Document:

Third Amendment to Credit Agreement

THIRD
AMENDMENT
TO CREDIT AGREEMENT 

THIS
THIRD AMENDMENT TO CREDIT AGREEMENT (this
“Amendment”), dated
as of April 25, 2005, is entered into by and among OHI
ASSET, LLC, a Delaware limited liability company, OHI ASSET (ID), LLC, a
Delaware limited liability company, OHI ASSET (LA), LLC, a Delaware limited
liability company, OHI ASSET (TX), LLC, a Delaware limited liability company,
OHI ASSET (CA), LLC, a Delaware limited liability company, DELTA INVESTORS I,
LLC, a Maryland limited liability company, DELTA INVESTORS II, LLC, a Maryland
limited liability company and TEXAS
LESSOR - STONEGATE, LP, a
Maryland limited partnership (each of the foregoing entities shall be
hereinafter referred to individually as a “Borrower” and
collectively as the “Borrowers”), the
Lenders (as defined below) and BANK OF AMERICA, N.A., as Administrative Agent
(in such
capacity, the “Administrative
Agent”), Swing
Line Lender and L/C Issuer.

RECITALS

WHEREAS,
the
Borrowers, the lenders from time to time party thereto (the “Lenders”) and
the Administrative Agent, are party to that certain Credit Agreement dated as of
March 22, 2004 (the “Credit
Agreement”) as
amended by that certain First Amendment and Assignment Agreement dated as of
June 18, 2004 (“Amendment
No. 1”), as
further amended by that certain Second Amendment and Waiver dated as of November
5, 2004 (“Amendment
No. 2”,
together with the Credit Agreement and Amendment No. 1 collectively, the
“Existing
Credit Agreement”);
and

WHEREAS,
the
Borrowers have requested a reduction in pricing in the
Existing Credit Agreement and the Lenders have agreed to amend the Existing
Credit Agreement in accordance with such request and as provided herein;

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

PART
I

DEFINITIONS

SUBPART
1.1 Certain
Definitions. Unless
otherwise defined herein or the context otherwise requires, the following terms
used in this Amendment, including its preamble and recitals, have the following
meanings:

“Amended
Credit Agreement” means
the Existing Credit Agreement as amended hereby.

“Amendment
No. 3 Effective Date” is
defined in Part III.

SUBPART
1.2 Other
Definitions. Unless
otherwise defined herein or the context otherwise requires, terms used in this
Amendment, including its preamble and recitals, have the meanings provided in
the Existing Credit Agreement.

PART
II

AMENDMENT
TO EXISTING CREDIT AGREEMENT 

Effective
on (and subject to the occurrence of) the Amendment No. 3 Effective Date,
the Existing Credit Agreement is hereby amended in accordance with this
Part
II.

SUBPART
2.1 Amendment
to Section 1.01.

The
pricing grid in the definition of “Applicable Percentage” set forth in Section
1.01 of the Existing Credit Agreement is hereby amended and replaced in its
entirety by the following pricing grid:

	
      Applicable
      Percentage

	
      Pricing
      Level
	
      Consolidated
      Leverage Ratio
	
      Eurodollar
      Rate Loans
	
       

      Base
      Rate Loans
	
       

      Letter
      of Credit Fees
	
      Unused
      Fee

	
      if
      usage > 50%
	
      if
      usage <
      50%

	
      1
	
      <
      3.00 to 1.00
	
      1.75%
	
      0.25%
	
      1.75%
	
      0.25%
	
      0.35%

	
      2
	
      >
      3.00 to 1.00 but < 3.50 to 1.00
	
      2.00%
	
      0.50%
	
      2.00%
	
      0.25%
	
      0.35%

	
      3
	
      >
      3.50 to 1.00 but < 4.00 to 1.00
	
      2.25%
	
      0.75%
	
      2.25%
	
      0.25%
	
      0.35%

	
      4
	
      >
      4.00 to 1.00 but < 4.50 to 1.00
	
      2.50%
	
      1.00%
	
      2.50%
	
      0.25%
	
      0.35%

	
      5
	
      >
      4.50 to 1.0
	
      2.75%
	
      1.25%
	
      2.75%
	
      0.25%
	
      0.35%

PART
III

CONDITIONS
TO EFFECTIVENESS

This
Amendment shall be and become effective as of the date (the “Amendment
No. 3 Effective Date”) when
all of the conditions set forth in this Part
III shall
have been satisfied.

SUBPART
3.1 Amendment
Effective Date. This
Amendment shall be and become effective as of the date on which all of the
conditions set forth in this Part
III shall
have been satisfied or waived by the Lenders and thereafter this Amendment shall
be known, and may be referred to, as “Amendment
No. 3.”

(a) Execution
of Counterparts of Amendment. The
Administrative Agent shall have received counterparts of this Amendment, which
collectively shall have been duly executed on behalf of (i) the Borrowers, (ii)
the Lenders
and (iii) the Administrative Agent.

(b) Execution
of Guarantor Consent. The
Administrative Agent shall have received an acknowledgement and consent from
each of the Guarantors.

(c) Fees. The
Administrative Agent shall have received for the account of each Lender who
executes and approves this Amendment a work fee of $3,500
for each such approving Lender. The work fee
shall be due and payable to each approving Lender when all of the conditions set
forth in this Part
III shall
have been satisfied.

(d) Other
Items. The
Administrative Agent shall have received such other documents, agreements or
information which may be reasonably requested by the Administrative
Agent.

PART
IV

MISCELLANEOUS

SUBPART
4.1 Construction.
This
Amendment is a Credit Document executed pursuant to the Existing Credit
Agreement and shall (unless otherwise expressly indicated therein) be construed,
administered and applied in accordance with the terms and provisions of the
Amended Credit Agreement.

SUBPART
4.2 Representations
and Warranties. Each
Borrower hereby represents and warrants that it: (a) has the requisite corporate
power and authority to execute, deliver and perform this Amendment, as
applicable and (b) is duly authorized to, and has been authorized by all
necessary corporate action, to execute, deliver and perform this Amendment, (c)
the representations and warranties contained in Section 6 of the Amended Credit
Agreement are true and correct in all material respects on and as of the date
hereof upon giving effect to this Amendment as though made on and as of such
date (except for those which expressly relate to an earlier date) and (d) no
Default or Event of Default exists under the Existing Credit Agreement on and as
of the date hereof upon giving effect to this Amendment.

SUBPART
4.3 Counterparts. This
Amendment may be executed by the parties hereto in several counterparts, each of
which shall be deemed to be an original and all of which shall constitute
together but one and the same agreement.

SUBPART
4.4 Binding
Effect. This
Amendment, the Amended Credit Agreement and the other Credit Documents embody
the entire agreement between the parties and supersede all prior agreements and
understandings, if any, relating to the subject matter hereof. These Credit
Documents represent the final agreement between the parties and may not be
contradicted by evidence of prior, contemporaneous or subsequent oral agreements
of the parties. Except as expressly modified and amended in this Amendment, all
the terms, provisions and conditions of the Credit Documents shall remain
unchanged and shall continue in full force and effect.

SUBPART
4.5 GOVERNING
LAW. THIS
AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK.

SUBPART
4.6 Severability. If any
provision of this Amendment is determined to be illegal, invalid or
unenforceable, such provision shall be fully severable and the remaining
provisions shall remain in full force and effect and shall be construed without
giving effect to the illegal, invalid or unenforceable provisions. 

[SIGNATURE
PAGES FOLLOW]

 

IN
WITNESS WHEREOF, each of
the parties hereto has caused a counterpart of this Third Amendment
to Credit
Agreement to be duly executed and delivered as of the date first above
written.

BORROWERS:         OHI
ASSET, LLC

OHI ASSET
(ID), LLC

OHI ASSET
(LA), LLC

OHI ASSET
(TX), LLC

OHI ASSET
(CA), LLC

DELTA
INVESTORS I, LLC

DELTA
INVESTORS II, LLC

By: Omega
Healthcare Investors, Inc., 

the Sole
Member of each such company

By:/S/
Daniel J. Booth   

Name: Daniel
J. Booth   

Title:  
Chief
Operating Officer  

	
      TEXAS
      LESSOR - STONEGATE, LP

       

	
      By: TEXAS
      LESSOR - STONEGATE GP,&NBSP;Inc.,
      its General Partner

       

	
      By:/S/
      Daniel J. Booth 

	
      Name: Daniel
      J. Booth

	
      Title: Chief
      Operating Officer

 

 

ADMINISTRATIVE
AGENT:          BANK OF
AMERICA, N.A.,

as
Administrative Agent

By: /S/
Amie L. Edwards

Name:
Amie L. Edwards

Title:
Vice President

LENDERS: BANK OF
AMERICA, N.A., as L/C
Issuer, Swing Line Lender and as a Lender

By:
/S/
Amie L. Edwards

Name:
Amie L. Edwards

Title:
Vice President

 

 

UBS LOAN
FINANCE LLC,

as a
Lender

By:
/S/
Wilfred V. Saint

Name:
Wilfred V. Saint

Title:
Director

By:
/S/
Richard L. Tavrow

Name:
Richard L. Tavrow

Title:
Director

 

 

DEUTSCHE
BANK TRUST COMPANY AMERICAS, as a Lender

By:
/S/
Diane F. Rolfe

Name:
Diane F. Rolfe

Title:
Vice President

By:
/S/
Scottye Lindsey

Name:
Scottye Lindsey

Title:
Director

 

 

GENERAL
ELECTRIC CAPITAL CORPORATION,

as a
Lender

By:
/S/
Kathryn C. Parks

Name:
Kathryn C. Parks

Title:
Authorized Representative

 

MERRILL
LYNCH CAPITAL,

A
DIVISION OF MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC., 

as a
Lender

By:
/S/
Brett Robinson

Name:
Brett Robinson

Title:
Vice President

 

JPMorgan
Chase Bank, N.A.,

as a
Lender

By:
/S/
Elizabeth D. Lilley

Name:
Elizabeth D. Lilley

Title:
First Vice President

 

LASALLE
BANK, N.A.

as a
Lender

By:
/S/
Geraldine Rudig

Name:
Geraldine Rudig

Title:
first Vice President

 

NATIONAL
CITY BANK

f.k.a.
THE PROVIDENT BANK,

as a
Lender

By:
/S/
Steven J. Bloomer

Name:
Steven J. Bloomer

Title:
Vice President

 

 

CONSENT
OF GUARANTORS

Each of
the undersigned Guarantors, as a guarantor under the Guaranty, dated as of March
22, 2004, as amended (the “Guaranty”),
hereby acknowledges and consents to the terms of the Third Amendment to Credit
Agreement (the “Amendment”) to
which this Consent of Guarantors is attached, and agrees
that the Amendment does not operate to reduce or discharge such Guarantor’s
obligations under the Guaranty or the other Credit Documents. Each Guarantor
further confirms
that the Guaranty remains in full force and effect after giving effect thereto
and represents and warrants that there is no defense, counterclaim or offset of
any type or nature under the Guaranty.

Dated as
of April __, 2005 

	
       

      PARENT:
	
      OMEGA
      HEALTHCARE INVESTORS, INC.,

       

      a
      Maryland corporation

       

	 	
      By: /S/
      Daniel J. Booth

	 	
      Name: Daniel
      J. Booth

	 	
      Title: Chief
      Operating Officer

       

	
      SUBSIDIARY
      GUARANTORS:
	
      ARIZONA
      LESSOR - INFINIA,&NBSP;INC.

	 	
      BAYSIDE
      ALABAMA HEALTHCARE SECOND,&NBSP;INC.

	 	
      BAYSIDE
      ARIZONA HEALTHCARE ASSOCIATES,&NBSP;INC.

	 	
      BAYSIDE
      ARIZONA HEALTHCARE SECOND,&NBSP;INC.

	 	
      BAYSIDE
      COLORADO HEALTHCARE ASSOCIATES,&NBSP;INC.

	 	
      BAYSIDE
      COLORADO HEALTHCARE SECOND,&NBSP;INC.

	 	
      BAYSIDE
      INDIANA HEALTHCARE ASSOCIATES,&NBSP;INC.

	 	
      BAYSIDE
      STREET II,&NBSP;INC.

	 	
      BAYSIDE
      STREET,&NBSP;INC.

	 	
      CARE
      HOLDINGS,&NBSP;INC.

	 	
      CENTER
      HEALTHCARE ASSOCIATES,&NBSP;INC.

	 	
      CHERRY
      STREET - SKILLED NURSING,&NBSP;INC.

	 	
      COLORADO
      LESSOR - CONIFER,&NBSP;INC.

	 	
      DALLAS
      - SKILLED NURSING,&NBSP;INC.

	 	
      FLORIDA
      LESSOR - CRYSTAL SPRINGS,&NBSP;INC.

	 	
      FLORIDA
      LESSOR - EMERALD,&NBSP;INC.

	 	
      FLORIDA
      LESSOR - FIVE FACILITIES,&NBSP;INC.

	 	
      FLORIDA
      LESSOR - LAKELAND,&NBSP;INC.

	 	
      FLORIDA
      LESSOR - MEADOWVIEW,&NBSP;INC.

	 	
      FLORIDA
      LESSOR - WEST PALM BEACH AND SOUTHPOINT,&NBSP;INC.

	 	
      GEORGIA
      LESSOR - BONTERRA/

      PARKVIEW,&NBSP;INC.

	 	
      HERITAGE
      TEXARKANA HEALTHCARE ASSOCIATES,&NBSP;INC.

	 	
      INDIANA
      LESSOR - JEFFERSONVILLE,&NBSP;INC.

	 	
      INDIANA
      LESSOR - WELLINGTON MANOR,&NBSP;INC.

	 	
      JEFFERSON
      CLARK,&NBSP;INC. 

	 	
      LAKE
      PARK SKILLED NURSING,&NBSP;INC.

	 	
      LONG
      TERM CARE - MICHIGAN,&NBSP;INC. 

	 	
      LONG
      TERM CARE - NORTH CAROLINA,&NBSP;INC.

	 	
      LONG
      TERM CARE ASSOCIATES - ILLINOIS,&NBSP;INC.

	 	
      LONG
      TERM CARE ASSOCIATES - INDIANA,&NBSP;INC.

	 	
      LONG
      TERM CARE ASSOCIATES - TEXAS,&NBSP;INC.

	 	
      OHI
      (CLEMMONS),&NBSP;INC.

	 	
      OHI
      (CONNECTICUT),&NBSP;INC.

	 	
      OHI
      (FLORIDA),&NBSP;INC.

	 	
      OHI
      (GREENSBORO),&NBSP;INC.

	 	
      OHI
      (ILLINOIS),&NBSP;INC.

	 	
      OHI
      (INDIANA),&NBSP;INC.

	 	
      OHI
      (IOWA),&NBSP;INC.

	 	
      OHI
      (KANSAS),&NBSP;INC.

	 	
      OHIO
      LESSOR - WATERFORD & CRESTWOOD,&NBSP;INC.

	 	
      OHI
      OF KENTUCKY,&NBSP;INC.

	 	
      OHI
      OF TEXAS,&NBSP;INC.

	 	
      OHI
      SUNSHINE,&NBSP;INC.

	 	
      OHIMA,&NBSP;INC.

	 	
      OMEGA
      (KANSAS),&NBSP;INC.

	 	
      OMEGA
      TRS I,&NBSP;INC.

	 	
      OS
      LEASING COMPANY

	 	
      PARKVIEW
      - SKILLED NURSING,&NBSP;INC.

	 	
      PINE
      TEXARKANA HEALTHCARE ASSOCIATES,&NBSP;INC.

	 	
      REUNION
      TEXARKANA HEALTHCARE ASSOCIATES,&NBSP;INC.

	 	
      SAN
      AUGUSTINE HEALTHCARE ASSOCIATES,&NBSP;INC.

	 	
      SKILLED
      NURSING - GASTON,&NBSP;INC.

	 	
      SKILLED
      NURSING - HERRIN,&NBSP;INC.

	 	
      SKILLED
      NURSING - HICKSVILLE,&NBSP;INC.

	 	
      SKILLED
      NURSING - PARIS,&NBSP;INC.

	 	
      SOUTH
      ATHENS HEALTHCARE ASSOCIATES,&NBSP;INC.

	 	
      STERLING
      ACQUISITION CORP.

	 	
      STERLING
      ACQUISITION CORP. II

	 	
      TEXAS
      LESSOR - TREEMONT,&NBSP;INC.

	 	
      WASHINGTON
      LESSOR - SILVERDALE,&NBSP;INC.

	 	
      WAXAHACHIE
      HEALTHCARE ASSOCIATES,&NBSP;INC.

	 	
      WEST
      ATHENS HEALTHCARE ASSOCIATES,&NBSP;INC.

	 	 
	 	
      By:
      /S/
      Daniel J. Booth

	 	
      Name: Daniel
      J. Booth

	 	
      Title: Chief
      Operating Officer

       

	 	
      OHI
      ASSET (FL), LLC

	 	
      OHI
      ASSET (IN), LLC

	 	
      OHI
      ASSET (MI/NC), LLC

	 	
      OHI
      ASSET (MO), LLC

	 	
      OHI
      ASSET (OH), LLC

	 	
      OHI
      ASSET II (CA), LLC

      OHI
      ASSET (FL) TARPON SPRINGS,

      PINELLAS
      PARK & GAINESVILLE, LLC

      NRS
      VENTURES, LLC

      OHI
      ASSET (OH) NEW PHILADELPHIA, LLC

       

      OHI
      ASSET (OH) LENDER, LLC

       

      OHI
      ASSET (PA), LLC

       

	 	
      By: Omega
      Healthcare Investors, Inc., as the Sole Member of each of the
      companies

       

	 	
      By: /S/
      Daniel J. Booth

	 	
      Name: Daniel
      J. Booth

	 	
      Title: Chief
      Operating Officer

       

 

	 	
      OHI
      ASSET (PA) TRUST

       

	 	
      By: OHI
      ASSET (PA), LLC, as
      the

       

      Sole
      Trustee of such Trust

       

	 	
      By: Omega
      Healthcare Investors, Inc., as the Sole Member

       

	 	
      By:
       /S/
      Daniel J. Booth

	 	
      Name: Daniel
      J. Booth

	 	
      Title: Chief
      Operating OfficerEXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

            AGREEMENT  made  this  22nd day of  April,  2005 by and  among  TBWA
WORLDWIDE  INC., a Delaware  corporation  (the  "Company"),  JEAN-MARIE DRU (the
"Executive") and OMNICOM GROUP INC., a New York corporation ("Omnicom").

                              W I T N E S S E T H:

            WHEREAS,   the  Executive  is  currently  party  to  (a)  a  certain
Employment  Agreement dated as of April 1, 1998 by and between the Executive and
Omnicom  (the  "Master  Employment  Agreement")  and  (b) a  certain  Employment
Agreement  dated  September 1, 1999 by and between the Executive and the Company
(the "U.S. Employment Agreement");

            WHEREAS, the Executive,  Omnicom and the Company desire to terminate
the Master  Employment  Agreement  and the U.S.  Employment  Agreement  in their
entirety  and  to  enter  into  this  Agreement  embodying  any  agreements  and
understandings between the Executive and Omnicom;

            WHEREAS, the Executive is currently party to a certain (a) Agreement
dated as of April 1, 1998 with BDDP Worldwide S.A. a French societe anonyme, (b)
Agreement  dated as of April 1, 1998 with  Advertising  U.S.  Holdings  Inc.,  a
Delaware corporation,  and (c) Agreement dated as of April 1, 1998 with BDDP GGT
Ltd., a United Kingdom company,  (collectively,  the "Existing  Non-Solicitation
Agreements"),  all of which shall remain in full force and effect in  accordance
with their respective terms; and

            WHEREAS,  the  Company  wishes  to  employ  the  Executive  and  the
Executive  wishes  to accept  such  employment,  upon the  terms and  conditions
hereinafter set forth;

            NOW, THEREFORE,  in consideration of the premises and other good and
valuable  consideration,  receipt of which is hereby  acknowledged,  the parties
hereto agree as follows:

      1.    Employment

            The Company agrees to employ the Executive during the Term specified
in paragraph 2(a), and the Executive agrees to accept such employment,  upon the
terms and conditions hereinafter set forth.

      2.    Term; Termination of Master and U.S. Employment Agreements

            (a) Subject to the  provisions  contained in paragraphs 6 and 7, the
Executive's  employment  by the  Company  shall be for an  indefinite  term (the
"Term").

            (b) Omnicom,  the Company and the Executive  hereby  mutually  agree
that the Master  Employment  Agreement  and the U.S.  Employment  Agreement  are
terminated effective

<PAGE>

as of January 1, 2002.  In  consideration  of the  payments  and other  benefits
provided  in this  Agreement  and other  good and  valuable  consideration,  the
Executive hereby irrevocably and unconditionally  releases Omnicom,  the Company
and their respective affiliates, and each of their respective employees, agents,
officers,  directors,   attorneys,   representatives,   successors  and  assigns
(collectively,  the  "Releasees"),  from any and all  causes of  action,  suits,
agreements,   promises,   damages,   disputes,    controversies,    contentions,
differences,  judgments,  claims and  demands of any kind  whatsoever  which the
Executive or his heirs, executors,  administrators,  successors and assigns ever
had or now have against any of the  Releasees,  whether  known or unknown to the
Executive,  by  reason  of  the  mutual  termination  of the  Master  Employment
Agreement, the U.S. Employment Agreement or otherwise involving facts which have
occurred on or prior to the date that the Executive  has signed this  Agreement;
provided,  however, that the foregoing release shall not apply to or release any
of the Executive's rights arising or reserved under the terms of this Agreement.

            (c) The  parties  hereto  acknowledge  and agree  that the  Existing
Non-Solicitation  Agreements shall remain in full force and effect in accordance
with their respective terms.

      3.    Duties and Responsibilities

            (a) During the Term,  the  Executive  shall  have the  positions  of
President and Chief Executive Officer of the Company. The Executive shall report
directly  to the  Chief  Executive  Officer  of  Omnicom  (the  "Omnicom  CEO"),
currently  John Wren,  at such times and in such  detail as he shall  reasonably
require.

            (b) The Executive shall perform such executive and managerial duties
and responsibilities customary to his offices and as are reasonably necessary to
the operations of the Company and as may be assigned to him from time to time by
or  under  authority  of the  Omnicom  CEO,  consistent  with his  positions  as
designated in paragraph 3(a).

            (c) The  Executive  (i) will use his best efforts to ensure that the
Company and each company  operating within the TBWA worldwide group of companies
(the "TBWA  Group")  comply on a timely basis with all  budgetary  and reporting
requirements  reasonably  requested by the Omnicom CEO and/or  management of the
Company, (ii) will, at all times, use his best efforts to perform his duties and
responsibilities  in a manner  consistent  with the  policies  set  forth in the
Omnicom  Grant of  Authority,  as from  time to time in  effect  (the  "Grant of
Authority"),  the  Omnicom  Code of  Business  Conduct,  as from time to time in
effect (the "Omnicom Code of Business  Conduct"),  and the TBWA Code of Business
Conduct,  as from time to time in effect (the "TBWA Code of  Business  Conduct",
and  together  with the Grant of  Authority  and the  Omnicom  Code of  Business
Conduct,  collectively the "Business Conduct Policies"),  which written Business
Conduct  Policies have been provided to the Executive  prior to the date hereof,
and the  parameters  of the then  current  profit plan and  capital  expenditure
budget of the Company as approved by the Chief Financial Officer of the Company,
(iii) will not take any action to prevent the  Company or any company  operating
within the TBWA Group from  participating in Omnicom's cash management  program,
from time to time in effect (iv) except as  permitted  by the  Business  Conduct
Policies or authorized by Omnicom CEO, will not incur

                                       2
<PAGE>

obligations on behalf of the Company or any other member of the TBWA Group other
than in the ordinary  course of business or enter into any transaction on behalf
of the Company or any other member of the TBWA Group not in the ordinary  course
of  business,  and (v) will not take any  action to prevent  the  Company or any
other member of the TBWA Group from abiding by the dividend,  management fee and
other  corporate  policies  of Omnicom or the  Company,  as from time to time in
effect.

            (d) The Executive's employment by the Company shall be full-time and
exclusive, and during the Term, the Executive agrees that he will (i) devote all
of his business  time and  attention,  his best  efforts,  and all his skill and
ability to promote the  interests of the Company and the TBWA Group,  (ii) carry
out his duties in a competent and professional  manner and serve the Company and
members of the TBWA Group  faithfully and diligently  under the direction of the
Omnicom  CEO;  and (iii)  work  with  other  employees  of the  Company  and its
subsidiaries and other members of the TBWA Group in a competent and professional
manner.  Notwithstanding  the  foregoing,  the  Executive  shall be permitted to
engage in  charitable  and civic  activities  and  manage his  personal  passive
investments,  provided that such passive  investments are not in a company which
transacts  business  with the  Company or any other  member of the TBWA Group or
engages in business  competitive with that conducted by the Company or any other
member of the TBWA Group (or, if such company does  transact  business  with the
Company or any other member of the TBWA Group,  or does engage in a  competitive
business, it is a publicly held corporation and the Executive's participation is
limited to owning less than 1/4 of 1% of its  outstanding  shares),  and further
provided that such activities  (individually  or collectively) do not materially
interfere  with the  performance  of his duties or  responsibilities  under this
Agreement.

            (e) During the Term, the  Executive's  services  hereunder  shall be
performed  partially  at the  offices of the  Company in New York,  New York and
partially  at the  offices  of the  Company  in  Paris,  France,  as  reasonably
determined  by the  Executive  with the approval of the Omnicom  CEO,  and, as a
result of the duties and  responsibilities  of his  positions  hereunder  and to
enable  him to render  services  to the  Company  and other  members of the TBWA
Group,  he will travel  frequently  to  locations  in which the Company and such
other members of the TBWA Group conduct their operations.

      4.    Compensation

            (a) As salary  compensation  for his  services  hereunder,  from and
after the date hereof  through the remainder of the Term,  (i) the Company shall
pay the Executive in accordance with its normal payroll practices, an annualized
base salary of $725,000 and (ii) the Company will pay, or cause TBWA Europe S.A.
or another member of the TBWA Group to pay the Executive in accordance  with its
normal payroll practices, an annualized base salary of Euros 225,000;  provided,
however,  the then annual rate of direct salary  compensation  shall be reviewed
periodically  by or under the  authority of the Omnicom CEO not less  frequently
than every 24 months. Any increase in the Executive's direct salary compensation
resulting  from such review shall be in  accordance  with the then salary review
policy of the Company and within the guidelines and budgetary  procedures of the
Company.  Notwithstanding anything contained

                                       3
<PAGE>

herein to the contrary,  the parties hereto  acknowledge and agree that (i) from
January 1, 2002  through  March 31,  2003,  the Company  paid the  Executive  in
accordance  with its normal  payroll  practices,  an  annualized  base salary of
$625,000,  (ii) from April 1, 2004 through the date hereof, the Company paid the
Executive in accordance  with its normal payroll  practices,  an annualized base
salary of $725,000,  and (iii) from January 1, 2002 through the date hereof, the
Company paid, or caused TBWA Europe S.A. or another  member of the TBWA Group to
pay the Executive in accordance with its normal payroll practices, an annualized
base salary of Euros 225,000.

            (b) During the Term, the Executive  shall be eligible to participate
in Omnicom's Equity Incentive Plan or any successor plan (the "Incentive Plan").
During  the Term,  any  awards  granted  to the  Executive  by the  Compensation
Committee of the Board of Directors  of Omnicom (the  "Compensation  Committee")
shall  be based on the  overall  financial  performance  of the TBWA  Group  and
Omnicom  and  such  other  factors  as the  Compensation  Committee  shall  deem
reasonable and  appropriate.  The Executive shall also be eligible to receive an
annual discretionary cash bonus as recommended by the Omnicom CEO and determined
by the Compensation  Committee,  based upon the overall financial performance of
the TBWA Group and Omnicom and such individual performance goals as from time to
time  established for the Executive;  provided,  however,  that in the event the
Executive  remains in the  continuous  employ of the Company  from and after the
date hereof, through and including April 30, 2008, the amount of the Executive's
bonus on such date shall be equal to $6,000,000 less the sum of all cash bonuses
paid with respect to calendar years 2005 and 2006 (such April 30, 2008 bonus, if
any, being referred to herein as the "Special  Bonus").  Except as otherwise set
forth in paragraph 6(e) below,  the Executive  shall only be eligible to receive
such bonuses if he is employed by the Company on the date such bonus is normally
paid.

            (c) If the  Executive  is eligible to receive  restricted  shares of
Omnicom common stock,  par value $0.15 per share  ("Omnicom  Restricted  Stock")
pursuant to the Incentive  Plan,  the award of such shares shall be  conditioned
upon the  execution  and delivery by the  Executive  of  Omnicom's  then current
standard form of Restricted Stock Agreement.

      5.    Expenses; Fringe Benefits

            (a) The Company  agrees to pay or to reimburse the Executive for all
reasonable,   ordinary,  necessary  and  documented  business  or  entertainment
expenses  incurred during the Term in the performance of his services  hereunder
in accordance with the policy of the Company as from time to time in effect. The
Executive,  as a condition precedent to obtaining such payment or reimbursement,
shall  provide  to the  Company  any  and  all  statements,  bills  or  receipts
evidencing the travel or  out-of-pocket  expenses for which the Executive  seeks
payment or reimbursement, and any other information or materials, as the Company
may from time to time reasonably require.

            (b) During the Term, the Executive and, to the extent eligible,  his
dependents,  shall be eligible to  participate in and receive all benefits under
any welfare benefit plans and programs (including without  limitation,  medical,
disability,  group  life  (including  accidental  death and  dismemberment)  and
business  travel  insurance  plans and programs)  provided by the

                                       4
<PAGE>

Company  to its  senior  executives  and,  without  duplication,  its  employees
generally,  subject,  however, to the generally applicable eligibility and other
provisions of the various plans and programs in effect from time to time.

            (c) During the Term, the Executive  shall be entitled to participate
in all retirement plans and programs  (including  without  limitation any profit
sharing/401(k)  plan)  provided  by the  Company to its senior  executives  and,
without duplication, its employees generally, subject, however, to the generally
applicable eligibility and other provisions of the various plans and programs in
effect from time to time. In addition,  during the Term, the Executive  shall be
entitled to receive  fringe  benefits and  perquisites  in  accordance  with the
plans,  practices,  programs  and  policies of the Company  from time to time in
effect  which  are  made  available  to the  senior  executives  of the  Company
generally and, without duplication,  to its employees  generally.  Such benefits
and perquisites as of the date hereof shall include the following:

                  (i) for each whole and any partial  calendar  year included in
the Term, financial planning and tax preparation  assistance in an amount not to
exceed $15,000 (gross) annually (pro-rated for any partial calendar year); and

                  (ii) annual membership dues at Anglebrook Golf Club.

            (d) During the Term,  the Company  shall provide or cause one of its
affiliates to provide the Executive with  $1,000,000 of life insurance  coverage
under Omnicom's Executive Life Insurance Program.

            (e) During the Term,  the Company will provide the Executive  with a
car or car  allowance,  not to exceed an annual  cost of Euros  15,000  (gross);
provided, however, the parties hereto acknowledge and agree that from January 1,
2002 through and including July 1, 2004, the Company provided the Executive with
a driver in New York for use in the business of the Company.

            (f) From and after the date  hereof  through  the  remainder  of the
Term,  the Company will provide the  Executive  with a monthly  allowance not to
exceed $5,000 (gross) to cover the costs of renting an apartment in the New York
metropolitan area.

            (g) The  Executive  shall be  entitled  to four weeks paid  vacation
annually  (with no right of carry  over) to be taken at such times as shall not,
in the  reasonable  judgment of the Omnicom CEO,  materially  interfere with the
Executive's  fulfillment  of his duties  hereunder,  and shall be entitled to as
many  holidays,  sick  days  and  personal  days as are in  accordance  with the
Company's policy then in effect generally for its employees.

            (h) Any business  travel  arrangements  made by or for the Executive
shall be subject to the general  travel  guidelines,  policies and procedures of
the Company and the TBWA Group as from time to time in effect.

                                       5
<PAGE>

            (i) The  Executive  acknowledges  that  he is  party  to an  Omnicom
Executive Salary Continuation Agreement with a 50% salary limitation and a April
1, 1998 first commencement of service date.

            (j) From and after the date  hereof  through  the  remainder  of the
Term,  the Company will provide the  Executive  with an annual  allowance not to
exceed $30,000 (gross) to cover the costs of family travel for the Executive and
his wife  between New York and Paris;  provided,  however,  the  parties  hereto
acknowledge  and agree that (i) from January 1, 2002 through  December 31, 2004,
the Company  agreed to  reimburse  the  Executive  for the cost of three  annual
personal round trip airline  tickets for each of the Executive and his wife from
New York and Paris,  and (ii) from January 1, 2005 through the date hereof,  the
Company  provided the Executive  with an annual  allowance not to exceed $30,000
(gross)  to cover the  costs of family  travel  for the  Executive  and his wife
between New York and Paris.

      6.    Termination

            (a)  The  Company  may  terminate  the  Term  and  the   Executive's
employment at any time "without  cause" by giving the Executive six months prior
written  notice of  termination.  The  Executive  may terminate the Term and his
employment  at any time  "without  Good Reason" by giving the Company six months
prior  written  notice of  termination.  The Company shall have the right at any
time during  such six month  notice  period,  to relieve  the  Executive  of his
offices, duties and responsibilities and to place him on a paid leave-of-absence
status,  provided that during such notice  period the  Executive  shall remain a
full-time  employee  of the  Company  and shall  continue  to receive his salary
compensation and other benefits as provided in this Agreement. The date on which
the  Executive  ceases to be employed by the Company,  regardless  of the reason
therefore is referred to in this Agreement as the "Date of Termination".

            (b) The Company,  by direction of the Omnicom CEO, shall be entitled
to terminate the Term and to discharge the Executive for "cause"  effective upon
the giving of written notice. The term "cause" shall be limited to the following
grounds:

                  (i) the Executive's  failure or refusal to materially  perform
            his duties and  responsibilities  as set forth in paragraph 3 hereof
            or abide by the  reasonable  directives  of the Omnicom  CEO, or the
            failure  of the  Executive  to devote all of his  business  time and
            attention exclusively to the business and affairs of the Company and
            the TBWA Group in accordance with the terms hereof,  in each case if
            such  failure or refusal  is not cured (if  curable)  within 20 days
            after written notice thereof to the Executive by the Company;

                  (ii) the willful  misappropriation of the funds or property of
            the Company or any other member of the TBWA Group;

                  (iii) the use of alcohol or illegal  drugs,  interfering  with
            the performance of the Executive's obligations under this Agreement;

                  (iv) the  conviction  in a court of law of, or entering a plea
            of guilty or

                                       6
<PAGE>

            no contest to, any felony or any crime  involving  moral  turpitude,
            dishonesty or theft;

                  (v) the material  nonconformance  with the  standard  business
            practices  and policies of the Company or the TBWA Group,  including
            without limitation, policies against racial or sexual discrimination
            or harassment, which nonconformance is not cured (if curable) within
            10 days after written notice to the Executive by the Company;

                  (vi) the  commission  in bad faith by the Executive of any act
            which  materially   injures  or  could  reasonably  be  expected  to
            materially injure the reputation, business or business relationships
            of the Company or any other member of the TBWA Group;

                  (vii) the  resignation  by the Executive on his own initiative
            other than  pursuant to a  termination  by the  Executive  for "Good
            Reason"  (as  defined in  paragraph  6(c)  hereof) or  pursuant to a
            notice of termination given by the Executive under paragraph 6(a);

                  (viii) the gross or habitual  misconduct  or gross or habitual
            negligence by the Executive in the performance of his duties; and

                  (ix) any breach (not covered by any of the clauses (i) through
            (viii) above) of any material  provision of this Agreement,  if such
            breach is not cured (if curable) within 20 days after written notice
            thereof to the Executive by the Company.

Any notice  required to be given by the Company  pursuant to clause (i),  (v) or
(ix) above  shall  specify  the nature of the  claimed  breach and the manner in
which the Company  requires such breach to be cured (if  curable).  In the event
that the  Executive  is  purportedly  terminated  for cause  and the  arbitrator
appointed pursuant to paragraph 19 determines that "cause" as defined herein was
not  present,  then  such  purported  termination  for  cause  shall be deemed a
termination  "without  cause"  pursuant to  paragraph  6(a) and the  Executive's
rights and remedies will be governed by paragraph 6(e), in full satisfaction and
in lieu of any and all other or further remedies the Executive may have.

            (c) Provided that the  Executive is not then  otherwise in breach of
this Agreement,  the Executive shall be entitled to terminate this Agreement and
the Term  hereunder  for "Good  Reason"  at any time  during the Term by written
notice to the  Company not more than 30 days after the  occurrence  of the event
constituting such Good Reason. "Good Reason" shall be limited to a breach by the
Company of a material provision of this Agreement,  which breach remains uncured
(if  curable) for a period of 20 days after  written  notice of such breach from
the  Executive to the Company  (such notice to specify the nature of the claimed
breach and the manner in which the Executive  requires such breach to be cured).
In the event that the Executive purportedly  terminates his employment for "Good
Reason" and the arbitrator  appointed  pursuant to paragraph 19 determines  that
"Good Reason" as defined herein was not present, then such

                                       7
<PAGE>

purported  termination  for  "Good  Reason"  shall be deemed a  termination  for
"cause" pursuant to paragraph  6(a)(vii) and the Executive's rights and remedies
will be governed by paragraph 6(d), in full  satisfaction and in lieu of any and
all other or further remedies the Executive may have.

            (d) In  the  event  of the  termination  of  the  employment  of the
Executive  with the  Company  for any  reason  other than a  termination  by the
Company "without cause" or a termination by the Executive for "Good Reason", the
Executive shall be entitled to the following  payments and benefits,  subject to
any appropriate  offsets, as permitted by applicable law, for debts or money due
to the Company or an affiliate thereof (collectively, "Offsets"):

                  (i)  unpaid  salary  through,   and  any  unpaid  reimbursable
            expenses outstanding as of, the Date of Termination; and

                  (ii) all  benefits,  if any, that had accrued to the Executive
            through  the  Date of  Termination  under  the  plans  and  programs
            described  in  paragraphs  4(b),  5(b) and (c)  above,  or any other
            applicable  plans  and  programs  in  which  he  participated  as an
            employee of the Company,  in the manner and in  accordance  with the
            terms of such plans and programs.  it being  understood that any and
            all rights that the Executive may have to severance  payments by the
            Company  shall be  determined  and  solely  based on the  terms  and
            conditions  of  this  Agreement  and  not  based  on  the  Company's
            severance policy then in effect.

In the event of the  termination  of the  Executive's  employment  other  than a
termination by the Company "without cause" or a termination by the Executive for
"Good Reason", except as provided in this paragraph 6(d), the Company shall have
no further liability to the Executive or the Executive's heirs, beneficiaries or
estate for damages,  compensation,  benefits,  severance,  indemnities  or other
amounts of whatever nature, directly or indirectly,  arising out of or otherwise
related  to this  Agreement  and the  Executive's  employment  or  cessation  of
employment with the Company.

            (e) In the event of a termination by the Company  "without cause" or
a  termination  by the  Executive  for "Good  Reason",  the  Executive  shall be
entitled to the following payments and benefits, subject to any Offsets:

                  (i)  as  liquidated   damages,   his  then  applicable  salary
            compensation when otherwise payable through the Date of Termination;
            provided,  however, that,  notwithstanding anything contained herein
            to the  contrary,  solely  in the  event of a  termination  "without
            cause" on or prior to April 30, 2008,  the  Executive  shall also be
            entitled to the Special Bonus, if any, when such Special Bonus would
            have been payable had the Executive  continued to be employed by the
            Company through April 30, 2008; provided,  further,  however that if
            this  arrangement is a  "nonqualified  deferred  compensation  plan"
            described  in Section  409A(d)(1)  of the  Internal  Revenue Code of
            1986,  as amended (the  "Code"),  and the  Executive is a "specified
            employee" for purposes of Section 409A(a)(2)(B)(i) of the Code, then
            any  payments to the  Executive  shall not be made prior to the date
            that is 6 months after the Date of Termination;

                                       8
<PAGE>

                  (ii) any unpaid  reimbursable  expenses  outstanding as of the
            Date of Termination;

                  (iii) all benefits,  if any, that had accrued to the Executive
            through  the  Date of  Termination  under  the  plans  and  programs
            described in paragraphs, 5(b) and (c) above, or any other applicable
            benefit plans and programs in which he  participated  as an employee
            of the Company,  in the manner and in  accordance  with the terms of
            such plans and programs, it being understood that any and all rights
            that the  Executive  may have to  severance  payments by the Company
            shall be determined  and solely based on the terms and conditions of
            this Agreement and not based on the Company's  severance policy then
            in effect.; and

                  (iv)  continued  participation  on the same  basis  (including
            without   limitation,   cost  contributions)  as  the  other  senior
            executives of the Company in all,  medical,  dental,  disability and
            life  insurance  coverage  (such  benefits  collectively  called the
            "Continued  Plans")  in  which he was  participating  on the Date of
            Termination (as such Continued Plans are from time to time in effect
            at the Company)  until the earlier of (x) the end of the period that
            he receives  payments under clause (i) of this paragraph 6(e) or (y)
            the date, or dates, he is eligible to receive  coverage and benefits
            under  the same  type of plan of a  subsequent  employer;  provided,
            however,   if  the  Executive  is  precluded  from   continuing  his
            participation  in any  Continued  Plan,  then  the  Company  will be
            obligated  to pay  him  the  economic  equivalent  of  the  benefits
            provided  under  the  Continued  Plan  in  which  he  is  unable  to
            participate, for the period specified above, plus an amount equal to
            the tax, if any,  payable by him thereon,  it being  understood that
            the economic  equivalent of a benefit  foregone  shall be deemed the
            lowest  cost in State  of New York  that  would be  incurred  by the
            Executive in obtaining such benefit himself on an individual basis.

In connection with a termination by the Company "without cause" or a termination
by the Executive for "Good Reason", except as provided in this paragraph 6(e) or
in the Omnicom Executive Salary Continuation  Agreement,  the Company shall have
no further liability to the Executive or the Executive's heirs, beneficiaries or
estate for damages,  compensation,  benefits,  severance,  indemnities  or other
amounts of whatever nature, directly or indirectly,  arising out of or otherwise
related  to this  Agreement  and the  Executive's  employment  or  cessation  of
employment with the Company.  The making of any payments and providing the other
benefits as provided in this paragraph  6(e) is  conditioned  upon the Executive
signing and not revoking a separation  agreement  (the  "Separation  Agreement")
prepared by the Company which includes a general  release of the Company and its
affiliates,  and its and  their  respective  successors  and  assigns,  officers
directors,  employees,  agents,  attorneys  and  representatives,  of any claims
(including claims of discrimination) relating to the Executive's employment with
the Company or the termination  thereof. In the event the Executive breaches any
provisions of the Separation  Agreement or the provisions of paragraph 8 of this
Agreement,  in addition to any other  remedies at law or in equity  available to
it, the Company may cease making any further  payments and

                                       9
<PAGE>

providing  the other  benefits  provided  for in this  paragraph  6(e),  without
affecting its rights under this Agreement or the Separation Agreement.

      7.    Disability; Death

            In the event the  Executive  shall be unable to  perform  his duties
hereunder by virtue of illness or physical or mental  incapacity  or  disability
(from any cause or causes  whatsoever)  in  substantially  the manner and to the
extent required hereunder prior to the commencement of such disability (all such
causes being herein referred to as "disability") and the Executive shall fail to
perform such duties for periods aggregating 180 days, whether or not continuous,
in any  continuous  period  of 270 days,  the  Company  shall  have the right to
terminate  the  Executive's  employment  hereunder as at the end of any calendar
month during the  continuance  of such  disability  upon at least 30 days' prior
written  notice  to him.  In the  event of the  Executive's  death,  the Date of
Termination shall be the date of the Executive's death. In the event the Company
terminates the Executive pursuant to this paragraph 7, the Executive,  or in the
case of his death,  his heirs,  beneficiaries  or estate,  shall be  entitled to
receive the entitlements set forth in paragraph 6(d) of this Agreement.

      8.    Non-Solicitation/Non-Servicing    Agreement   and    Protection   of
            Confidential Information

            (a)  The  Executive  acknowledges  (i)  that  the  business  and the
industry in which the Company competes is highly competitive; (ii) that as a key
executive of the Company he will participate in the servicing of current clients
and/or the  solicitation  of prospective  clients,  through  which,  among other
things,  the  Executive  will obtain  knowledge of the  "know-how"  and business
practices  of the  Company,  in which  matters  the  Company  has a  substantial
proprietary   interest;   (iii)  that  his  employment  hereunder  requires  the
performance  of  services   which  are  special,   unique,   extraordinary   and
intellectual  in character,  and his position  with the Company  places him in a
position of confidence  and trust with the clients and employees of the Company;
and  (iv)  that  his  rendering  of  services  to the  clients  of  the  Company
necessarily requires the disclosure to the Executive of confidential information
(as  defined in  paragraph  8(b)  hereof) of the  Company.  In the course of the
Executive's  employment with the Company,  the Executive will develop a personal
relationship  with the clients of the Company and a knowledge of those  clients'
affairs  and  requirements,  and  the  relationship  of  the  Company  with  its
established  clientele  will  therefore  be placed in the  Executive's  hands in
confidence and trust. The Executive  consequently agrees that it is a legitimate
interest of the Company,  and reasonable and necessary for the protection of the
confidential  information,  goodwill  and  business  of the  Company,  which  is
valuable to the Company,  that the Executive make the covenants contained herein
and that the  Company  would not have  entered  into this  Agreement  unless the
covenants  set  forth in this  paragraph  8 were  contained  in this  Agreement.
Accordingly,  the Executive agrees that during the period that he is employed by
the Company and for the two year period  thereafter  (such period being referred
to as the  "Restricted  Period"),  he shall  not,  as an  individual,  employee,
consultant, independent contractor, partner, shareholder, or in association with
any other  person,  business  or  enterprise,  except on behalf of the  Company,
directly  or  indirectly,  and  regardless  of the reason for his  ceasing to be
employed by the Company:

                                       10
<PAGE>

                  (i) attempt in any manner to solicit or accept from any client
            business of the type  performed  by the  Company or to persuade  any
            client to cease to do  business  or to reduce the amount of business
            which any such client has customarily done or is reasonably expected
            to do with the Company,  whether or not the relationship between the
            Company and such client was  originally  established  in whole or in
            part through the Executive's efforts; or

                  (ii)  employ as an  employee  or retain  as a  consultant  any
            person,  firm  or  entity  who is  then or at any  time  during  the
            preceding  twelve months was an employee of or exclusive  consultant
            to the  Company,  or persuade or attempt to persuade any employee of
            or  exclusive  consultant  to the Company to leave the employ of the
            Company  or to become  employed  as an  employee  or  retained  as a
            consultant by any person, firm or entity other than the Company; or

                  (iii)  render to or for any  client any  services  of the type
            which are rendered by the Company.

As used in this  paragraph 8, the term  "Company"  shall include the Company and
its subsidiaries and any other company  operating within the TBWA Group, and the
term  "client"  shall  mean (1)  anyone  who is a client of the  Company or is a
client of another member of the TBWA Group on the Date of Termination, or if the
Executive's  employment  shall not have  terminated,  at the time of the alleged
prohibited  conduct (any such  applicable  date being called the  "Determination
Date");  (2) anyone  who was a client of the  Company or was a client of another
member of the TBWA  Group at any time  during  the one year  period  immediately
preceding the Determination Date; (3) any prospective client to whom the Company
or another  member of the TBWA Group had made a new  business  presentation  (or
similar offering of services) at any time during the one year period immediately
preceding the Date of Termination;  and (4) any  prospective  client to whom the
Company or another member of the TBWA Group made a new business presentation (or
similar  offering of  services)  at any time within six months after the Date of
Termination  (but only if initial  discussions  between  the  Company or another
member of the TBWA Group and such  prospective  client relating to the rendering
of services occurred prior to the Date of Termination, and only if the Executive
participated  in or supervised such  discussions or the preparation  therefore).
For  purposes  of  this  clause,  it is  agreed  that a  general  mailing  or an
incidental  contact shall not be deemed a "new business  presentation or similar
offering of  services"  or a  "discussion".  In  addition,  "client"  shall also
include any clients of other Omnicom  companies to whom the  Executive  rendered
services (including supervisory services). In addition, if the client is part of
a group of  companies  which  conducts  business  through  more than one entity,
division or operating  unit,  whether or not separately  incorporated (a "Client
Group"),  the term  "client"  as used herein  shall also  include  each  entity,
division and operating unit of the Client Group where the same management  group
of the Client Group has the decision making  authority or significant  influence
with respect to contracting for services of the type rendered by the Company.

            (b) In the course of the Executive's  employment with the Company he
will acquire and have access to  confidential or proprietary  information  about
the Company  and/or its clients,  including  but not limited to, trade  secrets,
methods, models, passwords,  access to

                                       11
<PAGE>

computer files,  financial information and records,  computer software programs,
agreements  and/or  contracts  between  the  Company  and  its  clients,  client
contacts,  creative policies and ideas, advertising campaigns,  public relations
campaigns,  presentation  materials,  web site design,  multimedia  and enhanced
power point presentations,  budgets, practices, concepts, strategies, methods of
operation,  financial or business  projections of the Company,  and  information
about or received from clients and other  companies  with which the Company does
business.  The  foregoing  shall be  collectively  referred to as  "confidential
information".  The Executive is aware that the  confidential  information is not
readily available to the public and accordingly,  the Executive also agrees that
he will not at any time (whether  during the Term or after  termination  of this
Agreement),  disclose  to anyone  (other  than his  counsel  in the  course of a
dispute arising from the alleged  disclosure of  confidential  information or as
required by law) any  confidential  information,  or utilize  such  confidential
information  for his own  benefit,  or for the  benefit  of third  parties.  The
Executive agrees that the foregoing  restrictions shall apply whether or not any
such  information  is marked  "confidential"  and  regardless of the form of the
information.  The term "confidential  information" does not include  information
which (i) is or becomes  generally  available to the public other than by breach
of this  provision  or (ii) the  Executive  learns from a third party who is not
under an obligation of confidence to the Company or a client of the Company.  In
the  event  that  the  Executive   becomes  legally  required  to  disclose  any
confidential information, he will provide the Company with prompt notice thereof
so that the  Company may seek a  protective  order or other  appropriate  remedy
and/or waive  compliance  with the provisions of this paragraph 8(b) to permit a
particular  disclosure.  In the event that such protective order or other remedy
is not obtained,  or that the Company waives  compliance  with the provisions of
this  paragraph  8(b) to permit a  particular  disclosure,  the  Executive  will
furnish only that portion of the  confidential  information  which he is legally
required to disclose  and, at the Company's  expense,  will  cooperate  with the
efforts of the Company to obtain a protective order or other reliable  assurance
that confidential treatment will be accorded the confidential  information.  The
Executive further agrees that all memoranda,  disks,  files,  notes,  records or
other  documents,  whether in electronic  form or hard copy  (collectively,  the
"material")  compiled by him or made available to him during his employment with
the Company  (whether or not the material  constitutes or contains  confidential
information),  and in connection with the  performance of his duties  hereunder,
shall be the  property of the Company and shall be  delivered  to the Company on
the termination of the  Executive's  employment with the Company or at any other
time upon request. Except in connection with the Executive's employment with the
Company, the Executive agrees that he will not make or retain copies or excerpts
of the material.

            (c) If the  Executive  commits  a breach  or is  about  to  commit a
breach,  of any of the  provisions of paragraphs  8(a) or (b), the Company shall
have the right to have the provisions of this Agreement specifically enforced by
the  arbitrator  appointed  under  paragraph  19 or by any court  having  equity
jurisdiction  without being  required to post bond or other security and without
having  to prove the  inadequacy  of the  available  remedies  at law,  it being
acknowledged  and agreed  that any such breach or  threatened  breach will cause
irreparable  injury to the  Company and that money  damages  will not provide an
adequate remedy to the Company. In addition, the Company may take all such other
actions  and  remedies  available  to it under  law or in  equity  and  shall be
entitled  to such  damages  as it can show it has  sustained  by  reason of such
breach.

                                       12
<PAGE>

            (d) The  parties  acknowledge  that  (i) the  type  and  periods  of
restriction  imposed in the  provisions of paragraphs  8(a) and (b) are fair and
reasonable  and are  reasonably  required in order to protect and  maintain  the
proprietary  interests of the Company described above, other legitimate business
interests and the goodwill associated with the business of the Company; (ii) the
time, scope,  geographic area and other provisions of this paragraph 8 have been
specifically  negotiated by  sophisticated  commercial  parties,  represented by
legal counsel; and (iii) because of the nature of the business engaged in by the
Company  and the  fact  that  clients  can be and are  serviced  by the  Company
wherever  they  are  located,  it is  impractical  and  unreasonable  to place a
geographic  limitation  on the  agreements  made by the  Executive  herein.  The
Executive  specifically  acknowledges  that his being restricted from soliciting
and servicing clients and prospective  clients as contemplated by this Agreement
will not prevent him from being  employed or earning a livelihood in the type of
business  conducted  by  the  Company.  If any of  the  covenants  contained  in
paragraphs  8(a) or (b), or any part  thereof,  is held to be  unenforceable  by
reason  of it  extending  for too  great a period  of time or over  too  great a
geographic area or by reason of it being too extensive in any other respect, the
parties agree (x) such  covenant  shall be  interpreted  to extend only over the
maximum period of time for which it may be  enforceable  and/or over the maximum
geographic  areas as to  which it may be  enforceable  and/or  over the  maximum
extent  in  all  other  respects  as to  which  it may  be  enforceable,  all as
determined by the court or arbitration  panel making such  determination and (y)
in its reduced form, such covenant shall then be  enforceable,  but such reduced
form of covenant shall only apply with respect to the operation of such covenant
in the particular  jurisdiction in or for which such  adjudication is made. Each
of the covenants and agreements contained in this paragraph 8 (collectively, the
"Protective  Covenants")  is  separate,  distinct  and  severable.  All  rights,
remedies and benefits  expressly  provided for in this  Agreement are cumulative
and are not exclusive of any rights, remedies or benefits provided for by law or
in this Agreement, and the exercise of any remedy by a party hereto shall not be
deemed an election to the  exclusion  of any other remedy (any such claim by the
other party being hereby waived). The existence of any claim, demand,  action or
cause of action of the Executive against the Company, whether predicated on this
Agreement or otherwise, shall not constitute a defense to the enforcement by the
Company of each  Protective  Covenant.  The  unenforceability  of any Protective
Covenant shall not affect the validity or enforceability of any other Protective
Covenant or any other  provision or provisions of this  Agreement.  The temporal
duration  of the  non-solicitation/non-servicing  covenants  set  forth  in this
paragraph  8 shall not expire,  and shall be tolled,  during any period in which
Executive is in violation of any of the non-solicitation/non-servicing covenants
set forth in this  paragraph  8; and all  restrictions  shall  automatically  be
extended by the period of Executive's violation of any such restrictions.

            (e) Prior to accepting  employment  with any person,  firm or entity
during the  Restricted  Period,  the  Executive  shall  notify  the  prospective
employer in writing of his  obligations  pursuant to this  paragraph 8 and shall
simultaneously provide a copy to the Company.

      9.    Intellectual Property

            During the Term,  the  Executive  will  disclose  to the Company all
ideas,  inventions and business plans  developed by him during such period which
relate  directly  or  indirectly  to the

                                       13
<PAGE>

business  of the  Company  or such  other  member of the TBWA  Group,  including
without  limitation,  any  design,  logo,  slogan,  advertising  campaign or any
process,   operation,   product  or  improvement  which  may  be  patentable  or
copyrightable.  The  Executive  agrees that all patents,  licenses,  copyrights,
tradenames,  trademarks,  service marks, planning,  creative policies and ideas,
advertising campaigns,  public relations campaigns,  presentation materials, web
site  design,  multimedia  and  enhanced  power  point  presentations,  budgets,
practices,  concepts,  strategies,  methods of operation,  financial or business
projections,  designs, logos, slogans and business plans developed or created by
the Executive in the course of his employment hereunder,  either individually or
in  collaboration  with  others,  will be deemed works for hire and the sole and
absolute  property  of the Company or any member of the TBWA Group for which the
same was  developed or created.  The Executive  agrees,  that at the request and
expense of the  Company or another  member of the TBWA  Group,  he will take all
steps necessary to secure the rights thereto to the Company or such other member
of the TBWA Group by patent, copyright or otherwise.

      10.   Enforceability

            The Executive acknowledges that certain provisions contained in this
Agreement,  including  but not limited to those  contained  in  paragraph 8, are
intended  to  protect  the  Company  and other  members of the TBWA  Group,  and
accordingly  each such  member of the TBWA Group  shall be deemed a third  party
beneficiary  with respect to such provisions and shall have the right to enforce
such provisions as appropriate.  The failure of any party at any time to require
performance by another party of any provision  hereunder  shall in no way affect
the right of that party  thereafter to enforce the same, nor shall it affect any
other  party's  right to  enforce  the  same,  or to  enforce  any of the  other
provisions in this Agreement; nor shall the waiver by any party of the breach of
any provision hereof be taken or held to be a waiver of any subsequent breach of
such provision or as a waiver of the provision itself.

      11.   Assignment

            The Company,  Omnicom and the  Executive  agree that the Company and
Omnicom shall have the right to assign this Agreement,  and,  accordingly,  this
Agreement  shall inure to the  benefit  of, and may be enforced  by, any and all
successors and assigns of the Company or Omnicom, as the case may be, including,
without limitation,  by asset assignment,  stock sale, merger,  consolidation or
other corporate  reorganization.  The Company,  Omnicom and Executive agree that
Executive's  rights and  obligations  under this  Agreement  are personal to the
Executive,  and the  Executive  shall not have the right to assign or  otherwise
transfer  his rights or  obligations  under this  Agreement,  and any  purported
assignment or transfer shall be void and ineffective. The rights and obligations
of the  Company  hereunder  shall  be  binding  upon  and  run in  favor  of the
successors  and assigns of the Company.  The rights and  obligations  of Omnicom
hereunder  shall be binding upon and run in favor of the  successors and assigns
of Omnicom.

      12.   Modification

            This  Agreement  may not be orally  canceled,  changed,  modified or
amended,  and no  cancellation,  change,  modification  or  amendment  shall  be
effective  or  binding,  unless in  writing  and  signed by the  parties to this
Agreement, and approved in writing by the Omnicom CEO.

                                       14
<PAGE>

      13.   Severability; Survival

            In  the  event  any  provision  or  portion  of  this  Agreement  is
determined to be invalid or unenforceable  for any reason,  in whole or in part,
the remaining  provisions of this Agreement  shall  nevertheless be binding upon
the parties with the same effect as though the invalid or unenforceable part had
been severed and deleted or reformed to be  enforceable.  The respective  rights
and  obligations of the parties  hereunder  shall survive the termination of the
Executive's  employment to the extent necessary to the intended  preservation of
such rights and obligations.

      14.   Life Insurance

            The Executive agrees that the Company shall have the right to obtain
life insurance on the Executive's  life, at the sole expense of the Company,  as
the case may be,  and with the  Company  as the sole  beneficiary  thereof.  The
Executive shall (a) cooperate  fully in obtaining such life insurance,  (b) sign
any necessary  consents,  applications  and other related forms or documents and
(c) at the Company's expense, take any reasonably required medical examinations.

      15.   Notice

            Any  notice,  request,  instruction  or other  document  to be given
hereunder by any party hereto to another  party shall be in writing and shall be
deemed effective (a) upon personal delivery,  if delivered by hand, or (b) three
days  after the date of  deposit  in the  mails,  postage  prepaid  if mailed by
certified  or  registered  mail,  or (c) on the next  business  day,  if sent by
prepaid overnight courier service or facsimile  transmission (if  electronically
confirmed), and in each case, addressed as follows:

            If to the Executive:

            Jean-Marie Dru
            488 Madison Avenue
            New York, New York 10022
            Fax:

            If to the Company:

            TBWA Worldwide Inc.
            488 Madison Avenue
            New York, New York 10022
            Attention:  Chief Financial Officer
            Fax: (212) 804-1380

                                       15
<PAGE>

            and:

            TBWA Worldwide Inc.
            488 Madison Avenue
            New York, New York 10022
            Attention:  General Counsel
            Fax: (212) 804-1365

            with a copy to:

            Davis & Gilbert LLP
            1740 Broadway
            New York, New York 10019
            Attention:  Michael D. Ditzian, Esq.
            Fax:  (212) 468-4888

            If to Omnicom:

            Omnicom Group Inc.
            437 Madison Avenue
            New York, New York 10022
            Attention:  General Counsel
            Fax:  212-415-3574

            with a copy to:

            Davis & Gilbert LLP
            1740 Broadway
            New York, New York 10019
            Attention:  Michael D. Ditzian, Esq.
            Fax:  (212) 468-4888

Any party may  change  the  address  to which  notices  are to be sent by giving
notice  of such  change  of  address  to the other  party in the  manner  herein
provided for giving notice.

      16.   Applicable Law

            This Agreement shall be governed by,  enforced under,  and construed
in  accordance  with the laws of the State of New York  without  application  of
conflict of law provisions applicable therein.

      17.   No Conflict

            Except for the Existing Non-Solicitation  Agreements,  the Executive
represents  and warrants  that he is not subject to any  agreement,  instrument,
order, judgment or decree of any kind, or any other restrictive agreement of any
character,  which would prevent him from

                                       16
<PAGE>

entering into this  Agreement or which would be breached by the  Executive  upon
his performance of his duties pursuant to this Agreement.

      18.   Entire Agreement

            Except for the Existing Non-Solicitation  Agreements, this Agreement
represents  the entire  agreement  among the Company,  Omnicom and the Executive
with  respect  to  the  employment  of the  Executive  by the  Company  and  any
additional  services  provided by the Executive to the TBWA Group, and all prior
agreements,  plans and arrangements  relating to the employment of the Executive
by the Company or Omnicom are nullified and superseded hereby.

      19.   Arbitration

            (a) The parties hereto agree that any dispute,  controversy or claim
arising out of,  relating to, or in connection  with this Agreement  (including,
without limitation, any claim regarding or related to the interpretation, scope,
effect,  enforcement,  termination,  extension,  breach, legality,  remedies and
other aspects of this Agreement or the conduct and communications of the parties
regarding  this  Agreement and the subject  matter of this  Agreement)  shall be
settled by  arbitration  at the offices of Judicial  Arbitration  and  Mediation
Services,  Inc. or successor  organization for binding  arbitration in New York,
New York by a single  arbitrator.  The arbitrator may grant injunctions or other
relief in such dispute or  controversy.  All awards of the  arbitrator  shall be
binding and  non-appealable.  Judgment upon the award of the  arbitrator  may be
entered in any court having  jurisdiction.  The arbitrator  shall apply New York
law to the merits of any dispute or claims,  without  reference  to the rules of
conflicts of law applicable therein. Suits to compel or enjoin arbitration or to
determine the  applicability or legality of arbitration  shall be brought in the
United States  District  Court for the Southern  District of New York or if that
court  lacks  jurisdiction,  in a state  court  located  within  the  geographic
boundaries thereof.  Notwithstanding  the foregoing,  no party to this Agreement
shall be  precluded  from  applying to a proper court for  injunctive  relief by
reason of the prior or subsequent  commencement of an arbitration  proceeding as
herein  provided.  No party or arbitrator  shall disclose in whole or in part to
any other  person,  firm or entity any  confidential  information  submitted  in
connection with the  arbitration  proceedings,  except to the extent  reasonably
necessary to assist counsel in the arbitration or preparation for arbitration of
the dispute.  Confidential  Information may be disclosed to (i) attorneys,  (ii)
parties,  and (iii)  outside  experts  requested  by either  party's  counsel to
furnish  technical or expert  services or to give  testimony at the  arbitration
proceedings,  subject,  in the case of such  experts,  to execution of a legally
binding  written  statement that such expert is fully familiar with the terms of
this  provision,  agree  to  comply  with  the  confidentiality  terms  of  this
provision,  and  will not use any  confidential  information  disclosed  to such
expert for personal or business advantage.

            (b) The Executive has read and  understands  this  paragraph 19. The
Executive  understands  that by signing this Agreement,  the Executive agrees to
submit  any claims  arising  out of,  relating  to, or in  connection  with this
Agreement, or the interpretation, validity, construction, performance, breach or
termination  thereof,  or his employment or the termination  thereof, to binding
arbitration,  and that this  arbitration  provision  constitutes a waiver of the
Executive's  right to a jury trial and relates to the

                                       17
<PAGE>

resolution  of all  disputes  relating to all  aspects of the  employer/employee
relationship, including but not limited to the following:

                  (i) Any and all claims for wrongful  discharge of  employment,
            breach of contract, both express and implied; breach of the covenant
            of good faith and fair dealing, both express and implied;  negligent
            or  intentional  infliction  of  emotional  distress;  negligent  or
            intentional misrepresentation; negligent or intentional interference
            with contract or prospective economic advantage; and defamation;

                  (ii) Any and all claims for violation of any federal, state or
            municipal statute, including,  without limitation,  Title VII of the
            Civil Rights Act of 1964, as amended,  the Civil Rights Act of 1991,
            the Equal Pay Act, the Employee  Retirement  Income Security Act, as
            amended,  the Age  Discrimination  in  Employment  Act of 1967,  the
            Americans  with  Disabilities  Act of 1990,  the Family and  Medical
            Leave Act of 1993, the Fair Labor  Standards Act, the New York Human
            Rights Law; and

                  (iii) Any and all  claims  arising  out of any other  federal,
            state  or  local  laws or  regulations  relating  to  employment  or
            employment discrimination.

            (c) To the extent that any part of this  paragraph 19 is found to be
legally  unenforceable for any reason, that part shall be modified or deleted in
such a manner as to render this paragraph 19 (or the remainder of this paragraph
19) legally  enforceable  and as to ensure that except as otherwise  provided in
clause (a) of this  paragraph  19, all  conflicts  between  the  Company and the
Executive shall be resolved by neutral,  binding  arbitration.  The remainder of
this paragraph 19 shall not be affected by any such modification or deletion but
shall be  construed  as  severable  and  independent.  If a court finds that the
arbitration procedures of this paragraph 19 are not absolutely binding, then the
parties  hereto  intend  any  arbitration  decision  to be fully  admissible  in
evidence, given great weight by any finder of fact, and treated as determinative
to the maximum extent permitted by law.

      20.   Headings

            The headings  contained in this Agreement are for reference purposes
only, and shall not affect the meaning or interpretation of this Agreement.

      21.   Withholdings

            The  Company  may  withhold  from any  amounts  payable  under  this
Agreement such federal, state or local taxes as shall be required to be withheld
pursuant to any applicable law or regulation.

                                       18
<PAGE>

      22.   Counterparts

            This  Agreement may be executed in two  counterparts,  both of which
taken together shall constitute one instrument.

      23.   No Strict Construction

            The  language  used  in this  Agreement  will  be  deemed  to be the
language chosen by the Company and the Executive to express their mutual intent,
and no rule of law or contract  interpretation that provides that in the case of
ambiguity or uncertainty a provision  should be construed  against the draftsman
will be applied against any party hereto.

                                       19
<PAGE>

      IN WITNESS WHEREOF, the parties have executed this Employment Agreement as
of the day and year first above written.

                                     OMNICOM GROUP INC.

                                     By: /s/ Michael O'Brien
                                         ---------------------------------------
                                         Michael O'Brien
                                         Senior Vice President, General Counsel
                                         and Secretary

                                         /s/ Jean-Marie Dru
                                         ---------------------------------------
                                         Jean-Marie Dru

                                     TBWA WORLDWIDE INC.

                                     By: /s/ Jonathan Ramsden
                                         ---------------------------------------
                                         Jonathan Ramsden
                                         Chief Financial Officer

                                       20

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