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Exhibit 11
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ANTI-DILUTION AGREEMENT
BETWEEN
CBRE HOLDING, INC.
AND
CREDIT SUISSE FIRST BOSTON CORPORATION
DATED AS OF JULY 20, 2001
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TABLE OF CONTENTS(2)
Page
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SECTION 1.............................................................Authorization of Shares
SECTION 2....................................................................Payment of Taxes
SECTION 3...................................................Obtaining Stock Exchange Listings
SECTION 4......................................................Adjustment of Number of Shares
SECTION 5................................................................Fractional Interests
SECTION 6..................................................................Notices to Holders
SECTION 7......................................................Notices to Company and Holders
SECTION 8..........................................................Supplements and Amendments
SECTION 9..........................................................................Successors
SECTION 10........................................................................Termination
SECTION 11......................................................................Governing Law
SECTION 12.........................................................Benefits of this Agreement
SECTION 13.......................................................................Counterparts
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(2) This Table of Contents does not constitute a part of this Agreement or
have any bearing upon the interpretation of any of its terms or
provisions.
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ANTI-DILUTION AGREEMENT (the "Anti-Dilution Agreement" or this
"Agreement") dated as of July 20, 2001 (the "Issue Date") by and between CBRE
Holding, Inc., a Delaware corporation (the "Company"), and Credit Suisse First
Boston Corporation (together with their successors and assigns, the "Holders").
Terms defined in the Purchase Agreement (the "Purchase
Agreement") dated June 29, 2001 between the Company and Credit Suisse First
Boston Corporation (the "Purchaser") unless defined herein are used as therein
defined.
WHEREAS, pursuant to the Purchase Agreement and the Commitment
Letter (as described in the Purchase Agreement) the Company proposes to issue
shares of Class A common stock (the "Class A Common Stock") representing 2.867%
of the fully diluted common equity of the Company (which is the sum of (i) the
total number of shares of common stock of the Company of any class or series
(the "Common Stock) and (ii) the total number of shares of Common Stock into
which securities of the Company are convertible or for which securities of the
Company are exercisable and outstanding on the Issue Date), in connection with a
private placement of the Company's 16% Senior Notes Due July 20, 2011;
NOW, THEREFORE, in consideration of the promises and the mutual
agreements herein set forth, the parties hereto agree as follows:
I. AUTHORIZATION OF SHARES. THE COMPANY COVENANTS THAT ALL SHARES OF COMMON
STOCK ISSUED AND PAID FOR AS PROVIDED IN THE PURCHASE AGREEMENT
(TOGETHER WITH ANY SHARES OF COMMON STOCK ISSUED UPON EXERCISE OF THE
ADJUSTMENT RIGHT PROVIDED IN THIS AGREEMENT, THE "SHARES") WILL, UPON
ISSUE, BE FULLY PAID, NONASSESSABLE, FREE OF PREEMPTIVE RIGHTS AND FREE
FROM ALL TAXES, LIENS, CHARGES AND SECURITY INTERESTS WITH RESPECT TO
THE ISSUE THEREOF.
II. PAYMENT OF TAXES. THE COMPANY WILL PAY ALL DOCUMENTARY STAMP TAXES
ATTRIBUTABLE TO THE INITIAL ISSUANCE OF SHARES.
III. OBTAINING STOCK EXCHANGE LISTINGS. THE COMPANY WILL FROM TIME TO TIME
TAKE ALL ACTION WHICH MAY BE NECESSARY SO THAT THE SHARES WILL BE LISTED
ON THE PRINCIPAL SECURITIES EXCHANGES AND MARKETS (INCLUDING ANY
AUTOMATED QUOTATION MARKET) WITHIN THE UNITED STATES OF AMERICA, IF ANY,
ON WHICH OTHER SHARES OF COMMON STOCK ARE THEN LISTED.
IV. ADJUSTMENT OF NUMBER OF SHARES. IN THE EVENT AN ADJUSTMENT IS REQUIRED
UNDER THE TERMS OF THIS SECTION 4, EACH HOLDER OF SHARES SHALL HAVE THE
RIGHT (THE "ADJUSTMENT RIGHT") TO PURCHASE, AT A PRICE EQUAL TO THEIR
PAR VALUE, ANY OR ALL OF THAT NUMBER OF SHARES OF CLASS A COMMON STOCK
DETERMINED PURSUANT TO THE FORMULAS SET OUT IN THIS SECTION 4. FOR
PURPOSES OF THIS SECTION 4 ONLY, "COMMON STOCK" MEANS SHARES NOW OR
HEREAFTER AUTHORIZED OF ANY CLASS OF COMMON STOCK
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AND ANY OTHER STOCK OF THE COMPANY, HOWEVER DESIGNATED, THAT HAS THE
RIGHT (SUBJECT TO ANY PRIOR RIGHTS OF ANY CLASS OR SERIES OF PREFERRED
STOCK) TO PARTICIPATE IN ANY DISTRIBUTION OF THE ASSETS OR EARNINGS OF
THE COMPANY WITHOUT PREFERENCE OR LIMIT AS TO PER SHARE AMOUNT. ANY
SECURITIES ACQUIRED BY A HOLDER OF SHARES PURSUANT TO THE ADJUSTMENT
PROVISIONS SET FORTH BELOW SHALL CONSTITUTE SHARES FOR ALL PURPOSES OF
THIS AGREEMENT (INCLUDING, WITHOUT LIMITATION, THIS SECTION 4). FOR ALL
PURPOSES OF THIS AGREEMENT, SHARES OF CLASS A COMMON STOCK AND SHARES OF
CLASS B COMMON STOCK SHALL BE DEEMED TO HAVE THE SAME VALUE.
A. Adjustment for Common Stock Issue.
If the Company issues shares of Common Stock for a consideration
per share less than the current market price per share on the date the Company
fixes the offering price of such additional shares, the number of Shares held by
a Holder of Shares upon exercise in full of such Holder's Adjustment Right shall
be determined in accordance with the following formula:
N' = N x A
---
O + P
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M
where:
N' = the adjusted number of Shares which would be held by such Holder
upon exercise in full of such Holder's Adjustment Right.
N = the then current number of Shares held by such Holder.
O = the number of shares of Common Stock outstanding on a fully
diluted basis immediately prior to the issuance of such additional
shares.
P = the aggregate consideration received for the issuance of such
additional shares.
M = the current market price per share of Common Stock on the date of
sale of such additional shares.
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A = the number of shares of Common Stock outstanding on a fully
diluted basis immediately prior to the issuance of such additional
shares, plus the number of shares issued in connection with such
issuance.
The adjustment shall be made successively whenever any such
issuance is made, and shall become effective immediately after such issuance.
This subsection (a) does not apply to:
1. the conversion or exchange of options, warrants or other securities
convertible or exchangeable for Common Stock,
2. Common Stock issued to shareholders of any person which merges into the
Company, or with a subsidiary of the Company, in connection with the acquisition
of such person or otherwise issued in consideration of the Company's or any of
its subsidiaries' acquisition of another person or business,
3. Common Stock issued in a bona fide public offering pursuant to a firm
commitment underwriting,
4. Common Stock issued to the Holders,
5. Common Stock issued pursuant to employee stock purchase programs meeting
the requirements of Section 423 of the Internal Revenue Code of 1986, as
amended, and
6. Common Stock issued to all holders of Common Stock in connection with
any stock split, stock dividend or other recapitalization of the Company.
B. Adjustment for Convertible Securities Issue.
If the Company issues any options, warrants or other securities
convertible into or exchangeable for Common Stock (including stock fund units
issued under employee plans of the Company or any of its subsidiaries) for a
consideration per share of Common Stock initially deliverable upon conversion or
exchange of such securities less than the current market price per share on the
date of issuance of such securities, the number of Shares held by a Holder of
Shares upon exercise in full of such Holder's Adjustment Right shall be
determined in accordance with the following formula:
N' = N x O + D
-------
O + P
---
M x C
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where:
N' = the adjusted number of Shares which would be held by such Holder
upon exercise in full of such Holder's Adjustment Right.
N = the then current number of Shares held by such Holder.
O = the number of shares of Common Stock outstanding on a fully
diluted basis immediately prior to the issuance of such securities.
P = the aggregate consideration received for the issuance of such
securities.
M = the current market price per share of Common Stock on the date of
sale of such securities.
D = the maximum number of shares of Common Stock deliverable upon
conversion or in exchange for such securities at the initial
conversion or exchange rate.
C = the maximum number of shares of Common Stock into which one share
of each such security is convertible into.
The adjustment shall be made successively whenever any such
issuance is made, and shall become effective immediately after such issuance.
If all of the Common Stock deliverable upon conversion, exercise
or exchange of such securities have not been issued when such securities are no
longer outstanding, then the number of shares issuable upon exercise of future
Adjustment Rights shall be reduced, pro rata for all the Holders, in an amount
equal to the difference between (x) the number of Shares issuable upon exercise
of the Adjustment Right resulting from the issuance of such options, warrants or
other convertible or exchangeable securities and (y) the number of Shares which
would then be issuable had the adjustment upon the issuance of such options,
warrants or other convertible or exchangeable securities been made on the basis
of the actual number of shares of Common Stock issued upon conversion, exercise
or exchange of such securities.
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This subsection (b) does not apply to:
1. convertible securities issued to shareholders of any person which merges
into the Company, or with a subsidiary of the Company, in connection with the
acquisition of such person or otherwise issued in consideration of the Company's
or any of its subsidiaries' acquisition of another person or business,
2. convertible securities issued in a bona fide public offering pursuant to
a firm commitment underwriting,
3. convertible securities issued to the Holders, and
4. convertible securities issued to all holders of Common Stock in
connection with any stock split, stock dividend or other recapitalization of the
Company.
C. Current Market Price.
In subsections (a) and (b) of this Section 4, the current market
price per share of Common Stock on any date is the average of the Quoted Prices
of the Common Stock for 30 consecutive trading days commencing 45 trading days
before the date in question. The "Quoted Price" of the Common Stock is the last
reported sales price of the Common Stock on a securities exchange if the Common
Stock is then listed on a securities exchange, which shall be for consolidated
trading if applicable to such exchange, the last reported sales price of the
Common Stock as reported by Nasdaq, National Market System or, if neither so
reported or listed, the last reported bid price of the Common Stock. In the
absence of one or more such quotations, the Board of Directors of the Company
shall determine the current market price (i) based on the most recently
completed arm's-length transaction between the Company and a person other than
an Affiliate of the Company and the closing of which occurs on such date or
shall have occurred within the six months preceding such date; provided,
however, that the issuance and sale of the Shares at an implied price of $16.0
per share pursuant to the Purchase Agreement shall be deemed to have been an
arm's-length transaction between the Company and a person other than an
Affiliate of the Company, (ii) if no such transaction shall have occurred on
such date or within such six-month period, the value of the security most
recently determined as of a date within the six months preceding such date by
Xxxxxxxx Xxxxx Xxxxxx & Xxxxx Financial Advisors, Inc., or another nationally
recognized investment banking firm or appraisal firm which is not an Affiliate
of the Company (an "Independent Financial Advisor") or (iii) if neither clause
(i) nor (ii) is applicable, the value of the security determined as of such date
by an Independent Financial Advisor. For purposes of stock options, the current
market price per share of any class of Common Stock issuable upon exercise of
such options shall be determined (x) prior to the first bona fide public
offering of Common Stock, by the board of directors of the Company in good faith
and (y) after the first bona fide public offering of Common Stock, by reference
to the Quoted Price of Common Stock on the trading day immediately preceding the
date of grant or issuance of such option.
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D. Consideration Received.
For purposes of any computation respecting consideration
received pursuant to subsections (a) and (b) of this Section 4, the following
shall apply:
1. in the case of the issuance of shares of Common Stock for cash, the
consideration shall be the amount of such cash, provided, however, that in no
case shall any deduction be made for any commissions, discounts or other
expenses incurred by the Company for any underwriting of the issue or otherwise
in connection therewith;
2. in the case of the issuance of shares of Common Stock for a
consideration in whole or in part other than cash, the consideration other than
cash shall be deemed to be the fair market value thereof as determined in good
faith by the Board of Directors (irrespective of the accounting treatment
thereof), whose determination shall be described in a resolution of the Board of
Directors; and
3. in the case of the issuance of options, warrants or other securities
convertible into or exchangeable for shares, the aggregate consideration
received therefor shall be deemed to be the consideration received by the
Company for the issuance of such securities plus the additional minimum
consideration, if any, to be received by the Company upon the exercise or
conversion or exchange thereof (the consideration in each case to be determined
in the same manner as provided in clauses (1) and (2) of this subsection).
E. If CB Xxxxxxx Xxxxx Services, Inc. issues any shares of capital
stock upon the exercise of stock options outstanding on the
Issue Date (other than shares of capital stock issued to the
Company or any of its wholly-owned Restricted Subsidiaries (as
defined in the indenture governing the 16% senior notes Due July
20, 2011 of the Company issued in connection with the Shares)),
the number of Shares held by a Holder of Shares upon exercise in
full of such Holder's Adjustment Right shall be determined in
accordance with the following formula:
N' = N x 100
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100-A
where:
N' = the adjusted number of Shares which would be held by such Holder
upon exercise in full of such Holder's Adjustment Right.
N = the then current number of Shares held by such Holder.
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A = the percentage of the total capital stock of CB Xxxxxxx Xxxxx
Services, Inc. issued to persons or entities other than the Company
or a wholly-owned Restricted Subsidiary of the Company upon the
exercise of such stock options outstanding on the Issue Date.
The adjustment shall be made successively whenever any such
issuance is made, and shall become effective immediately after such issuance.
F. When De Minimis Adjustment May Be Deferred.
No adjustment in the number of Shares need be made unless the adjustment
would require an increase or decrease of at least 1% in the number of Shares
held by each Holder. Any adjustments that are not made shall be carried forward
and taken into account in any subsequent adjustment.
All calculations under this Section shall be made to the nearest 1/100th
of a share.
G. Notice of Adjustment.
Whenever the number of Shares may be adjusted, the Company shall
provide notice to the Holder as set forth in Section 6 hereof.
H. No Dilution or Impairment.
If any event shall occur as to which the provisions of this
Section 4 are not strictly applicable but the failure to make any adjustment
would adversely affect the Adjustment Rights represented by the Shares in
accordance with the essential intent and principles of this Section, then, in
each such case, the Company shall appoint an investment banking firm of
recognized national standing, or any other financial expert that does not (or
whose directors, officers, employees, affiliates or stockholders do not) have a
direct or material indirect financial interest in the Company or any of its
subsidiaries, who has not been, and, at the time it is called upon to give
independent financial advice to the Company, is not (and none of its directors,
officers, employees, affiliates or stockholders are) a promoter, director or
officer of the Company or any of its subsidiaries, which shall give their
opinion upon the adjustment, if any, on a basis consistent with the essential
intent and principles established in this Section 4, necessary to preserve,
without dilution, the rights of the Holders of the Shares. Upon receipt of such
opinion, the Company will promptly mail a copy thereof to the Holders of the
Shares and shall make the adjustments described therein.
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The Company will not, by amendment of its certificate of
incorporation or through any consolidation, merger, reorganization, transfer of
assets, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this
Agreement, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the Holders of the Shares under
this Agreement. Without limiting the generality of the foregoing, the Company
(1) will take all such action as may be necessary or appropriate in order that
the Company may validly and legally issue fully paid and nonassessable shares of
Common Stock from time to time outstanding and (2) will not take any action
which results in any adjustment of the number of Shares if the total number of
Shares issuable after the action, would exceed the total number of Shares or
shares of Common Stock, as the case may be, then authorized by the Company's
certificate of incorporation and available for the purposes of issue.
I. Reorganization of Company.
If the Company consolidates or merges with or into, or transfers
or leases all or substantially all its assets to, any person, and in connection
with such transaction the Holders receive common stock of another entity or
options, warrants or other securities convertible into or exchangeable for
common stock of another entity, then upon consummation of such transaction the
Adjustment Right shall automatically become applicable to the common stock of
such other entity. Concurrently with the consummation of such transaction, the
corporation formed by or surviving any such consolidation or merger if other
than the Company, or the person to which such sale or conveyance shall have been
made, shall enter into a supplemental Agreement so providing and further
providing for adjustments which shall be as nearly equivalent as may be
practical to the adjustments provided for in this Agreement. The successor
company shall mail to Holders of Shares a notice describing the supplemental
Agreement.
If the issuer of securities deliverable upon exercise of
Adjustment Rights under the supplemental Agreement is an affiliate of the
formed, surviving, transferee or lessee corporation, that issuer shall join in
the supplemental Agreement.
If this subsection (i) applies, subsections (a) and (b) of this
Section 4 do not apply.
J. Exercise of Adjustment Right.
In the event that a Holder of Shares is granted an Adjustment
Right pursuant to this Section 4, such Holder shall have 30 days from the later
of the date of any action requiring an adjustment and the date notice of such
action is provided pursuant to Section 6 hereof to exercise such Adjustment
Right. Any Adjustment Right may be exercised by delivery of a written notice to
the Company, together with a certified check payable to the
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order of the Company in an amount equal to the aggregate par value of the
additional Shares to be issued to such Holder pursuant to its exercise of the
Adjustment Right. Such notice shall contain customary private placement
representations and warranties in form reasonably satisfactory to the Company.
Upon delivery of such Notice and such payment, the Company shall promptly cause
the additional Shares to be issued and delivered to such Holder or to another
person or address specified in writing by such Holder.
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V. FRACTIONAL INTERESTS. ANY ADJUSTMENT RIGHTS MAY BE EXERCISED IN FULL OR
IN PART; PROVIDED, HOWEVER, THAT THE COMPANY SHALL NOT BE REQUIRED TO
ISSUE FRACTIONAL SHARES ON THE EXERCISE OF ADJUSTMENT RIGHTS. IF MORE
THAN ONE ADJUSTMENT RIGHT SHALL BE EXERCISED AT THE SAME TIME BY THE
SAME HOLDER, THE NUMBER OF FULL SHARES WHICH SHALL BE ISSUABLE UPON THE
EXERCISE THEREOF SHALL BE COMPUTED ON THE BASIS OF THE AGGREGATE NUMBER
OF SHARES PURCHASABLE ON EXERCISE OF THE ADJUSTMENT RIGHTS SO REQUESTED
TO BE EXERCISED. IF ANY FRACTION OF A SHARE WOULD, EXCEPT FOR THE
PROVISIONS OF THIS SECTION 5, BE ISSUABLE ON THE EXERCISE OF ANY
ADJUSTMENT RIGHTS (OR SPECIFIED PORTION THEREOF), THE COMPANY SHALL PAY
AN AMOUNT IN CASH EQUAL TO THE PRODUCT OF (i) SUCH FRACTION OF AN
ADJUSTMENT RIGHT SHARE AND (II) THE CURRENT MARKET PRICE OF A SHARE OF
COMMON STOCK.
VI. ADJUSTMENT RIGHT NOTICES TO HOLDERS. UPON ANY EVENT WHICH MAY REQUIRE
ADJUSTMENT OF THE NUMBER OF SHARES PURSUANT TO SECTION 4, THE COMPANY
SHALL PROMPTLY THEREAFTER (i) OBTAIN A CERTIFICATE WHICH INCLUDES THE
REPORT OF A FIRM OF INDEPENDENT PUBLIC ACCOUNTANTS OF RECOGNIZED
STANDING SELECTED BY THE BOARD OF DIRECTORS OF THE COMPANY (WHO MAY BE
THE REGULAR AUDITORS OF THE COMPANY) SETTING FORTH THE NUMBER OF SHARES
OF CLASS A COMMON STOCK ISSUABLE UPON EXERCISE OF THE ADJUSTMENT RIGHT
IN RESPECT OF EACH SHARE AND SETTING FORTH IN REASONABLE DETAIL THE
METHOD OF CALCULATION AND THE FACTS UPON WHICH SUCH CALCULATIONS ARE
BASED, WHICH CERTIFICATE SHALL BE CONCLUSIVE EVIDENCE OF THE CORRECTNESS
OF THE MATTERS SET FORTH THEREIN, AND (II) CAUSE TO BE GIVEN TO EACH OF
THE REGISTERED HOLDERS OF THE SHARES AT HIS OR HER ADDRESS APPEARING ON
THE SHARE REGISTER WRITTEN NOTICE OF SUCH ADJUSTMENTS BY FIRST-CLASS
MAIL, POSTAGE PREPAID, TOGETHER WITH A COPY OF THE CERTIFICATE DESCRIBED
IN CLAUSE (i) ABOVE.
VII. NOTICES TO COMPANY AND HOLDERS. ANY NOTICE OR DEMAND AUTHORIZED BY THIS
AGREEMENT TO BE GIVEN OR MADE BY THE REGISTERED HOLDER OF ANY SHARE TO
OR ON THE COMPANY SHALL BE SUFFICIENTLY GIVEN OR MADE WHEN AND IF
DEPOSITED IN THE MAIL, FIRST CLASS OR REGISTERED, POSTAGE PREPAID,
ADDRESSED TO THE OFFICE OF THE COMPANY EXPRESSLY DESIGNATED BY THE
COMPANY AT ITS OFFICE FOR PURPOSES OF THIS AGREEMENT (UNTIL THE HOLDERS
ARE OTHERWISE NOTIFIED IN ACCORDANCE WITH THIS SECTION BY THE COMPANY),
AS FOLLOWS:
CBRE Holding Inc.
000 Xxxxxxxxxx Xxxxxx
Xxx Xxxxxxxxx, XX 00000
Facsimile: 415-434-3130
Attention: Chief Financial Officer
Any notice pursuant to this Agreement to be given by the Company
to the registered holder(s) of any Share shall be sufficiently given when and if
deposited in the mail,
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first class or registered, postage prepaid, addressed (until the Company is
otherwise notified in accordance with this Section by such holder) to such
holder at the address appearing on the share register of the Company.
VIII. SUPPLEMENTS AND AMENDMENTS. THE COMPANY MAY FROM TIME TO TIME SUPPLEMENT
OR AMEND THIS AGREEMENT WITH THE WRITTEN CONSENT OF HOLDERS OF A
MAJORITY OF THE THEN OUTSTANDING SHARES.
IX. SUCCESSORS. ALL THE COVENANTS AND PROVISIONS OF THIS AGREEMENT BY OR FOR
THE BENEFIT OF THE COMPANY AND THE HOLDERS SHALL BIND AND INURE TO THE
BENEFIT OF THEIR RESPECTIVE SUCCESSORS AND ASSIGNS HEREUNDER.
X. TERMINATION. THIS AGREEMENT SHALL TERMINATE ON JULY 20, 2011 AND, WITH
RESPECT TO ANY SHARE, SHALL TERMINATE AT SUCH TIME AS SUCH SHARE HAS
BEEN TRANSFERRED PURSUANT TO A REGISTRATION STATEMENT FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR PURSUANT TO RULE 144 (OR ANY
SUCCESSOR PROVISION) OF THE SECURITIES ACT OF 1933, AS AMENDED (AT WHICH
TIME SUCH SHARE OF COMMON STOCK SHALL CEASE TO BE A "SHARE" UNDER THIS
AGREEMENT).
XI. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
XII. BENEFITS OF THIS AGREEMENT. NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED
TO GIVE TO ANY PERSON OR CORPORATION OTHER THAN THE COMPANY AND THE
REGISTERED HOLDERS OF THE SHARES ANY LEGAL OR EQUITABLE RIGHT, REMEDY OR
CLAIM UNDER THIS AGREEMENT; BUT THIS AGREEMENT SHALL BE FOR THE SOLE AND
EXCLUSIVE BENEFIT OF THE COMPANY AND THE REGISTERED HOLDERS OF THE
SHARES. NOTHING HEREIN SHALL PROHIBIT OR LIMIT THE COMPANY FROM ENTERING
INTO AN AGREEMENT PROVIDING HOLDERS OF SECURITIES WHICH MAY HEREAFTER BE
ISSUED BY THE COMPANY WITH SUCH REGISTRATION RIGHTS EXERCISABLE AT SUCH
TIME OR TIMES AND IN SUCH MANNER AS THE BOARD OF DIRECTORS SHALL DEEM IN
THE BEST INTERESTS OF THE COMPANY SO LONG AS THE PERFORMANCE BY THE
COMPANY OF ITS OBLIGATIONS UNDER SUCH OTHER AGREEMENT WILL NOT CAUSE THE
COMPANY TO BREACH ITS OBLIGATIONS HEREUNDER TO THE HOLDERS.
XIII. COUNTERPARTS. THIS AGREEMENT MAY BE EXECUTED IN ANY NUMBER OF
COUNTERPARTS AND EACH OF SUCH COUNTERPARTS SHALL FOR ALL PURPOSES BE
DEEMED TO BE AN ORIGINAL, AND ALL SUCH COUNTERPARTS SHALL TOGETHER
CONSTITUTE BUT ONE AND THE SAME INSTRUMENT.
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IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed, as of the day and year first above written.
CBRE HOLDING, INC.
By:
--------------------------------------------
Name:
Title:
CREDIT SUISSE FIRST BOSTON
CORPORATION
By:
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Name:
Title:
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