Document:

Form of Class A common stock certificate

 EXHIBIT 4.1 
 FORM OF CLASS A COMMON STOCK CERTIFICATE 
  
 [Front Side of Stock Certificate] 
  

					
	 NUMBER CB-A-
  
 CLASS A
 COMMON STOCK
 THIS CERTIFICATE IS TRANSFERABLE IN THE CITY OF NEW YORK, NEW YORK
	 	

	 	 SHARES
  
 CLASS A
 COMMON STOCK

INCORPORATED UNDER THE LAWS
OF THE STATE OF DELAWARE

  
 CB RICHARD ELLIS
GROUP, INC. 

			
	 	  	SEE REVERSE FOR CERTAIN DEFINITIONS
	 	  	CUSIP 12497T 10 1

  
 This Certifies That 
  
  
  
  
 is the owner of 
  
 FULLY PAID AND NON-ASSESSABLE SHARES OF CLASS A COMMON STOCK, $0.01 PAR VALUE PER SHARE, OF 
  
 CB RICHARD ELLIS GROUP, INC., transferable only on the books of the Corporation by the holder
hereof in person, or by duly authorized Attorney upon surrender of this Certificate properly endorsed. 
  
 This Certificate is not valid until countersigned and registered by the Transfer Agent and Registrar. 
 Witness the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers. 
  
 Dated: 
  

							
	 	  	 	  	 	  	/s/    ELLIS D REITER, JR.
	 	 	
	 	 	 	

	 COUNTERSIGNED AND REGISTERED:
	  	CORPORATE SEAL	  	 	  	SECRETARY
	THE BANK OF NEW YORK	  	 	  	 	  	 
	(New York, New York)        	  	 	  	 	  	 

  

									
	 	 	 TRANSFER AGENT
 AND REGISTRAR
	  	 	  	 	  	 

  

									
	BY	  	 /s/    [SIGNATURE OF TRANSFER AGENT AND REGISTRAR]
	  	 	  	 	  	 /s/    BRETT WHITE

	 	 	 	 	 	 	 	 	

	 	  	 AUTHORIZED SIGNATURE
	  	 	  	 	  	PRESIDENT
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 

 [Reverse Side of Stock Certificate] 
  
 A statement of the rights, preferences, privileges, and restrictions granted to or imposed upon the respective classes of
stock or series thereof and upon the holders thereof as established, from time to time, by the Certificate of Incorporation of the Corporation and by any certificate of designation, the number of shares constituting each class and the designations
thereof, may be obtained by the holder hereof upon request and without charge from the Corporation. 
  
  
 KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, OR DESTROYED THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY
AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE. 
  
 The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

																
	TEN COM	  	—	  	 as tenants in common
	  	UNIF GIFT MIN ACT	  	—	  	  

	 	Custodian                 	 	 	 
	TEN ENT	  	—	  	 as tenants by the entireties
	  	 	  	 	  	(Cust)	 	(Minor	)	 	 
	JT TEN	  	—	  	 as joint tenants with right of survivorship and not
 as tenants in common
	  	 	  	    under Uniform Gifts to Minors
    Act
                                        
                        
	 	  	 	  	 	  	 	  	 	  	 	 	(State)	 	 	 
	 	  	 	  	 	  	UNIF TRF MIN ACT	  	—	  	
	 	Custodian (until age          )	 	 	 
	 	  	 	  	 	  	 	  	 	  	(Cust)	 	 	 	 	 
	 	  	 	  	 	  	 	  	 	  	
	 	under Uniform Transfers	 	 	 
	 	  	 	  	 	  	 	  	 	  	(Minor)	 	 	 	 	 
	 	  	 	  	 	  	 	  	 	  	to Minors Act	 	  

	 	  	 	  	 	  	 	  	 	  	 	 	(State)

  
 Additional
abbreviations may also be used though not in the above list. 
  
 FOR VALUE RECEIVED,                                  hereby sell, assign
and transfer unto 
  
 PLEASE INSERT SOCIAL SECURITY OR OTHER 
       IDENTIFYING NUMBER OF ASSIGNEE 
  
  
  

 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 
  

  

  

 Shares of the Class A Common Stock represented by the within Certificate, and do hereby irrevocably constitute and appoint

  

 Attorney to transfer the
said stock on the books of the within named Corporation with full power of substitution in the premises. 
  
 Dated
                                     
  

			
	X	 	  

	X	 	  

	 NOTICE    
	 	THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
WHATEVER.

  
 Signature(s) Guaranteed

  

			
	 By
	 	  

	 THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.Amendment and Waiver to Securityholders' Agreement

 EXHIBIT 4.2(b) 
  
 AMENDMENT AND WAIVER TO SECURITYHOLDERS’ AGREEMENT 
  
 AMENDMENT AND WAIVER TO SECURITYHOLDERS’ AGREEMENT, dated as of April 14, 2004 (this “Amendment and
Waiver”), among (i) CB Richard Ellis Services, Inc., a Delaware corporation (“CBRE”), and CB Richard Ellis Group, Inc., a Delaware corporation formerly known as CBRE Holding, Inc. (the “Company”), (ii) Blum
Strategic Partners, L.P., a Delaware limited partnership formerly known as RCBA Strategic Partners, L.P. (“Strategic I”), Blum Strategic Partners II, L.P., a Delaware limited partnership (“Strategic II”), and Blum
Strategic Partners II GmbH & Co. KG, a German limited partnership (“Strategic II KG,” and together with Strategic I and Strategic II, the “Blum Funds”), (iii) 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, the “FS Entities”), (iv) DLJ Investment
Partners, L.P., a Delaware limited partnership (“DLJIP”), DLJ Investment Partners II, L.P., a Delaware limited partnership (“DLJIP II”), DLJIP II Holdings, L.P., a Delaware limited partnership (“DLJIP II
Holdings”), Stanfield Arbitrage CDO, Ltd., a special purpose limited liability company organized under the laws of the Cayman Islands (“Stanfield CDO”), Stanfield CLO, Ltd., a special purpose limited liability company
organized under the laws of the Cayman Islands (“Stanfield CLO”), Stanfield/RMF Transatlantic CDO, Ltd., a special purpose limited liability company organized under the laws of the Cayman Islands (“Stanfield/RMF”),
and Provident Financial Group, Inc., an Ohio corporation (“Provident,” and together with DLJIP, DLJIP II, DLJIP II Holdings, Stanfield CDO, Stanfield CLO, Stanfield/RMF and Provident, the “Note Investors”), (v)
California Public Employees’ Retirement System (“CalPERS”), The Koll Holding Company, a California corporation (“Koll”), and Frederic V. Malek (“Malek,” and together with CalPERS and Koll, the
“Other Non-Management Investors”), and (vi) the individuals identified on the signature pages hereto as “Management Investors” (together, the “Management Investors,” and together with the Blum Funds, FS
Entities, the Note Investors and the Other Non-Management Investors, the “Investors”). 
  
 RECITALS: 
  
 A. The Company, CBRE and the Investors are parties to a Securityholders’ Agreement, dated as of July 20, 2001 (the “Securityholders’ Agreement”; capitalized terms used herein and not otherwise defined have the
meanings ascribed thereto in the Securityholders’ Agreement), which provides for, among other things, the registration of shares of Common Stock held by the Investors, upon the terms and subject to the conditions set forth therein; 

 
 B. On February 17, 2004, the Company filed a Registration Statement on
Form S-1 (No. 333-112867) (as may be amended from time to time, together with any related Registration Statement on Form S-1 filed by the Company pursuant to Rule 462(b) of the Securities Act, the “Registration Statement”) with the
SEC pursuant to the Securities Act in connection with a potential underwritten public offering of shares of the Class A Common Stock (the “Potential IPO”), including the offering and sale of shares of the Class A Common Stock to the
underwriters for the Potential IPO (the “Underwriters”) on a firm commitment basis (the “Firm Commitment Shares”) and the potential offering and sale of shares of the Class A Common Stock in connection with any
exercise by the Underwriters of their option to purchase additional shares to cover over-allotments (the “Over-Allotment Shares”); and 

 C. The parties hereto wish to amend and waive certain provisions in the Securityholders’ Agreement
in connection with, and to provide for certain matters relating to, the Potential IPO. 
  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto agree as follows: 
  

Section 1. Waiver of Advance Notice. Each of the Investors hereby waives the requirement of the Company set forth in Section 3.2(a) of the
Securityholders’ Agreement to notify all Holders of Registrable Securities in writing at least fifteen (15) days prior to the initial filing of the Registration Statement. 
  
 Section 2. Conversion Notice. Pursuant to paragraph 8(a) of Article Fourth of the Certificate of Incorporation, each
of the Blum Funds, the FS Entities, Koll, Malek and the Management Investors hereby requests the conversion of all of the shares of Class B Common Stock held by it or him on a share for share basis into the same number of shares of Class A Common
Stock effective immediately prior to the completion of the Potential IPO, which time of effectiveness shall be the “Class B Conversion Time” (as defined in the Certificate of Incorporation); provided, however, that this
Section 2 shall cease to be effective, and the notice provided hereby shall be null and void and of no further force and effect, if the completion of the Potential IPO shall not occur prior to July 31, 2004 or the Registration Statement shall be
withdrawn by the Company prior to such date. 
  
 Section 3.
Allocation of Shares for Sale in Potential IPO. (a) Notwithstanding anything to the contrary that may be set forth in the Securityholders’ Agreement (including, without limitation, Section 3.2 thereto), each of the Company and the
Investors hereby agrees that the shares of Class A Common Stock to be issued and sold by the Company and to be sold by the Selling Investors (as defined below) in the Potential IPO shall be allocated as follows: 
  
 (i) The Company shall issue and sell Firm Commitment Shares
in the Potential IPO with an aggregate Value (as defined below) of up to $150 million (the “Company Allocation”) and shall not issue or sell any additional shares of its capital stock in the Potential IPO. 
  
 (ii) The Company, in consultation with the representatives
of the Underwriters, shall determine the number of Firm Commitment Shares to be offered in the Potential IPO and the number of Over-Allotment Shares that the Underwriters will have an option to purchase to cover over-allotments, if any (the
“Over-Allotment Offering Size”). If and to the extent the representatives of the Underwriters advise the Company that the offering in the Potential IPO of an aggregate Value of Firm Commitment Shares (the “Firm Commitment
Offering Size”) greater than the Company Allocation would not have an adverse effect on the price, timing or distribution of the shares of Class A Common Stock to be offered in the Potential IPO, the Selling Investors, in the aggregate,
shall be entitled to sell, and hereby agree to sell, shares of Class A Common Stock in the Potential IPO with an aggregate Value equal to the excess of the Firm Commitment Offering Size over the Company Allocation (such excess, the
“Investors Firm Commitment Allocation”), with the Investors Firm Commitment 
  

 2 

 Allocation to be allocated among the Selling Investors as set forth in clause (iii) of this Section 3(a).
If and to the extent the representatives of the Underwriters elect to exercise the Underwriters’ over-allotment option and purchase some or all of the Over-Allotment Shares on one or more occasions, the Selling Investors, in the aggregate, on
each such exercise shall be entitled to sell, and hereby agree to sell, to the Underwriters the Over-Allotment Shares with respect to such exercise (each such sale pursuant to an exercise of the over-allotment option, an “Investors
Over-Allotment Allocation”), with such Investors Over-Allotment Allocation to be allocated among the Selling Investors as set forth in clause (iii) of this Section 3(a). 
  
 (iii) Each of the Investors Firm Commitment Allocation (if any) and the Investors Over-Allotment Allocations
(if any) will be allocated among the Selling Investors on a pro rata basis, which for each Selling Investor (subject to such Selling Investor’s compliance with Section 3(b) hereto) shall be the ratio of (A) the total number of shares of Class A
Common Stock owned by such Selling Investor (including for these purposes all shares of Class A Common Stock issuable upon conversion of shares of Class B Common Stock pursuant to Section 2 hereto and upon exercise of outstanding warrants) to (B)
the total number of shares of Class A Common Stock owned by all of the Selling Investors participating in the Potential IPO (including for these purposes all shares of Class A Common Stock issuable upon conversion of shares of Class B Common Stock
pursuant to Section 2 hereto and upon exercise of outstanding warrants). Assuming the accuracy of the representations and warranties of the Selling Investors in Section 6(a) hereto and the absence of Transfers of Restricted Securities by the Selling
Investors between the date hereof and the date of execution of the Underwriting Agreement (as defined below), Schedule I attached hereto reflects the pro rata allocation of each of the Selling Investors reflected as a percentage of the
shares of Class A Common Stock to be included in each of the Investors Firm Commitment Allocation or the Investors Over-Allotment Allocation (in each case, subject to the assumptions set forth in such schedule). 
  
 (iv) Each of the Management Investors hereby waives his
right set forth in Section 3.2 of the Securityholders’ Agreement to sell shares of Common Stock in the Potential IPO (including, without limitation, the sale of any Firm Commitment Shares and the sale of any Over-Allotment Shares). 

 
 (v) For purposes of this Section 3, (A)
“Value” shall mean the price to the public per share of Class A Common Stock that is offered in the Potential IPO and (B) “Selling Investors” shall mean the Investors other than the Management Investors.

  
 (b) Each of the Selling Investors hereby agrees to (i)
participate in the Potential IPO in the manner set forth in Section 3(a) hereto, (ii) execute and deliver to the representatives of the Underwriters an underwriting agreement in customary form reasonably satisfactory to such Selling Investor (the
“Underwriting Agreement”) and (iii) execute and deliver such other documentation and instruments as such representatives shall reasonably request from such Selling Investor pursuant to the Underwriting Agreement, including, without
limitation, a customary custody agreement relating to the deposit of the shares of Class A 
  

 3 

 Common Stock to be sold by such Selling Investor in the Potential IPO, a customary power of attorney appointing an
attorney-in-fact for such Selling Investor, customary opinions of counsel, the original stock certificate or certificates representing such shares and one or more stock powers with respect to such shares. 
  
 (c) Each of the Company and the Selling Investors acknowledges and agrees
that the provisions of this Section 3 shall constitute the written notice required to be delivered by each of the Selling Investors desiring to include in the Registration Statement any of the Registrable Securities held by it or him pursuant to
Section 3.2 of the Securityholders’ Agreement and that the disposition of shares of Common Stock in the Potential IPO, as described in the Registration Statement, shall be the method of disposition for the Investors. 
  
 (d) Each of the Selling Investors agrees and acknowledges that the Company
shall have sole authority and discretion with respect to the determination of each of the following matters with respect to the Potential IPO: (i) the Firm Commitment Offering Size, (ii) the Over-Allotment Offering Size, (iii) the Value, (iv) the
identities of the Underwriters, (v) the timing of the filing of the Registration Statement and any amendments and exhibits to the Registration Statement, the timing of the filing, printing and distribution of any preliminary prospectus, definitive
prospectus or prospectus supplement and the timing of any road show or other selling efforts, (vi) the contents of the Registration Statement, including, without limitation, any prospectus contained therein and any exhibits filed therewith
(provided, however, that each of the Selling Investors shall be entitled to review the Registration Statement in advance of each filing thereof and provide comments with respect to any portions thereof with respect to which such
Selling Investor would be required to indemnify the Company or any of the Underwriters pursuant to the Securityholders’ Agreement or the Underwriting Agreement if such portion contained a material misstatement or omission), (vii) the method and
manner of the disposition of shares of Class A Common Stock in the Potential IPO and (viii) whether to terminate the Potential IPO and/or withdraw the Registration Statement. 
  
 (e) Except as set forth in this Section 3, the provisions of Article III of the Securityholders’ Agreement shall remain
unchanged and shall apply to the Potential IPO with respect to each of the Company and the Investors. 
  
 (f) For the avoidance of doubt, it is understood by each of the parties hereto that none of the provisions set forth in this Section 3 or in
Schedule I or Schedule II to this Agreement reflect any subdivision (by stock split or otherwise) of the shares of Common Stock. In the event of any such subdivision prior to the closing of the Potential IPO, the
provisions in this Section 3 and in Schedule I and Schedule II will be adjusted proportionately to reflect such subdivision. 
  
 Section 4. Acknowledgment Regarding Section 3.1 of the Securityholders’ Agreement. Each of the Company and the Investors acknowledge that the
participation by the Selling Investors in the Potential IPO, as contemplated by Section 3 hereto and the Registration Statement, shall not constitute a registration requested by any of such Selling Investors pursuant to Section 3.1 of the
Securityholders’ Agreement. 
  

 4 

 Section 5. Amendments Related to Potential IPO. (a) Subject to Section 5(b), each of the Company,
CBRE and the Investors agrees as follows: 
  
 (i)
The phrase “(iii) Note Investor Holders holding not less than 25% of the Registrable Securities then outstanding held by the Note Investor Holders” contained in the first sentence of Section 3.1(a) of the Securityholders’ Agreement
shall be amended and restated as follows: “(iii) [Intentionally Omitted]”. 
  
 (ii) The phrase “(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” contained in Section 3.1(c)(ii) of the Securityholders’ Agreement shall be amended and restated as follows: “(z) [Intentionally Omitted]”.

  
 (iii) The phrase “(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)” contained in Section 3.3 of the Securityholders’
Agreement shall be amended and restated as follows: “(z) [Intentionally Omitted]”. 
  
 (iv) The phrase “all FS Holders in the case of clause (y) and all Note Investor Holders in the case of clause (z)” contained in
Section 3.3 of the Securityholders’ Agreement shall be amended and restated as follows: “and all FS Holders in the case of clause (y)”. 
  
 (v) The percentage “2%” contained in the first sentence of Section 3.7 of the Securityholders’ Agreement shall be amended
and restated as follows: “0.5%”. 
  
 (b) Notwithstanding
anything in this Amendment and Waiver to the contrary, the effectiveness of the amendments set forth in Section 5(a) is conditioned upon the completion of the Potential IPO prior to July 31, 2004. In the event such condition is not satisfied or in
the event the Registration Statement shall be withdrawn by the Company prior to such date, the amendments set forth in Section 5(a) shall be null, void and of no effect. 
  
 Section 6. Other Amendments. (a) Each of the Company, CBRE and the Investors agrees that the last sentence of Section
4.2 of the Securityholders’ Agreement shall be amended and restated in its entirety, effective as of the date hereof, as follows: “Each Securityholder that is a Class B Securityholder (other than Malek) immediately prior to an IPO hereby
agrees that, at all times after an 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.” 
  

 5 

 (b) Each of the Company, CBRE and the Investors agrees that Section 6.3 of the Securityholders’
Agreement shall be amended and restated in its entirety, effective as of the date hereof, as follows: 
  
 “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 Group, Inc. 
 865 South Figueroa Street, Suite 3400 
 Los Angeles, CA 90017 
 Attn: Chief Executive Officer 
 Fax: (415) 733-5555 
  
 with a copy to (which copy shall not be deemed notice pursuant to this Section 6.3): 
  
 Simpson Thacher & Bartlett LLP 
 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: General Counsel 
 Fax: (415) 288-7293 
  
 with a copy to (which copy shall not be deemed notice
pursuant to this Section 6.3): 
  
 Simpson
Thacher & Bartlett LLP 
 3330 Hillview Avenue 
 Palo Alto, CA 94304 
 Attn: Richard Capelouto 
 Fax: (650) 251-5002 
  

 6 

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

  
 Wilmer Cutler Pickering LLP 
 2445 M St., N.W. 
 Washington D.C. 20037 
 Attn: Eric Markus 
 Fax: (202) 663-6363 
  
 (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): 
  
 Bingham McCutchen LLP 
 California Plaza 
 29th Floor, 300 South Grand Ave. 
 Los Angeles, CA 90071 
 Attn: Roger H. Lustberg 
 Fax: (213) 830-8601 
  
 (d) If to Koll: 
  
 4343 Von Karman Avenue 
 Newport Beach, CA 92660 
 Attn: Syd Buck 
 Fax: (949) 250-4344 
  
 (e) If to any of the Management Parties: 
  
 CB Richard Ellis Group, Inc. 
 865 South Figueroa Street, Suite 3400 
 Los Angeles, CA 90017 
 Fax: (415) 733-5555 
  

 7 

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

  
 O’Melveny & Myers LLP 
 610 Newport Center Drive, 17th Floor 
 Newport Beach, CA 92660-6429 
 Attn: Gary J. Singer 
 Fax: (949) 823-6994 
  
 (f) If to Malek: 
  
 1259 Crest Lane 
 McLean, VA 22101 
 Fax: (202) 371-0391 
  
 with a copy to
(which copy shall not be deemed notice pursuant to this Section 6.3): 
  
 Katten Muchin Zavis Rosenman 
 1025 Thomas Jefferson Street, NW 
 East Lobby, Suite 700 
 Washington, DC 20007 
 Attn: Terrance Bessey 
 Fax: (202) 298-7570 
  
 (g) If to DLJIP, DLJIP II or DLJIP II Holdings: 
  
 11 Madison Avenue 
 16th Floor 
 New York, NY 10010-3629 
 Attn: Charles Harper 
 Fax: (212) 448-3415 
  
 with a copy to (which copy shall not be deemed notice pursuant to this Section 6.3): 
  
 Credit Suisse First Boston 
 11 Madison Avenue 
 New York, NY 10010-3629 
 Attn: Mina Yu 
 Fax: (646) 935-7491 
  

 8 

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

  
 Cahill Gordon & Reindel LLP 

80 Pine Street 
 New York, NY 10005-1702 
 Attn: John J. Schuster 
 Fax: (212) 378-2332 
  
 (h) If to CalPERS: 
  
 California Public Employees’ Retirement System 
 Lincoln Plaza 
 400 P Street, Rm. 3492 
 Sacramento, CA 95814 
 Attn:   Rick Hayes 
 Leon Shahinian 
 Joncarlo Mark 
 Marte Castanos 
 Fax: (916) 326-3344 
  
 with a copy to
(which copy shall not be deemed notice pursuant to this Section 6.3): 
  
 Orrick, Herrington & Sutcliffe LLP 
 666 Fifth Avenue 
 New York, NY 10103 
 Attn: Christopher Locke 
 Fax: (212) 506-5151 
  
 (i) If to Stanfield CDO, Stanfield CLO or Stanfield/RMF: 
  
 c/o Stanfield Capital Partners LLC 
 430 Park Avenue, 12th Floor 
 New York, NY 10022 
 Attn: Jamie Donsky 
 Fax: (212) 891-9650 
  
 with a copy to
(which copy shall not be deemed notice pursuant to this Section 6.3): 
  
 Richards Spears Kibbe & Orbe LLP 
 One World Financial Center 
 New York, New York 10281-1003 
 Attn: Eric O’Meara, Esq. 
 Fax: (212) 530-1801 
  

 9 

 (j) If to Provident: 
  
 One East Fourth Street 
 M/S 213A 
 Cincinnati, Ohio 45202 
 Attn: Chris Gribble 
 Fax: (513) 579-2858 
  
 with a copy to (which copy shall not be deemed notice pursuant to this Section 6.3): 
  
 309 Vine Street 
 M/S 255D 
 Cincinnati, Ohio 45202 
 Attn: Liz Halvorsen 
 Fax: (513) 639-5524” 
  
 (c) Each of the Company, CBRE and the Investors agrees that Exhibit A of the Securityholders’ Agreement shall be amended and restated in its
entirety, effective as of the date hereof, as set forth in Exhibit A hereto. 
  
 Section 7. Representations and Warranties of the Investors. Each of the Investors represents and warrants, severally and not jointly, to the Company and the other Investors as follows: 
  
 (a) The total number of shares of outstanding Common Stock owned by such
Investor and the total number of shares of Common Stock underlying outstanding options, warrants and stock fund units owned by, or allocated to, such Investor, in each case as of the date hereof, is accurately set forth opposite such Investor’s
name on Schedule II hereto. 
  
 (b) If such Investor
is a natural person, such Investor has caused his spouse to execute and deliver to the Company on the date hereof a Consent of Spouse in the form attached hereto as Exhibit B. 
  
 Section 8. Miscellaneous Provisions. 
  
 (a) 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 reasonably necessary in order to give full effect to this Amendment and Waiver. 
  
 (b) Notwithstanding anything in this Amendment and Waiver to the contrary,
except as expressly set forth herein, the Securityholders’ Agreement shall remain in full force and effect without amendment or modification thereof. 
  

 10 

 (c) This Amendment and Waiver 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. 
  
 (d) This Amendment and Waiver 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. 
  
 (e) This Amendment and Waiver, together with the Securityholders’
Agreement, sets forth the entire understanding of the parties hereto with respect to the subject matter hereof. The Company acknowledges and agrees that it shall not enter into any side letter or similar agreement with any of the Selling Investors
after the date hereof that has the effect of establishing rights or otherwise benefiting such Selling Investor in a manner more favorable in any material respect to such Selling Investor than the rights and benefits established in favor of the
Selling Investors by Section 3 of this Amendment and Waiver unless, in any such case, each of the other Selling Investors is also offered the opportunity to receive such rights and benefits. 
  
 (f) The section headings contained in this Amendment and Waiver are for
reference purposes only and will not affect the meaning or interpretation of this Amendment and Waiver. 
  
 (g) 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. 
  
 (h) This Amendment and Waiver 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. 
  
 [remainder of the page intentionally left blank] 
  

 11 

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

			
	 CB RICHARD ELLIS GROUP, INC.

		
	By:	 	 /S/    KENNETH J. KAY

	 	 	

	 	 	 Name: Kenneth J. Kay
 Title:   Chief Financial Officer

  
  

			
	 CB RICHARD ELLIS SERVICES, INC.

		
	By:	 	 /S/    KENNETH J. KAY

	 	 	

	 	 	 Name: Kenneth J. Kay
 Title:   Chief Financial Officer

			
	 BLUM STRATEGIC PARTNERS, L.P.

		
	 By:
	 	 Blum Strategic GP, L.L.C., its general partner

		
	By:	 	 /S/    GREGORY HITCHAN

	 	 	

	 	 	 Name: Gregory Hitchan
 Title:   General Counsel

  
  

			
	 BLUM STRATEGIC PARTNERS II, L.P.

		
	 By:
	 	 Blum Strategic GP II, L.L.C., its general partner

		
	By:	 	 /S/    GREGORY HITCHAN

	 	 	

	 	 	 Name: Gregory Hitchan
 Title:   General Counsel

  
  

			
	BLUM STRATEGIC PARTNERS II GMBH & CO. KG
		
	 By:
	 	Blum Strategic GP II, L.L.C., its managing limited partner
		
	By:	 	 /S/    GREGORY HITCHAN

	 	 	

	 	 	 Name: Gregory Hitchan
 Title:   General Counsel

					
	 FS EQUITY PARTNERS III, L.P.

		
	By:	 	FS Capital Partners, L.P., its general partner
			
	 	 	By:	 	 FS Holdings, Inc., its general partner

		
	By:	 	 /S/    JAMES F.
SIMMONS        

	 	 	

	 	 	 Name:
	 	 James F. Simmons

	 	 	 Title:
	 	 Chief Financial Officer

  
  

					
	 FS EQUITY PARTNERS INTERNATIONAL, L.P.

		
	By:	 	FS&Co. International, L.P., its general partner
			
	 	 	By:	 	FS International Holdings Limited, its general partner
		
	By:	 	 /S/    JAMES F.
SIMMONS        

	 	 	

	 	 	 Name:
	 	 James F. Simmons

	 	 	 Title:
	 	 Vice President and Treasurer

  

 14 

			
	 DLJ INVESTMENT PARTNERS, L.P.

		
	By:	 	DLJ Investment Partners II, Inc., its managing general partner
		
	By:	 	 /S/    CHARLES W.
HARPER        

	 	 	

	 	 	 Name: Charles W. Harper

	 	 	 Title:   Principal

  
  

			
	 DLJ INVESTMENT PARTNERS II, L.P.

		
	By:	 	DLJ Investment Partners II, Inc., its managing general partner
		
	By:	 	 /S/    CHARLES W.
HARPER        

	 	 	

	 	 	 Name: Charles W. Harper

	 	 	 Title:   Principal

  
  

			
	 DLJIP II HOLDINGS, L.P.

		
	By:	 	DLJ Investment Partners II, Inc., its general partner
		
	By:	 	 /S/    CHARLES W.
HARPER        

	 	 	

	 	 	 Name: Charles W. Harper

	 	 	 Title:   Principal

			
	 PROVIDENT FINANCIAL GROUP, INC.

		
	By:	 	 /S/    JAMES L.
GERTIE        

	 	 	

	 	 	 Name: James L. Gertie

	 	 	 Title:   EVP, Chief Credit and Risk Officer

  
  

			
	STANFIELD ARBITRAGE CDO, LTD.
		
	By:	 	Stanfield Capital Partners LLC, as Collateral Manager
		
	By:	 	 /S/    CHRISTOPHER E.
JANSEN        

	 	 	

	 	 	 Name: Christopher E. Jansen

	 	 	 Title:   Managing Partner

  
  

			
	STANFIELD CLO, LTD.
		
	By:	 	Stanfield Capital Partners LLC, as Collateral Manager
		
	By:	 	 /S/    CHRISTOPHER E.
JANSEN        

	 	 	

	 	 	 Name: Christopher E. Jansen

	 	 	 Title:   Managing Partner

  
  

			
	STANFIELD/RMF TRANSATLANTIC CDO, LTD.
		
	By:	 	Stanfield Capital Partners LLC, as Collateral Manager
		
	By:	 	 /S/    CHRISTOPHER E.
JANSEN        

	 	 	

	 	 	 Name: Christopher E. Jansen

	 	 	 Title:   Managing Director

			
	CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM
		
	By:	 	 /S/    JONCARLO
MARK        

	 	 	

	 	 	 Name: Joncarlo Mark

	 	 	 Title:   Portfolio Manager

  
  

			
	THE KOLL HOLDING COMPANY
		
	By:	 	 /S/    SYDNEY E.
BUCK        

	 	 	

	 	 	 Name: Sydney E. Buck

	 	 	 Title: Attorney-in-Fact for Donald M. Koll,       President

  

	
	 /S/    FREDERIC V.
MALEK        

	

	 Frederic V. Malek

  
  

	
	 MANAGEMENT INVESTORS:

	
	 /S/    RAYMOND E.
WIRTA        

	

	 Raymond E. Wirta

  

	
	 /S/    W. BRETT
WHITE        

	

	 W. Brett White

 Exhibit A 
  
 FORM OF ASSUMPTION AGREEMENT 
  

                 ,
         
  
 To the Parties to the Securityholders’ Agreement 
 dated as of July 20, 2001, amended
as of April 
 14, 2004 and as may be further amended from 
 time to time 
  
 Dear Sirs or Madams: 
  
 Reference is made to the Securityholders’ Agreement, dated as of July 20, 2001 and amended as of April 14, 2004 (as may be further amended from time
to time, the “Securityholders’ Agreement”), among CB Richard Ellis Services, Inc., a Delaware corporation; CB Richard Ellis Group, Inc., a Delaware corporation formerly known as CBRE Holding, Inc.; Blum Strategic Partners,
L.P., a Delaware limited partnership formerly known as RCBA Strategic Partners, L.P.; Blum Strategic Partners II, L.P., a Delaware limited partnership; Blum Strategic Partners II GmbH & Co. KG, a German limited partnership; FS Equity Partners
III, L.P., a Delaware limited partnership; FS Equity Partners International, L.P., a Delaware limited partnership; DLJ Investment Partners, L.P., a Delaware limited partnership; DLJ Investment Partners II, L.P., a Delaware limited partnership; DLJIP
II Holdings, L.P., a Delaware limited partnership; Stanfield Arbitrage CDO, Ltd., a special purpose limited liability company organized under the laws of the Cayman Islands; Stanfield CLO, Ltd., a special purpose limited liability company organized
under the laws of the Cayman Islands; Stanfield/RMF Transatlantic CDO, Ltd., a special purpose limited liability company organized under the laws of the Cayman Islands; Provident Financial Group, Inc., an Ohio corporation; California Public
Employees’ Retirement System; The Koll Holding Company, a California corporation; 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. If the undersigned is a natural person and is
married, the undersigned is delivering to the Company on the date hereof a Consent of Spouse executed by the undersigned’s spouse. If the undersigned is a natural person and becomes married after the date hereof, the undersigned will promptly
thereafter deliver to the Company a Consent of Spouse executed by the undersigned’s spouse. 

 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] 
  
 Section 6.3 Notice Information: 
  

			
		
	 Address:
	 	 
	 	 	

	 	 	 
	

	 	 	 
	

	 Attn:
	 	 
	 	 	

	 Fax:
	 	 
	 	 	

  

 A-2 

 FORM OF CONSENT OF SPOUSE 
  
 In consideration of the execution of the foregoing Amendment and Waiver of Securityholders’ Agreement among CB Richard
Ellis Group, Inc., CB Richard Ellis Services, Inc. and the other parties thereto, I,                     , the spouse of
                    , do hereby join with my spouse in executing the foregoing Amendment and Waiver of Securityholders’ Agreement and do
hereby agree to be bound by all of the terms and provisions thereof. 
  

					
			
	Dated as of                  ,         	 	 	 	  
	 	 	 	 	

	 	 	 	 	 Name:

  

 A-3 

 Exhibit B 
  
 CONSENT OF SPOUSE 
  
 In consideration of the execution of the foregoing Amendment and Waiver of Securityholders’ Agreement among CB Richard Ellis Group, Inc., CB Richard
Ellis Services, Inc. and the other parties thereto, I,                     , the spouse of
                    , do hereby join with my spouse in executing the foregoing Amendment and Waiver of Securityholders’ Agreement and do
hereby agree to be bound by all of the terms and provisions thereof. 
  

					
			
	 Dated as of April 14, 2004
	 	 	 	  
	 	 	 	 	

	 	 	 	 	 Name:

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