Exhibit 10.5(b)
AMENDMENT 2006-1
CB RICHARD ELLIS 401(k) PLAN
CB
RICHARD ELLIS SERVICE, INC.,
a Delaware corporation
ACTION OF THE
CHIEF EXECUTIVE OFFICER
March 31, 2006
The undersigned Chief Executive Officer of CB Richard Ellis Services, Inc. (the Corporation) acting in accordance with the bylaws and resolutions adopted by the Board of Directors of the Corporation, hereby consents to the following as of the date set forth above:
AMENDMENT TO 401(K) PLAN
WHEREAS, pursuant to Section 13.2 to the Corporations 401(k) Plan (the Plan), the Chief Executive Officer has reviewed the proposed amendment to the Plan as recommended by the Committee (as defined in the Plan); and
WHEREAS, the Chief Executive Officer deems it advisable and in the best interest of the Corporation, its stockholders and the Plan participants that the Corporation adopt this amendment to the Plan.
NOW, THEREFORE, BE IT RESOLVED, that effective as of the date hereof, the Plan shall be amended by adding the following paragraph at the end of Section 17.3 Allocations to Participants Accounts:
Notwithstanding any other provision of the Plan, in no event shall any Participants Account have more than 25 percent of the assets allocated to such Participants Account invested in the CB Richard Ellis Group, Inc. Stock Fund as of the last business day of any Plan Year. If on the last business day of any Plan Year, a Participant has more than 25 percent of the assets allocated to such Participants Account invested in the CB Richard Ellis Group, Inc. Stock Fund, the Trustee will redirect the investment of that portion of the Participants Account in excess of such 25 percent limitation from the CB Richard Ellis Group, Inc. Stock Fund to the Plans default fund, as designated by the Committee, in its sole discretion.
RESOLVED FURTHER, that any and all actions taken by any officer or director of the Corporation in connection with the matters contemplated by the foregoing resolution be, and they hereby are, adopted, approved, ratified and confirmed in all respects.
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/s/ Brett White |
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Brett White |
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Chief Executive Officer |