                                       17
<PAGE>

     2.5. Drag-Along Rights.
          -----------------

               (a)  If BLUM and/or its Affiliates (in such capacity, the
"Dragging Party") agree to Transfer to a Third Party or a group of Third Parties
 --------------
(other than in a Public Offering) a majority of the shares of Common Stock
beneficially owned by BLUM and its Affiliates at the time of such Transfer, then
each of the Non-BLUM Parties hereby agrees that, if requested by the Dragging
Party, it will Transfer to such Third Party on the same terms and conditions
(including, without limitation, time of payment and form of consideration, but
subject to Section 2.5(b)) as to be paid and given to the Dragging Party, the
same portion (as determined by the immediately succeeding sentence) of such Non-
BLUM Party's Restricted Securities as is being Transferred by BLUM and its
Affiliates. Each Non-BLUM Party can be required to sell pursuant to this Section
2.5 that number of Restricted Securities equal to the product obtained by
multiplying (i) a fraction, (A) the numerator of which is the aggregate number
of shares of Common Stock to be Transferred by BLUM and its Affiliates and (B)
the denominator of which is the aggregate number of shares of Common Stock owned
by BLUM and its Affiliates at the time of the Transfer by (ii) the aggregate
number of shares of Common Stock owned by such Non-BLUM Party (including for
these purposes all shares of Common Stock issuable upon exercise, exchange or
conversion of other Equity Securities).

               (b)  The Dragging Party will give notice (the "Drag-Along
                                                              ----------
Notice") to each of the Non-BLUM Parties of any proposed Transfer giving rise to
------
the rights of the Dragging Party set forth in Section 2.5(a) at least ten (10)
calendar days prior to such Transfer. The Drag-Along Notice will set forth the
number of shares of Common Stock proposed to be so Transferred, the name of the
Proposed Transferee, the proposed amount and form of consideration (and if such
consideration consists in part or in whole of property other than cash, the
Dragging Party will provide such information, to the extent reasonably available
to the Dragging Party, relating to such consideration as the Non-BLUM Parties
may reasonably request in order to evaluate such non-cash consideration), the
number of Restricted Securities sought and the other terms and conditions of the
proposed Transfer. In connection with any such Transfer, such Non-BLUM Parties
shall be obligated only to (i) make representations and warranties (and provide
related indemnification) as to their respective individual Ownership of
Restricted Securities (and then only to the same extent such representations and
warranties are given by the Dragging Party with respect to its Ownership of
Common Stock), (ii) agree to pay its pro rata share (based on the number of
shares transferred by each stockholder in such transaction) of any liability
arising out of any representations, warranties, covenants or agreements of the
selling Securityholders that survive the closing of such transaction and do not
relate to Ownership of Restricted Securities; provided, however that this
                                              --------  -------
Section 2.5(b)(ii) shall not apply if, no later than five (5) calendar days
after receipt of the Drag-Along Notice by the FS Entities, the FS Entities
deliver to BLUM a certificate signed by the FS Entities certifying in good faith
that they (x) do not desire to Transfer any of the Restricted Securities
beneficially owned by them in the proposed Transfer set forth in the Drag-Along
Notice and (y) would not exercise their rights pursuant to Section 2.4 hereto in
connection with such proposed Transfer if BLUM had not otherwise delivered a
Drag-Along Notice with respect thereto, and (iii) agree to pay their
proportionate share of the reasonable costs incurred in connection with such
transaction to the extent not paid or reimbursed by the Company or the Proposed
Transferee. If the Transfer referred to in the Drag-Along Notice is not
consummated within 120 days from the date of the Drag-Along Notice, the

                                       18
<PAGE>

Dragging Party must deliver another Drag-Along Notice in order to exercise its
rights under this Section 2.5 with respect to such Transfer or any other
Transfer.

               (c)  If BLUM approves (i) any merger, consolidation, amalgamation
or other business combination involving the Company or any of its Subsidiaries
or (ii) the sale of all of the business or assets of, or substantially all of
the assets of, the Company or any of its Subsidiaries (any of the foregoing
events, a "Transaction"), then each of the Non-BLUM Parties agrees to vote all
           -----------
shares of Common Stock held by it or its Affiliates to approve such Transaction
and not to exercise any appraisal or dissenters' rights available to such Non-
BLUM Parties under any rule, regulation, statute, agreement among the
stockholders, the Certificate of Incorporation, the Bylaws or otherwise.

     2.6. Participation Right.
          -------------------

               (a)  The Company shall not issue (an "Issuance") additional
                                                     --------
Equity Securities of the Company after the date hereof to any Person (other than
(i) Equity Securities issued upon the exchange, exercise or conversion of other
Equity Securities in accordance with the terms thereof, (ii) Equity Securities
issued in connection with any stock split, stock dividend or recapitalization of
the Company, as long as the same is fully proportionate for each class of
affected security and entails equal treatment for all shares or units of such
class, (iii) Equity Securities issued by the Company pursuant to the acquisition
by the Company or its Subsidiaries of another Person or a material portion of
the assets thereof, by merger, purchase of assets or otherwise in consideration
for the assets and/or equity securities so acquired, (iv) Equity Securities
issued to employees, officers, directors, or consultants of the Company or its
Subsidiaries, (v) Equity Securities issued in connection with a Public Offering,
(vi) Equity Securities issued to customers, venders, lenders, and other non-
equity financing sources, lessors of equipment and other providers of goods or
services to the Company or its Subsidiaries or (vii) Equity Securities issued
pursuant to the Anti-Dilution Agreement, each of which will not be subject to
this Section 2.6), unless, prior to such Issuance, the Company notifies each
Securityholder party hereto in writing of the Issuance and grants to each such
Securityholder or, at such Securityholder's election, one of its Affiliates, the
right (the "Right") to subscribe for and purchase such Securityholder's pro rata
            -----
share (determined as provided below) of such additional Equity Securities so
issued at the same price and upon the same terms and conditions as issued in the
Issuance. Each Securityholder's pro rata share is equal to the ratio of (A) the
number of shares of Common Stock owned by such Securityholder (including for
these purposes all shares of Common Stock issuable upon exercise, exchange or
conversion of other Equity Securities) to (B) the total number of shares of the
Company's outstanding Common Stock (including for these purposes all shares of
Common Stock issuable upon exercise, exchange or conversion of other Equity
Securities) immediately prior to the issuance of the Equity Securities.

          (b)  The Right may be exercised by each Securityholder party hereto or
its Affiliates at any time by written notice to the Company received by the
Company within 10 business days after receipt of notice from the Company of the
Issuance, and the closing of the purchase and sale pursuant to the exercise of
the Right shall occur at least 20 business days after the giving of the notice
of the Issuance by the Company and prior to or concurrently with the closing of
the Issuance. Notwithstanding the foregoing (i) the Right shall not apply to any
Issuance, pro rata, to all holders of Common Stock and (ii) the Company shall
          --- ----
not be required to

                                       19
<PAGE>

offer or sell any Equity Security to any Securityholder who is not an
"accredited investor" as defined in Regulation D of the rules and regulations
promulgated by the SEC under the Exchange Act or who would cause the Company to
be in violation of applicable federal securities laws by virtue of such offer or
sale.

III  REGISTRATION RIGHTS

     3.1. Demand Registration.
          --------------------

               (a)  Subject to the conditions of this Section 3.1, if the
Company shall receive a written request from (i) BLUM Holders holding not less
than 25% of the Registrable Securities then outstanding held by the BLUM
Holders, (ii) FS Holders holding not less than 25% of the Registrable Securities
then outstanding held by the FS Holders or (iii) Note Investor Holders holding
not less than 25% of the Registrable Securities then outstanding held by the
Note Investor Holders, that the Company file a registration statement under the
Securities Act covering the registration of Registrable Securities, then the
Company shall, within five (5) days of the receipt thereof, give written notice
of such request to all Holders, who must respond in writing within fifteen (15)
days requesting inclusion in the registration. The request must specify the
amount and intended disposition of such Registrable Securities. The Company,
subject to the limitations of this Section 3.1, must use its best efforts to
effect, as soon as practicable, the registration under the Securities Act of all
Registrable Securities that the Holders request to be registered in accordance
with this Section 3.1 together with any other securities of the Company entitled
to inclusion in such registration.

               (b)  If the Initiating Holders intend to distribute the
Registrable Securities covered by their request by means of an underwriting,
they shall so advise the Company as a part of their request made pursuant to
this Section 3.1 and the Company shall include such information in the written
notice referred to in Section 3.1(a). In such event, the right of any Holder to
include its Registrable Securities in such registration shall be conditioned
upon such Holder's participation in such underwriting and the inclusion of such
Holder's Registrable Securities in the underwriting (unless otherwise mutually
agreed by a majority in interest of the Initiating Holders and such Holder) to
the extent provided herein. All Holders proposing to distribute their securities
through such underwriting shall enter into an underwriting agreement in
customary form with the underwriter or underwriters selected for such
underwriting by a majority in interest of the Initiating Holders (which
underwriter or underwriters shall be reasonably acceptable to the Company).
Notwithstanding any other provision of this Section 3.1, if the managing
underwriter advises the Company in writing that marketing factors require a
limitation of the number of securities to be underwritten (including Registrable
Securities) because the number of securities to be underwritten is likely to
have an adverse effect on the price, timing or the distribution of the
securities to be offered, then the Company shall so advise all Holders of
Registrable Securities which would otherwise be underwritten pursuant hereto,
and the number of shares that may be included in the underwriting shall be
allocated among participating Holders, (i) first among the Initiating Holders as
nearly as possible on a pro rata basis based on the total number of Registrable
Securities held by all such Initiating Holders and (ii) second to the extent all
Registrable Securities requested to be included in such underwriting by the
Initiating Holders have been included, among the Holders requesting inclusion of
Registrable Securities in such underwritten offering (other than the Initiating
Holders), as nearly as possible on a pro rata basis

                                       20
<PAGE>

based on the total number of Registrable Securities held by all such Holders.
Any Registrable Securities excluded or withdrawn from such underwriting shall be
withdrawn from the registration. To facilitate the allocation of shares in
accordance with the foregoing, the Company or the underwriters may round the
number of shares allocated to any Holder to the nearest 100 shares.

          (c)  The Company shall not be required to effect a registration
pursuant to this Section 3.1:

                    (i)    prior to the date one hundred eighty (180) days
     following the effective date of the registration statement pertaining to
     the Initial Public Offering;

                    (ii)   in the case of (x) a registration requested by BLUM
     Holders pursuant to Section 3.1(a)(i), after the Company has effected six
     (6) registrations requested by BLUM Holders pursuant to such Section, (y) a
     registration requested by FS Holders pursuant to Section 3.1(a)(ii), after
     the Company has effected three (3) registrations requested by FS Holders
     pursuant to such Section, and (z) a registration requested by Note Investor
     Holders pursuant to Section 3.1(a)(iii), after the Company has effected one
     (1) registration requested by Note Investor Holders pursuant to such
     Section;

                    (iii)  if the anticipated aggregate gross proceeds to be
     received by such Holders are less than $2,000,000;

                    (iv)   if within five (5) days of receipt of a written
     request from the Initiating Holders pursuant to Section 3.1(a), the Company
     in good faith gives notice to the Initiating Holders of the Company's
     intention to make a public offering within ninety (90) days in which case
     Section 3.2 shall govern; provided that if the Company does not file a
     registration statement under the Securities Act relating to such public
     offering within such ninety (90) day period (such 90 day period being
     referred to herein as the "Relevant Period") the Company shall be
                                ---------------
     prohibited from delivering additional notices pursuant to this Section
     3.1(c)(iv) until the 181st day following the last day of the Relevant
     Period; or

                    (v)    if the Company shall furnish to Holders requesting a
     registration statement pursuant to this Section 3.1, a certificate signed
     by the Chairman of the Board stating that in the good faith judgment of the
     Board, it would be seriously detrimental to the Company for such
     registration statement to be effected at such time, in which event the
     Company shall have the right to defer such filing for a period of not more
     than ninety (90) days after receipt of the request of the Initiating
     Holders; provided that the Company shall not defer filings pursuant to this
              --------
     clause (v) more than an aggregate of ninety (90) days in any twelve (12)
     month period.

          (d)  The Company shall select the registration statement form for any
registration pursuant to Section 3.1, but shall cooperate with the requests of
the Initiating Shareholders or managing underwriters selected by them as to the
inclusion therein of information not specifically required by such form.

                                       21
<PAGE>

     3.2. Piggyback Registrations.
          ------------------------

               (a)  The Company shall notify all Holders of Registrable
Securities in writing at least fifteen (15) days prior to the filing of any
registration statement under the Securities Act for purposes of a public
offering of securities of the Company (including, but not limited to,
registration statements relating to secondary offerings of securities of the
Company, but excluding (i) registration statements relating to employee benefit
plans or with respect to corporate reorganizations or other transactions under
Rule 145 of the Securities Act; (ii) any registration statement filed pursuant
to Section 3.1 (with respect to which the Holders rights to participate in such
registered offering shall be governed by Section 3.1); and (iii) any
registration statement relating to the Initial Public Offering unless
Registrable Securities of BLUM or its Affiliates are to be sold in the IPO) and,
subject to Section 3.13(a), will use its best efforts to afford each such Holder
an opportunity to include in such registration statement all or part of such
Registrable Securities held by such Holder. Each Holder desiring to include in
any such registration statement all or any part of the Registrable Securities
held by it shall, within fifteen (15) days after the above-described notice from
the Company, so notify the Company in writing. Such notice shall state the
intended method of disposition of the Registrable Securities by such Holder. If
a Holder decides not to include all of its Registrable Securities in any
registration statement thereafter filed by the Company, such Holder shall
nevertheless continue to have the right to include any Registrable Securities in
any subsequent registration statement or registration statements as may be filed
by the Company with respect to offerings of its securities, all upon the terms
and conditions set forth herein.

               (b)  If the registration statement under which the Company gives
notice under this Section 3.2 is for an underwritten offering, the Company shall
so advise the Holders of Registrable Securities as part of the written notice
provided to the Holders pursuant to Section 3.2(a). In such event, the right of
any such Holder to be included in a registration pursuant to this Section 3.2
shall be conditioned upon such Holder's participation in such underwriting and
the inclusion of such Holder's Registrable Securities in the underwriting to the
extent provided herein. All Holders proposing to distribute their Registrable
Securities through such underwriting shall enter into an underwriting agreement
in customary form with the underwriter or underwriters selected for such
underwriting by the Company. Notwithstanding any other provision of this
Agreement, if the managing underwriter advises the Company in writing that
marketing factors require a limitation of the number of securities to be
underwritten (including Registrable Securities) in an offering subject to this
Section 3.2 because the number of securities to be underwritten is likely to
have an adverse effect on the price, timing or the distribution of securities to
be offered, then the Company shall so advise all Holders of Registrable
Securities which would otherwise be underwritten pursuant hereto, and the number
of shares that may be included in the underwriting shall be allocated, first, to
the Company and second, to the Holders on a pro rata basis based on the total
number of Registrable Securities held by the Holders. No such reduction shall
(i) reduce the securities being offered by the Company for its own account to be
included in the registration and underwriting, or (ii) reduce the amount of
securities of the selling Holders included in the registration below twenty-five
percent (25%) of the total amount of securities included in such registration,
unless such offering does not include shares of any other selling shareholders,
in which event any or all of the Registrable Securities of the Holders may be
excluded in accordance with the immediately preceding sentence.

                                       22
<PAGE>

          (c)  The Company shall have the right to terminate or withdraw any
registration initiated by it under this Section 3.2 prior to the effectiveness
of such registration whether or not any Holder has elected to include securities
in such registration. The Registration Expenses of such withdrawn registration
shall be borne by the Company in accordance with Section 3.3 hereof.

   3.3. Expenses of Registration.
        -------------------------

          Except as specifically provided herein, all Registration Expenses
incurred in connection with any registration, qualification or compliance
pursuant to Section 3.1 or Section 3.2 herein shall be borne by the Company.
All Selling Expenses incurred in connection with any registrations hereunder,
shall be borne by the Holders of the Registrable Securities so registered pro
rata on the basis of the number of shares so registered.  The Company shall not,
however, be required to pay for expenses of any registration proceeding begun
pursuant to Section 3.1, the request of which has been subsequently withdrawn by
the Initiating Holders unless (a) the withdrawal is based upon material adverse
information concerning the Company of which the Initiating Holders were not
aware at the time of such request or (b) (x) BLUM Holders holding not less than
50% of the Registrable Securities then outstanding held by all BLUM Holders, in
the case of a registration requested pursuant to Section 3.1(a)(i), (y) FS
Holders holding not less than 50% of the Registrable Securities then outstanding
held by all FS Holders, in the case of a registration requested pursuant to
Section 3.1(a)(ii), or (z) Note Investor Holders holding not less than 50% of
the Registrable Securities then outstanding held by all Note Investor Holders,
in the case of a registration requested pursuant to Section 3.1(iii), agree to
forfeit their right to one requested registration pursuant to Section 3.1, as
applicable, in which event such right shall be forfeited by all BLUM Holders, in
the case of clause (x), all FS Holders in the case of clause (y) and all Note
Investor Holders in the case of clause (z).  If the Holders are required to pay
the Registration Expenses, such expenses shall be borne by the holders of
securities (including Registrable Securities) requesting such registration in
proportion to the number of shares for which registration was requested.  If the
Company is required to pay the Registration Expenses of a withdrawn offering
pursuant to clause (a) above, then the Holders shall not forfeit their rights
pursuant to Section 3.1 to a demand registration.

   3.4. Effective Registration Statement.
        ---------------------------------

          A registration requested pursuant to Section 3.1 will not be deemed to
have been effected unless it has become effective and all of the Registrable
Securities registered thereunder have been sold; provided, that if within 180
                                                 --------
days after it has become effective, the offering of Registrable Securities
pursuant to such registration is interfered with by any stop order, injunction
or other order or requirement of the Commission or other governmental entity,
such registration shall be deemed not to have been effected.

   3.5. Selection of Counsel.
        ---------------------

          In connection with any registration of Registrable Securities pursuant
to Sections 3.1 or 3.2 hereof, the Holders of a majority in interest of the
Initiating Holders (or the Holders of a majority of the Registrable Securities
covered by the registration pursuant to Section 3.2) may select one counsel to
represent all Holders of Registrable Securities covered by such registration;

                                       23
<PAGE>

provided, however, that in the event that the counsel selected as provided above
--------  -------
is also acting as counsel to the Company in connection with such registration,
the remaining Holders shall be entitled to select one additional counsel to
represent all such remaining Holders.

     3.6. Obligations of the Company.
     -------------------------------

               Whenever required to effect the registration of any Registrable
Securities, the Company shall, as expeditiously as reasonably possible:

               (a)  (1) in the case of a registration initiated under Section
3.1 prepare and, in any event within ninety (90) days after the receipt of the
notice contemplated by Section 3.1(a), file with the SEC a registration
statement with respect to such Registrable Securities and use its best efforts
to cause such registration statement to become effective, and, (2) in the case
of any registration effected under Section 3.1, upon the request of the Holders
of a majority of the Registrable Securities registered thereunder, keep such
registration statement effective for up to one hundred and eighty (180) days or,
if earlier, until the Holder or Holders have completed the distribution related
thereto.

               (b)  Prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement; provided, that before filing
                                                   --------
a registration statement or prospectus, or any amendments or supplements
thereto, the Company will furnish to counsel (selected pursuant to Section 3.5
hereof) for the Holders of Registrable Securities copies of all documents
proposed to be filed, which documents will be subject to the review of such
counsel.

               (c)  Furnish to each Holder such number of copies of such
registration statement and of each amendment and supplement thereto (in each
case including all exhibits filed therewith including any documents incorporated
by reference), such number of copies of the prospectus included in such
registration statement (including each preliminary prospectus and summary
prospectus), in conformity with the requirements of the Securities Act, and such
other documents as such Holder may reasonably request in order to facilitate the
disposition of Registrable Securities owned by such Holder.

               (d)  Use its best efforts to register and qualify the securities
covered by such registration statement under such other securities or blue sky
laws of such jurisdictions as shall be reasonably requested by the Holders,
request, and do any and all other acts and things which may be reasonably
necessary or advisable to enable such Holder to consummate the disposition in
such jurisdictions of the Registrable Securities owned by such Holder; provided,
                                                                       --------
that the Company shall not be required in connection therewith or as a condition
thereto to qualify to do business or to file a general consent to service of
process in any such states or jurisdictions unless the Company is already
subject to service in such jurisdiction and except as may be required by the
Securities Act.

               (e)  Use its best efforts to cause such Registrable Securities
covered by such registration statement to be registered with or approved by such
other governmental entities as

                                       24
<PAGE>

may be necessary to enable the Holders thereof to consummate the disposition of
such Registrable Securities.

               (f)  Enter into such customary agreements (including an
underwriting agreement in customary form), which may include indemnification
provisions in favor of underwriters and other Persons in addition to, or in
substitution for the provisions of Section 3.9 hereof, and take such other
actions as Holders of a majority of shares of such Registrable Securities or the
underwriters, if any, reasonably request in order to expedite or facilitate the
disposition of such Registrable Securities.

               (g)  Notify each Holder of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event
as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then
existing, and prepare and furnish to each Holder any supplement or amendment
necessary so that the supplemented or amended prospectus no longer includes such
untrue or misleading statements or omissions of material fact.

               (h)  Otherwise comply with all applicable rules and regulations
of the Commission, and make available to its security holders, as soon as
reasonably practicable (but not more than 18 months) after the effective date of
the registration statement, an earnings statement which shall satisfy the
provisions of Section 11(a) of the Securities Act.

               (i)  Use its best efforts to list such Registrable Securities on
any securities exchange on which the Common Stock is then listed if such
Registrable Securities are not already so listed and if such listing is then
permitted under the rules of such exchange, and use its best efforts to provide
a transfer agent and registrar for such Registrable Securities covered by such
registration statement not later than the effective date of such registration
statement.

               (j)  Furnish, at the request of the Holders of a majority of the
Registrable Securities being registered in the registration, on the date that
such Registrable Securities are delivered to the underwriters for sale, if such
securities are being sold through underwriters, or, if such securities are not
being sold through underwriters, on the date that the registration statement
with respect to such securities becomes effective, (i) an opinion, dated as of
such date, of the counsel representing the Company for the purposes of such
registration, in form and substance as is customarily given to underwriters in
an underwritten public offering and reasonably satisfactory in form, substance
and scope to a majority in interest of the Initiating Holders (or Holders
requesting registration in the case of a registration pursuant to Section 3.2),
addressed to the underwriters, if any, and to the Holders requesting
registration of Registrable Securities and (ii) a "cold comfort" letter dated as
of such date, from the independent certified public accountants of the Company,
in form and substance as is customarily given by independent certified public
accountants to underwriters in an underwritten public offering and reasonably
satisfactory to a majority in interest of the Initiating Holders (or Holders
requesting registration in the case of a registration pursuant to Section 3.2),
addressed to the underwriters, if any, and if permitted by applicable accounting
standards, to the Holders requesting registration of Registrable Securities.

                                       25
<PAGE>

               (k)  Make available for inspection by any Holder of such
Registrable Securities covered by such registration statement, by any
underwriter participating in any disposition to be effected pursuant to such
registration statement and by any attorney, accountant or other agent retained
by any such Holder or any such underwriter, all pertinent financial and other
records, pertinent corporate documents and properties of the Company, and cause
all of the Company's officers, directors and employees to supply all information
reasonably requested by any such Holder, underwriter, attorney, accountant or
agent in connection with such registration statement.

               (l)  Notify counsel (selected pursuant to Section 3.5 hereof) for
the Holders of Registrable Securities included in such registration statement
and the managing underwriter or agent, immediately, and confirm the notice in
writing (i) when the registration statement, or any post-effective amendment to
the registration statement, shall have become effective, or any supplement to
the prospectus or any amendment prospectus shall have been filed, (ii) of the
receipt of any comments from the Commission, (iii) of any request of the
Commission to amend the registration statement or amend or supplement the
prospectus or for additional information, and (iv) of the issuance by the
Commission of any stop order suspending the effectiveness of the registration
statement or of any order preventing or suspending the use of any preliminary
prospectus, or of the suspension of the qualification of the registration
statement for offering or sale in any jurisdiction, or of the institution or
threatening of any legal actions for any of such purposes.

               (m)  Make every reasonable effort to prevent the issuance of any
stop order suspending the effectiveness of the registration statement or of any
order preventing or suspending the use of any preliminary prospectus and, if any
such order is issued, to obtain the withdrawal of any such order at the earliest
possible moment.

               (n)  If requested by the managing underwriter or agent or any
Holder of Registrable Securities covered by the registration statement, promptly
incorporate in a prospectus supplement or post-effective amendment such
information as the managing underwriter or agent or such Holder reasonably
requests to be included therein, including, with respect to the number of
Registrable Securities being sold by such Holder to such underwriter or agent,
the Purchase Price being paid therefor by such underwriter or agent and with
respect to any other terms of the underwritten offering of the Registrable
Securities to be sold in such offering; and make all required filings of such
prospectus supplement or post-effective amendment as soon as practicable after
being notified of the matters incorporated in such prospectus supplement or
post-effective amendment.

               (o)  Cooperate with the Holders of Registrable Securities covered
by the registration statement and the managing underwriter or agent, if any, to
facilitate the timely preparation and delivery of certificates (not bearing any
restrictive legends) representing securities to be sold under the registration
statement, and enable such securities to be in such denominations and registered
in such names as the managing underwriter or agent, if any, or such Holders may
request.

               (p)  Cooperate with each Holder of Registrable Securities and
each underwriter or agent participating in the disposition of such Registrable
Securities and their respective counsel

                                       26
<PAGE>

in connection with any filings required to be made with the National Association
of Securities Dealers, Inc.

               (q)  Make available the executive officers of the Company to
participate with the Holders of Registrable Securities and any underwriters in
any "road shows" or other selling efforts that may be reasonably requested by
the Holders in connection with the methods of distribution for the Registrable
Securities.

     3.7. Termination of Registration Rights.
     ---------------------------------------

               A Holder's registration rights pursuant to this Article III shall
expire if (i) the Company has completed its Initial Public Offering and is
subject to the provisions of the Exchange Act, (ii) such Holder (together with
its Affiliates, partners and former partners) holds less than 2% of the
Company's outstanding Common Stock and (iii) all Registrable Securities held by
such Holder (and its Affiliates, partners and former partners) may be sold under
Rule 144 during any ninety (90) day period.  Upon expiration of a Holder's
registration rights pursuant to this Section 3.7, the obligations of the Company
under this Article III to give such Holder notice of registrations or take any
other actions under this Article III with respect to the registration of
securities held by such Holder shall also terminate.

     3.8. Delay of Registration; Furnishing Information.
     ---------------------------------------------------

               It shall be a condition precedent to the obligations of the
Company to take any action pursuant to Section 3.1 or 3.2 that the selling
Holders shall furnish to the Company upon written request of the Company such
information regarding themselves, the Registrable Securities held by them and
the intended method of disposition of such securities as shall reasonably be
required to effect the registration of their Registrable Securities.

     3.9. Indemnification.
     ---------------------

               (a)  The Company will indemnify and hold harmless each Holder,
each Affiliate of each Holder and their respective partners, officers and
directors (and any director, officer, Affiliate, employee, agent or controlling
Person of any of the foregoing), legal counsel and accountants of each Holder,
any underwriter (as defined in the Securities Act) for such Holder and each
Person, if any, who controls such Holder or underwriter within the meaning of
the Securities Act or the Exchange Act, against any losses, claims, damages,
liabilities (joint or several) or expenses, as incurred, to which they may
become subject under the Securities Act, the Exchange Act or other federal or
state law, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) or expenses arise out of or are based upon any of the following
statements, omissions or violations (collectively, a "Violation") by the
                                                      ---------
Company: (i) any untrue statement or alleged untrue statement of a material fact
contained in any registration statement, including any preliminary prospectus,
summary prospectus or final prospectus contained therein or any amendments or
supplements thereto, (ii) the omission or alleged omission to state therein a
material fact required to be stated therein, or necessary to make the statements
therein not misleading, or (iii) any violation or alleged violation by the
Company of the Securities Act, the Exchange Act, any state securities law or any
rule or regulation promulgated under the Securities Act, the Exchange Act or any
state securities law in connection with the offering covered by

                                       27
<PAGE>

such registration statement; and the Company will reimburse each such Holder,
partner, officer or director, underwriter, legal counsel, accountants or
controlling Person for any legal or other expenses, as incurred, reasonably
incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action; provided, however, that the indemnity
                                    --------  -------
agreement contained in this Section 3.9(a) shall not apply (x) to amounts paid
in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Company, which consent shall
not be unreasonably withheld, nor shall the Company be liable in any such case
for any such loss, claim, damage, liability or action to the extent that it
arises out of or is based upon a Violation which occurs in reliance upon and in
conformity with written information furnished expressly for use in connection
with such registration by such Holder, partner, officer, director, underwriter
or controlling Person of such Holder, and (y) to indemnify underwriters in the
offering or sale of Registrable Securities or any other Person, if any, who
controls such underwriter within the meaning of the Securities Act with respect
to preliminary, final or summary prospectus, or any amendments or supplement
thereto, to the extent that it is established that any such action, loss,
damage, liability or expense of such underwriter or controlling Person resulted
from the fact that such underwriter sold Registrable Securities to a Person whom
there was not sent or given, at or prior to the written confirmation of such
sale, a copy of the final prospectus (including any documents incorporated by
reference therein) or of the final prospectus, as then amended or supplemented
(including any documents incorporated by reference therein), whichever is most
recent, if the Company has previously furnished copies thereof to such
underwriter.

               (b)  Each Holder will, severally but not jointly, if Registrable
Securities held by such Holder are included in the securities as to which such
registration, qualification or compliance is being effected, indemnify and hold
harmless the Company, each of its directors, its officers, legal counsel,
accountants and each Person, if any, who controls the Company within the meaning
of the Securities Act, any underwriter and any other Holder selling securities
under such registration statement or any of such other Holder's partners,
directors or officers, legal counsel, accountants or any Person who controls
such Holder, against any losses, claims, damages, liabilities (joint or several)
or expenses to which the Company or any such director, officer, controlling
Person, underwriter or other such Holder, or partner, director, officer, legal
counsel, accountants or controlling Person of such other Holder may become
subject under the Securities Act, the Exchange Act or other federal or state
law, insofar as such losses, claims, damages or liabilities (or actions in
respect thereto) or expenses arise out of or are based upon any Violation, in
each case to the extent (and only to the extent) that such Violation occurs in
reliance upon and in conformity with written information furnished by such
Holder under an instrument duly executed by such Holder and stated to be
specifically for use in connection with such registration; and each such Holder
will reimburse any legal or other expenses reasonably incurred by the Company or
any such director, officer, controlling Person, underwriter or other Holder, or
partner, officer, director or controlling Person of such other Holder in
connection with investigating or defending any such loss, claim, damage,
liability or action if it is judicially determined that there was such a
Violation; provided, however, that the indemnity agreement contained in this
           --------  -------
Section 3.9(b) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability or action if such settlement is effected without the
consent of the Holder, which consent shall not be unreasonably withheld;
provided, further, that in no event shall any indemnity under this Section 3.9
--------  -------
exceed the total net proceeds from the offering received by such Holder.

                                       28
<PAGE>

               (c)  Promptly after receipt by an indemnified party hereunder of
written notice of the commencement of any action or proceeding with respect to
which a claim for indemnification may be made pursuant to this Section 3.9, such
indemnified party will, if a claim in respect thereof is to be made against an
indemnifying party, give written notice to the latter of the commencement of
such action; provided that the failure of the indemnified party to give notice
as provided herein shall relieve the indemnifying party of its obligations under
the preceding subdivisions of this Section 3.9 only to the extent that the
indemnifying party is actually prejudiced by such failure to give notice. In
case any such action is brought against an indemnified party, unless in such
indemnified party's reasonable judgment a conflict of interest between such
indemnified and indemnifying parties may exist in respect of such claim or there
may be a legal defense available to such indemnified party different from or in
addition to those available to the identifying party, the indemnifying party
will be entitled to participate in and to assume the defense thereof, jointly
with any other indemnifying party similarly notified to the extent that it may
wish, with counsel reasonably satisfactory to such indemnified 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 for any legal or other expenses subsequently incurred by the
latter in connection with the defense thereof other than reasonable costs of
investigation.

               (d)  In order to provide for just and equitable contribution in
circumstances in which the indemnity provided for in this Section 3.9 is
unavailable to an indemnified party, the indemnifying party shall contribute to
the aggregate losses, damages, liabilities and expenses (collectively, "Losses")
                                                                        ------
of the nature contemplated by such indemnity incurred by any indemnified party,
(i) in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and the indemnified parties on the other, in
connection with the statements or omissions which resulted in such Losses 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 fault of but also the relative benefits to the indemnifying party on
the one hand and each such indemnified party on the other, in connection with
the statements or omissions which resulted in such Losses, as well as any other
relevant equitable considerations. The relative benefits to the indemnifying
party and the indemnified party shall be determined by reference to, among other
things, the total proceeds received by the indemnifying party and the
indemnified party in connection with the offering to which such losses relate.
The relative fault of the indemnifying party and the indemnified party shall be
determined by reference to, among other things, whether the action in question,
including any untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact, has been made by, or related to
information supplied by, the indemnifying party or the indemnified party, and
the parties' relative intent, knowledge, access to information and opportunity
to correct or prevent such action. The parties hereto agree that it would be not
be just or equitable if contribution pursuant to this Section 3.9 were
determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this Section
3.10, no indemnified party shall be required to contribute any amount in excess
of the amount of total net proceeds to such indemnified party from sales of the
Registrable Securities of such indemnified party pursuant to the offering that
gave rise to such Losses.

                                       29
<PAGE>

           (e)  The obligations of the Company and Holders under this Section
3.9 shall survive completion of any offering of Registrable Securities in a
registration statement and the termination of this Agreement.

     3.10. Assignment of Registration Rights.
     ---------------------------------------

           The rights to cause the Company to register Registrable Securities
pursuant to this Article III may be assigned by a Holder to a transferee of such
Registrable Securities; provided, however, that in each case (i) such Transfer
                        --------  -------
of Registrable Securities shall comply with the provisions of Article II hereto,
(ii) the Transferor shall, within ten (10) days after such Transfer, furnish to
the Company written notice of the name and address of such transferee and the
securities with respect to which such registration rights are being Transferred
and (iii) such transferee shall execute and deliver to BLUM and the Company an
Assumption Agreement and become bound by the provisions of this Agreement in the
manner set forth in Section 6.5 hereto.

     3.11. Amendment of Registration Rights.
     --------------------------------------

           Any provision of this Article III may be amended and the observance
thereof may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company,
BLUM and the Holders of at least a majority of the Registrable Securities then
outstanding; provided that no such amendment shall adversely affect the rights
             --------
of the FS Holders relative to the rights of the BLUM Holders without the written
consent of the Holders of a majority of the Registrable Securities then
outstanding held by the FS Holders, provided, further that no such amendment
                                    --------  -------
shall adversely affect the rights of the Note Investor Holders relative to the
rights of the BLUM Holders without the written consent of the Holders of a
majority of the Registrable Securities then outstanding held by all Note
Investor Holders and provided, further that no such amendment shall adversely
                     --------  -------
affect the rights of the Other Holders relative to the rights of the BLUM
Holders without the written consent of the Holders of a majority of the
Registrable Securities then outstanding held by all Other Holders. No such
amendment shall adversely affect the rights of the Note Investor Holders
relative to the rights of the FS Holders or the Other Holders without the
written consent of the Holders of a majority of the Registrable Securities then
outstanding held by the Note Investor Holders. No such amendment shall adversely
affect the rights of the Other Holders relative to the rights of the FS Holders
or the Note Investor Holders without the written consent of the Holders of a
majority of the Registrable Securities then outstanding held by the Other
Holders. Each Holder of any Registrable Securities at the time or thereafter
outstanding shall be bound by any amendment authorized by this Section, whether
or not such Registrable Securities shall have been marked to indicate such
amendment.

     3.12. Limitation on Subsequent Registration Rights.
     --------------------------------------------------

           After the date of this Agreement, the Company shall not, without the
prior written consent of the Holders of a majority of the Registrable Securities
then outstanding, enter into any agreement with any holder or prospective holder
of any securities of the Company that would grant such holder registration
rights senior to or otherwise more favorable than those granted to the Holders
hereunder.

                                       30
<PAGE>

     3.13. "Market Stand-Off" Agreement; Agreement to Furnish Information.
     --------------------------------------------------------------------

           (a)  Subject to the condition that all Holders holding at least 2% of
the outstanding shares of Common Stock are subject to the same restrictions,
each Holder hereby agrees that such Holder shall not sell, transfer, make any
short sale of, grant any option for the purchase of, or enter into any hedging
or similar transaction with the same economic effect as a sale, regarding any
Common Stock (or other securities) of the Company held by such Holder (other
than those included in the registration) for a period specified by the
representative of the underwriters of Common Stock (or other securities) of the
Company not to exceed one hundred eighty (180) days following the effective date
of a registration statement of the Company filed under the Securities Act
pursuant to which an Initial Public Offering is effected. The Company may impose
stop-transfer instructions with respect to the Common Stock (or other
securities) subject to the foregoing restriction until the end of said one
hundred eighty (180) day period. For the avoidance of doubt such agreement shall
apply only to the Initial Public Offering.

           (b)  Each Holder agrees to execute and deliver such other agreements
as may be reasonably requested by the Company or the underwriter which are
consistent with the foregoing or which are necessary to give further effect
thereto. In addition, if requested by the Company or the representative of the
underwriters of Common Stock (or other securities) of the Company, each Holder
shall provide, within ten (10) days of such request, such information concerning
such Holder as may be required by the Company or such representative in
connection with the completion of any public offering of the Company's
securities pursuant to a registration statement filed under the Securities Act.
The obligations described in this Section 3.13 shall not apply to a registration
relating solely to employee benefit plans on Form S-1 or Form S-8 or similar
forms that may be promulgated in the future, or a registration relating solely
to a Commission Rule 145 transaction on Form S-4 or similar forms that may be
promulgated in the future. Each Holder further agrees the foregoing restriction
shall be binding on any transferee from the Holder.

     3.14. Rule 144 Reporting.
     -----------------------

           With a view to making available to the Holders the benefits of
certain rules and regulations of the SEC which may permit the sale of the
Registrable Securities to the public without registration, the Company agrees to
use its best efforts to:

           (a)  File, make and keep public information available, as those terms
are understood and defined in Rule 144 or any similar or analogous rule
promulgated under the Securities Act, at all times after the effective date of
the first registration filed by the Company for an offering of its securities
pursuant to the Securities Act or pursuant to the requirements of Section 12 of
the Exchange Act;

           (b)  File with the SEC, in a timely manner, all reports and other
documents required of the Company under the Exchange Act; and

           (c)  So long as a Holder owns any Registrable Securities, furnish to
such Holder forthwith upon request: a written statement by the Company as to its
compliance with the reporting requirements of Rule 144 of the Securities Act,
and of the Exchange Act (at any when

                                       31
<PAGE>

it is subject to such reporting requirements); a copy of the most recent annual
or quarterly report of the Company; and such other reports and documents as a
Holder may reasonably request in availing itself of any rule or regulation of
the SEC allowing it to sell any such securities without registration.

IV   GOVERNANCE

     4.1.  The Board Prior to an Initial Public Offering.
           ---------------------------------------------

           The following provisions shall apply with respect to the Board prior
to an Initial Public Offering:

           (a)  Immediately after the Closing, the Board shall consist of eight
(8) directors, unless BLUM exercises its right pursuant to Section 4.1(f)
hereof, in which case the Board shall then consist of between nine (9) and
eleven (11) directors.

           (b)  Each of the Company and the Class B Securityholders agrees to
take all action necessary to cause each of the designees described in Section
4.1(c) below to be elected or appointed to the Board concurrently with the
Closing, including without limitation, seeking and accepting resignations of
incumbent directors.

           (c)  Each Class B Securityholder agrees that at all times prior to an
IPO, it will vote, or execute a written consent in lieu thereof with respect to,
all of the shares of voting capital stock of the Company owned or held of record
by it, or cause all of the shares of voting capital stock of the Company
beneficially owned by it to be voted, or cause a written consent in lieu thereof
to be executed, to elect and, during such period, to continue in office a Board
consisting solely of the following (subject to the other provisions of this
Section 4.1):

                    (i)   three (3) designees of the BLUM Funds, subject to
     Section 4.1(d) below (including any director designees of BLUM pursuant to
     Section 4.1(f) below, the "BLUM Directors"), two (or three if the BLUM
                                --------------
     Directors are increased to four (4) pursuant to Section 4.1(c)(v) below) of
     whom shall be designated by BLUM and one of whom shall be designated by
     Blum Strategic;

                    (ii)  one designee of the FS Entities, collectively (the

     "FS Director");
      -----------

                    (iii) Wirta for so long as he is employed by the Company or,
     if Wirta is no longer employed by the Company, the Chief Executive Officer
     of the Company at such time;

                    (iv)  White for so long as he is employed by the Company or,
     if White is no longer employed by the Company, the Chairman of the Americas
     of the Company at such time; provided, however that in the event that any
                                  --------  -------
     Person other than White shall hold such title, BLUM shall have the option
     to reduce the size of the Board by one director and eliminate this clause
     (iv); and

                                       32
<PAGE>

                    (v)  immediately after the Closing and for so long as a
     majority of the members of the Board shall agree, an employee (the
     "Production Director") of the Company or CBRE involved in CBRE's
      -------------------
     "Transaction Management" business (as described in the Company 10-K (as
     defined in the Merger Agreement)); provided, however that, during any
                                        --------  -------
     period in which the Production Director is a member of the Board, the
     number of BLUM Directors set forth in Section 4.1(c)(i) shall be increased
     to four (4) during such period (which number does not include the director
     designees of BLUM pursuant to Section 4.1(f) below).

provided that each of the foregoing designation rights will be subject to the
--------
following provisions of this Section 4.1.

               (d)  The director designation right of the BLUM Funds in Section
4.1(c) will reduce (i) to three (or two if there shall not be a Production
Director as a member of the Board at such time), two or one of whom, as the case
may be, shall be designated by BLUM and one of whom shall be designated by Blum
Strategic, if BLUM and its Affiliates, collectively, beneficially own Common
Stock representing less than 22.5% of the outstanding Common Stock, (ii) to two
(or one if there shall not be a Production Director as a member of the Board at
such time), one of whom shall be designated by BLUM and one of whom, if the
number of BLUM Directors is reduced to two pursuant to this subsection, shall be
designated by Blum Strategic, if BLUM and its Affiliates, collectively,
beneficially own Common Stock representing less than 15% of the outstanding
Common Stock, and (iii) to zero if BLUM and its Affiliates, collectively,
beneficially own Common Stock representing less than 7.5% of the outstanding
Common Stock.

               (e)  The director designation right of the FS Entities in Section
4.1(c)(ii) will reduce to zero if the FS Entities and their Affiliates,
collectively, beneficially own Common Stock representing less than 7.5% of the
outstanding Common Stock.

               (f)  At the request of BLUM (provided that the BLUM Funds are
then entitled to designate at least three BLUM Directors pursuant to this
Section 4.1), the number of BLUM Directors will be increased such that the BLUM
Funds thereafter have the right to designate a majority of the entire Board, and
the size of the Board will be expanded to the extent necessary to create
director vacancies in connection therewith (subject to subsequent reduction in
the number of BLUM Directors pursuant to Section 4.1(d) hereof). BLUM shall have
the right to designate any directors required to fill vacancies created at
BLUM's request pursuant to this Section 4.1(f). In the event that the size of
the Board will exceed the board size specified by the Company's Certificate of
Incorporation or Bylaws, each of the Company and the Class B Securityholders
will take all necessary steps to expand the size of the Board.

               (g)  Each committee of the Board will include at least one BLUM
Director and the FS Director (provided that at least one such director position
is then filled and unless the Securityholder appointing such director(s) shall
otherwise agree), unless otherwise agreed in writing by BLUM or Freeman Spogli,
respectively.

               (h)  If either the BLUM Funds or the FS Entities notifies the
other Class B Securityholders in writing of its desire to remove, with or
without cause, any director of the

                                       33
<PAGE>

Company previously designated by it, each Class B Securityholder will vote (to
the extent eligible to vote) all of the shares of voting capital stock of the
Company beneficially owned or held of record by it, him or her so as to remove
such director or, upon request, each Class B Securityholder will promptly
execute and return to the Company any written resolution or consent to such
effect. In the event that any of such Persons is no longer entitled pursuant to
this Section 4.1 to designate a director previously designated by such
Securityholder(s), such director promptly will be removed from the Board, and
each Class B Securityholder will vote (to the extent eligible to vote) all of
the shares of voting capital stock of the Company beneficially owned or held of
record by it so as to remove such director or, upon request, each Class B
Securityholder will promptly execute and return to the Company any written
resolution or consent to such effect.

          (i)  If any director previously designated by the BLUM Funds or the FS
Entities ceases to serve on the Board (whether by reason of death, resignation,
removal or otherwise), the Person who designated such director will be entitled
to designate a successor director to fill the vacancy created thereby, and each
Class B Securityholder will vote (to the extent eligible to vote) all of the
shares of voting capital stock of the Company beneficially owned or held of
record by it or him or her in favor of such designation or, upon request, each
Class B Securityholder will promptly execute and return to the Company any
written resolution or consent to such effect.

     4.2. The Board Subsequent to an Initial Public Offering.
     -------------------------------------------------------

          Following the IPO, (a) BLUM shall be entitled to nominate a percentage
of the total number of directors on the Board that is equivalent to the
percentage of the outstanding Common Stock beneficially owned by BLUM and its
Affiliates, collectively (such percentage of directors nominated by BLUM and its
Affiliates to be rounded up to the nearest whole number of directors) and (b)
the FS Entities shall be entitled to nominate one director as long as the FS
Entities own in the aggregate at least 7.5% of the outstanding Common Stock. The
Company hereby agrees that, at all times after the IPO, at and in connection
with each annual or special meeting of stockholders of the Company at which
directors of the Company are to be elected, the Company, the Board and the
nominating committee thereof will (A) nominate and recommend to stockholders for
election or re-election as part of the management slate of directors each such
individual and (B) provide the same type of support for the election of each
such individual as a director of the Company as provided by the Company, its
directors, its management and its Affiliates to other Persons standing for
election as directors of the Company as part of the management slate. Each
Securityholder that is a Class B Securityholder immediately prior to the IPO
hereby agrees that, at all times after the IPO, such Securityholder will, and
will cause each of its Affiliates to, vote all shares of Common Stock owned or
held of record by it, at each annual or special meeting of stockholders of the
Company at which directors of the Company are to be elected, in favor of the
election or re-election as a member of the Board of each such individual
nominated by any Securityholder pursuant to this Section 4.2.

     4.3. Observers.
     --------------

          (a)  Prior to the IPO, the FS Entities, collectively, shall be
entitled to have two observers in addition to the FS Director (the "FS
                                                                    --
Observers") at all regular and special meetings
---------

                                       34
<PAGE>

of the Board for so long as the FS Entities, collectively, beneficially own
Common Stock representing at least 7.5% of the outstanding Common Stock.

          (b)  Prior to the IPO and solely for so long as needed by DLJ, upon
the advice of counsel, to maintain its qualification as a "Venture Capital
Operating Company" pursuant to Section 29 C.F.R. (S) 2510.3, the DLJ Investors,
by vote of a majority of the outstanding Restricted Securities held by the DLJ
Investors, shall be entitled to have one observer (the "DLJ Observer", and
                                                        ------------
together with the FS Observers, the "Observers") at all regular and special
                                     ---------
meetings of the Board for so long as the DLJ Investors, collectively,
beneficially own (i) Restricted Securities representing at least 1.0% of the
outstanding Common Stock or (ii) a majority in principal amount of the Notes.

          (c)  The Company shall reimburse each Observer for out-of-pocket
expenses, if any, relating to attendance at such meetings but only to the same
extent that the Company reimburses the non-employee members of the Board for
such attendance expenses. Each Observer shall be entitled to receive the same
notice of any such meeting as any director, and shall have the right to
participate therein, but shall not have the right to vote on any matter or to be
counted for purposes of determining whether a quorum is present thereat. In
addition, each Observer shall have the right to receive copies of any action
proposed to be taken by written consent of the Board without a meeting.
Notwithstanding the foregoing, no action of the Board duly taken in accordance
with the laws of the State of Delaware, the Certificate of Incorporation and the
By-Laws shall be affected by any failure to have provided notice to any Observer
of any meeting of the Board or the taking of action by the Board without a
meeting. Any Observer may be required by the Board to temporarily leave a
meeting of the Board if the presence of such Observer at the meeting at such
time would prevent the Company from asserting the attorney-client or other
privilege with respect to matters discussed before the Board at such time. The
FS Entities agree to cause the FS Observers to keep any matters observed or
materials received by them at any meeting of the Board strictly confidential.
The DLJ Investors agree to cause the DLJ Observer to keep any matters observed
or materials received by him or her at any meeting of the Board strictly
confidential.

          (d)  With respect to each committee of the Board for which BLUM or the
FS Entities agrees in writing to waive its right set forth in Section 4.1(g)
hereto, BLUM or the FS Entities, as the case may be, shall be entitled to have
one observer at all meetings of such committee (provided that BLUM or the FS
Entities, as the case may be, shall at such time be entitled to designate at
least one director to the Board pursuant to Section 4.1 hereto). Each such
observer shall be entitled to receive the same notice of any such meeting as any
director that is a member thereof, and shall have the right to participate
therein, but shall not have the right to vote on any matter or to be counted for
purposes of determining whether a quorum is present thereat. In addition, each
such observer shall have the right to receive copies of any action proposed to
be taken by written consent of such committee without a meeting. Notwithstanding
the foregoing, no action of the such committee duly taken in accordance with the
laws of the State of Delaware, the Certificate of Incorporation and the By-Laws
shall be affected by any failure to have provided notice to any observer of any
meeting of such committee or the taking of action by such committee without a
meeting. Any such observer may be required by such committee to temporarily
leave a meeting of the committee if the presence of such observer at the meeting
at such time would prevent the Company from asserting the attorney-client or
other privilege with

                                       35
<PAGE>

respect to matters discussed before the committee at such time. BLUM agrees to
cause any observer designated by it to keep any matters observed or materials
received by him or her at any meeting of such committee strictly confidential.
The FS Entities agree to cause the any observer designated by it to keep any
matters observed or materials received by them at any meeting of such committee
strictly confidential.

     4.4. Advisors.
     -------------

          For so long as each Other Non-Management Investor shall be a
Securityholder, such Other Non-Management Investor shall have the right to
provide, and at the reasonable request of the Board or the management of the
Company, shall provide, advice with respect to the Company's industry, business
and operations ("Advisory Services"), which advice the Board or the management
                 -----------------
of the Company, as applicable, will consider in good faith.  With respect to the
provision of such Advisory Services at the request of the Board or the
management of the Company, the Company shall reimburse each Other Non-Management
Investor for any reasonable out-of-pocket expenses incurred by such Other Non-
Management Investor in connection therewith.

     4.5. Voting.
     -----------

          (a)  Except as otherwise provided in this Section 4.5 or this Article
IV, prior to an Initial Public Offering, each of the Non-BLUM Parties that is a
Class B Securityholder agrees to vote at any stockholders meeting (or in any
written consent in lieu thereof) all of the shares of voting capital stock of
the Company owned or held of record by it, or cause all of the shares of voting
capital stock of the Company beneficially owned by it to be voted at any
stockholders meeting (or in any written consent in lieu thereof), in same the
manner as BLUM votes the shares of voting capital stock of the Company
beneficially owned by it at such meeting (or in such written consent in lieu
thereof), except with respect to the following actions by the Company or any of
its Subsidiaries:

               (i)       any transaction between (x) BLUM or any of its
     Affiliates and (y) the Company or any of its Subsidiaries, other than a
     transaction (A) with another portfolio company of BLUM or any of its
     Affiliates that has been negotiated on arms-length terms in the ordinary
     course of business between the managements of the Company or any of its
     Subsidiaries and such other portfolio company, (B) with respect to which
     the Securityholders may exercise their rights under Section 2.6 of this
     Agreement or (C) specifically contemplated by the Merger Agreement; or

               (ii)      any amendment to the Certificate of Incorporation or
     Bylaws of the Company that adversely affects such Securityholder relative
     to BLUM, other than (x) an increase in the authorized capital stock of the
     Company, or (y) amendments made in connection with any reorganization of
     the Company effected to facilitate an Initial Public Offering or the
     acquisition of the Company by merger or consolidation (provided that in
     such reorganization or acquisition each share of each class or series of
     capital stock held by the Non-BLUM Parties is treated the same as each
     share of the same class or series of capital stock held by BLUM; provided,
                                                                      --------
     however that, subject to compliance with applicable law, in the event that
     -------
     the one or more of the other

                                       36
<PAGE>

     corporations or entities that is a party to such an acquisition notifies
     the Company that it will require the structure of such acquisition to be
     treated as a recapitalization for financial accounting purposes and that it
     will require the Company to no longer be subject to the reporting
     requirements or Section 14 of the Exchange Act after the closing date of
     the acquisition, then, solely to the extent deemed necessary by such other
     corporation or entity to satisfy such requirements, the consideration per
     share the Non-BLUM Parties shall be entitled to receive with respect may be
     a different kind than the consideration per share BLUM shall be entitled to
     receive).

          (b)  In order to effectuate Section 4.5(a), each Non-BLUM Party that
is a Class B Securityholder hereby grants to BLUM an irrevocable proxy, coupled
with an interest, to vote, during the period specified in Section 4.5(a) above,
all of the shares of voting capital stock of the Company owned by the grantor of
the proxy in the manner set forth in Section 4.5(a).

     4.6. General Consent Rights.
     ---------------------------

          Notwithstanding anything to the contrary stated herein, prior to an
Initial Public Offering, neither the Company nor any of its Subsidiaries shall
take any of the following actions without the prior affirmative vote or written
consent of (a) a majority of the directors of the Company, and (b) a majority of
the directors of the Company that are not BLUM Directors:

               (i)       any transaction between (x) BLUM or any of its
     Affiliates and (y) the Company or any of its Subsidiaries, other than a
     transaction (A) with another portfolio company of BLUM of any of its
     Affiliates that has been negotiated on arms-length terms in the ordinary
     course of business between the managements of the Company or any of its
     Subsidiaries and such other portfolio company, (B) with respect to which
     the Securityholders may exercise their rights under Section 2.6 of this
     Agreement or (C) specifically contemplated by the Merger Agreement;

               (ii)      any amendment to the Certificate of Incorporation or
     Bylaws of the Company that adversely affects any Securityholder relative to
     either BLUM Fund, other than (x) an increase in the authorized capital
     stock of the Company, or (y) amendments made in connection with any
     reorganization of the Company effected to facilitate an Initial Public
     Offering or the acquisition of the Company by merger or consolidation
     (provided that in such reorganization or acquisition each share of each
     class or series of capital stock held by the Non-BLUM Parties is treated
     the same as each share of the same class or series of capital stock held by
     either BLUM Fund; provided, however that, subject to compliance with
                       --------  -------
     applicable law, in the event that the one or more of the other corporations
     or entities that is a party to such an acquisition notifies the Company
     that it will require the structure of such acquisition to be treated as a
     recapitalization for financial accounting purposes and that it will require
     the Company to no longer be subject to the reporting requirements or
     Section 14 of the Exchange Act after the closing date of the acquisition,
     then, solely to the extent deemed necessary by such other corporation or
     entity to satisfy such requirements, the consideration per share the Non-
     BLUM Parties shall be entitled to receive with respect may be a different
     kind than the consideration per share either BLUM Fund shall be entitled to
     receive); or

                                       37
<PAGE>

               (iii)     repurchase or redeem, or declare or pay a dividend with
     respect to or make a distribution upon, any shares of capital stock of the
     Company beneficially owned by BLUM or any of its Affiliates, unless (x)
     such repurchase, redemption dividend or distribution is made pro rata among
     all holders of such class of capital stock (or, in the case of a repurchase
     or redemption, all of the Non-BLUM Parties are given a proportionate right
     to participate in such repurchase or redemption (to the extent they own
     shares of such class of capital stock)) or (y) if such capital stock is not
     Common Stock, such repurchase, redemption or dividend is required by the
     terms of such capital stock.

     4.7. Consent Rights of FS Director.
     ----------------------------------

          Notwithstanding anything to the contrary stated herein, prior to an
Initial Public Offering, for so long as the FS Entities shall be entitled to
appoint the FS Director pursuant to Section 4.1 hereto, neither the Company nor
any of its Subsidiaries shall take any of the following actions without the
prior affirmative vote or written consent of (x) a majority of the directors of
the Company, and (y) the FS Director:

          (a)  the acquisition by purchase or otherwise, in any single or series
     of related transactions, of any business or assets for a Purchase Price in
     excess of $75 million; provided, however that this Section 4.7(a) shall not
                            --------  -------
     apply to (i) the acquisition of any business or asset by an investment fund
     that is controlled by the Company or any of its Subsidiaries in connection
     with the ordinary course conduct of the investment advisory and management
     business of the Company or any of its Subsidiaries, or (ii) acquisitions in
     connection with the origination of mortgages by the Company or any of its
     Subsidiaries;

          (b)  the sale or other disposition, in any single or series of related
     transactions, of assets of the Company or its Subsidiaries for aggregate
     consideration having a Fair Market Value in excess of $75 million;
     provided, however that this Section 4.7(b) shall not apply to (i) the sale
     --------  -------
     of other disposition of any business or asset by an investment fund that is
     controlled by the Company or any of its Subsidiaries in connection with the
     ordinary course conduct of the investment advisory and management business
     of the Company or any of its Subsidiaries, or (ii) sales or dispositions in
     connection with the origination of mortgages by the Company or any of its
     Subsidiaries;

          (c)  incur Indebtedness, unless such Indebtedness would (i) be
     permitted pursuant to the terms of the documents governing the senior and
     senior subordinated Indebtedness entered into by the Company and CBRE in
     connection with the closing of the Merger as in effect on the Closing Date
     of the Merger (including any refinancing or replacement of such
     Indebtedness in an equal or lesser aggregate principal amount) or (ii)
     immediately following such incurrence the ratio of (x) the consolidated
     Indebtedness of the Company and its subsidiaries determined in accordance
     with United States generally accepted accounting principles applied in a
     manner consistent with the Company's consolidated financial statements to
     (y) the Twelve-Month Normalized EBITDA, does not exceed 4.5:1; or

                                       38
<PAGE>

          (d)  issue capital stock of the Company (or options, warrants or other
     securities to acquire capital stock of the Company) to employees, directors
     or consultants of the Company or any of its Subsidiaries if such issuances,
     in the aggregate, exceed 5% of the total amount of outstanding capital
     stock of the Company immediately after the Closing on a fully diluted basis
     (i.e., assuming the exercise, exchange or conversion of all Equity
     Securities that are exercisable, exchangeable or convertible into Common
     Stock), other than (i) issuances to employees, directors or consultants of
     the Company and its Subsidiaries of up to 25% of the capital stock of the
     Company on a fully-diluted basis within six (6) months of the closing of
     the Merger and (ii) issuances in amounts equal to the capital stock of the
     Company repurchased by the Company from, or the options, warrants or other
     securities to acquire capital stock cancelled by the Company or its
     Subsidiaries or terminated or expired without prior exercise with respect
     to, Persons who, at the time of such repurchase, cancellation, termination
     or expiration, were current or former employees, directors or consultants
     of the Company or its Subsidiaries.

     4.8. Board of Directors of CBRE.
     -------------------------------

          Prior to an Initial Public Offering, the Company agrees to cause the
Board of Directors of CBRE (the "CBRE Board") to be comprised of the same
                                 ----------
individuals as comprise the Board pursuant to Section 4.1 of this Agreement.

V    OTHER AGREEMENTS

     5.1. Financial Information.
     --------------------------

          (a)  Within 90 days after the end of each fiscal year of the Company,
     the Company will furnish each Securityholder who is a Material
     Securityholder a consolidated balance sheet of the Company, as at the end
     of such fiscal year, and a consolidated statement of income and a
     consolidated statement of cash flows of the Company, for such year, all
     prepared in accordance with generally accepted accounting principles
     consistently applied and setting forth in each case in comparative form the
     figures for the previous fiscal year, all in reasonable detail. Such
     financial statements shall be accompanied by a report and opinion thereon
     by independent public accountants of national standing selected by the
     Board.

          (b)  The Company will furnish each Securityholder who is a Material
     Securityholder within 45 days after the end of the first, second and third
     quarterly accounting periods in each fiscal year of the Company, a
     consolidated balance sheet of the Company as of the end of each such
     quarterly period, and a consolidated statement of income and a consolidated
     statement of cash flows of the Company for such period and for the current
     fiscal year to date, prepared in accordance with generally accepted
     accounting principles, with the exception that no notes need be attached to
     such statements and year-end audit adjustments may not have been made.

          (c)  The Company will furnish each Securityholder who is a Material
     Securityholder any monthly financial statements of the Company that are
     provided to the Board no later than five (5) days after the day upon which
     first furnished to the Board.

                                       39
<PAGE>

     5.2. Inspection Rights.
     ----------------------

          Each Securityholder who is a Material Securityholder shall have the
right to visit and inspect any of the books, records and properties of the
Company or any of its Subsidiaries, and to discuss the affairs, finances and
accounts of the Company or any of its Subsidiaries with its officers and
independent aviators, and to review such information as is reasonably requested,
all at such reasonable times and as often as may be reasonably requested.

     5.3. Confidentiality of Records.
     -------------------------------

          Each Securityholder agrees to use, and to use all reasonable efforts
to insure that its authorized representatives use, the same degree of care as
such Securityholder uses to protect its own confidential information to keep
confidential any information furnished to it which the Company identifies as
being confidential or proprietary (so long as such information is not in the
public domain); provided, however, that any Securityholder may disclose such
                --------  -------
confidential or proprietary information without the prior written consent of the
other parties hereto (i) to any "Related Party" (as defined below) for the
purpose of evaluating an investment in the Company so long as such Related Party
is advised of the confidentiality provisions of this Section 5.3 and agrees to
comply with such provisions, (ii) if such information is publicly available or
(iii) if disclosure is requested or compelled by legal proceedings, subpoena,
civil investigative demands or similar proceedings, (iv) if such information was
obtained by such Securityholder either independently without breaching this
Section 5.3, or from a party not known to such Securityholder to be subject to a
confidentiality agreement or (v) to any proposed transferee of Restricted
Securities from a Securityholder for the purpose of evaluating an investment in
the Company so long as such proposed transferee either executes and delivers to
the Company a confidentiality agreement with terms no less favorable to the
Company than those set forth in this Section 5.3 or is advised of the
confidentiality provisions of this Section 5.3 and agrees in a signed writing
delivered to the Company to comply with such provisions.  Any Securityholder who
provides proprietary or confidential information to a Related Party shall be
liable for any breach by such Related Party of the confidentiality provisions of
this Section 5.3.  For purposes of this Section 5.3, "Related Party" shall mean,
                                                      -------------
with respect to any Securityholder, (A) any partner, member, director, officer
or employee of such Securityholder or (B) any Affiliate of such Securityholder.

     5.4. Indemnification.
     --------------------

          (a)  The Company shall indemnify and hold harmless (x) each
Securityholder and each of their respective Affiliates and any controlling
Person of any of the foregoing, (y) each of the foregoing's respective
directors, officers, employees and agents and (z) each of the heirs, executors,
successors and assigns of any of the foregoing from and against any and all
damages, claims, losses, expenses, costs, obligations and liabilities including,
without limiting the generality of the foregoing, liabilities for all reasonable
attorneys' fees and expenses (including attorney and expert fees and expenses
incurred to enforce the terms of this Agreement) (collectively, "Losses and
                                                                 ----------
Expenses"), but excluding in each case any special or consequential damages
--------
except to the extent part of any governmental or other third party claims
against the indemnified party, suffered or incurred by any such indemnified
Person or entity to the extent arising from, relating to or otherwise in respect
of, any governmental or other third party claim

                                       40
<PAGE>

against such indemnified Person that arises from, relates to or is otherwise in
respect of (i) the business, operations, liabilities or obligations of the
Company or its Subsidiaries or (ii) the ownership by such Securityholder or any
of their respective Affiliates of any equity securities of the Company (except
to the extent such Losses and Expenses (x) arise from any claim that such
indemnified Person's investment decision relating to the purchase or sale of
such securities violated a duty or other obligation of the indemnified Person to
the claimant or (y) are finally determined in a judicial action by a court of
competent jurisdiction to have resulted from the gross negligence or willful
misconduct of such Securityholder or its Affiliates) including, without
limitation, any Losses and Expenses arising from or under any federal, state or
other securities law. The indemnification provided by the Company pursuant to
this Section 5.4 is separate from and in addition to any other indemnification
by the Company to which the indemnified Person may be entitled, including,
without limitation, pursuant to the Certificate of Incorporation, the Bylaws,
any indemnification agreements with the Company and Section 3.9 hereto.

          (b)  With respect to third-party claims, all claims for
indemnification by an indemnified Person (an "Indemnified Party") hereunder
                                              -----------------
shall be asserted and resolved as set forth in this Section 5.4. In the event
that any written claim or demand for which the Company would be liable to any
Indemnified Party hereunder is asserted against or sought to be collected from
any Indemnified Party by a third party, such Indemnified Party shall promptly
notify the Company in writing of such claim or demand (the "Claim Notice"),
                                                            ------------
provided that the failure to promptly provide a Claim Notice will not affect an

Indemnified Party's right to indemnification except to the extent such failure
materially prejudices the Company. The Company shall have twenty (20) days from
the date of receipt of the Claim Notice (the "Notice Period") to notify the
                                              -------------
Indemnified Party (i) whether or not the Company disputes the liability of the
Company to the Indemnified Party hereunder with respect to such claim or demand
and (ii) whether or not it desires to defend the Indemnified Party against such
claim or demand. All costs and expenses incurred by the Company in defending
such claim or demand shall be a liability of, and shall be paid by, the Company.
Except as hereinafter provided, in the event that the Company notifies the
Indemnified Party within the Notice Period that it desires to defend the
Indemnified Party against such claim or demand, the Company shall have the right
to defend the Indemnified Party by appropriate proceedings and shall have the
sole power to direct and control such defense; provided, however, that (1) if
the Indemnified Party reasonably determines that there may be a conflict between
the positions of the Company and of the Indemnified Party in conducting the
defense of such claim or that there may be legal defenses available to such
Indemnified Party different from or in addition to those available to the
Company, then counsel for the Indemnified Party shall be entitled to conduct the
defense at the expense of the Company to the extent reasonably determined by
such counsel to be necessary to protect the interests of the Indemnified Party
and (2) in any event, the Indemnified Party shall be entitled at its cost and
expense to have counsel chosen by such Indemnified Party participate in, but not
conduct, the defense. The Indemnified Party shall not settle a claim or demand
without the consent of the Company. The Company shall not, without the prior
written consent of the Indemnified Party, settle, compromise or offer to settle
or compromise any such claim or demand on a basis which would result in the
imposition of a consent order, injunction or decree which would restrict the
future activity or conduct of the Indemnified Party or any Subsidiary or
Affiliate thereof or if such settlement or compromise does not include an
unconditional release of the Indemnified Party for any liability arising out of
such claim or demand. If the Company elects not to defend the

                                       41
<PAGE>

Indemnified Party against such claim or demand, whether by not giving the
Indemnified Party timely notice as provided above or otherwise, then the amount
of any such claim or demand or, if the same be contested by the Indemnified
Party, that portion thereof as to which such defense is unsuccessful (and the
reasonable costs and expenses pertaining to such defense) shall be the liability
of the Company hereunder. The Indemnified Party and Company shall each render to
each other such assistance as may reasonably be requested in order to insure the
proper and adequate defense of any such claim or proceeding.

          (c)  If the indemnification provided for in this Section 5.4 is
unavailable or insufficient to hold harmless an Indemnified Party under this
Section 5.4, then the Company, in lieu of indemnifying such Indemnified Party,
shall contribute to the amount paid or payable by such Indemnified Party as a
result of the Losses and Expenses referred to in this Section 5.4: (i) in such
proportion as is appropriate to reflect the relative benefits received by the
Company and the Indemnified Party from the matter giving rise to indemnification
hereunder 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 Indemnified Party in connection with the matter
that resulted in such Losses and Expenses, as well as any other relevant
equitable considerations. Relative fault shall be determined by reference to,
among other things, the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent the matter giving rise to such
Losses and Expenses.

          (d)  The parties agree that it would not be just and equitable if
contributions pursuant to Section 5.4(c) were to be determined by pro rata
allocation or by any other method of allocation which does not take into account
the equitable considerations referred to in the first sentence of Section
5.4(c). The amount paid by any indemnified party as a result of the losses,
claims, damages or liabilities, or actions in respect thereof, referred to in
the first sentence of Section 5.4(c) shall be deemed to include any legal or
other expenses reasonably incurred by such Indemnified Party in connection with
investigation, preparing to defend or defending against any claim which is the
subject of Section 5.4.

          (e)  As long as it is reasonably attainable at a reasonable price, the
Company will maintain directors' and officers' insurance in an amount to be
determined in good faith by the Company's board of directors to be consistent
with insurance provided to officers and directors of comparable companies.

VI   MISCELLANEOUS

     6.1.  Additional Securities Subject to Agreement.
     ------------------------------------------------

          (a)  Subject to the following sentence, each Securityholder agrees
that any other equity securities of the Company which they hereafter acquire by
means of a stock split, stock dividend, distribution, exercise or conversion of
securities or otherwise will be subject to the provisions of this Agreement to
the same extent as if held on the date hereof. Notwithstanding anything to the
contrary stated herein, this Agreement (other than Article IV, it being
understood that Wirta and White will vote all such equity securities in
accordance with Article IV even if they are not otherwise subject to this
Agreement) shall not apply to any shares of Common Stock

                                       42
<PAGE>

or any options to acquire Common Stock granted to, or purchased by, Wirta or
White, which are subject to the terms of a subscription agreement with the
Company (the "Management Securities"), and any references to Common Stock or
              ---------------------
Equity Securities held or beneficially owned by Wirta or White shall not
include any Management Securities other than for purposes of Article IV
hereof.

     6.2. Term.
     ---------

          This Agreement will be effective from and after the date hereof and
will terminate with respect to the provisions referred to below as follows: (i)
with respect to Sections 4.1, 4.3, 4.4, 4.5, 4.6, 4.7, 5.1 and 5.2, upon
completion of an IPO; (ii) with respect to Sections 2.1(b), 2.2, 2.3, 2.4, 2.5
and 2.6, upon the expiration of the Restricted Period; (iii) with respect to
Article III (other than Sections 3.9 and 3.14) at such time as set forth in
Section 3.7; (iv) with respect to Sections 3.9 and 5.4, upon the expiration of
the applicable statutes of limitations; and (iv) with respect to all Sections
(other than Sections 3.9, 3.14 and 5.4), upon (A) the sale of all or
substantially all of the equity interests in the Company to a Third Party
whether by merger, consolidation or securities or otherwise, or (B) approval in
writing by BLUM, the FS Parties and the holders of a majority of the shares of
Common Stock owned by the following Persons voting as a group: the Management
Parties, the Note Investor Parties and the Other Non-Management Parties.

     6.3. Notices.
     ------------

          All notices, requests, claims, demands and other communications
hereunder shall be in writing and shall be given or made (and shall be deemed to
have been duly given or made upon receipt) by delivery in person, by courier
service, by cable, by telecopy, by telegram, by telex or registered or certified
mail (postage prepaid, return receipt requested) to the respective parties at
the addresses set forth below (or at such other address for a party as shall be
specified in a notice given in accordance with this Section 6.3):

          (a)  If to the Company or to CBRE:

                    CB Richard Ellis Services, Inc.
                    200 North Sepulveda Blvd.
                    El Segundo, CA  90245-4380
                    Attn: Walter Stafford, General Counsel
                    Fax: (415) 733-5555

                    with a copy to (which copy shall not be deemed notice
                    pursuant to this Section 6.3):

                    [counsel to the Company]

                                       43
<PAGE>

               with an additional copy to (which copy shall not be deemed notice
               pursuant to this Section 6.3):

               Simpson Thacher & Bartlett
               3330 Hillview Avenue
               Palo Alto, CA  94304
               Attn:  Richard Capelouto
               Fax:  (650) 251-5002

          (b)  If to BLUM or any of its Affiliates:

               c/o BLUM Capital Partners, L.P.
               909 Montgomery Street, Suite 400
               San Francisco, CA  94133
               Attn:  Murray A. Indick, General Counsel
               Fax:  (415) 434-3130

               with a copy to (which copy shall not be deemed notice pursuant to
               this Section 6.3):

               Simpson Thacher & Bartlett
               3330 Hillview Avenue
               Palo Alto, CA  94304
               Attn:  Richard Capelouto
               Fax:  (650) 251-5002

          (c)  If to any of the FS Parties or any of their Affiliates:

               c/o Freeman Spogli & Co., Inc.
               11100 Santa Monica Blvd., Suite 1900
               Santa Monica, CA  90025
               Attn:  J. Frederick Simmons
               Fax:  (310) 444-1870

               with a copy to (which copy shall not be deemed notice pursuant to
               this Section 6.3):

               Riordan & McKinzie
               California Plaza
               29th Floor, 300 South Grand Ave.
               Los Angeles, CA  90071
               Attn:  Roger H. Lustberg
               Fax:  (213) 229-8550

          (d)  If to any of the Management Parties or Koll, to the address set
     forth below their name on the signature pages to this Agreement, with a
     copy to (which copy shall not be deemed notice pursuant to this Section
     6.3):

                                       44
<PAGE>

               O'Melveny & Myers LLP
               610 Newport Center Drive, 17/th/ Floor
               Newport Beach, CA  92660-6429
               Attn:  Gary J. Singer
               Fax:  (949) 823-6994

          (e)  If to Malek:

               c/o Thayer Capital Partners
               1455 Pennsylvania Avenue, N.W., Suite 350
               Washington, D.C. 20004
               Fax:  (202) 371-0391

               with a copy to (which copy shall not be deemed notice pursuant to
               this Section 6.3):

               Kirkland & Ellis
               655 Fifteenth Street, N.W.
               Suite 1200
               Washington, D.C. 20005
               Attn:  Terrance Bessey
               Fax:  (202) 879-5200

          (f)  If to any of the Note Investor Parties:
               DLJ Investment Funding, Inc.
               277 Park Avenue
               New York, New York 10172
               Attn:  Joseph Ehrlich
               Fax:   (212) 892-0064

               with a copy to (which copy shall not be deemed notice pursuant to
               this Section 6.3):

               Cahill Gordon & Reindel
               80 Pine Street
               New York, NY 10005-1702
               Attn:  John J. Schuster
               Fax:  (212) 269-5420

     6.4.  Further Assurances.
     ----  ------------------

          The parties hereto will sign such further documents, cause such
meetings to be held, resolutions passed, exercise their votes and do and perform
and cause to be done such further acts and things as may be necessary in order
to give full effect to this Agreement and every provision hereof.

                                       45
<PAGE>

     6.5.  Non-Assignability.
     ----  -----------------

          This Agreement will inure to the benefit of and be binding on the
parties hereto and their respective successors and permitted assigns.  This
Agreement may not be assigned by any party hereto without the express prior
written consent of the other parties, and any attempted assignment, without such
consents, will be null and void; provided, however, that with respect to any
                                 --------  -------
Person who acquires any Restricted Securities from any Securityholder in
compliance with the terms hereunder:  (a) such Securityholder making such
Transfer shall, prior to such Transfer, furnish to the Company written notice of
the name and address of such transferee, and (b)(i) in the case of any Transfer
from BLUM or Blum Strategic, (A) if such Person acquires a majority of the
Common Stock beneficially owned by BLUM or Blum Strategic respectively, BLUM or
Blum Strategic, as the case may be, shall have the right to assign to such
Person all of the rights and obligations of BLUM or Blum Strategic, as the case
may be, hereunder, (B) if such Person acquires less than a majority of the
Common Stock beneficially owned by BLUM or Blum Strategic, such Person shall
assume and be entitled to all of the rights and obligations of a BLUM Holder
under Article III hereof, and (C) in any case, such Person shall execute and
deliver to the Company an Assumption Agreement and assume and be entitled to all
of the rights and obligations of a Holder hereunder, (ii) in the case of an
assignment by BLUM of its rights pursuant to Section 2.2 hereto, such assignee
or assignees shall assume and be entitled to all of the rights and obligations
of a BLUM Holder under Article III hereof and shall execute and deliver to the
Company an Assumption Agreement and assume and be entitled to all of the rights
and obligations of a Holder hereunder, (iii) in the case of any Transfer from
any of the FS Parties, (A) such Person shall assume all of the rights and
obligations of an FS Party hereunder and shall execute and deliver to the
Company an Assumption Agreement, and (B) in addition, if such Person acquires a
majority of the Common Stock beneficially owned by the FS Entities at the time
of such transfer and following such acquisition such Person beneficially owns at
least 10% of the outstanding Common Stock, the FS Entities shall have the right
to assign to such Person all of the rights and obligations of the FS Entities
under Section IV of this Agreement, (iv) in the case of any Transfer from a Note
Investor Party, such Person shall assume and be entitled to all of the rights
and obligations of a Note Investor Party hereunder and execute and deliver to
the Company an Assumption Agreement, (v) in the case of any Transfer from an
Other Non-Management Party, such Person shall assume and be entitled to all of
the rights and obligations of an Other Non-Management Party hereunder and
execute and deliver to the Company an Assumption Agreement, and (vi) in the case
of any Transfer from a Management Party, such Person shall assume and be
entitled to all of the rights and obligations of a Management Party hereunder
and execute and deliver to the Company an Assumption Agreement.

     6.6.  Amendment; Waiver.
     ----  -----------------

          This Agreement may be amended, supplemented or otherwise modified only
by a written instrument executed by (a) the Company, (b) BLUM, so long as BLUM
and its Affiliates own in the aggregate more Common Stock than the aggregate
amount of Common Stock owned by any other Person and its Affiliates, and (c) the
holders of a majority of the Restricted Securities held by the Securityholders;
provided, however that no such amendment, supplement or modification shall
--------  -------
adversely affect (i) the FS Parties relative to either BLUM fund without the
prior written consent of the holders of a majority of the Restricted Securities
held by the FS

                                       46
<PAGE>

Parties at such time, (ii) the Note Investor Parties relative to either BLUM
Fund without the prior written consent of the holders of a majority of the
shares of the Restricted Securities held by the Note Investor Parties at such
time, (iii) the Other Non-Management Parties relative to either BLUM Fund
without the prior written consent of the holders of a majority of the shares of
Common Stock held by the Other Non-Management Parties at such time, and (iV) the
Management Parties relative to either BLUM Fund without the prior written
consent of the holders of a majority of the shares of Common Stock held by the
Management Parties at such time; provided, further that no such amendment,
                                 --------  -------
supplement or modification shall amend or modify in a manner adverse to Note
Investors the agreements herein to which the Class B Securityholders are subject
with respect to the voting of shares of voting capital stock without the prior
written consent of the holders of a majority of the Restricted Securities held
by the Note Investor Parties at such time. No waiver by any party of any of the
provisions hereof will be effective unless explicitly set forth in writing and
executed by the party so waiving. Except as provided in the preceding sentence,
no action taken pursuant to this Agreement, including without limitation, any
investigation by or on behalf of any party, will be deemed to constitute a
waiver by the party taking such action of compliance with any covenants or
agreements contained herein. The waiver by any party hereto of a breach of any
provision of this Agreement will not operate or be construed as a waiver of any
subsequent breach.

     6.7. Third Parties.
     ----  -------------
          This Agreement does not create any rights, claims or benefits inuring
to any Person that is not a party hereto nor create or establish any third party
beneficiary hereto.

     6.8.  Governing Law.
     ----  -------------

          This Agreement will be governed by, and construed in accordance with,
the laws of the State of Delaware, applicable to contracts executed and to be
performed entirely within that state.

     6.9.  Specific Performance.
     ----  --------------------

          Without limiting or waiving in any respect any rights or remedies of
the parties hereto under this Agreement now or hereinafter existing at law or in
equity or by statute, each of the parties hereto will be entitled to seek
specific performance of the obligations to be performed by the other in
accordance with the provisions of this Agreement.

     6.10.  Entire Agreement.
     -----  ----------------
          This Agreement sets forth the entire understanding of the parties
hereto with respect to the subject matter hereof.

     6.11.  Titles and Headings.
     -----  -------------------
          The section headings contained in this Agreement are for reference
purposes only and will not affect the meaning or interpretation of this
Agreement.

                                       47
<PAGE>

     6.12.  Severability.
     -----  ------------

          If any provision of this Agreement is declared by any court of
competent jurisdiction to be illegal, void or unenforceable, all other
provisions of this Agreement will not be affected and will remain in full force
and effect.

     6.13.  Counterparts.
     -----  ------------
          This Agreement may be executed in any number of counterparts, each of
which will be deemed to be an original and all of which together will be deemed
to be one and the same instrument.

     6.14.  Ownership of Shares.
     -----  -------------------

          Whenever a provision of this Agreement refers to shares of Common
Stock owned by a Securityholder or owned by a Securityholder and its Affiliates,
such provision shall be deemed to refer to those shares owned of record by such
Securityholder or such Securityholder and its Affiliates, as applicable, and
shall not be deemed to include other Restricted Securities that such
Securityholder (or such Securityholder and its Affiliates, if applicable) may be
deemed to beneficially own due to the provisions of this Agreement and/or any
other agreements, arrangements or understandings among the parties hereto
relating to the voting or Transfer of Restricted Securities.

     6.15  BLUM Affiliates.
           ---------------

          BLUM and Blum Strategic hereby acknowledge that they are Affiliates of
each other for purposes of this Agreement.

                                       48
<PAGE>

          IN WITNESS WHEREOF, each of the undersigned has executed this
Agreement or caused this Agreement to be executed on its behalf as of the date
first written above.

                              CBRE HOLDING, INC.

                              By:  _______________________________________
                                   Name:
                                   Title:

                              CB RICHARD ELLIS SERVICES, INC.

                              By:  _______________________________________
                                   Name:
                                   Title:

                              RCBA STRATEGIC PARTNERS, L.P.

                              By:  RCBA GP, L.L.C., its general partner

                              By:   _______________________________________
                                    Name:
                                    Title:

                              BLUM STRATEGIC PARTNERS, L.P.

                              By:   [        , L.L.C.], its general partner

                              By:   _______________________________________
                                    Name:
                                    Title:

                              FS EQUITY PARTNERS III, L.P.

                              By:   FS Capital Partners, L.P., its general
                                    Partner

                                    By:  FS Holdings, Inc., its general partner

                              By:   _______________________________________
                                    Name:

                                       49
<PAGE>

                                    Title:

                              FS EQUITY PARTNERS INTERNATIONAL, L.P.

                              By:   FS&Co. International, L.P., its general
                                    Partner

                                    By:  FS International Holdings Limited,
                                         its general partner

                              By:   _______________________________________
                                    Name:
                                    Title:

                              DLJ INVESTMENT FUNDING, INC.

                              By:   DLJ Investment Funding, Inc., its
                                    managing general partner

                              By:   _______________________________________
                                    Name:
                                    Title:

                              [OTHER NOTE INVESTORS]

                              THE KOLL HOLDING COMPANY

                              ______________________________
                              By:  Donald M. Koll

                              ______________________________
                              Frederic V. Malek

                              MANAGEMENT INVESTORS:

                              ______________________________
                              Raymond E. Wirta

                              ______________________________

                                       50
<PAGE>

                              W. Brett White

                                       51
<PAGE>

                               CONSENT OF SPOUSE

          In consideration of the execution of the foregoing Securityholders'
Agreement among CBRE Holding, Inc., CB Richard Ellis Services, Inc., RCBA
Strategic Partners, L.P., Blum Strategic Partner, L.P., FS Equity Partners III,
L.P., FS Equity Partners International, L.P., DLJ Investment Funding, Inc.,
[Other Note Investors] The Koll Holding Company, Frederic V. Malek and the
Management Investors named therein, I, Kathi Koll, the spouse of Donald M. Koll,
do hereby join with my spouse in executing the foregoing Securityholders'
Agreement and do hereby agree to be bound by all of the terms and provisions
thereof.

Dated as of July [20], 2001

                                   _____________________________________
                                                 Kathi Koll

                                       52
<PAGE>

                               CONSENT OF SPOUSE

          In consideration of the execution of the foregoing Securityholders'
Agreement among CBRE Holding, Inc., CB Richard Ellis Services, Inc., RCBA
Strategic Partners, L.P., Blum Strategic Partners, L.P., FS Equity Partners III,
L.P., FS Equity Partners International, L.P., DLJ Investment Funding, Inc.,
[Other Note Investors] The Koll Holding Company, Frederic V. Malek and the
Management Investors named therein, I, Marlene Malek, the spouse of Frederic V.
Malek, do hereby join with my spouse in executing the foregoing Securityholders'
Agreement and do hereby agree to be bound by all of the terms and provisions
thereof.

Dated as of July [20], 2001

                                   ____________________________________
                                                Marlene Malek

                                       53
<PAGE>

                               CONSENT OF SPOUSE

          In consideration of the execution of the foregoing Securityholders'
Agreement among CBRE Holding, Inc., CB Richard Ellis Services, Inc., RCBA
Strategic Partners, L.P., Blum Strategic Partners, L.P., FS Equity Partners III,
L.P., FS Equity Partners International, L.P., DLJ Investment Funding, Inc.,
[Other Note Investors], The Koll Holding Company, Frederic V. Malek and the
Management Investors named therein, I, Sandra Wirta, the spouse of Raymond E.
Wirta, do hereby join with my spouse in executing the foregoing Securityholders'
Agreement and do hereby agree to be bound by all of the terms and provisions
thereof.

Dated as of July [20], 2001

                                   ____________________________________
                                                Sandra Wirta

                                       54
<PAGE>

                               CONSENT OF SPOUSE

          In consideration of the execution of the foregoing Securityholders'
Agreement among CBRE Holding, Inc., CB Richard Ellis Services, Inc., RCBA
Strategic Partners, L.P., Blum Strategic Partners, L.P., FS Equity Partners III,
L.P., FS Equity Partners International, L.P., DLJ Investment Funding, Inc.,
[Other Note Investors], The Koll Holding Company, Frederic V. Malek and the
Management Investors named therein, I, Danielle White, the spouse of W. Brett
White, do hereby join with my spouse in executing the foregoing Securityholders'
Agreement and do hereby agree to be bound by all of the terms and provisions
thereof.

Dated as of July [20], 2001

                                   ____________________________________
                                               Danielle White

                                       55
<PAGE>

                                                                       Exhibit A

                          FORM OF ASSUMPTION AGREEMENT

                                                [DATE]

To the Parties to the Securityholders' Agreement dated as of July [20], 2001

Dear Sirs or Madams:

     Reference is made to the Securityholders' Agreement, dated as of July [20],
2001 (the "Securityholders' Agreement"), among CBRE Holding, Inc., CB Richard
Ellis Services, Inc., RCBA Strategic Partners, L.P., Blum Strategic Partners,
L.P., FS Equity Partners III, L.P., FS Equity Partners International, DLJ
Investment Funding, Inc., [Other Note Purchasers], The Koll Holding Company,
Frederic V. Malek, and the individuals identified on the signature pages thereto
as "Management Investors."

          In consideration of the representations, covenants and agreements
contained in the Securityholders' Agreement, the undersigned hereby confirms and
agrees that it shall be bound by all or certain of the provisions thereof in the
manner set forth in Section 6.5 thereto.

          This Assumption Agreement will be governed by, and construed in
accordance with, the laws of the State of Delaware, applicable to contracts
executed and to be performed entirely within that state.

                                    Very truly yours,

                              [Transferee]

                                       56
<PAGE>

                               CONSENT OF SPOUSE

          In consideration of the execution of the foregoing Assumption
Agreement with respect to the Securityholders' Agreement among CBRE Holding,
Inc., CB Richard Ellis Services, Inc., RCBA Strategic Partners, L.P., Blum
Strategic Partners, L.P., FS Equity Partners III, L.P., FS Equity Partners
International, L.P., DLJ Investment Funding, Inc., [Other Note Purchasers], The
Koll Holding Company, Frederic V. Malek and the Management Investors named
therein,

I, _______________________, the spouse of [Transferee], do hereby join with my
spouse in executing the foregoing Assumption Agreement and do hereby agree to be
bound by all of the terms and provisions thereof.

Dated as of ______________ ____, 20__         _________________________________
                                              [Spouse]

                                       57<PAGE>

                                                                     Exhibit 4.3

                   DESIGNATED MANAGER SUBSCRIPTION AGREEMENT
                   -----------------------------------------

          DESIGNATED MANAGER SUBSCRIPTION AGREEMENT, dated as of July 13, 2001
between CBRE Holding, Inc., a Delaware corporation formerly known as BLUM CB
Holding Corp. (the "Company"), and the individual named on the signature page
                    -------
hereto (the "Purchaser").  All capitalized terms used in this Agreement shall
             ---------
have the meanings set forth in Exhibit A hereto.

1.   Subscription for and Purchase of Directly Owned Class A Common Stock.
     --------------------------------------------------------------------

          1.1. Purchase of Directly Owned Class A Common Stock.
          ----------------------------------------------------

               (a)  Pursuant to the terms and subject to the conditions set
forth in this Agreement, the Purchaser hereby subscribes for and agrees to
purchase, and the Company hereby agrees to issue and sell to the Purchaser, on
the Closing Date (as defined in Section 1.3), the number of shares of Directly
Owned Class A Common Stock set forth on Schedule I hereto at a price of $16.00
per share and for the aggregate amount and forms of consideration (the "Total
                                                                        -----
Purchase Price") set forth on Schedule I hereto. Notwithstanding the foregoing,
--------------
in the event that the offering for Directly Owned Class A Common Stock is over-
subscribed, the Company, in its sole discretion, reserves the right to reduce
the number of shares available for purchase by the Purchaser from the number of
shares subscribed for on Schedule I hereto. In the event the offering is over-
subscribed, the Company will deliver to the Purchaser the reduced number of
shares available and a check equal to the difference of (i) the Total Purchase
Price as set forth on Row 5 of Schedule I and (ii) the actual purchase price of
the shares delivered to the Purchaser. For the Purchaser to properly subscribe
pursuant to this Section 1.1, (a) the Purchaser must properly complete Schedule
I (attached hereto) and execute this Agreement, and (b) the Company must receive
                                                ---
from the Purchaser either by fax or mail (at the number or address indicated in
Section 4.9 hereto) both the properly completed Schedule I and this executed
Agreement no later than 5:00 p.m. Los Angeles time on July 13, 2001.
          ---------------------------------------------------------

               (b)  The Purchaser may pay the Total Purchase Price using any
combination of the following methods of payment: (i) assignment of all or a
portion of the net cash proceeds to be received by the Purchaser in the Merger
in respect of shares of CB Richard Ellis Services Common Stock owned of record
by the Purchaser; (ii) assignment of all or a portion of the cash proceeds net
of withholding tax, to be received by the Purchaser in respect of options to
acquire shares of CB Richard Ellis Services common stock that are validly
tendered to CB Richard Ellis Services pursuant to its offer to purchase such
options; (iii) subject to the conditions contained in Section 1.4(a)(iv) hereto,
execution and delivery of a full-recourse note; and (iv) payment of cash. In the
event that either the Assigned Merger Proceeds, as defined in Section 1.7(a)
hereto, or the Assigned Options Proceeds, as defined in Section 1.7(b) hereto,
is less than the amount indicated on Row 12 and 15 of Schedule I, respectively,
the Purchaser agrees to pay promptly, and in any event within 2 business days
upon demand, the shortfall to the Company in cash.

          1.2. Limitations Regarding Sales of Directly Owned Class A Common
          -----------------------------------------------------------------
Stock.  Notwithstanding anything in this Agreement to the contrary, the Company
-----
shall have no
<PAGE>

                                                                               2

obligation to issue, sell or deliver any shares of Directly Owned Class A Common
Stock pursuant to this Agreement to any person (i) who is not a full-time
employee of CB Richard Ellis Services or any of its Subsidiaries on the Closing
Date or (ii) who is a resident of a jurisdiction in which such issuance, sale or
delivery to such person would constitute a violation of the securities or "blue
sky" laws of such jurisdiction.

          1.3. The Closing. The closing (the "Closing") of the purchase of
          ----------------                    -------
Directly Owned Class A Common Stock hereunder shall take place at 9:00 a.m. New
York City time on July 20, 2001 or at such later date and at such time as the
Company shall direct on at least three business days' prior notice to the
Purchaser (the "Closing Date"). The Closing shall occur at the principal offices
                ------------
of the Company or at such other place as the parties may mutually agree. At the
Closing, the Company will deliver to the Purchaser one or more certificates
representing the number of shares of Directly Owned Class A Common Stock
purchased by the Purchaser pursuant to this Agreement (the "New Certificates")
                                                            ----------------
using New Cash Consideration as defined in Section 1.4(a)(ii) hereto, against
the Purchaser's (or the Purchaser's representative) prior delivery to the
Company of each of the agreements, documents and forms of consideration set
forth in Section 1.4(a)(i), (ii) and (iv) hereto applicable to the Purchaser.
After the Closing, the Company will deliver to the Purchaser one or more New
Certificates representing the number of shares of Directly Owned Class A Common
Stock purchased by the assignment to the Company (pursuant to Section 1.7
hereto) of all or a portion of the proceeds that the Purchaser would be
otherwise entitled to receive in the Merger for shares of CB Richard Ellis
Services Common Stock, against the Purchaser's (or the Purchaser's
representative) prior delivery to the Company of the form of consideration set
forth in Section 1.4(a)(iii) hereto.

          1.4. Conditions to the Obligations of the Parties.
          -------------------------------------------------

               (a)  The obligations of the Company under this Section 1 shall be
subject to each of the following conditions:

                    (i)    the Purchaser shall have delivered to the Company on
     or prior to 5:00 p.m. Los Angeles time on July 13, 2001 a copy of this
     Agreement duly executed by Purchaser and, if applicable, his or her spouse,
     together with a properly completed Schedule I to this Agreement;

                    (ii)   the Purchaser shall have delivered to the Company
     prior to the closing cash or a certified bank check in an amount equal to
     Row 9 of Schedule I (the "New Cash Consideration");
                               ----------------------

                    (iii)  if the Purchaser is electing to pay all or a portion
     of the Total Purchase Price for shares of Directly Owned Class A Common
     Stock purchased hereby by the assignment to the Company (pursuant to
     Section 1.7 hereto) of all or a portion of the proceeds that the Purchaser
     would otherwise be entitled to receive in the Merger for shares of CB
     Richard Ellis Services Common Stock, the Purchaser shall deliver to the
     Company after the Closing (A) the certificate or certificates (the "Old
                                                                         ---
     Certificates") representing such CB Richard Ellis Services Common Stock
     ------------
     upon Purchaser's receipt of a letter from the Company after the Closing
     requesting the delivery of such Old Certificates, and (B) an executed,
     undated stock power in the form of
<PAGE>

                                                                               3

     Exhibit D hereto (a "Stock Power") with respect to the shares of CB Richard
                          -----------
     Ellis Services Common Stock represented by the Old Certificates;

                    (iv)   if the Purchaser is electing to pay a portion of the
     Total Purchase Price for shares of Directly Owned Class A Common Stock
     purchased hereby by delivery of a full-recourse note, the Purchaser (x)
     must be purchasing the minimum number of shares of Directly Owned Class A
     Common Stock and/or shares of Class A Common Stock underlying stock fund
     units in the DCP Plan that is required for Purchaser to be eligible to use
     a Note (such amount having been communicated to Purchaser by either
     telephone or e-mail) and (y) shall have duly executed and delivered to the
     Company (A) a full-recourse note (the "Note") payable to the Company in an
                                            ----
     amount equal to Row 8 of Schedule I (the "Note Consideration"), which Note
                                               ------------------
     shall be in the form of Exhibit B hereto, (B) a Pledge Agreement (the
     "Pledge Agreement") in favor of the Company, pursuant to which the
      ----------------
     Purchaser shall pledge to the Company, among other things, shares of
     Directly Owned Class A Common Stock purchased hereby with an aggregate
     offering price equal to 200% of the principal amount of the Note, as
     security for the payment of the Note, and the Company shall thereafter hold
     on behalf of the Purchaser, among other things, the New Certificates
     representing such shares of Directly Owned Class A Common Stock, which
     Pledge Agreement shall be in the form of Exhibit C hereto, and (C) a Stock
     Power (in addition to any Stock Power delivered pursuant to clause (ii)
     above) with respect to the shares of Directly Owned Class A Common Stock
     represented by the New Certificates;

                    (v)    if the Purchaser is married, or will be married on
     the Closing Date, the Purchaser's spouse shall have duly executed and
     delivered to the Company the "Consent of Spouse" page attached to this
     Agreement;

                    (vi)   the closing of the Merger Agreement shall have
     occurred prior to, or be occurring substantially simultaneously with, the
     Closing; and

                    (vii)  the representations and warranties of the Purchaser
     in Section 1.6 of this Agreement shall be true and correct as of the
     Closing Date in all material respects.

               (b)  The obligations of the Purchaser under this Section 1 shall
be subject to each of the following conditions:

                    (i)    the representations and warranties of the Company in
     Section 1.5 of this Agreement shall be true and correct as of the Closing
     Date in all material respects, and

                    (ii)   the closing of the Merger Agreement shall have
     occurred prior to, or be occurring substantially simultaneously with, the
     Closing.

          1.5. Representations and Warranties of the Company.  The Company
          --------------------------------------------------
represents and warrants to the Purchaser as follows:
<PAGE>

                                                                               4

               (a)  The Company is a corporation duly incorporated, validly
existing and in good standing under the laws of the State of Delaware and has
full corporate power and authority to execute and deliver this Agreement and to
perform its obligations hereunder. The execution, delivery and performance by
the Company of this Agreement has been duly authorized by all necessary
corporate and legal action by the Company, and no other corporate proceeding by
the Company is necessary for the execution, delivery and performance by the
Company of this Agreement. This Agreement has been duly executed and delivered
by the Company and, assuming it is duly executed and delivered by the Purchaser,
constitutes a valid and binding obligation of the Company, enforceable against
the Company in accordance with its terms, except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the enforcement of creditors' rights generally and by the
effect of general principles of equity (regardless of whether enforcement is
considered in a proceeding in equity or at law).

               (b)  The Directly Owned Class A Common Stock to be issued to the
Purchaser pursuant to this Agreement, when issued and delivered in accordance
with the terms hereof, will be duly and validly issued and, upon receipt by the
Company of the Total Purchase Price therefor, will be fully paid and
nonassessable with no personal liability attached to the ownership thereof and
will not be subject to any preemptive rights under the DGCL.

               (c)  The execution, delivery and performance by the Company of
this Agreement will not (i) conflict with the certificate of incorporation or
by-laws (or equivalent organizational documents) of the Company or any of its
Subsidiaries, (ii) result in any breach of any terms or conditions of, or
constitute a default under, any contract, 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 (iii) conflict with or violate any law, rule,
regulation, ordinance, writ, injunction, judgment or decree applicable to the
Company or any of its Subsidiaries or by which any of their assets may be bound
or affected.

          1.6. Representations and Warranties of the Purchaser.  The Purchaser
          ----------------------------------------------------
represents and warrants to the Company as follows:

               (a)  He or she is competent to, and has sufficient capacity to,
execute and deliver this Agreement, the Note (if used by the Purchaser) and the
Pledge Agreement (if the Purchaser uses a Note) and to perform his or her
obligations hereunder and thereunder (if applicable to the Purchaser).

               (b)  This Agreement has been, and simultaneously with the
Closing, the Note and the Pledge Agreement (each if applicable to the Purchaser)
will be, duly executed and delivered by the Purchaser.

               (c)  Assuming the due execution and delivery of this Agreement by
the Company, this Agreement constitutes, and simultaneously with the Closing,
the Note and Pledge Agreement (each if applicable to the Purchaser) will
constitute, valid and binding obligations of the Purchaser, enforceable against
the Purchaser in accordance with their terms, except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the enforcement of creditors' rights generally and by the
effect of
<PAGE>

                                                                               5

general principles of equity (regardless of whether enforcement is considered in
a proceeding in equity or at law).

               (d)  The execution, delivery and performance of this Agreement,
the Note (if applicable to the Purchaser) and the Pledge Agreement (if
applicable to the Purchaser) by the Purchaser will not (i) conflict with or
violate any law, rule, regulation, ordinance, writ, injunction, judgment or
decree applicable to the Purchaser or by which any of his or her assets may be
bound or affected or (ii) result in any breach of any terms or conditions of, or
constitute a default under, any contract, agreement or instrument to which the
Purchaser is a party or by which the Purchaser is bound.

               (e)  The Purchaser is the owner of record of the total number of
outstanding shares of CB Richard Ellis Services Common Stock indicated on Row 10
of Schedule I.

               (f)  The Purchaser acknowledges and agrees that the Transfer of
any of the shares of Directly Owned Class A Common Stock purchased by the
Purchaser at the Closing and, pursuant to Section 4.2 hereto, other Securities
that the Purchaser shall hereafter acquire, shall be subject to restrictions and
limitations, including, without limitation, those restrictions set forth in
Sections 2.1 (Transfers to be Made Only as Permitted or Required by this
Agreement), 2.2 (Permitted Transfers), 2.4 (Legend on Securities), 2.5 (Co-Sale
Rights), 2.7 (Required Sale Right), 2.8 (Company Right of Repurchase on Unvested
Shares), 2.9 (Sale Right) and 3.1 (Holdback Agreement).

               (g)  The Purchaser has received a copy of the Prospectus and has
read all of the Prospectus, including the section therein titled "Risk Factors."

               (h)  As of the date hereof and as of the Closing Date, the
Purchaser is buying for investment purposes only and has no immediate plan or
intention to transfer his or her shares of Directly Owned Class A Common Stock
following the Closing.

          1.7. Assignment of Certain Proceeds to the Company.
          --------------------------------------------------

               (a)  Subject to the provisions of this Section 1.7(a), the
Purchaser hereby irrevocably assigns to the Company the right to receive the
amount of the Purchaser's Merger Proceeds set forth in Row 12 of Schedule I
hereto, if any (the "Assigned Merger Proceeds"), otherwise payable at the
                     ------------------------
Effective Time. Pursuant to the terms of this Agreement, the parties agree that,
at the Effective Time, the Assigned Merger Proceeds assigned to the Company
shall be applied to the payment on behalf of the Purchaser of all or a portion
of the Total Purchase Price as the case may require. As a result of this Section
1.7(a), the Assigned Merger Proceeds shall, at the Effective Time, become the
property of the Company. In lieu of the delivery to the Purchaser of the
Assigned Merger Proceeds, the Company shall return or cause to be returned to
the Purchaser, and the Purchaser shall be entitled to receive, subject to the
terms and conditions of this Agreement, the New Certificates. Notwithstanding
the foregoing, this assignment shall not restrict in any manner the Purchaser's
ability to exercise voting rights with respect to the shares in his or her sole
discretion, or his or her ability to transfer or sell the shares in his or her
sole discretion. In the event that the Purchaser transfers or sells the shares
in
<PAGE>

                                                                               6

his or her sole discretion at any time, the assignment will be deemed revoked
automatically and the Purchaser agrees to deliver payment in cash in lieu of the
Assigned Merger Proceeds.

               (b)  Subject to the provisions of this Section 1.7(b), the
Purchaser hereby irrevocably assigns to the Company the right to receive the
amount of the Purchaser's Options Proceeds set forth in Row 14 of Schedule I
hereto, net of withholding tax, set forth in Row 15 of Schedule I hereto, if any
(the "Assigned Options Proceeds"), otherwise payable at the Effective Time with
      -------------------------
respect to those CB Richard Ellis Services Options indicated by the Purchaser on
his or her Options Payment Consent. Pursuant to the terms of this Agreement, the
parties agree that, at the Effective Time, the Assigned Options Proceeds
assigned to the Company shall be applied to the payment on behalf of the
Purchaser of all or a portion of the Total Purchase Price as the case may
require. As a result of this Section 1.7(b), the Assigned Options Proceeds
shall, at the Effective Time, become the property of the Company. In lieu of the
delivery to the Purchaser of the Assigned Options Proceeds, the Company shall
return or cause to be returned to the Purchaser, and the Purchaser shall be
entitled to receive, subject to the terms and conditions of this Agreement, the
New Certificates. Notwithstanding the foregoing, this assignment shall not
restrict in any manner the Purchaser's ability to withdraw his or her tender of
such options as indicated on the Options Payment Consent. In the event that the
Purchaser withdraws the Options Payment Consent at any time prior to the
Effective Time, the assignment will be deemed revoked automatically and the
Purchaser agrees to deliver payment in cash in lieu of the Assigned Merger
Proceeds.

               (c)  If the Purchaser is assigning any of his or her Merger
Proceeds to the Company pursuant to Section 1.7(a) hereto, the Purchaser agrees
to deliver to the Company the Old Certificates after the Closing accompanied by
a Stock Power, as set forth in Section 1.4(a)(iii). Do not send or deliver the
Old Certificates to the Company at this time. The Company will send a separate
letter requesting delivery of Old Certificates after the Closing as set forth in
Section 1.4(a)(iii) hereto. If the Purchaser is assigning any of his or her
Options Proceeds, net of withholding tax, to the Company pursuant to Section
1.7(b) hereto, the Purchaser agrees to complete, sign and deliver his or her
Options Payment Consent prior to the Closing.

2.   Transfers.
     ---------

          2.1. Transfers to be Made Only as Permitted or Required by this
          ---------------------------------------------------------------
Agreement.
---------

               (a)  Each of the Purchaser and his or her Permitted Transferees
hereby agrees that he or she will not, directly or indirectly, Transfer any
shares of Directly Owned Class A Common Stock unless such Transfer complies with
the provisions of this Agreement.

               (b)  Each of the Purchaser and his or her Permitted Transferees
hereby agrees that, except for Transfers pursuant to Sections 2.2(a)(iii), 2.5
and 2.7 hereof or Transfers in any Public Offering, no Transfer of any shares of
Directly Owned Class A Common Stock prior to the Lapse Date shall occur unless
such transferee (i) shall agree to be bound by, and become subject to, specified
terms of this Agreement in accordance with the provisions of Section 4.5 hereof
or (ii) is an Other Purchaser.
<PAGE>

                                                                               7

               (c)  Each of the Purchaser and his or her Permitted Transferees
hereby agrees that neither the Purchaser nor any of his or her Permitted
Transferees shall, without the prior written consent of the Company (which
consent may be withheld by the Company in its absolute discretion), effect a
Transfer of shares of Directly Owned Class A Common Stock prior to the Lapse
Date, except for Transfers pursuant to Sections 2.2, 2.5, 2.7, 2.8 and 2.9
hereof or Transfers in any Public Offering.

          2.2. Permitted Transfers. The Purchaser may Transfer any of the shares
               -------------------
of Directly Owned Class A Common Stock beneficially owned by him or her (i) to
his or her spouse, parent, descendant, step-child or step-grandchild or any
executor, estate, guardian, committee, trustee or other fiduciary acting as such
solely on behalf or solely for the benefit of any such spouse, parent,
descendant, step-child or step-grandchild (collectively, a "Family Group"), (ii)
                                                            ------------
to any trust, corporation, partnership or limited liability company, all of the
beneficial interests in which shall be held, directly or indirectly, by such
Purchaser and/or one or more of the Family Group of such Purchaser; provided,
                                                                    --------
however, that during the period that any such trust, corporation, partnership or
-------
limited liability company holds any right, title or interest in any shares of
Directly Owned Class A Common Stock, no Person other than the Purchaser or
members of the Family Group of the Purchaser may be or become beneficiaries,
stockholders, general partners or members thereof, (iii) to the Company, RCBA
Strategic or any of its Affiliates or Freeman Spogli or any of their Affiliates,
or (iv) to any Other Employee. Notwithstanding the foregoing, no Shares Subject
to Repurchase may be transferred pursuant to either clause (iii) or (iv) of this
Section 2.2. A transferee under Section 2.2(a)(i) or 2.2(a)(ii) is referred to
as a "Permitted Transferee."
      --------------------

          2.3.  Void Transfers.
          --------------------

          In the event of any purported Transfer of any Securities in violation
of the provisions of this Agreement, such purported Transfer shall be void and
of no effect and the Company shall not give effect to such Transfer.

          2.4.  Legend on Securities.
          --------------------------

          Each certificate representing shares of Directly Owned Class A Common
Stock issued to any Stockholder shall bear the following legend on the face
thereof:

          "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A
SUBSCRIPTION AGREEMENT BETWEEN CBRE HOLDING, INC. AND THE PURCHASER (AS DEFINED
IN THE SUBSCRIPTION AGREEMENT), A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF
THE COMPANY.  NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER
DISPOSITION OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF SUCH SUBSCRIPTION AGREEMENT.  THE HOLDER OF
THIS CERTIFICATE, BY ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY ALL
OF THE PROVISIONS OF SUCH SUBSCRIPTION AGREEMENT, INCLUDING RESTRICTIONS
RELATING TO TRANSFER OF THE SECURITIES."
<PAGE>

                                                                               8

          2.5. Co-Sale Rights.
          -------------------

               (a)  Prior to a Qualified Initial Public Offering, with respect
to any proposed Transfer (other than as provided in Section 2.6) to any Non-RCBA
Strategic Party by one or more Stockholders (in such capacity, the "Transferring
                                                                    ------------
Stockholders") of Common Stock constituting a majority of the outstanding Common
------------
Stock, whether pursuant to a merger, consolidation, share exchange, tender offer
or otherwise (a "Majority Sale"), the Company agrees that, subject to Section
                 -------------
2.5(b) hereof, it will take all necessary actions to ensure that in such
Majority Sale the Purchaser will have the right to Transfer to the proposed
transferee or acquiring Person (a "Proposed Transferee") a number of shares of
                                   -------------------
Directly Owned Class A Common Stock equal to at least the product (rounded down
to the nearest whole number of shares) of (i) the quotient determined by
dividing (A) the aggregate number of issued and outstanding shares of Directly
Owned Class A Common Stock owned of record by the Purchaser on the closing date
of the Majority Sale by (B) the aggregate number of issued and outstanding
shares of Common Stock on the closing date of the Majority Sale and (ii) the
total number of shares of Common Stock proposed to be directly or indirectly
Transferred to the Proposed Transferee in the Majority Sale, at the same price
per share and upon the same terms and conditions (including, without limitation,
time of payment and form of consideration) as to be paid by and given to the
Transferring Stockholders (such product, the "Co-Sale Amount"); provided,
                                              --------------    --------
however, that for purposes of clause (ii) of this Section 2.5(a), all shares
-------
underlying unexercised Options and Shares Subject to Repurchase shall not be
deemed to be issued and outstanding; provided, further, that subject to
                                     --------  -------
compliance with applicable law, in the event that the Proposed Transferee
notifies the Company that it will require the structure of the transaction
related to the proposed Majority Sale to be treated as a recapitalization for
financial accounting purposes and that it will require the Company to no longer
be subject to the reporting requirements or Section 14 of the Exchange Act after
the closing date of the proposed Majority Sale, then, solely to the extent
deemed necessary by the Proposed Transferee to satisfy such requirements, the
Proposed Transferee may pay to the Purchaser consideration in the Majority Sale
with respect to the shares of Directly Owned Class A Common Stock owned by him
or her that differs from the form of consideration paid to one or more of the
Transferring Stockholders.

               (b)  To the extent permitted under applicable law, in order to be
entitled to the right set forth in Section 2.5(a) hereto, the Purchaser must
agree to (i) make representations and warranties (and provide related
indemnification) as to his or her individual Ownership of Directly Owned Class A
Common Stock (and then only to the same extent such representations and
warranties are severally given by the Transferring Stockholders with respect to
their several Ownership of Common Stock), and (ii) agree to pay his or her pro
rata share (based on the number of shares Transferred by each Stockholder in
such Majority Sale) of any liability arising out of any representations,
warranties, covenants or agreements of the Transferring Stockholders that
survive the closing of such Majority Sale and do not relate to Ownership of
Common Stock. If the Purchaser is a holder of Common Stock Equivalents and
wishes to participate in a sale of Common Stock pursuant to Section 2.5(a), the
Purchaser shall convert or exercise or exchange such number of Common Stock
Equivalents into or for Directly Owned Class A Common Stock as may be required
therefor on or prior to the closing date of the Majority Sale.
<PAGE>

                                                                               9

               (c)  Subject to the Purchaser's compliance with the terms of
Section 2.5(b) hereto, if and to the extent the Proposed Transferee fails to
purchase from the Purchaser on the closing date of the Majority Sale any portion
of the Co-Sale Amount that Purchaser has properly exercised his or her right to
Transfer pursuant to this Section 2.5, then the Company agrees to purchase from
the Purchaser on the closing date of the Majority Sale a number of shares of
Directly Owned Class A Common Stock beneficially owned by the Purchaser such
that, after such purchase by the Company, the Purchaser shall have Transferred
to the Company and the Proposed Transferee, to the extent applicable, an amount
of shares of Directly Owned Class A Common Stock equal to such portion of the
Co-Sale Amount that Purchaser has properly exercised his or her right to
Transfer pursuant to this Section 2.5. The Purchaser agrees that this Section
2.5(c) shall be the sole and exclusive remedy of the Purchaser in the event that
the Proposed Transferee fails to purchase from the Purchaser on the closing date
of the Majority Sale any portion of the Co-Sale Amount that Purchaser has
properly exercised his or her right to Transfer pursuant to this Section 2.5.

          2.6. Public Offerings.  The provisions of Section 2.5 and Section 2.7
          ---------------------
shall not be applicable to offers and sales of Securities in a Public Offering.

          2.7. Required Sale Right.
          ------------------------

               (a)  Prior to a Qualified Initial Public Offering, to the extent
permitted under applicable law, if one or more Stockholders (in such capacity,
the "Requiring Parties") agree to a Transfer of Common Stock constituting a
     -----------------
Majority Sale to any Non-RCBA Strategic Party, then the Purchaser hereby agrees
that, if requested by the Requiring Parties, he or she will Transfer to such
transferee or acquiring Person (the "Purchasing Party") on the same terms and
                                     ----------------
conditions (including, without limitation, time of payment and form of
consideration, but subject to Section 2.7(b)) as to be paid and given to the
Requiring Parties, the same portion (as determined by the immediately succeeding
sentence) of the Purchaser's Directly Owned Class A Common Stock as is being
Transferred by the Requiring Parties; provided, however, that subject to
                                      --------  -------
compliance with applicable law, in the event that the Purchasing Party notifies
the Company that it will require the structure of the transaction related to the
proposed Majority Sale to be treated as a recapitalization for financial
accounting purposes and that it will require the Company to no longer be subject
to the reporting requirements or Section 14 of the Exchange Act after the
closing date of the proposed Majority Sale, then, solely to the extent deemed
necessary by the Purchasing Party to satisfy such requirements, the Purchasing
Party may pay to the Purchaser consideration in the Majority Sale with respect
to the shares of Directly Owned Class A Common Stock owned by him or her that
differs from the form of consideration paid to one or more of the Requiring
Parties. The Purchaser can be required to Transfer pursuant to this Section 2.7
that number of shares of Directly Owned Class A Common Stock equal to the
product obtained by multiplying (i) a fraction, (a) the numerator of which is
the aggregate number of issued and outstanding shares of Directly Owned Class A
Common Stock to be Transferred by the Requiring Parties and (b) the denominator
of which is the aggregate number of issued and outstanding shares of Common
Stock owned by the Requiring Parties at the time of the Transfer by (ii) the
aggregate number of issued and outstanding shares of Directly Owned Class A
Common Stock owned by the Purchaser.
<PAGE>

                                                                              10

               (b)  To exercise the right set forth in Section 2.7(a) hereto,
the Requiring Parties must give written notice (the "Required Sale Notice") to
                                                     --------------------
the Purchaser of any proposed Majority Sale giving rise to the rights of the
Requiring Parties set forth in Section 2.7(a) at least ten (10) calendar days
prior to such Transfer. The Required Sale Notice will set forth the number of
shares of Common Stock proposed to be so Transferred, the name of the Purchasing
Party, the proposed amount and form of consideration and the other terms and
conditions of the proposed Majority Sale. In connection with any such Transfer,
the Purchaser shall be obligated only to (i) make representations and warranties
(and provide related indemnification) as to his or her individual Ownership of
Directly Owned Class A Common Stock (and then only to the same extent such
representations and warranties are severally given by the Requiring Parties with
respect to their several Ownership of Common Stock), and (ii) agree to pay his
or her pro rata share (based on the number of shares Transferred by each
Stockholder in such Majority Sale) of any liability arising out of any
representations, warranties, covenants or agreements of the Requiring Parties
that survive the closing of such Majority Sale and do not relate to Ownership of
Common Stock. If the Transfer referred to in the Required Sale Notice is not
consummated within 120 days from the date of the Required Sale Notice, the
Requiring Parties must deliver another Required Sale Notice in order to exercise
their rights under this Section 2.7 with respect to such Transfer or any other
Transfer.

               (c)  The Company and the Purchaser each agree that any and all
Requiring Parties shall be third party beneficiaries of this Section 2.7.

          2.8. Company Right of Repurchase on Unvested Shares.
          ---------------------------------------------------

               (a)  If the Purchaser's employment with the Company and its
Subsidiaries is terminated for any reason (including as a result of the death or
disability of the Purchaser), the Purchaser shall be required to offer his or
her Shares Subject to Repurchase for sale to the Company and accordingly the
Company or its designated assignee shall have the option to purchase all or any
portion (at the Company's option) of the Shares Subject to Repurchase held by
the Purchaser and the Purchaser's Permitted Transferees by providing written
notice of the election (including the number of Shares Subject to Repurchase to
be purchased, the identity of the purchaser, the purchase price for the Shares
Subject to Repurchase as determined pursuant to Section 2.8(b) hereto and, if
applicable, the net purchase price for the Securities to be paid to the
Purchaser pursuant to Section 2.8(c) hereto) to the Purchaser and the Permitted
Transferees (a "Repurchase Notice") no later than 180 days after termination of
                -----------------
Purchaser's employment with the Company and its Subsidiaries.

               (b)  If the Purchaser's employment with the Company and its
Subsidiaries is terminated by the applicable employer for Cause or the
Purchaser's employment with the Company and its Subsidiaries is voluntarily
terminated by the Purchaser other than for Good Reason, then the purchase price
per share for the Shares Subject to Repurchase pursuant to Section 2.8(a) or
shares to be sold pursuant to Section 2.9, as applicable, will be the lower of
Cost and Fair Market Value on the date of the Purchaser's termination of
employment. If the Purchaser's employment with the Company and its Subsidiaries
is terminated for any reason other than under circumstances in which the
immediately preceding sentence applies, then the purchase price per share for
the Shares Subject to Repurchase pursuant to Section 2.8(a) or shares to be sold
pursuant to Section 2.9, as applicable, will be the Fair Market Value on the
date
<PAGE>

                                                                              11

of Purchaser's termination of employment. The purchase price determined pursuant
to this Section 2.8(b) is referred to as the "Repurchase Price."
                                              ----------------

               (c)  The completion of the purchase pursuant to Section 2.8(a)
shall take place at the principal office of the Company on or prior to the
thirtieth (30th) day after the giving of the Repurchase Notice. The repurchase
price for the Shares Subject to Repurchase shall be paid by delivery to the
Purchaser or Permitted Transferee of a certified bank check or checks in the
appropriate amount payable to the order of the Purchaser or Permitted
Transferee; provided, however, that if the Purchaser previously has executed and
            --------  -------
delivered a Note to the Company, such repurchase price shall be net of the
concurrent prepayment to the Company of the aggregate accrued and unpaid
interest and unpaid principal thereon pursuant to Section 3.3 hereto.

          2.9. Sale Right.
          ---------------

               (a)  In the event that (i) the Purchaser's employment with the
Company and its Subsidiaries has been terminated for any reason (including as a
result of the death or disability of the Purchaser) and (ii) neither the Company
nor its designee has delivered a Repurchase Notice to the Purchaser at least 20
days prior to the Note Repayment Date, then the Purchaser shall have the option
to sell to the Company, and the Company shall be obligated to purchase, on one
occasion from the Purchaser, a portion of the shares of Directly Owned Class A
Common Stock held by Purchaser with an aggregate Repurchase Price on the date of
the Purchaser's termination of employment equal to the Note Repayment Amount
(the "Note Repayment Shares"); provided, however, that if the Note Repayment
      ---------------------    --------  -------
Amount exceeds the aggregate Repurchase Price of all shares of Directly Owned
Class A Common Stock owned by the Purchaser on the date the Purchaser's
employment is terminated, then the Company shall only be required to purchase
such shares pursuant to this Section 2.9 and the remaining portion of the Note
Repayment Amount shall remain payable under the terms of the Note; provided,
                                                                   --------
further, that the first shares of Directly Owned Class A Common Stock sold by
-------
the Purchaser must be shares other than Shares Subject to Repurchase until the
Purchaser owns no more of such shares, and then the Shares Subject to Repurchase
until the Purchaser owns no more of such shares. The purchase price per share
for such Note Repayment Shares will be the Repurchase Price and shall be
determined as of the date of the Purchaser's termination of employment.

               (b)  In order to exercise the right set forth in Section 2.9(a)
hereto, the Purchaser shall be required to deliver a written notice of his or
her election to the Company (a "Sale Notice") no later than 10 days prior to the
                                -----------
Note Repayment Date.

               (c)  The completion of the purchase pursuant to Section 2.9(a)
shall take place at the principal office of the Company on the Note Repayment
Date. If the Note Repayment Amount is less than or equal to the aggregate
Repurchase Price of all of the shares of Directly Owned Class A Common Stock
owned by the Purchaser on the date the Purchaser's employment is terminated,
then the purchase pursuant to Section 2.9(a) hereto shall be completed on such
Note Repayment Date by the Company's cancellation of the Note and the delivery
of such cancelled Note to the Purchaser. If the Note Repayment Amount exceeds
the aggregate Repurchase Price of all of the shares of Directly Owned Class A
Common Stock owned by the Purchaser on the date the Purchaser's employment is
terminated, then the purchase

<PAGE>

                                                                              12

pursuant to Section 2.9(a) hereto shall be completed on such Note Repayment Date
by the Company's reduction of the aggregate outstanding principal amount of the
Note to reflect the repayment of a portion thereof equal to the aggregate
Repurchase Price of all of the shares of Directly Owned Class A Common Stock
owned by the Purchaser on the date the Purchaser's employment was terminated
(with the remaining outstanding principal amount of the Note subject to
repayment upon the terms set forth in the Note).

3.   Other Covenants of the Purchaser.
    ---------------------------------

          3.1. Holdback Agreement.
          -----------------------

               (a)  The Purchaser hereby agrees that he or she will not sell,
transfer, make any short sale of, grant any option for the purchase of, or enter
into any hedging or similar transaction with the same economic effect as a sale,
regarding any Common Stock (or other securities) of the Company held by the
Purchaser (other than those included in the registration) for a period specified
by the representative of the underwriters of Common Stock (or other securities)
of the Company not to exceed one hundred eighty (180) days following the
effective date of a registration statement of the Company filed under the
Securities Act pursuant to which an Initial Public Offering is effected. The
Company may impose stop-transfer instructions with respect to the Common Stock
(or other securities) subject to the foregoing restriction until the end of said
one hundred eighty (180) day period. For the avoidance of doubt such agreement
shall apply only to the Initial Public Offering.

               (b)  The Purchaser agrees to execute and deliver such other
agreements as may be reasonably requested by the Company or the underwriter
which are consistent with the foregoing or which are necessary to give further
effect thereto.

          3.2. Confidentiality.  Purchaser will not at any time (whether during
          --------------------
or after the Purchaser's employment with the Company or its Subsidiaries)
disclose, retain, or use for the Purchaser's own benefit, purposes or account or
the benefit, purposes or account of any other Person, other than the Company and
any of its Affiliates, any trade secrets, know-how, software developments,
inventions, formulae, technology, designs, databases and drawings, or any
property or confidential information of the Company or any of its Affiliates
relating to research, operations, finances, current and proposed products and
services, vendors, customers, advertising, costs, marketing, trading,
investment, sales activities, promotion or the business and affairs of the
Company generally, or of any Affiliate of the Company ("Confidential
                                                        ------------
Information") without the written authorization of the Company; provided that
-----------                                                     -------- ----
the foregoing shall not apply to information which is not unique to the Company
or which is generally known to the industry or the public other than as a result
of the Purchaser's breach of this covenant or the wrongful acts of others who
were under confidentiality obligations as to the item or items involved. Except
as required by law, the Purchaser will not disclose to anyone, other than
Purchaser's immediate family and legal or financial advisors, the existence or
contents of this Agreement; provided that the Purchaser may disclose to any
prospective future employer the provisions of this Section 3.2 provided they
agree to maintain the confidentiality of such terms. The Purchaser agrees that
upon termination of the Purchaser's employment with the Company or its
Subsidiaries for any reason, the Purchaser will return to the Company
immediately all reports, memoranda, books, papers, plans, information, lists,
letters and other data, and all copies thereof
<PAGE>

                                                                              13

or therefrom, in any way relating to the business of the Company or any of its
Affiliates, except that the Purchaser may retain only those portions of personal
notes, notebooks and diaries that do not contain Confidential Information of the
type described in the preceding sentence. The Purchaser further agrees that the
Purchaser will not retain or use for the Purchaser's own benefit, purposes or
account or the benefit, purposes or account of any other Person, other than the
Company and any of its Affiliates, at any time any trade names, trademark,
service mark, Internet domain names, other proprietary business designation,
patent, or other intellectual property used or owned in connection with the
business of the Company or its Affiliates.

          3.3. Discharge of Indebtedness. Any Transfer of Shares Subject to
          ------------------------------
Repurchase by the Purchaser shall be void and of no effect unless and until the
Net Proceeds (as defined below) directly or indirectly received by the Purchaser
in respect thereof shall have been applied to the prepayment, first, of the
accrued and unpaid interest on the Note and, second, to the unpaid principal
amount of the Note; provided, however, that, notwithstanding the foregoing, the
                    --------  -------
Purchaser and his or her Permitted Transferees may Transfer Shares Subject to
Repurchase to any other Permitted Transferee of the Purchaser (including
Transfers back to the Purchaser) without the repayment and discharge of any
portion of principal and interest on the Note or such other indebtedness which
is not then due and owing so long as, in case of the Note, (i) the Note remains
secured pursuant to the Pledge Agreement to the same extent as would have been
the case had such transfer not occurred and (ii) the Purchaser remains liable
for all indebtedness outstanding under the Note. The term "Net Proceeds" shall
                                                           ------------
mean the total proceeds received from the disposition of Shares Subject to
Repurchase, minus an amount equal to the sum of (A) the federal income tax
liability that would be payable in respect of the gain recognized upon such
disposition, after giving effect to any deduction for state or local income tax
liability described in clause (B) below, assuming a tax rate equal to the
maximum federal income tax rate on long term or short term capital gains in
effect at the time of disposition, whichever is applicable, and (B) any state or
local income tax liability that would be payable in respect of such gain,
assuming the maximum applicable state and local capital gain income tax rate on
dispositions of such Shares Subject to Repurchase.

          3.4. Assignment of Options Proceeds; Transfer of DCP Plan Account
          -----------------------------------------------------------------
Balances.  The Purchaser will indicate on Row 7 of Schedule I an assignment of
--------
options proceeds only for those options that the Purchaser has validly tendered
and not withdrawn prior to the date hereof.  The Purchaser will indicate on Row
2 of Schedule I only the number of stock fund units under the DCP Plan to be
acquired by the Purchaser through his or her transfer of account balances
currently allocated to the DCP Plan insurance fund investment alternatives.

          3.5.Section 83(b) Election.  The Purchaser shall make an election
          --------------------------
pursuant to section 83(b) of the Code, in the form attached hereto as Exhibit F,
with respect to any Shares Subject to Repurchase.

4.   Miscellaneous.
     -------------

          4.1. Effectiveness; Termination.  This Agreement will be effective
          -------------------------------
upon receipt of a confirmatory e-mail from the Purchaser with respect to his or
her desire to purchase shares of Directly Owned Class A Common Stock following
the effectiveness of the Registration Statement; provided that the Company has
received from the Purchaser a copy of this Agreement
<PAGE>

                                                                              14

duly executed by the Purchaser and, if applicable, his or her spouse, with a
properly completed Schedule I attached, and will terminate with respect to the
provisions referred to below as follows: (i) with respect to Article 2 (other
than Sections 2.5, 2.7 and 2.8), on the Lapse Date; (ii) with respect to
Sections 2.5 and 2.7, upon a Qualified Initial Public Offering; and (iii) with
respect to all Sections (including, without limitation, all of Article 2 other
than Section 2.9) other than Sections 2.9, 3.1, 3.2 and 3.3, upon (A) the sale
of all or substantially all of the equity interests in the Company to a third
party resulting in a Change of Control, whether by merger, consolidation, share
exchange, tender offer or otherwise, (B) the closing of a Majority Sale (other
than Section 2.5(c), which shall survive such Majority Sale) resulting in a
Change of Control, or (C) the approval in writing by the Company and the
Purchaser.

          4.2.  Additional Shares.
          -----------------------

               (a)  The Purchaser agrees that, subject to Section 4.2(b) hereto,
any other shares of Directly Owned Class A Common Stock which he or she shall
hereafter acquires (including, without limitation, from Other Purchasers) by
means of a stock split, stock dividend, distribution, exercise of stock options,
purchase, acquisition or otherwise shall be subject to the provisions of this
Agreement (other than Article 1) to the same extent as if held on the date
hereof. For the avoidance of doubt, the foregoing sentence (i) shall not
include, without limitation, any shares of Class A Common Stock (A) held in the
401(k) Plan prior to their distribution to the Purchaser pursuant to the terms
of the 401(k) Plan or (B) underlying stock fund units in the DCP Plan prior to
their distribution to the Purchaser pursuant to the terms of the DCP Plan, and
(ii) shall include, without limitation, shares of Class A Common Stock (A)
distributed to the Purchaser pursuant to the terms of the 401(k) Plan or the DCP
Plan and (B) Option Shares.

               (b)  Notwithstanding anything to the contrary stated herein, if
the Purchaser is a party to the Contribution Agreement, then all shares of Class
B Common Stock acquired by the Purchaser pursuant to the terms of the
Contribution Agreement (including, with respect to such shares of Class B Common
Stock, any additional shares of Class B Common Stock the Purchaser may hereafter
acquire by means of a stock split, stock dividend or similar distribution) shall
not be subject to the terms of this Agreement.

          4.3. Third Party Beneficiaries.  Except as set forth in Section 2.7(c)
          ------------------------------
hereto, no provision of this Agreement is intended to confer upon any Person
other than the parties hereto any rights or remedies hereunder.

          4.4. Purchaser's Employment or Engagement by the Company.  Nothing
          --------------------------------------------------------
contained in this Agreement shall be deemed to obligate the Company or any of
its Subsidiaries to employ or engage the Purchaser in any capacity whatsoever or
to prohibit or restrict the Company (or any such subsidiary) from terminating
the employment or engagement, if any, of the Purchaser at any time or for any
reason whatsoever, with or without Cause.

          4.5.  Non-Assignability.  This Agreement will inure to the benefit of
          -----------------------
and be binding on the parties hereto and their respective successors and
permitted assigns. This Agreement may not be assigned by any party hereto
without the express prior written consent of the other party, and any attempted
assignment, without such consents, will be null and void;
<PAGE>

                                                                              15

provided, however, that the Company may assign this Agreement to one or more of
--------  -------
its Affiliates without such consent; provided, further, that with respect to any
                                     --------  -------
Person who acquires any shares of Directly Owned Class A Common Stock from the
Purchaser in compliance with the terms hereof: (a) the Purchaser shall, prior to
such Transfer, furnish to the Company written notice of the name and address of
such transferee, and (b) if such transferee is not an Other Purchaser, the
Purchaser and such transferee shall execute and deliver to the Company prior to
such Transfer an Assumption Agreement in the form of Exhibit E hereto (the
"Assumption Agreement"), whereby the Purchaser and such transferee shall assume
 --------------------
and be entitled to the rights and obligations under this Agreement to the extent
described in the Assumption Agreement.

          4.6. No Inconsistent Agreements.  The Purchaser shall not enter into
          -------------------------------
any agreement or other arrangement of any kind with any Person with respect to
any Securities that is inconsistent with the provisions of this Agreement or
that may impair his or her ability to comply with this Agreement.

          4.7. Amendment; Waiver.  This Agreement may be amended only by a
          ----------------------
written instrument signed by the parties hereto. No waiver by either party
hereto of any of the provisions hereof shall be effective unless set forth in a
writing executed by the party so waiving.

          4.8. Governing Law; Jurisdiction.  This Agreement shall be governed by
          --------------------------------
and construed in all respects under the laws of the State of Delaware. Any
action to enforce which arises out of or in any way relates to any of the
provisions of this Agreement may be brought and prosecuted in such court or
courts located within the State of Delaware as provided by law, and the parties
consent to the jurisdiction of such court or courts located within the State of
Delaware and to service of process by registered mail, return receipt requested,
or by any other manner provided by Delaware law.

          4.9. Notices.  Any notices or communications permitted or required
          ------------
hereunder shall be deemed sufficiently given if hand-delivered, or sent by (x)
registered or certified mail return receipt requested, (y) telecopy or other
electronic transmission service (to the extent receipt is confirmed other than
by automatic means) or (z) by overnight courier, in each case to the parties at
their respective addresses and telecopy numbers set forth below, or to such
other address of which any party may notify the other party in writing.

               (a)  If to the Company, to it at the following address:

                    CBRE Holding, Inc.
                    c/o CB Richard Ellis Services, Inc.
                    200 North Sepulveda Boulevard
                    Suite 300
                    El Segundo, CA  90245-4380
                    Attention:  General Counsel
                    Telecopy:  (310) 563-8632
<PAGE>

                                                                              16

                    with a copy to:

                    RCBA Strategic Partners, L.P.
                    909 Montgomery Street
                    Suite 400
                    San Francisco, CA  94133
                    Attention:  General Counsel
                    Telecopy:  (415) 434-3130

                    with another copy to:

                    Simpson Thacher & Bartlett
                    3330 Hillview Avenue
                    Palo Alto, CA  94304
                    Attention:  Richard Capelouto
                    Telecopy:  (650) 251-5002

               (b)  If to the Purchaser or to any Permitted Transferee, to him
or her at his or her address or telecopy number as set forth on the signature
page hereto, with respect to the Purchaser, or the applicable Assumption
Agreement, with respect to any Permitted Transferee.

         4.10. Integration.  This Agreement and the documents referred to herein
         -----------------
or delivered pursuant hereto which form a part hereof contain the entire
understanding of the parties with respect to the subject matter hereof and
thereof. There are no restrictions, agreements, promises, representations,
warranties, covenants or undertakings with respect to the subject matter hereof
other than those expressly set forth herein and therein. This Agreement
supersedes all prior agreements and understandings between the parties with
respect to such subject matter.

         4.11. Counterparts.  This Agreement may be executed in two or more
         ------------------
counterparts, and by different parties on separate counterparts, each of which
shall be deemed an original, but all of which shall constitute one and the same
instrument.

         4.12. Injunctive Relief.  The Purchaser, on behalf of himself or
         -----------------------
herself and his or her Permitted Transferees, and the Company, on its own behalf
and on behalf of its successors and assigns, each acknowledges and agrees that a
violation of any of the terms of this Agreement will cause the other irreparable
injury for which adequate remedy at law is not available. Accordingly, it is
agreed that the Company or the Purchaser, as the case may be, shall be entitled
to an injunction, restraining order or other equitable relief to prevent
breaches of the provisions of this Agreement and to enforce specifically the
terms and provisions hereof in any court of competent jurisdiction in the United
States or any state thereof, in addition to any other remedy to which it or he
or she may be entitled at law or equity.

         4.13.  Severability.  If one or more of the provisions, paragraphs,
         -------------------
words, clauses, phrases or sentences contained herein, or the application
thereof in any circumstances, is held invalid, illegal or unenforceable in any
respect for any reason, the validity, legality and enforceability of any such
provision, paragraph, word, clause, phrase or sentence in every other
<PAGE>

                                                                              17

respect and of the remaining provisions, paragraphs, words, clauses, phrases or
sentences hereof shall not be in any way impaired, it being intended that all
rights, powers and privileges of the parties hereto shall be enforceable to the
fullest extent permitted by law.

          4.14.  Rights to Negotiate.  Nothing in this Agreement shall be deemed
          --------------------------
to restrict or prohibit the Company from purchasing any Securities from the
Purchaser at any time upon such terms and conditions and at such price as may be
mutually agreed upon between the Company and the Purchaser, whether or not at
the time of such purchase circumstances exist which specifically grant the
Company the right to purchase, or the Purchaser the right to sell, Securities
pursuant to the terms of this Agreement.

          4.15.  Rights Cumulative; Waiver.  The rights and remedies of the
          --------------------------------
Purchaser and the Company under this Agreement shall be cumulative and not
exclusive of any rights or remedies which either would otherwise have hereunder
or at law or in equity or by statute, and no failure or delay by either party in
exercising any right or remedy shall impair any such right or remedy or operate
as a waiver of such right or remedy, nor shall any single or partial exercise of
any power or right preclude such party's other or further exercise or the
exercise of any other power or right. The waiver by any party hereto of a breach
of any provision of this Agreement shall not operate or be construed as a waiver
of any preceding or succeeding breach and no failure by either party to exercise
any right or privilege hereunder shall be deemed a waiver of such party's rights
or privileges hereunder or shall be deemed a waiver of such party's rights to
exercise the same at any subsequent time or times hereunder.

          4.16.  Interpretation.  The words "hereof," "herein," and "hereunder"
          ---------------------              ------    ------        ---------
and words of similar import when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this Agreement, and
Section, Subsection, Schedule and Exhibit references are to this Agreement
unless otherwise specified. The headings in this Agreement are included for
convenience of reference only and shall not limit or otherwise affect the
meaning or interpretation of this Agreement. The meanings given to terms defined
herein shall be equally applicable to both the singular and plural forms of such
terms.

          4.17.  Shares Subject to the Incentive Plan and this Agreement.  By
          --------------------------------------------------------------
entering into this Agreement the Participant agrees and acknowledges that the
Participant has received a copy of the Incentive Plan. The shares of Directly
Owned Class A Common Stock purchased by the Purchaser pursuant to this Agreement
are subject to the Incentive Plan and this Agreement. In the event of a conflict
between any term or provision of the Incentive Plan and any term or provision of
this Agreement, the applicable terms and provisions of this Agreement will
govern and prevail.

          4.18.  Arbitration. Any dispute arising out of or relating to this
          ------------------
Agreement, including the breach, termination or validity hereof, shall be
exclusively and finally resolved by arbitration in accordance with the CPR Rules
for Non-Administered Arbitration by a sole arbitrator. The arbitration shall be
governed by the Federal Arbitration Act, 9 U.S.C. (S)(S) 1-16, and judgment upon
the award rendered by the arbitrator may be entered by any court having
jurisdiction thereof. The place of the arbitration shall be Los Angeles,
California.
<PAGE>

          IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                                 CBRE HOLDING, INC.

                                 By:_______________________________
                                 Name:
                                 Title:

                                 PURCHASER:

                                 __________________________________
                                 Name:
                                 Address:

                                 Fax Number:
<PAGE>

                               CONSENT OF SPOUSE

          In consideration of the execution of the foregoing Designated Manager
Subscription Agreement between CBRE Holding, Inc. and the Purchaser named
therein, I, ________________________________________________, the spouse of the
Purchaser named therein, do hereby join with my spouse in executing the
foregoing Designated Manager Subscription Agreement and do hereby agree to be
bound by all of the terms and provisions thereof.

Dated as of ______________ ____, 2001           ________________________________
                                                           [Spouse]
<PAGE>

                                  SCHEDULE I

                                         Name of Purchaser:  ___________________

                                    Signature of Purchaser:  ___________________

                                                      Date:  ___________________

          The Purchaser must fill in all of the blanks below (including filling
in a zero if applicable).  All capitalized terms used in this Schedule I shall
have the meanings set forth in the Designated Manager Subscription Agreement
between the Purchaser and the Company.

Subscription of Shares for Direct Ownership
-------------------------------------------

1.  Minimum number of shares that must be subscribed for by  ___________________
    the Purchaser to be eligible to receive a grant of
    Options and to use a Note to pay a portion of the Total
    Purchase Price (such minimum may be achieved through
    purchase of Directly Owned Class A Common Stock and/or
    stock fund units under the DCP Plan acquired by the
    transfer of account balances currently allocated to the
    DCP Plan insurance fund investment alternatives); such
    minimum number to be separately provided to the
    Purchaser by the Company

2.  Number of stock fund units under the DCP Plan to be      ___________________
    acquired by Purchaser by the transfer of account
    balances currently allocated to the DCP Plan insurance
    fund investment alternatives

3.  Minimum number of shares of Directly Owned Class A       ___________________
    Common Stock that the Purchaser must subscribe for to be
    eligible to receive a grant of Options and to use a Note
    to pay a portion of the Total Purchase Price (equals Row
    1 minus Row 2)
      -----

4.  Number of shares of Directly Owned Class A Common Stock  ___________________
    that the Purchaser is subscribing for (which number may
    be less than, equal to or greater than Row 3)

Purchase Price
--------------

5.  Total Purchase Price (equal to Row 4 multiplied by
    $16.00)                                                  $ _________________

6.  Assigned Merger Proceeds (equal to Row 12 below)         $ _________________

7.  Assigned Options Proceeds (equal to Row 15 below)        $ _________________
<PAGE>

<TABLE>
<S>                                                             <C>
8.   Note Consideration (may not be greater than (i) 50% of     $ _________________
     the amount obtained by multiplying Row 4 by $16.00 and
     (ii) then subtracting the amount obtained by
     multiplying Row 2 by $16.00)

9.   New Cash Consideration (equal to Row 5 minus the           $ _________________
     amounts in Rows 6, 7 and 8)

Assigned Merger Proceeds
------------------------

10.  Total number of shares of CB Richard Ellis Services       ___________________
     Common Stock held by the Purchaser as the record owner
     [to be separately provided to the Purchaser by the
     Company]

11.  Total proceeds to be received by the Purchaser             $ __________________
      in the Merger for his or her outstanding
     shares of CB Richard Ellis Services Common Stock
     owned of record (equal to Row 10 multiplied by $16.00
     and subtracting all loans that must be repaid to CB
     Richard Ellis Services in connection with the Merger)
     [to be separately provided to the Purchaser by the
     Company]

12.  Total amount in Row 11 that Purchaser wants to use to      $ _________________
     purchase shares of Directly Owned Class A Common Stock

Assigned Options Proceeds
-------------------------

13.  Total number of the Purchaser's CB Richard Ellis           $ _________________
     Services Options [to be separately provided to the
     Purchaser by the Company]

14.  Total proceeds net of any withholding tax Purchaser may    $ _________________
     elect to receive at the Effective Time for his or her CB
     Richard Ellis Services Options [to be separately provided
     to the Purchaser by the Company]

15.  Total amount in Row 14 that Purchaser wants to use to      $ _________________
     purchase shares of Directly Owned Class A Common Stock
</TABLE>
<PAGE>

                                   EXHIBIT A

                                  DEFINITIONS

          As used in this Agreement, terms defined in the headings shall have
their respective assigned meanings, and the following capitalized terms shall
have the meanings ascribed to them below:

          "Affiliate" means, with respect to any Person, (i) any Person that
           ---------
directly or indirectly controls, is controlled by or is under common control
with, such Person, or (ii) any director, officer, partner or employee of such
Person or any Person specified in clause (i) above, or (iii) any spouse, parent,
child, step-child, grandchild, step-grandchild or sibling of any Person
specified in clause (i) or (ii) above.  As used in this definition of
"Affiliate" and in this Agreement, "control" (including, with correlative
 ---------
meanings, "controlled by" and "under common control with") shall mean the
possession, directly or indirectly, of the power to direct or cause the
direction of management or policies, whether through the ownership of securities
or partnership or other ownership interests, by contract or otherwise.
Notwithstanding anything to the contrary stated herein, the Company and its
Subsidiaries shall not be considered Affiliates of RCBA Strategic.

          "Agreement" means this Designated Manager Subscription Agreement, as
           ---------
the same may be amended, supplemented or otherwise modified from time to time.

          "Applicable Percentage" shall mean (i) for the period from the Closing
           ---------------------
Date through the day immediately preceding the first anniversary of the Closing
Date, 100%, (ii) for the period from the first anniversary of the Closing Date
through the date immediately preceding the second anniversary of the Closing
Date, 80%, (iii) for the period from the second anniversary of the Closing Date
through the day immediately preceding the third anniversary of the Closing Date,
60%, (iv) for the period from the third anniversary of the Closing Date through
the day immediately preceding the fourth anniversary of the Closing Date, 40%,
(v) for the period from the fourth anniversary of the Closing Date through the
day immediately preceding the fifth anniversary of the Closing Date, 20%, and
(vi) on and after the fifth anniversary of the Closing Date, 0%; provided,
                                                                 --------
however, that in the event that the Purchaser's employment with, or engagement
-------
by, the Company and its Subsidiaries ends on a particular date for any reason,
then the Applicable Percentage in effect on such date pursuant to the foregoing
clauses (i) through (v) shall be the Applicable Percentage at all times
thereafter.

          "Assigned Merger Proceeds" shall have the meaning ascribed to such
           ------------------------
term in Section 1.7(a) hereto.

          "Assigned Options Proceeds" shall have the meaning ascribed to such
           -------------------------
term in Section 1.7(b) hereto.

          "Assumption Agreement" shall have the meaning ascribed to such term in
           --------------------
Section 4.5 hereto.

          "Board of Directors" means the Board of Directors of the Company.
           ------------------

          "Business Day" means a day other than a Saturday, Sunday, holiday or
           ------------
other day on which commercial banks in New York City are authorized or required
by law to close.
<PAGE>

                                                                             A-2

          "Cause" means (i) the willful failure of the Purchaser to perform his
           -----
or her duties to the Company or its Subsidiaries which is not cured within 10
days following written notice, (ii) the conviction of the Purchaser of a felony,
(iii) willful malfeasance or misconduct by the Purchaser that is materially and
demonstrably injurious to the Company or its Subsidiaries, or (iv) the breach by
the Purchaser of the material terms of the Note, the Pledge Agreement or this
Agreement, including, without limitation, Section 2.1 and all of Article 3.

          "CB Richard Ellis Services" means CB Richard Ellis Services, Inc., a
           -------------------------
Delaware corporation and a direct wholly owned subsidiary of the Company, and
shall also include its successors by means of a merger, consolidation,
reorganization, recapitalization or similar transaction.

          "CB Richard Ellis Services Common Stock" means the shares of common
           --------------------------------------
stock of CB Richard Ellis Services, $0.01 par value per share.

          "CB Richard Ellis Services Options" means any option to purchase CB
           ---------------------------------
Richard Ellis Services Common Stock outstanding under any stock option or
compensation plan or arrangement of CB Richard Ellis Services, whether or not
vested.

          "Change of Control" means (i) the sale or disposition, in one or a
           -----------------
series of related transactions, of all, or substantially all, of the assets of
the Company to any "person" or "group," as defined in Sections 13(d)(3) or
14(d)(2) of the Exchange Act (other than RCBA Strategic and its Affiliates,
Freeman Spogli and their Affiliates or any group in which any of the foregoing
is a member); or (ii) or any person or group (other than RCBA Strategic and its
Affiliates, Freeman Spogli and their Affiliates or any group in which any of the
foregoing is a member) is or becomes the beneficial owner, directly or
indirectly, of more than 50% of the total voting power of the voting stock of
the Company (including by way of merger, consolidation or otherwise) and the
representatives of RCBA Strategic and its Affiliates, Freeman Spogli and their
Affiliates or any group in which any of the foregoing is a member, individually
or in the aggregate, cease to have the ability to elect a majority of the Board
of Directors.

          "Class A Common Stock" means the Class A common stock, par value $.01
           --------------------
per share, of the Company.

          "Class B Common Stock" means the Class B common stock, par value $.01
           --------------------
per share, of the Company.

          "Closing" shall have the meaning ascribed to such term in Section 1.3
           -------
hereto.

          "Closing Date" shall have the meaning ascribed to such term in Section
           ------------
1.3 hereto.

          "Code" means the Internal Revenue Code of 1986, as amended from time
           ----
to time, or any successor statute.  Any reference herein to a particular
provision of the Code shall mean, where appropriate, the corresponding provision
in any successor statute.

          "Common Stock" means the Class A Common Stock and Class B Common
           ------------
Stock, collectively.
<PAGE>

                                                                             A-3

          "Common Stock Equivalents" means any stock, warrants, rights, calls,
           ------------------------
options or other securities exchangeable or exercisable for, or convertible
into, Common Stock.

          "Company" shall have the meaning ascribed to such term in the preamble
           -------
to this Agreement.

          "Confidential Information" shall have the meaning ascribed to such
           ------------------------
term in Section 3.2 hereto.

          "Contribution Agreement" means the Amended and Restated Contribution
           ----------------------
and Voting Agreement, dated as of May 31, 2001, by and among the Company,
Acquisition, RCBA Strategic, Freeman Spogli, Raymond Wirta, Brett White and the
other parties thereto, as the same may be amended, supplemented or otherwise
modified from time to time.

          "Co-Sale Amount" shall have the meaning ascribed to such term in
           --------------
Section 2.5(a) hereto.

          "Cost" means the purchase price of $16.00 per share of Class A Common
           ----
Stock paid by the Purchaser, as adjusted by the Board of Directors in good faith
and on a consistent basis to reflect any stock splits, stock dividends,
recapitalizations and other similar transactions.

          "DCP Plan" means the Deferred Compensation Plan of CB Richard Ellis
           --------
Services.

          "Designated Manager" means any employee of the Company and its
           ------------------
Subsidiaries that enters into an agreement in the form of this Agreement.

          "Designated Manager Subscription Agreement" means the form of this
           -----------------------------------------
agreement entered into by each of the Designated Managers.

          "DGCL" means the Delaware General Corporation Law, as amended from
           ----
time to  time.

          "Directly Owned Class A Common Stock" means any shares of Class A
           -----------------------------------
Common Stock directly held of record by the Purchaser, whether acquired pursuant
to (i) this Agreement, (ii) the exercise of Options, (iii) the receipt of
distributions from the 401(k) Plan or the DCP Plan, (iv) purchase or other
acquisition from any Other Employee or Other Purchaser or (v) any other means
either on the date hereof or in the future.

          "Effective Time" shall have the meaning ascribed to such term in the
           --------------
Merger Agreement.

          "Employee Subscription Agreement" means any of the Employee
           -------------------------------
Subscription Agreements entered into by an employee or independent contractor of
the Company and its Subsidiaries other than a Designated Manager in connection
with the Offerings.

          "Exchange Act" means the Securities Exchange Act of 1934, as amended,
           ------------
and the rules and regulations promulgated thereunder, as the same may be amended
from time to time.
<PAGE>

                                                                             A-4

          "Fair Market Value" shall mean, as of any date of determination, with
           -----------------
respect to shares of Class A Common Stock, (x) prior to a Qualified Initial
Public Offering, the fair market value of the shares, disregarding any discount
for minority interest, restrictions on transfer of the shares or lack of
marketability of the shares, as determined in good faith by the Board of
Directors, and (y) subsequent to a Qualified Initial Public Offering, the price
per share of Class A Common Stock equal to the average of the last sales price
of a share of Class A Common Stock on each of the last five trading days prior
to the date of determination (the "FMV Calculation Period") on the principal
                                   ----------------------
national securities exchange on which the Class A Common Stock may at the time
be listed or, if there shall have been no sales on such principal national
securities exchange during the FMV Calculation Period, the average of the
closing bid and asked prices on such principal national securities exchange on
each day during the FMV Calculation Period or, if there are no such bid and
asked prices during the FMV Calculation Period, on the next preceding five dates
on which such bid and asked prices occurred or, if Class A Common Stock shall
not be so listed, the average of the closing sales prices as reported by NASDAQ
during the FMV Calculation Period in the over-the-counter market.

          "Family Group" shall have the meaning ascribed to such term in Section
           ------------
2.2(a) hereto.

          "401(k) Plan" means the Capital Accumulation Plan of CB Richard Ellis
           -----------
Services.

          "Freeman Spogli" means FS Equity Partners III, L.P. and FS Equity
           --------------
Partners International, L.P., collectively.

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

          "Governmental Authority" means any nation or government, any state or
           ----------------------
other political subdivision thereof, and any entity exercising legislative,
judicial, regulatory or administrative functions of or pertaining to government.

          "Incentive Plan" means the 2001 CBRE Holding, Inc. Stock Incentive
           --------------
Plan.

          "Initial Public Offering" means the first Public Offering occurring
           -----------------------
after the date hereof.

          "Lapse Date" means the earlier of (x) the tenth anniversary of the
           ----------
Closing Date and (y) the date that is 180 days after a Qualified Initial Public
Offering is consummated.

          "Majority Sale" shall have the meaning ascribed to such term in
           -------------
Section 2.5(a) hereto.
<PAGE>

                                                                             A-5

          "Merger" shall have the meaning ascribed to such term in the Merger
           ------
Agreement.

          "Merger Agreement" means the Amended and Restated Agreement and Plan
           ----------------
of Merger, dated May 31, 2001, among the Company, BLUM CB Corp. and CB Richard
Ellis Services.

          "Merger Proceeds" means the amount set forth in Row 11 of Schedule I
           ---------------
hereto.

          "Minimum Number of Shares" means the amount set forth in Row 3 of
           ------------------------
Schedule I hereto.

          "NASDAQ" means the National Association of Securities Dealers
           ------
Automated Quotation System National Market.

          "Net Proceeds" shall have the meaning ascribed to such term in Section
           ------------
3.3 hereto.

          "New Cash Consideration" shall have the meaning ascribed to such term
           ----------------------
in Section 1.4(a)(ii) hereto.

          "New Certificates" shall have the meaning ascribed to such term in
           ----------------
Section 1.3 hereto.

          "Non-RCBA Strategic Party" means any Person other than RCBA Strategic
           ------------------------
or its Affiliates.

          "Note" shall have the meaning ascribed to such term in Section
           ----
1.4(a)(iv) hereto.

          "Note Consideration" shall have the meaning ascribed to such term in
           ------------------
Section 1.4(a)(iv) hereto.

          "Note Repayment Amount" means the principal amount of the Note and all
           ---------------------
accrued and unpaid interest thereon as of the Note Repayment Date.

          "Note Repayment Date" means the repayment date set forth in the Note.
           -------------------

          "Note Repayment Shares" shall have the meaning ascribed to such term
           ---------------------
in Section 2.9 hereto.

          "Offerings" means the registered offerings to certain employees and
           ---------
independent contractors of the Company and its Subsidiaries pursuant to the
Company's Incentive Plan, which offerings include shares of Directly Owned Class
A Common Stock, shares of Class A Common Stock to be held in the 401(k) Plan,
and shares of Class A Common Stock underlying stock fund units held in the DCP
Plan.

          "Old Certificates" shall have the meaning ascribed to such term in
           ----------------
Section 1.4(a)(iii) hereto.

          "Options" mean any options to acquire Class A Common Stock, including
           -------
without limitation, all options granted under the Incentive Plan.
<PAGE>

                                                                             A-6

          "Option Agreement" means the form of option agreement pursuant to
           ----------------
which the Purchaser, upon satisfaction of the terms and conditions described in
the Prospectus, may be eligible to receive a grant of Options covering Option
Shares in connection with the Offerings.

          "Options Payment Consent" means the form of Consent and Letter of
           -----------------------
Transmittal previously distributed by, or on behalf of, CB Richard Ellis
Services to each holder of CB Richard Ellis Services Options, pursuant to which
each such holder is being requested to consent to the cancellation at the
Effective Time of all CB Richard Ellis Services Options held by such holder as
of the Effective Time, in exchange for an amount per share of CB Richard Ellis
Services Common Stock subject to such canceled CB Richard Ellis Services Options
equal to the greater of (i) the excess, if any, of (A) $16.00 over (B) the
exercise price per share of CB Richard Ellis Services Common Stock subject to
such canceled CB Richard Ellis Services Options and (ii) $1.00, in each case
minus any applicable withholding taxes.

          "Options Proceeds" means the amount set forth in Row 14 of Schedule I
           ----------------
hereto.

          "Option Shares" means all Class A Common Stock received by a Purchaser
           -------------
upon the exercise or other settlement of Options.

          "Other Employee" means any of the employees and independent
           --------------
contractors of the Company and its Subsidiaries other than the Purchaser.

          "Other Purchaser" means any Other Employee that has (i) purchased
           ---------------
Class A Common Stock from the Company and is party to a Designated Manager
Subscription Agreement or an Employee Subscription Agreement or (ii) received
Class A Common Stock pursuant to the DCP Plan or 401(k) Plan and has properly
executed and delivered a Stockholder Agreement (as defined in the DCP Plan or
401(k) Plan) prior to such receipt.

          "Ownership" means, with respect to any Person, all matters related to
           ---------
such Person's and such Person's Affiliates' (i) beneficial ownership of Common
Stock, (ii) due authorization of a Transfer of such Common Stock, (iii) power to
Transfer such Common Stock, and (iv) non-violation of agreements, laws, etc.
relating to such Transfer of such Common Stock.

          "Permitted Transferee" shall have the meaning ascribed to such term in
           --------------------
Section 2.2(a) hereto.

          "Person" means any individual, corporation, limited liability company,
           ------
partnership, trust, joint stock company, business trust, unincorporated
association, joint venture, Governmental Authority or other entity of any nature
whatsoever.

          "Pledge Agreement" shall have the meaning ascribed to such term in
           ----------------
Section 1.4(a)(iv) hereto.

          "Proposed Transferee" shall have the meaning ascribed to such term in
           -------------------
Section 2.5(a) hereto.

          "Prospectus" means the prospectus included in the Registration
           ----------
Statement filed by the Company.
<PAGE>

                                                                             A-7

          "Public Offering" means an underwritten offering of Securities to the
           ---------------
public pursuant to an effective registration statement filed under the
Securities Act.

          "Purchaser" shall have the meaning ascribed to such term in the
           ---------
preamble to this Agreement.

          "Purchasing Party" shall have the meaning ascribed to such term in
           ----------------
Section 2.7(a) hereto.

          "Qualified Initial Public Offering" shall mean a Public Offering after
           ---------------------------------
the Effective Time pursuant to which the Class A Common Stock becomes listed on
a national securities exchange or on the NASDAQ.

          "RCBA Strategic" means RCBA Strategic Partners, L.P., a Delaware
           --------------
limited liability company, together with its successors.

          "Registration Statement" means the Registration Statement on Form S-1
           ----------------------
filed with the SEC by the Company in connection with the Offerings.

          "Regulations" means the regulations promulgated under the Code.
           -----------

          "Repurchase Notice" shall have the meaning ascribed to such term in
           -----------------
Section 2.8(a) hereto.

          "Repurchase Price" shall have the meaning ascribed to such term in
           ----------------
Section 2.8(b) hereto.

          "Required Sale Notice" shall have the meaning ascribed to such term in
           --------------------
Section 2.7(b) hereto.

          "Requiring Parties" shall have the meaning ascribed to such term in
           -----------------
Section 2.7(a) hereto.

          "Sale Notice" shall have the meaning ascribed to such term in Section
           -----------
2.9(b) hereto.

          "Securities" means (i) shares of Common Stock, (ii) Common Stock
           ----------
Equivalents and (iii) other securities of the Company other than debt securities
that are not Common Stock Equivalents.

          "Securities Act" means the Securities Act of 1933, as amended, and the
           --------------
rules and regulations promulgated thereunder, as the same may be amended from
time to time.

          "SEC" means the Securities and Exchange Commission.
           ---

          "Shares Subject to Repurchase" shall mean at any time, the Minimum
           ----------------------------
Number of Shares applicable to the Purchaser (as adjusted in good faith and on a
consistent basis by the Board of Directors to reflect any stock splits, stock
dividends, recapitalizations and other similar corporate transactions) times the
Applicable Percentage.
<PAGE>

                                                                             A-8

          "Stockholders" means RCBA Strategic, Freeman Spogli, the Purchaser,
           ------------
the Other Purchasers and all of the other holders of Common Stock.

          "Stock Power" shall have the meaning ascribed to such term in Section
           -----------
1.4(a)(iii) hereto.

          "Subsidiary" means, with respect to any Person, any corporation,
           ----------
partnership, association or other business entity of which fifty percent (50%)
or more of the total voting power of shares of capital stock entitled (without
regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof, or fifty percent (50%) or more of the
equity interest therein, is at the time owned or controlled, directly or
indirectly, by any Person or one or more of the other Subsidiaries of such
Person or a combination thereof.

          "Total Purchase Price" shall have the meaning ascribed to such term in
           --------------------
Section 1.1(a) hereto.

          "Transfer" means any transfer, sale, assignment, distribution,
           --------
exchange, mortgage, pledge, hypothecation or other disposition of any Securities
or any interest therein, including transfers by operation of law in connection
with a merger transaction or otherwise.

          "Transferring Stockholders" shall have the meaning ascribed to such
           -------------------------
term in Section 2.5(a) hereto.
<PAGE>

                                   EXHIBIT B

                          FORM OF FULL RECOURSE NOTE

                                   [to come]
<PAGE>

                                   EXHIBIT C

                           FORM OF PLEDGE AGREEMENT

                                   [to come]
<PAGE>

                                   EXHIBIT D

                              FORM OF STOCK POWER

FOR VALUE RECEIVED,_____________________________________________________________

hereby sell(s), assign(s) and transfer(s) unto__________________________________

________________________________________________________________________________

________________________________________________________________________________

(_______) Shares of the ____________ Stock of __________________ standing in
my(our) name(s) on the books of said Corporation represented by Certificate(s)
No(s).________________________________ herewith, and do(es) hereby irrevocably
constitute and appoint __________________________________ attorney to transfer
the said stock on the books of said Corporation with full power of substitution
in the premises.

Dated: ___________________________

                                             ___________________________
                                                      [Purchaser]
<PAGE>

                                   EXHIBIT E

                         FORM OF ASSUMPTION AGREEMENT

                                                [DATE]
CBRE Holding, Inc.
c/o CB Richard Ellis Services, Inc.
200 North Sepulveda Blvd., Suite 300
El Segundo, CA  90245-4380
Attention:  General Counsel

Dear Sir or Madam:

     Reference is made to the Designated Manager Subscription Agreement, dated
as of _________ ___, 2001 (the "Designated Manager Subscription Agreement"),
between CBRE Holding, Inc. and the undersigned Purchaser.  All capitalized terms
not otherwise defined herein shall have the meanings given to them in the
Designated Manager Subscription Agreement.

     In consideration of the representations, covenants and agreements contained
in the Designated Manager Subscription Agreement, the undersigned Permitted
Transferee hereby confirms and agrees that he or she shall be bound by the
following provisions thereof as if such Permitted Transferee were a Purchaser:
Articles 2 (other than Section 2.9), 3 and 4.

     Notwithstanding anything to the contrary stated herein or in the Designated
Manager Subscription Agreement, the Purchaser shall remain bound by, and subject
to, each of the provisions of the Designated Manager Subscription Agreement in
accordance with the terms thereof.

     This Assumption Agreement will be governed by, and construed in accordance
with, the laws of the State of Delaware applicable to contracts executed and to
be performed entirely within that state.

                                 Very truly yours,

                                 PERMITTED TRANSFEREE:

                                 ______________________________
                                 Name:

                                 Address:

                                 Fax Number:

                                 PURCHASER:

                                 ______________________________
                                 Name:
<PAGE>

                                   EXHIBIT F

                            SECTION 83(b) ELECTION

     Purchaser must (1) file using certified mail, return receipt requested, the
original executed copy of this statement within 30 days of the Closing Date (as
defined in Designated Manager Subscription Agreement) at the Internal Revenue
Service office where he or she will file his or her income tax return for 2001;
(2) deliver a copy of this completed and executed statement with the
subscription documents to CBRE Holding, Inc., c/o CB Richard Ellis Services,
Inc., 200 North Sepulveda Blvd., Suite 300, El Segundo, CA, 90245-4380; and (3)
attach a copy of this statement to his or her tax return for the taxable year
ending December 31, 2001.

               STATEMENT MADE PURSUANT TO UNITED STATES INTERNAL
           REVENUE CODE SECTION 83(b) AND THE REGULATIONS THEREUNDER

     I hereby elect under Internal Revenue Code Section 83(b) to include in
income for my taxable year ending December 31, 2001, the excess, if any, of the
fair market value over the amount I paid for the property described in paragraph
2 below.  In compliance with Treasury Regulations Section 1.83-2(e), I hereby
furnish the following information:

               (1) Name:________________________________________

                   Address:_____________________________________
                           _____________________________________
                           _____________________________________

                   Social Security Number:______________________

                   Employer: CB Richard Ellis Services, Inc.
                            ------------------------------------

               (2) I have acquired __________ shares in CBRE Holding, Inc., for
which this election is being made.

               (3) This election is being made for my taxable year ending
December 31, 2001. The property is to be transferred on __________, 2001.

               (4) If I terminate my employment with CB Richard Ellis Services,
Inc., my shares are subject to repurchase pursuant to the terms of the
Designated Manager Subscription Agreement.

               (5) The fair market value of my shares in CBRE Holding, Inc. is
$16.00 per share on the date of the transfer.

               (6) The price paid for my shares in CBRE Holding, Inc. is $16.00
per share.

               (7) A copy of this statement has been furnished to my employer.
<PAGE>

                                                                             E-2

               (8) I shall attach a copy of this statement to my United States
tax return for my taxable year ending December 31, 2001.

____________________________                 ________________________________
            Date                                        Signature

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