Document:

EXHIBIT 10.7f

                              EMPLOYMENT AGREEMENT

      AGREEMENT  made as of the 1st day of April,  1998, by and between  OMNICOM
GROUP  INC.,  a New  York  corporation,  (the  "Company"),  and  MICHAEL  EDWARD
GREENLEES (the "Executive").

                                W I T N E S S E T H:

      WHEREAS, the Executive was employed by GGT Group plc., whose name has been
changed to The GGT Group Limited  ("GGT"),  an indirectly held subsidiary of the
Company,  pursuant  to a Service  Agreement  dated May 1,  1991,  as  thereafter
amended (the "Service Agreement"); and

      WHEREAS,  the  Company  desires to employ  the  Executive,  terminate  the
Service Agreement and enter an agreement  embodying the terms of such employment
(this "Agreement"), and the Executive desires to terminate the Service Agreement
and enter into this  Agreement  and to accept  such  employment,  subject to 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, and the Executive agrees to accept such employment,  upon the terms
and conditions hereinafter set forth.

   2. Term

      Subject to paragraphs 6 and 7 below and the other terms and  conditions of
this Agreement,  the Executive's employment by the Company pursuant to the terms
of this  Agreement,  shall be for a term  commencing  as of March  31,  1998 and
expiring on March 31, 2003 (the "Initial Term"); provided,  however, the term of
the  Executive's  employment  by the Company  shall  continue for an  indefinite
period  thereafter  unless and until  either (x) the  Company  shall give to the
Executive one year's  advance  written  notice of expiration of the term, or (y)
the Executive  shall give to the Company six months'  advance  written notice of
expiration  of the term (both such  notices  being  referred  to as a "Notice of
Termination").  (The Initial  Term and the period,  if any,  thereafter,  during
which the Executive's  employment shall continue are collectively referred to as
the  "Term").  Any Notice of  Termination  given under this  paragraph  2, shall
specify  the date of  expiration  (which  may not be  earlier  than the close of
business  on March 31,  2003) and may be given at any time on or after March 31,
2002 in the case of the Company,  or on or after  September 30, 2002 in the case
of the  Executive.  The Company shall have the right at any time during such one
year or six month notice period, as the case may be, to relieve the Executive of
his offices, duties and responsibilities and to place him

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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 effective date of the termination of the Executive's  employment
with the  Company,  regardless  of the reason  therefor,  is referred to in this
Agreement as the "Date of Termination".

   3. Duties and Responsibilities

      (a) (i)  During  the  Term,  the  Executive  shall  hold the  position  of
President and Chief  Executive  Officer of the TBWA Worldwide group of companies
as constituted from time to time and including any successor (the "Group").  The
Executive shall report  directly to the Chief  Executive  Officer of the Company
(the  "Company  CEO") at such times and in such  detail as the Company CEO shall
reasonably require.

      (ii) The  Company CEO shall  recommend  to the Board of  Directors  of the
Company (the  "Board")  that the Executive be duly elected to the Board no later
than  January  31,  2000.  Thereafter,  during the Term,  the  Company CEO shall
recommend to the Board that the Executive be duly  nominated  for  reelection at
each  subsequent  Annual  Meeting  of  Shareholders  upon which his then term of
directorship  expires. The Executive agrees to serve on the Board if so elected;
his compensation, if any, for serving as such shall be determined by the Board.

      (b) The Executive  shall perform such executive and managerial  duties and
responsibilities  customary  to the  office of  President  and  Chief  Executive
Officer of the Group and as are  reasonably  necessary to the  operations of the
Group and such additional  duties as may be assigned to him from time to time by
or under authority of the Company CEO consistent with his position as designated
in paragraph 3(a) above.  In furtherance of the foregoing,  the Executive  shall
have  primary  responsibility  and  authority  (subject  to the  terms  of  this
Agreement,  the "Omnicom  Grant of Authority" as from time to time in effect and
the   authority   of  the  Company   CEO)  (i)  for  the   general   management,
administration, day-to-day operations and long-term planning of the Group, which
shall include authority to determine  operating budgets and profit plans for the
Group,   (ii)  for  the   determination   of  the  reporting   requirements  and
relationships, and the review and evaluation, of the key Group personnel who are
employed  by  companies  operating  within the Group,  and (iii)  subject to the
approved   operating  budget  of  the  Group,  for  the   determination  of  the
compensation for the key Group personnel.

      (c) The Executive will use his reasonable  best efforts to (i) perform his
duties and  responsibilities  in a manner consistent with the policies set forth
in the  "Omnicom  Grant of  Authority"  and the  parameters  of the Group's then
current profit plan and capital  expenditure  budget, (ii) ensure that the Group
as a whole  and each  member  of the Group  comply  on a timely  basis  with all
budgetary and reporting requirements  reasonably requested by the Company, (iii)
not incur  obligations  on behalf of any  member of the Group  other than in the
ordinary  course of  business  nor enter into any  transaction  on behalf of any
member of the Group  other  than in the  ordinary  course of  business,  without
obtaining  appropriate approvals to the extent required by the Omnicom "Grant of
Authority", and (iv) not knowingly take any action to prevent any member

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of the Group from  participating  in the Company's  cash  management  program or
abiding by the Company's dividend, management fee and corporate policies as from
time to time in effect.

      (d) During the Term,  the  Executive's  employment by the Company shall be
full-time and exclusive,  and the Executive agrees that he will, in carrying out
his duties  hereunder,  devote all of his business time and attention,  his best
efforts,  and all of his skill and  ability  to  promote  the  interests  of the
Company and the Group.  Notwithstanding  the foregoing,  the Executive  shall be
permitted to engage in charitable  and civic  activities and manage his personal
investments,  provided  that such  investments  are not in a  company  which the
Executive knows or has reason to believe  transacts  business with any member of
the Group, or which engages in business  competitive  with that conducted by any
member of the Group (or, if such company does transact business with a member of
the Group or does  engage  in a  competitive  business,  it is a  publicly  held
corporation of which the Executive  owns 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
at the offices of the Group in New York, New York,  subject to necessary  travel
requirements of his positions and duties hereunder.

    4. Compensation

      (a) As compensation for his services hereunder and in consideration of his
non-solicitation/non-servicing  and  non-disclosure  covenants  as set  forth in
paragraph 8 below,  during the Term the Company  shall pay, or cause a member of
the Group to pay, the Executive in accordance with its normal payroll practices,
direct salary  compensation at the annual rate of at least $860,000.  The annual
direct  salary  compensation  shall  be  reviewed  by the  Company  CEO not less
frequently  than every 24 months.  The first such review  shall be  completed by
such date as shall be necessary to permit any salary increase to be effective as
of January 1, 2000.

      (b) During the Term, the Executive shall be eligible to participate in the
Company's 1998 Incentive Compensation Plan or any successor plan (the "Incentive
Plan") and to receive awards of stock options,  cash bonuses,  restricted  stock
and other awards  thereunder.  During the Term,  the awards under the  Incentive
Plan granted to the  Executive by the  Compensation  Committee of the Board (the
"Compensation  Committee")  shall be commensurate with the awards granted to the
chief  executive  officers of the other  worldwide  advertising  agency networks
owned by the Company (together with the Executive,  the "Agency CEO's"),  taking
into account the relative  size and  profitability  of such  advertising  agency
networks  and such  other  factors  as the  Compensation  Committee  shall  deem
reasonable and appropriate. The bonus formula applicable to Executive's bonus in
respect of 1999 is attached as Annex A. The Executive's  bonus for calendar year
1998 was $900,000.

   5. Expenses; Fringe Benefits

      (a) The Company  agrees to pay or to  reimburse,  or cause a member of the
Group to pay or to reimburse,  the Executive  for all  reasonable,  ordinary and
necessary vouchered

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business or entertainment  expenses  incurred during the Term in the performance
of his services  hereunder in accordance  with the policy of the Company and the
Group as from time to time in effect. The Executive, as a condition precedent to
obtaining  such payment or  reimbursement,  shall provide to the Company or such
member of the Group  designated to pay or reimburse the  Executive,  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 or such designated member of the Group
may from time to time reasonably require.

      (b) During the Term,  the  Executive  and,  to the  extent  eligible,  his
dependents,  shall be entitled to  participate in and receive all benefits under
any welfare  benefit plans and programs made available  generally to the Group's
senior level executives  based in the United States or (without  duplication) to
its  employees  based  in  the  United  States  generally   (including   without
limitation,  medical,  hospitalization,  disability and life insurance programs,
accidental death and  dismemberment  protection and business travel  insurance),
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, (x) the Company shall provide the Executive with  $1,000,000 of
life insurance coverage under the Company's Executive Life Insurance Program and
(y) the Company shall pay or reimburse the  Executive,  or cause a member of the
Group to pay or to  reimburse  the  Executive,  up to  $2,000  annually  for the
premium costs  payments in respect of the Life Assurance  policy  maintained for
the Executive  during his  employment  period with GGT,  which policy  currently
provides for an insurance benefit of four times salary (death for any cause) and
of five times salary (death by accident only).

      (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) made  available  generally  to the  Group's  senior  level
executives based in the United States or (without  duplication) to its employees
based  in the  United  States  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 Group from time to time in effect
which are made available  generally to the Group's senior level executives based
in the United  States or (without  duplication)  to its  employees  based in the
United States  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 annually (pro-rated for any partial calendar year);

            (ii) health club dues;

            (iii) first class travel accommodations; and

            (iv) annual membership dues at Anglebrook Golf Club.

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      (d) During each calendar year of the Term, the Executive shall be entitled
to four weeks paid  vacation (on a  non-cumulative  basis),  to be taken at such
time(s) as shall not, in the reasonable  judgment of the Company CEO, materially
interfere with the Executives 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  senior  level
executives.

      (e) The Executive  acknowledges  that he is a party to a Company Executive
Salary Continuation  Agreement ("ESCA") with a 50% salary limitation and a March
31, 1998 first commencement of service date.

      (f) During the Term, the Company shall  provide,  or cause a member of the
Group to provide,  the  Executive  with an automobile  allowance of $2,350,  per
month to cover his costs of using, maintaining, insuring and garaging his car in
connection  with the  business  of the Group.  The  Company  shall  provide  the
Executive  with the use of a chauffeur  in  connection  with the business of the
Group.

      (g) The Executive  acknowledges that (i) in March 1998 under the Incentive
Plan, the Company made an initial stock option grant  covering  50,000 shares of
the Company's common stock and 10,000 shares of restricted Company common stock;
(ii) in March 1998,  $2,000,000 was paid into the Executive's UK pension fund in
full  satisfaction of the Company's  agreement to remedy the underfunding of the
Executive's Pension Scheme; and (iii) February 1999 under the Incentive Plan the
Executive was awarded a grant of 60,000 shares of the Company's common stock and
10,000 shares of restricted Company common stock in March 1999.

      (h) It is intended that the Executive  will relocate his family to the New
York area during  calendar  2000.  At the time of such  relocation,  the Company
shall pay or cause a member of the Group to pay for the  reasonable and ordinary
costs incurred by the Executive  related to such move.  Until the time Executive
establishes  a new  residence in the New York City  metropolitan  area,  but not
beyond  December 31,  1999,  the Company  shall  provide the  Executive  with an
appropriate furnished apartment/hotel accommodation in New York City, reasonably
acceptable to Executive.  In connection with Executive's purchase of a residence
in the New York City  metropolitan  area,  the Company  will,  within 14 days of
Executive's  written request,  advance to Executive (or at the Company's option,
arrange  for a third party loan) on or about the date on which title of such new
residence is expected to close,  a loan (the "Home  Loan") of up to  $3,000,000.
$1,000,000  of the Home Loan  shall be  payable  in six  months,  together  with
accrued  interest  thereon,  at the interest rate set forth in clause (y) below.
The remaining  $2,000,000 of the Home Loan shall mature on the sooner of (x) one
year  after the Date of  Termination  and (y) March  31,  2003 (the  "Maturation
Date"),  and shall  bear  simple  interest  at the  average  of the daily  LIBOR
(one-year  rate) rates published in The Wall Street Journal during the period of
the loan. Payments of principal and interest shall be made annually, on the last
day of March  in each  year,  in  arrears,  based  upon a  20-year  amortization
schedule. The Executive shall execute a promissory note evidencing the Home Loan
prepared by the Company and reasonably  satisfactory to the Executive.  The Home
Loan shall be secured by a first mortgage on Executive's residence so purchased.
The Company shall have the right

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to offset any payments to be made under the ESCA against any outstanding amounts
of principal and interest on the Home Loan, after notice to such effect..

      (i) To the extent any plan,  program,  practice,  policy,  arrangement  or
agreement providing compensation or benefits to the Executive takes into account
a participant's  service with the Company or the Group, whether for the purposes
of  determining  eligibility,  vesting,  level of  benefits  or  otherwise,  the
Executive's service will include his whole and partial years of service with GGT
prior to its merger with and into the Company;  provided,  however, for purposes
of determining years of service under the ESCA, the Executive's  commencement of
service date shall be March 31, 1998.

      (j) The Company shall pay or reimburse the Executive, or cause a member of
the Group to pay or to reimburse the Executive,  for the  reasonable  legal fees
and expenses  incurred by the Executive in connection  with the  negotiation  of
this Agreement, not to exceed $35,000.

    6. Termination

      (a) The Company,  by  direction of the Board or the Company 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
      material  duties and  responsibilities  as set forth in paragraph 3 hereof
      other than by reason of his  disability (as defined in paragraph 7 below),
      or the failure of the Executive to devote his attention exclusively to the
      business  and  affairs of the Group in  accordance  with the terms  hereof
      (other than by reason of his disability),  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 member of the Group;

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

            (iv)  conviction  in a court of law of, or entering a plea of guilty
      or no contest to, any felony or any crime involving moral turpitude, fraud
      or theft;

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

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            (vi) the willful 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 member of the Group;

            (vii) any  material  breach  (not  covered by any of the clauses (i)
      through (vi) above) of any material  term,  provision or condition of this
      Agreement,  if such breach is not cured (if curable)  within 20 days after
      written notice thereof to the Executive by the Company;

            (viii) a voluntary  resignation by the Executive other than pursuant
      to a Notice of  Termination  given  under  paragraph  2 above or for "Good
      Reason" (as defined in paragraph 6(b) below); and

            (ix) the gross  misconduct  or gross  negligence by the Executive in
      the performance of his duties continuing after written warning.

Prior to the effectiveness of any notice to Executive  terminating the Executive
for cause  hereunder,  the Company  will  provide the  Executive  with a prompt,
in-person  hearing  before the Board,  at which  hearing  the  Executive  may be
accompanied by counsel.  Any notice required to be given by the Company pursuant
clause (i), (iii), (v), (vii) or (ix) above shall specify the specific nature of
the  claimed  breach and the manner in which the  Company  believes  such breach
should be cured (if  curable).  In the event that the  Executive is  purportedly
terminated for cause and the arbitrator appointed pursuant to paragraph 19 below
determines  that cause as defined  herein was not present,  then such  purported
termination  for cause shall be deemed a  termination  by the  Company  "without
cause" pursuant to paragraph 6(d) below and the Executive's  rights and remedies
will be governed by paragraph 6(d) below in full satisfaction and in lieu of any
and all other or further remedies the Executive may have.

      (b) 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 given not more than 30 days after the  occurrence of the event or
if Good Reason occurs by virtue of a series of events,  the last occurring event
constituting such Good Reason.  "Good Reason" shall be limited to (i) a material
reduction of the  Executive's  duties or  responsibilities  or the assignment of
duties which are  materially  inconsistent  with his  position as President  and
Chief  Executive  Officer of the Group;  which action is not reversed  within 20
days after written  notice of the breach from the Executive to the Company;  and
(ii) the  failure  of the  Board to elect the  Executive  as a  Director  of the
Company on or prior to January 31, 2000; or (iii) a material breach (not covered
by clause (i) or (ii) above) by the  Company of a material  term,  provision  or
condition of this  Agreement,  which breach  remains  uncured for a period of 20
days after written notice of such breach from the Executive to the Company.  Any
notice  required to be given by the Executive  pursuant to this  paragraph  6(b)
shall specify the specific  nature of the claimed breach and the manner in which
the Executive believes such breach should be cured (if curable).

      (c) In the event of the  termination  of the  employment  of the Executive
with the Company for any reason  (including  without  limitation,  a termination
pursuant to a Notice of

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Termination  under  paragraph 2 above) other than by virtue 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 appropriate  offsets,  as permitted by applicable law, for debts or money
due to the Company or an affiliate thereof (collectively, "Offsets"):

            (i) unpaid salary  compensation and any unused accrued vacation only
      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 and 5 above, or any other applicable compensation and benefit
      plans and programs in which he participated as an employee of the Company,
      the Group or GGT, in the manner and in  accordance  with the terms of such
      plans and programs;

            (iii) any earned but unpaid  bonus for the year prior to the year in
      which the Date of Termination occurs; and

            (iv) in the event the Executive's employment terminated by reason of
      his death or disability,  or pursuant to a Notice of Termination,  without
      duplication  of any bonus that may be payable under the Incentive  Plan, a
      bonus for the year in which the Date of Termination  occurs,  based on the
      factors used by the Compensation Committee,  that he would have earned had
      he remained an employee  through the end of such year,  prorated  based on
      the ratio of (A) the number of months,  and parts thereof,  in the year in
      which the Date of Termination occurs, prior to the Date of Termination, to
      (B) 12 months.

In the event of the  termination  of the  Executive's  employment  other than by
virtue of a termination by the Company  "without  cause" or a termination by the
Executive for "Good  Reason",  except as provided in this  paragraph 6(c) and as
otherwise  required  by  applicable  law,  the  Company  shall  have no  further
liability to the Executive or the Executive's heirs, beneficiaries or estate for
damages, compensation,  benefits, severance 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.

      (d) The  Company  shall  have the  right at any  time  during  the Term to
terminate  the  employment of the Executive  "without  cause" by giving  written
notice to the Executive  setting forth a Date of Termination.  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 severance  compensation,  his then  applicable  direct salary
      compensation   when  otherwise  payable  for  the  following  period  (the
      "Severance  Period") (x) from the Date of  Termination  through  March 31,
      2003 if the Date of

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Termination  occurs on or prior to March 31,  2002 or (y) one year from the Date
of Termination, if the Date of Termination occurs after March 31, 2002;

      (ii) any unpaid reimbursable expenses outstanding,  and any unused accrued
vacation, 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 4 and 5
above, or any other  applicable  compensation  and benefit plans and programs in
which he  participated  as an employee of the Company,  the Group or GGT, in the
manner and in accordance with the terms of such plans and programs;

      (iv)  continued   participation  on  the  same  basis  (including  without
limitation, cost contributions) as the other senior executives of the Company in
all medical,  dental,  hospitalization,  disability and life insurance  coverage
(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 (A) the end of the period that he receives severance compensation
payments under clause (i) of this  paragraph 6(d) or (B) the date, or dates,  he
is entitled to receive  coverage and  benefits  under the same type of plan of a
subsequent employer;  provided,  however, (1) if the Executive is precluded from
continuing his  participation  in any Continued  Plan, he shall be provided with
the after-tax  economic  equivalent of the benefits provided under the Continued
Plan in which he is unable to participate,  for the period  specified above, (2)
the economic  equivalent of a benefit foregone shall be deemed a reasonable cost
in the State of New York that would be incurred by the  Executive  in  obtaining
such benefit himself on an individual  basis,  and (3) payment of such after-tax
economic equivalent shall be made quarterly in advance;

      (v) any earned  but  unpaid  bonus for the year prior to the year in which
the Date of Termination occurs;

      (vi)  without  duplication  of any  bonus  that may be  payable  under the
Incentive  Plan, a bonus for the year in which the Date of  Termination  occurs,
based on the  factors  used by the  Compensation  Committee,  that he would have
earned had he remained an employee through the end of such year,  prorated based
on the ratio of (A) the number of months, and pans thereof, in the year in which
the Date of  Termination  occurs,  prior to the Date of  Termination,  to (B) 12
months; and

      (vii) for purposes of  determining  "Years of Service" under the ESCA, the
Executive's employment with the Employer Group (as defined in the ESCA) shall be
deemed to have terminated on March 31, 2003; provided,  however, nothing is this
clause (vii) is intended to limit the conditions of Section V of the ESCA to the
extent  the  Executive  violates  any  condition  between  the  actual  Date  of
Termination hereunder and March 31, 2003.

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In connection with a termination "without cause" or for "Good Reason", except as
provided in this paragraph 6(d) or as otherwise  required by applicable law, (x)
the Company shall have no further  liability to the Executive or the Executive's
heirs, beneficiaries or estate for damages, compensation, benefits, severance 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,  and (y) the  Executive  shall  be  under no
obligation  to  mitigate  his  damages  or to seek other  employment  and if the
Executive  obtains other  employment,  any compensation  earned by the Executive
therefrom  shall not  reduce  the  Company's  severance  obligations  under this
paragraph  6(d).  The making of any  severance  payments and providing the other
benefits as provided in this paragraph  6(d) is  conditioned  upon the Executive
signing a general  release (the  "Release") of the Company and its  subsidiaries
and affiliates,  and its and their respective successors and assigns,  officers,
directors,  employees,  agents,  attorneys  and  representatives,  of any claims
(including,  without  limitation,  claims of  discrimination,  but excluding any
rights and benefits  provided to him under this paragraph  6(d)) relating to the
Executive's employment with the Company or the termination thereof. In the event
the  Executive  breaches  any  provisions  of the Release 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  severance
payments and providing the other benefits provided for herein, without affecting
its rights under this Agreement or the Release.

   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 such death.

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

      (a) The Executive  acknowledges (i) the highly  competitive  nature of the
business of the Group and the industry in which the Group competes; (ii) that as
the President and Chief Executive Officer of the Group and his prior position as
Chief Executive  Officer of GGT, the Executive has obtained and will continue to
obtain  knowledge of the  "know-how" and business  practices of Group,  in which
matters members of the Group have 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
Group  places him in a position  of  confidence  and trust with the  clients and
employees  of members of the Group;  and (iv) that his  rendering of services to
the Group  necessarily  requires the disclosure to the Executive of confidential
information (as defined in paragraph 8(b) below) of the members of the Group. In
the course of the Executive's employment with the Company

                                       10
<PAGE>

and GGT, the Executive has and will continue to develop a personal  relationship
with clients of members of the Group and a knowledge of those  clients'  affairs
and  requirements,  and that the relationship of members of the Group with their
established  clientele  will  therefore  be placed in the  Executive's  hands in
confidence and trust.  The Executive  consequently  agrees that it is reasonable
and necessary for the protection of the confidential  information,  goodwill and
business of the Group 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
thereafter  through  the longer of: (x) the  Severance  Period and (y) two years
after  the Date of  Termination  he shall  not,  as an  individual,  consultant,
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:

            (i)  attempt  in any  manner to  solicit  or accept  from any client
      business of the type  performed by members of the Group 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
      any member of the  Group,  whether or not the  relationship  between  such
      member of the Group and such client was originally established in whole or
      in part through his efforts; or

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

            (iii) render to or for any client any services of the type  rendered
      by members of the Group.

As used in this  paragraph 8, the term  "client"  shall mean (1) anyone who is a
client  of any  member  of the  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 any  member  of the Group at any time
during the one year period immediately preceding the Determination Date; (3) any
prospective  client to whom any  member  of the  Group  had made a new  business
presentation  (or similar  offering of services) at any time during the one year
period  immediately  preceding the  Determination  Date; and (4) any prospective
client to whom any  member of the 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 the  initial  discussions  between  such member of the
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
directly supervised such discussions).  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,  if the client is part of a group of companies which conducts business
through more than

                                       11
<PAGE>

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  with
respect to  contracting  for  services  of the type  rendered  by members of the
Group.

      (b) In the course of the  Executive's  rendering  services to the Group he
has acquired  and will  continue to acquire and have access to  confidential  or
proprietary  information  about the Group and members of the Group  and/or their
clients,   including  but  not  limited  to,  trade  secrets,  methods,  models,
passwords, access to computer files, financial information and records, computer
software programs,  agreements and/or contracts between members of the Group and
their clients,  client contacts,  marketing and/or creative  policies and ideas,
advertising campaigns, media plans and budgets, practices, concepts, strategies,
and methods of operations,  financial or business  projections of the Group as a
whole  and  members  of  the  Group  individually,  acquisition  strategies  and
candidates,  and information  about or received from clients and other companies
with which members of the Group do 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  agrees that he will not at any time  (whether  during the Term or
after  termination  of this  Agreement),  disclose  to anyone  any  confidential
information,  or utilize such confidential  information for his own benefit,  or
for the benefit of third parties except in furtherance of his duties  hereunder.
The Executive agrees that the foregoing  restrictions shall apply whether or not
any  such  information  is  marked   "confidential".   The  term   "confidential
information" does not include  information which (i) becomes generally available
to the  public  or the  trade  other  than  by the  Executive's  breach  of this
provision,  (ii) the  Executive  learns  from a third  party who is not under an
obligation of confidence to the Company or any member of the Group, or (iii) the
Executive  learns from a subsequent  employer.  In the event that the  Executive
becomes,  on the  advice  of his  counsel,  legally  required  to  disclose  any
confidential information, he will provide the Company with prompt notice thereof
so that  the  Company  or a  member  of the  Group  designated  by it 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,  in the  absence of a direct  conflict  of  interest,
cooperate with the efforts of the Company or the designated  member of the Group
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 and/or
GGT (whether or not the material contains confidential information) shall be the
property of the Company or the appropriate  member of the Group, as the case may
be, and shall be  delivered to the Company,  or such  appropriate  member of the
Group, on the  termination of the Executive's  employment with the Company or at
any other  time upon  request  by the  Company.  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.

                                       12
<PAGE>

      (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) above,  the Company and other
members  of the  Group  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 members of
the Group and that money  damages  will not  provide an  adequate  remedy to the
Company  and other  members of the Group.  In  addition,  the  Company and other
members of the Group may, subject to the provisions of paragraph 19 hereof, take
all such other  actions and  remedies  available to each of them under law or in
equity  and  shall be  entitled  to such  damages  as they can  show  they  have
sustained by reason of such breach.

      (d) The parties  acknowledge  that (i) the type and periods of restriction
imposed  in the  provisions  of  paragraphs  8(a)  and (b)  above  are  fair and
reasonable  and are  reasonably  required in order to protect and  maintain  the
proprietary  interests  of the  Company  and the Group  described  above,  other
legitimate  business  interests  of the Company  and the Group and the  goodwill
associated  with the  business  of the  Company  and the  Group,  (ii)  that the
business of the Group extends  throughout  the world and that the Executive will
engage in such business  pursuant to the terms of this Agreement  throughout the
world and (iii) that the time,  scope and other  provisions of this  paragraph 8
have been specifically  negotiated by sophisticated  commercial  parties.  It is
further  understood  and agreed that the clients of the members of the Group may
be  serviced  from  any  location  and  accordingly  it is  reasonable  that the
covenants  set  forth  herein  are not  limited  by narrow  geographic  area but
generally by the location of such clients and potential  clients.  The Executive
specifically   acknowledges  that  his  being  restricted  from  soliciting  and
servicing  clients as  contemplated  by this Agreement will not prevent him from
being  employed or earning a  livelihood  in the type of business  conducted  by
members of the Group.  If any of the covenants  contained in paragraphs  8(a) or
(b), or any part thereof, is held to be unenforceable by reason of its extending
for too great a period of time or over too great a geographic  area or by reason
of its 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.

   9. Intellectual Property

      During the Term,  the Executive  will disclose to members of the Group all
ideas,  inventions and business plans  developed by him during such period which
relate  directly or indirectly to the business of the 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,  marketing  and/or  creative  policies,   advertising
campaigns, media campaigns, and budgets,  practices,  concepts,  strategies, and
methods of  operations,  financial  or  business  projections,  designs,  logos,
slogans and business plans

                                       13
<PAGE>

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 the member of the
Group for which the same was developed or created. The Executive agrees, that at
the request  and  expense of the Company or a member of the Group,  he will take
all steps  necessary  to secure the rights  thereto to the Company or such other
member of the Group by patent, copyright or otherwise.

   10. Enforceability

      The Executive  acknowledges  that certain of the  provisions  contained in
this  Agreement,  including  but not limited to those  contained  in paragraph 8
above,  are intended to protect each member of the Group,  and accordingly  each
such Group member 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

      This  Agreement  is a personal  contract  and the  Executive's  rights and
obligations  hereunder  may  not be  sold,  transferred,  assigned,  pledged  or
hypothecated  by the  Executive.  The  rights  and  obligations  of the  Company
hereunder  shall be binding upon and run in favor of the  successors and assigns
of the Company.

                                       14
<PAGE>

   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.

   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.  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, during the Term, and, in the event insurance is
used to fund any deferred  compensation  for the  Executive,  until such time as
such  deferred  compensation  is paid,  the  Company  or a member  of the  Group
designated  by it shall  have the right to  obtain  reasonable  amounts  of life
insurance on the  Executive's  life,  at the sole expense of the Company or such
designee,  as the case may be, and with the Company or such other  member of the
Group 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 expense of the Company or
designated   member  of  the  Group,   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  facsimile
transmission (if electronically confirmed) or prepaid overnight courier service,
and in each case, addressed as follows:

                                       15
<PAGE>

                  If to the Executive:

                  Michael Edward Greenlees
                  TBWA Worldwide
                  488 Madison Avenue
                  New York, NY 10022

                  with a copy to:

                  Kramer Levin Naftalis & Frankel
                  919 Third Avenue
                  New York, New York 10022-3852
                  Attention:  Kenneth P. Kopelman, Esq.
                  Fax:  (212)715-8000

                  If to the Company:

                  Omnicom Group Inc.
                  437 Madison Avenue
                  New York, New York 10022
                  Attention:  Secretary
                  Fax:  (212)415-3670

                  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 and construed in accordance  with the
laws of the State of New York without  application of conflict of law provisions
applicable therein.

                                       16
<PAGE>

   17. No Conflict

      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 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

      This Agreement  represent the entire agreement between the Company and the
Executive with respect to the subject matter hereof,  and all prior  agreements,
plans and  arrangements  relating  to the  employment  of the  Executive  by the
Company or any affiliate thereof are nullified and superseded hereby,  including
without  limitation the Service Agreement.  The Executive  acknowledges that GGT
has satisfied all obligations to him under the Service Agreement.

   19. Arbitration

      (a) If any dispute  arises  between the Executive and the Company that the
parties cannot resolve  themselves,  including any dispute over the application,
validity,  construction,  or  interpretation  of this Agreement,  arbitration in
accordance  with  the   then-applicable   rules  of  the  American   Arbitration
Association  with respect to  employment  disputes  shall  provide the exclusive
remedy for  resolving  any such  dispute,  regardless  of its nature;  provided,
however,  that the  Company  and any  other  aggrieved  member  of the Group may
enforce Executive's  obligations under paragraph 8 hereof and the obligations of
the Executive with respect to the notice provision under paragraph (2) above, by
an action for injunctive relief in a court of competent jurisdiction at any time
prior or subsequent to the  commencement of an arbitration  proceeding as herein
provided.

      (b) Except with respect to  injunctions  provided for under  paragraph (a)
above,  this  paragraph  19 shall  apply  to all  disputes  arising  under or in
connection with this Agreement.  This paragraph 19 shall apply to claims arising
under state and federal  statutes,  local  ordinances,  and the common law.  The
arbitrator shall apply the same  substantive law that a court with  jurisdiction
over  the  parties  and  their  dispute  would  apply  under  the  terms of this
Agreement.  The arbitrator's  remedial  authority shall equal the remedial power
that a court with  jurisdiction  over the parties and their  dispute would have.
The arbitrator shall, upon an appropriate  motion,  dismiss any claim brought in
arbitration if he or she determines  that the claim could not properly have been
pursued through court litigation.  If the then-applicable  rules of the American
Arbitration  Association  conflict with the procedures of this paragraph  19(b),
the latter shall apply.

      (c) If the parties  cannot  agree upon an  arbitrator,  the parties  shall
select a single arbitrator from a list of seven arbitrators  provided by the New
York City, New York office of the American  Arbitration  Association.  All seven
listed  arbitrators shall be retired judges experienced in employment law and/or
persons actively  involved in hearing private cases. If the parties cannot agree
on selecting an arbitrator from that list, then the parties shall alternately

                                       17
<PAGE>

strike names from the list,  with the first party to strike being  determined by
lot.  After each party has used three  strikes,  the remaining  name on the list
shall be the arbitrator, unless subject to objection by reason of conflict, bias
or similar bona fide grounds.

      (d) Each party may be represented by counsel or by another  representative
of the  party's  choice,  and each  party  shall  pay the  costs and fees of its
counsel or other  representative and its own filing or administrative  fees. The
arbitrator shall have the right to award the prevailing party in any dispute its
or his  reasonable  attorneys'  fees and cost,  as the case may be,  incurred in
connection with such arbitration proceeding.

      (e) The  arbitrator  shall render an award and opinion in the form typical
of those  rendered  in labor  arbitrations,  and that  award  shall be final and
binding  and  non-appealable,  except to the  extent  otherwise  provided  under
applicable  law. 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)  legally  enforceable  and as to ensure  that  except as  provided in
paragraph  19(a),  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
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.

      (f) Unless the parties agree otherwise,  any arbitration  shall take place
in the New York City,  New York in such location as agreed to by the Company and
the Executive.  If the parties cannot agree upon a location for the arbitration,
the arbitrator shall determine the location within New York City, New York.

      (g) The  Executive  has  read  and  understands  this  paragraph  19 which
discusses arbitration. 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 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

                                       18
<PAGE>

      Act of 1964, as amended,  the Civil Rights Act of 1991, the Equal Pay Act,
      the Employee  Retirement Income Security Act of 1974, 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 and 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.

   20. Indemnification.

      The  Company   shall   provide   Executive   with  the   benefits  of  all
indemnification  provisions  contained in the Certificate of  Incorporation  and
By-laws of the Company, to the fullest extent permitted by applicable law at the
time of the assertion of any liability against Executive.  The Executive will be
covered by any Directors' and Officers'  Insurance  Policy which the Company may
from time to time have in effect,  and shall provide  Executive  with such other
indemnification  and/or  contribution  benefits  as the  Company may at any time
during the Term hereof provide to the other Agency CEO's generally.

   21. Headings

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

   22. Miscellaneous

      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.

                                       19
<PAGE>

            IN WITNESS  WHEREOF,  the parties have  executed  this  Agreement on
___________ ___, 1999 as of the day and year first above written.

                                                          OMNICOM GROUP INC.

                                            /s/ Barry J. Wagner
                                       By: ------------------------------------
                                            Name:  Barry J. Wagner
                                            Title: General Counsel and Secretary

                                              /s/  Michael Edward Greenlees
                                           ------------------------------------
                                                   Michael Edward Greenlees

                                       20
<PAGE>

                                                                         Annex A

                          1999 Performance Compensation

                                 Mike Greenlees

      Mr.  Greenlees' Cash Bonus and Restricted  Stock award value in respect of
      1999  ("Performance  Compensation")  shall be based on TBWA  International
      B.V. ("TBWA") Performance  Criteria,  with a weight of 80% of all criteria
      measured,  and Omnicom Group Inc.  ("0MC")  Performance  Criteria,  with a
      weight of 20% of all criteria measured.

      Mr.  Greenlees'  Performance  Compensation  in  respect  to the 1999  TBWA
      Performance  shall  be  based  on the  following  criteria,  by  order  of
      importance:

A.    If TBWA's 1999 pretax  profit  margin is less than its 1998 pretax  profit
      margin,  the  Committee  may make a downward  adjustment  to the amount of
      Performance  Compensation  Mr.  Greenlees  should otherwise be entitled to
      receive  under  the  table  below.  The  pretax  profit  margin  shall  be
      determined by dividing TBWA's pretax profit by its commissions and fees.

B.    TBWA 1999 Net Profit vs. 1998 Net Profit

         Performance Targets                             80% Performance
      1999 vs. 1998 Net Profit                       Compensation (Maximum)

More than 120.0%          1,650,000            (125% of 80% of'98 Perf. Comp.)
  115.1% - 120.0%         1,585,000            (120% of 80% of'98 Perf Comp.)
  110.1% - 115.0%         1,450,000            (110% of 80% of '98 Perf. Comp.)
  105.1% - 110.0%         1,320,000            (100% of 80% of'98 Perf Comp.)
  100.1% - 105.0%         1,190,000            ( 90% of 80% of'98 Perf. Comp.)
   95.0% - 100.0%         1,055,000            ( 80% of 80% of'98 Perf. Comp.)

(Amounts rounded to the closest $5,000)

C.    If TBWA's 1999 revenue growth (including revenue growth from acquisitions)
      is less  than  10%,  the  Compensation  Committee  of the Board may make a
      downward  adjustment  to  the  amount  of  Performance   Compensation  Mr.
      Greenlees should otherwise be entitled to received under the above table.

      Mr.  Greenlees  Performance  Compensation  in  respect  to  the  1999  OMC
      Performance  shall  be  based  on the  following  criteria,  by  order  of
      importance:

A.    Omnicom Group Inc. ("0MC") earnings per share fully diluted before special
      charges,  extraordinary  items and the effect of any changes in accounting
      principles ("EPS") for 1999 evaluated relative to OMC's EPS for 1999.

                                       21
<PAGE>

                              1999 EPS vs. 1998 EPS
          Performance Targets                              20% Performance
        1999 EPS vs. 1998 EPS                         Compensation (Maximum)
More than 120.0%              415,000           (125% of 20% of'98 Perf Comp.)
    115.1% - 120.0%           395,000           (120% of 20% of '98 Perf. Comp.)
    110.1% - 115.0%           365,000           (110% of 20% of '98 Perf. Comp.)
    105.1% - 110.0%           330,000           (100% of 20% of '98 Perf Comp.)
    100.1% - 105.0%           295,000           (90% of 20% of '98 Perf Comp.)
     95.0% - 100.0%           265,000           (80% of 20% of '98 Perf Comp.)

(Amounts rounded to the closest $5,000)

If OMC's 1999 EPS is less than 95% of its 1998 EPS, the  Compensation  Committee
of  the  Board  ("Committee")  may  make  further  downward  adjustments  to the
Performance Compensation.

B.    If OMCs 1999 operating margin is less than its 1999 operating margin,  the
      Compensation  Committee  of the Board  ("Committee")  may make a  downward
      adjustment to the amount of Performance  Compensation Mr. Greenlees should
      otherwise   be   entitled  to  received   under  the  above   table.   The
      operating margin  shall be  determined by dividing the sum of OMC's income
      before  tax plus its net  interest expense  by its  commissions  and fees.
      Income before tax shall exclude special charges,  extraordinary  items and
      the effect of any changes in accounting principles.

C.    If OMC's 1999 revenue  growth is less than the average  revenue  growth of
      its three largest competitors (WPP, IPG, CIDA), the Compensation Committee
      of the Board may make a downward  adjustment to the amount of  Performance
      Compensation  Mr.  Greenlees should otherwise be entitled to receive under
      the above table.  If full-year  1999  revenues are not  available  for all
      three competitors,  the Committee will rely on revenues of the most recent
      coincident 12-month period.

      The Committee  retains the overall  discretion  to reduce the  Performance
      Compensation Mr. Greenlees may otherwise be entitled to receive hereunder.

                                       22
<PAGE>

                                      NOTE
 October 23, 2000                                        Greenwich, Connecticut

              61 Clapboard Ridge Road, Greenwich, Connecticut 06830
                               (Property Address)

1. Borrower's Promise to Pay

      In  return  for a loan that I have  received,  I  promise  to pay U.S.  $2
MILLION  (Two  Million  Dollars)  (this  amount  is  called  "principal"),  plus
interest,  to the order of the  Lender.  The  Lender is Omnicom  Finance  Inc. I
understand that the Lender may transfer the Note. The Lender or anyone who takes
this Note by transfer and who is entitled to receive payments under this note is
called the "Note Holder."

2. Interest

      Interest  will be charged  on unpaid  principal  until the full  amount of
principal  has been paid.  I will pay interest at the average of the daily LIBOR
(one-year  rate) rates published in The Wall Street Journal during the period of
the loan.

3. Payments

      I shall make  payments of interest  annually,  on the last day of March in
each year, in arrears.  The  outstanding  principal  shall be repayable no later
than the last day of March  2003.  Payments  shall be made at:  One East  Weaver
Street, Greenwich, Connecticut 06831.

4. Borrower's Right to Prepay

      I have the right to make payments of principal at any time before they are
due.  A payment  of  principal  only is known as a  "prepayment."  When I make a
prepayment, I will tell the Note Holder in writing that I am doing so.

      I may make a full  prepayment or partial  prepayments  without  paying any
prepayment  charge. The Note Holder will use all of my prepayments to reduce the
amount of principal that I owe under this Note. If I make a partial  prepayment,
there will be no  changes in the due date or in the amount of my annual  payment
unless the Note Holder agrees in writing to those changes.

<PAGE>

5. Loan Charges

      If a low,  which applies to this loan and which sets maximum loan charges,
is finally  interpreted so that the interest or other loan charges  collected or
to be collect in connection with this loan exceed the permitted limits,  the (i)
any such loan  charge  shall be reduced by the  amount  necessary  to reduce the
charge to the permitted limit; and (ii) any such sums already  collected from me
which  exceeded  permitted  limits  will be  refunded to me. The Note Holder may
choose to make this refund by reducing the principal I owe under this Note or by
making a direct payment to me. If a refund reduces principal, the reduction will
be treated as a partial prepayment.

6. Borrower'S Failure to Pay as Required

      (A) Late Charge for Overdue Payments

      If the Note Holder has not received the full amount of any annual  payment
by the end of 10  calendar  days  after  the  date it is due,  I will pay a late
charge to the Note  Holder.  The amount of the  charge  will be 5% of my overdue
payment of principal and interest. I will pay this late charge promptly but only
once on each late payment.

      (B) Default

      If I do not pay the full  amount of each  payment on the date it is due, I
will be in default.

      (C) Notice of Default

         If I am in default, the Note Holder may send me a written notice
telling me that if I do not pay the overdue amount by a certain date, the Note
Holder may require me to pay immediately the full amount of principal which has
not been paid and the interest that I owe on that amount. That date must be at
least 30 days after the date on which the notice is delivered or mailed to me.

      (D) No Waiver By Note Holder

      Even if, at a time when I am in default,  the Note Holder does not require
me to pay  immediately  in full as described  above,  the Note Holder will still
have the right to do so if I am in default at a later time.

<PAGE>

      (E) Payment of Note Holder's Costs and Expenses

      If the  Note  Holder  has  required  me to pay  immediately  in  full  as
described  above,  the Note Holder will have the right to be paid back by me for
all of its  costs  and  expenses  in  enforcing  this  Note  to the  extent  not
prohibited by applicable law. Those expenses  include,  for example,  reasonable
attorneys' fees.

7. Giving of Notices

      Unless  applicable  requires a different  method,  any notice that must be
given to me under this Note will be given by  delivering  it or by mailing it by
first class mail to me at the Property  Address above or at a different  address
if I give the Note Holder a notice of my different address.

      Any notice that must be given to the Note  Holder  under this Note will be
given by mailing it by first class mail to the Note Holder at the address stated
in Section  3(A) above or at a different  address if I am given a notice of that
different address.

8. Obligations of Persons Under this Note

      If more  than one  person  signs  this  Note,  each  person  is fully  and
personally  obligated to keep all of the promises  made in this Note,  including
the  promise  to pay the full  amount  owed.  Any  person  who takes  over these
obligations is also obligated to keep all of the promises made in this Note. The
Note  Holder  may  enforce  its  rights  under  this Note  against  each  person
individually or against all of us together.  This means that any one of us maybe
required to pay all of the amounts owed under this Note.

9. Waivers

      I and any other  person  who has  obligations  under  this Note  waive the
rights of presentment and notice of dishonor.  "Presentment"  means the right to
require the Note Holder to demand  payment of amounts due.  "Notice of dishonor"
means the right to require the Note Holder to give notice to other  persons that
amounts due have not been paid.

10. Uniform Secured Note

      This  Note  is a  uniform  instrument  with  limited  variations  in  some
jurisdictions.  In addition to the  protections  given to the Note Holder  under
this  Note,  a  Mortgage,   Deed  of  Trust  or  Security  Deed  (the  "Security
Instrument")  dated the same date as this Note,  protects  the Note  Holder from
possible losses which might result if I do not keep the promises which I make in
this Note.  That Security  Instrument  describes how and under what conditions I
may be  required to make  immediate  payment in full of amounts I owe under this
Note. Some of those conditions are paraphrased as follows:

<PAGE>

      Transfer of the Property or a Beneficial  Interest in Borrower.  If all or
      any part of the Property or any interest in it is sold or transferred  (of
      if a beneficial  interest in Borrower is sold or transferred  and Borrower
      is not a natural person) without  Lender's prior written  consent,  Lender
      may, at its option,  require immediate payment in full of all sums secured
      by this Security Instrument.  However,  this option shall not be exercised
      by Lender if exercise is  prohibited by federal law as of the date of this
      Security Instrument.

      If Lender  exercises  this option,  Lender shall give  Borrower  notice of
      acceleration.  The notice shall  provide a period of not less than 30 days
      from the date the notice is delivered or mailed within which Borrower must
      pay all sums secured by this Security Instrument. If Borrower fails to pay
      these sums prior to the  expiration of this period,  Lender may invoke any
      remedies  permitted by this Security  Instrument without further notice or
      demand on Borrower.

Witness the Hand(s) and Seal(s) of the Undersigned

                                             /s/ Michael Edward Greenlees
                                             ---------------------------- (Seal)
                                             Michael Edward Greenlees   Borrower

                                             /s/ Randi Helen Greenlees
                                             ---------------------------- (Seal)
                                             Randi Helen Greenlees  Borrower

<PAGE>

                               OMNICOM GROUP INC.

                  EXECUTIVE SALARY CONTINUATION PLAN AGREEMENT

      Agreement made the 1st day of December,  1998 by and between Omnicom Group
Inc., a New York corporation,  its place of business at 437 Madison Avenue,  New
York, New York 10022, and Michael Greenlees ("Participant"), an employee of TBWA
Worldwide a subsidiary of Omnicom Group Inc.

I. Purpose of the Plan.

      The purpose of the 1988 Executive Salary Continuation Plan (the "Plan") is
      to  further  the growth of Omnicom  Group  Inc.  by  offering a benefit to
      encourage experienced executives to enter the employ of Omnicom Group Inc.
      or one of its  Subsidiary  companies,  and to encourage key  executives to
      remain in the employ of Omnicom or a Subsidiary company.

II. Definitions.

The following terms shall have the meaning set forth below:

      1. "Company" means Omnicom Group Inc.

      2. "Subsidiary" means any company in which the Company holds, directly or
indirectly, fifty percent (50%) or more of its outstanding voting stock.

      3. "Affiliate"  means any company in which the Company holds,  directly or
indirectly,  not less than  twenty  percent  (20%) but not more than  forty nine
percent (49%) of its outstanding voting stock.

      4. "Employer" means the Company or a Subsidiary.

      5. "Employer Group" means the Company and all Subsidiaries.

<PAGE>
                                                                               2

      6. "Committee" means the Compensation  Committee of the Board of Directors
of the  Company,  or if  there  should  be no  Compensation  Committee  means  a
committee  of not less  than  three  members  of the Board of  Directors  of the
Company  none of whom  shall,  while  serving as a member of the  committee,  be
eligible to participate in the Plan.

      7.  "Participant"  means an employee of the  Employer  recommended  by the
Chief  Executive  Officer of the Company  and  approved  by the  Committee  as a
participant in the Plan.

      8. "Beneficiary" means any person,  persons, entity or entities designated
in writing by the Participant to the Company to receive  payment,  if any, to be
made  hereunder  following the death of the  Participant,  and in the absence of
such designation,  means (i) the Participant's  surviving spouse,  while living,
and (ii) if there be no  surviving  spouse  or upon the  death of the  surviving
spouse, then to the estate of the Participant.

      9. "Participation"  means the highest percentage of the annual net profits
of the Company  specified by the Company and  communicated to the Participant in
writing  by the  President,  Chief  Financial  Officer or the  Secretary  of the
Company.

      10.(a) "Net profits of the Company" means the  consolidated net profits of
the Company for a calendar year  determined in accordance  with its then current
accounting  procedures and practices  before  deducting any United States income
tax applicable to its taxable income for such year. In determining  net profits
of the Company, the following shall apply:

            (i) dividends from  Subsidiaries  and  Affiliates  shall be excluded
      from income;

            (ii)  the   Company's   interest  in  the  net  profit  or  loss  of
      Subsidiaries and Affiliates  before deducting any United States or foreign
      national income tax shall be included in income;

            (iii) any  liability  to make  payments or payments  made under this
      document or under like  documents  with others shall not be deducted as an
      expense;

<PAGE>
                                                                               3

            (iv) the premiums for and the  proceeds of life  insurance  policies
      payable to the  Company  and/or a  Subsidiary  shall not be deducted as an
      expense or included in income, as the case may be;

            (v) the aggregate  amount,  if any, by which  employee  compensation
      (salary,  bonus,  service awards, stock awards and the like, but excluding
      contributions  to pension  and/or  deferred  profit sharing plans) paid or
      accrued in respect of a calendar year by the Company and its  Subsidiaries
      exceeds fifty-two (52%) percent of such year's  consolidated  gross income
      of the  Company  (income  from  all  sources  except  for  dividends  from
      Subsidiaries and Affiliates,  and before  adjustments,  if any,  resulting
      from efficiency  incentive  compensation  arrangements with clients) shall
      not be deducted as an expense; and

            (vi) in respect of each calendar year  commencing with calendar year
      1989,  the aggregate  amount,  if any, by which interest and other charges
      for the  borrowing of funds paid or accrued in respect of a calendar  year
      by the Company and its Subsidiaries ("Debt Service") exceeds the Allowable
      Debt Service for the subject year shall not be deducted as an expense; for
      purposes hereof  "Allowable Debt Service" means (A) for calendar year 1988
      the actual Debt  Service for such year,  (B) for calendar  year 1989,  the
      Allowable  Debt  Service  for  calendar  year  1988  increased  by  20% or
      increased by the percentage  increase,  if any, in the actual Debt Service
      for 1989 over the actual Debt Service for 1988,  whichever  results in the
      lower amount,  and (C) for each calendar year  subsequent to calendar year
      1989, the Allowable Debt Service for the  immediately  preceding  calendar
      year increased by 20% or increased by the percentage increase,  if any, in
      the actual Debt Service for the subject calendar year over the actual Debt
      Service for the immediately  preceding calendar year, whichever results in
      the lower amount.

      (b)   The Company,  upon its own initiative  may, or shall upon receipt of
            written demand from the Participant or the Beneficiary,  as the case
            may, designate a firm of public accountants, which may or may not be
            the firm of accountants  regularly employed by the Company to verify
            the Company's  determination  of net profits of the Company,  and to
            determine  any question  arising in the course of such  verification
            not herein specifically provided for. The determination by such firm
            of public accountants shall be

<PAGE>
                                                                               4

            binding and conclusive. In computing net profits of the Company, the
            public  accountants  shall conform to the accounting  procedures and
            practices  of  the  Company  as  modified  by  the   provisions   of
            subparagraph  (a) of this  Section 10. A  condition  of the right to
            demand  verification  as  aforesaid  is that the  person  requesting
            verification  shall  reimburse the Company to the extent of one-half
            of the cost of the services of such public accountants,  and, at the
            request  of the  Company  and  before  the  accountants  shall  have
            commenced the  verification  work, shall pay to the Company one-half
            of the cost of the services of the said  accountants as estimated by
            them.

      11.(a)  "Year of Service"  means each  consecutive  period of 365 days the
Participant is in the  continuous  employ of a member or members of the Employer
Group.  For  purposes  of this  Section,  "continuous  employ of  members of the
Employer  Group" means  consecutive  employment by members of the Employer Group
without interruption by reason of self-employment or employment by a third party
employer, except as provided in Section 11 (b)(ii) below.

      (b) A  Participant  shall be in the employ of the Employer  regardless  of
absences by reason of:

            (i) sick leave,  vacation  leave,  maternity  leave or other special
      leave  approved by the Employer  which does not exceed 6 months,  provided
      the  Participant  returns  to work for the  Employer  not  later  than the
      expiration date of the authorized leave of absence; and

            (ii) time spent in the  service of others at the request of, or with
      the approval of, the Employer,  provided the  Participant  returns to work
      for the Employer within 15 days following cessation of work for such other
      party.

      12.   "Salary"  means the base salary paid by the Employer,  excluding all
            other  forms  of  compensation,  such as  bonuses,  special  awards,
            severance  pay,   contributions   under  benefit   plans,   and  the
            compensatory  elements of stock awards.  The payroll  records of the
            Employer  shall be conclusive  and binding on the  Participant,  the
            Beneficiary  and the  Employer as to the salary of the  Participant.
            "One year's  salary" shall mean the highest annual rate of salary at
            which the Participant was

<PAGE>
                                                                               5

            paid by the  Employer  at any  time  within  five  (5)  years of the
            termination  of the  Participant's  employment  giving  rise  to the
            Company's obligation to make payments under Article IV hereof.

      13. "Salary Limitation" means the highest percentage of one year's salary,
which may not exceed  50%,  specified  by the Company  and  communicated  to the
Participant  in  writing  by  the  President,  Chief  Financial  Officer  or the
Secretary of the Company.

      14.  "Disability"  means the  inability of the  Participant,  by reason of
physical condition,  mental illness or accident, to perform substantially all of
the duties of the position at which he was  employed by the  Employer  when such
disability commenced.

      15.  "Cause"  means  the   Participant's   misconduct   involving  willful
malfeasance, such as breach of trust, fraud or dishonesty.

      All  determinations  as to  "Disability"  or "Cause"  shall be made by the
Board of Directors of the Employer, after a hearing at which the Participant may
be present,  and the  determination by the Board of Directors shall be final and
conclusive.

III. Employment Is Unrestricted.

      Nothing herein contained shall be deemed to give the Participant the right
to remain in the employ of the  Employer or to  interfere  with the right of the
Employer to terminate the Participant's  employment at any time, nor to give the
Employer  the right to  require  the  Participant  to remain in its employ or to
interfere with the Participant's right to terminate employment at any time.

IV. Compensation.

      1. In the  event  (a) the  Participant  dies  while in the  employ  of the
Employer,  (b) the Employer  determines,  in the manner  provided in Article II,
Section 14 hereof,  that the  Participant  is disabled and the employment of the
Participant is terminated by the Employer by reason of Disability, (c) the

<PAGE>
                                       6

Participant, after 5 Years of Service, terminates his or her employment with the
Employer  for a reason  other than to enter the employ of another  member of the
Employer  Group or (d) the  employment of the  Participant  is terminated by the
Employer  for a reason  other than Cause,  then upon the  happening  of any such
event the Company,  subject to all the terms and conditions hereof, shall become
obligated to pay to the  Participant,  or to the  Beneficiary  if the obligation
arises under (a) above, each year, for the number of consecutive  calendar years
determined in accordance with the schedule on page 8 hereof,  an amount equal to
the lesser of (i) the Salary  Limitation  applied to one year's salary,  or (ii)
the  Participation  applied to the net profits of the  Company for the  calendar
year immediately  preceding the calendar year of payment,  subject to adjustment
as provided in Sections 2, 3 and 4 of this Article.

      2. If the  employment  of the  Participant  is  terminated by reason of an
event occurring under (c) of Section 1 of this Article and at the effective date
of such termination the Participant has not accumulated 20 Years of Service, the
annual  payment the  Participant  would have been entitled to receive under said
Section 1  ("Proposed  Payment")  shall be reduced to an amount  resulting  from
multiplying  the Proposed  Payment by a fraction  the  numerator of which is the
Participant's Years of Service at the effective date of such termination and the
denominator of which is 20. The Committee may, in its absolute discretion, waive
this  provision or reduce the number of the  denominator  in said fraction if it
decides such action would be in the best  interest of the Company and  equitable
to the Participant or the Beneficiary.

      3(a) In the event of the  Participant's  death after the  occurrence of an
event  described  in (b), (c) or (d) of Section 1 of this Article and before the
Participant  has received  payment(s) in respect of the total number of calendar
years as to which the Company is obligated to make payment  hereunder  ("Payment
Period"), the Company shall thereafter be obligated to make an annual payment to
the Beneficiary during the Payment Period or the remainder thereof,  as the case
may be,  equal to seventy  five (75%)  percent of the amount  which the  Company
would have been obligated to pay to the Participant had the Participant lived to
receive all payments.

      (b) In the event of the  Participant's  death  while in the  employ of the
Employer,  the  Company  shall be  obligated  to make an annual  payment  to the
Beneficiary in the same manner and to the same extent as provided in (a) of this
Section 3.

<PAGE>
                                                                               7

(c) The Company may, at any time and from time to time,  seek to fund,  in whole
or in part, its obligation under this Section 3 by applying for insurance on the
life of the Participant.  The Participant  shall, if requested in writing by the
Company,  undergo a physical  examination for such purpose by medical  examiners
designated  by the  Company,  and if the  Participant  should  fail or refuse to
undergo such physical  examination the Company shall have the right to terminate
its obligation under this Section 3 by giving written notice of such termination
to the Participant.

      4. If during any period of  twenty-four  consecutive  months assets of the
Company are sold or otherwise  disposed of having a value or aggregate  value of
thirty  (30%)  percent  or more of the  total  assets of the  Company  as at the
commencement date of said period ("Disposal  Transaction"),  then beginning with
the  calendar  year in which the Disposal  Transaction  occurs the amount of the
annual  payments the Company may be obligated  to make under the  provisions  of
Section 1 of this Article shall be the Salary  Limitation  applied to one year's
salary. If the asset sold or disposed of is stock of a Subsidiary,  the value of
the total assets,  not net assets,  of the Subsidiary shall be used for purposes
of this Section 4.

      5. The  first  calendar  year of  payment,  if any,  shall  be the  second
calendar  year  following the calendar year in which the event that gave rise to
the Company's obligation to pay occurred.  If, however,  such event is the death
of the participant while in the employ of the Employer,  the first calendar year
of payment shall be the first calendar year following the calendar year in which
the Participant's  death occurred.  Payment shall be made by the Company in each
calendar  year of  payment  during  the first  ninety  (90) days of the  subject
calendar year.

<PAGE>
                                                                               8

<TABLE>
<CAPTION>

                           NUMBER OF YEARS OF PAYMENT

                   Years of Service
<S>                <C>   <C>   <C>   <C>   <C>    <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
                   1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25

Age at        30                     1  1  1  2   2
Terminations  31                     1  1  1  2   2   2
              32                     1  1  1  2   2   3
              33                     1  1  2  2   2   3   3
              34                     1  2  2  2   3   3   3   4
              35                  1  1  2  2  3   3   3   4   4   4
              36                  1  1  2  2  3   3   3   4   4   4   5
              37                  1  1  2  3  3   4   4   4   5   5   5   6
              38                  1  2  3  3  4   4   4   5   5   5   6   6   6
              39                  1  2  3  3  4   4   4   5   5   5   6   6   6   7
              40               1  1  2  3  3  4   4   5   5   5   6   6   6   7   7   7
              41               1  1  2  3  4  4   4   5   5   5   6   6   6   7   7   7   8
              42               1  2  2  3  4  4   5   5   5   6   6   6   7   7   7   8   8   8
              43               1  2  2  3  4  5   5   5   6   6   6   7   7   7   8   8   8   9   9
              44               1  2  2  3  4  5   5   5   6   6   6   7   7   7   8   8   8   9   9   9
              45            1  1  2  3  4  4  5   5   5   6   6   6   7   7   7   8   8   8   9   9   9   10
              46            1  1  2  3  4  4  5   5   6   6   6   7   7   7   8   8   8   9   9   9   10
              47            1  2  2  3  4  5  5   6   6   6   7   7   7   8   8   8   9   9   9   10
              48            1  2  3  4  5  5  6   6   6   7   7   7   8   8   8   9   9   9   10
              49            1  2  3  4  5  5  6   6   7   7   7   8   8   8   9   9   9   10
              50         1  1  2  3  4  5  6  6   7   7   7   8   8   8   9   9   9   10
              51         1  2  3  4  5  6  6  7   7   7   8   8   8   9   9   9   10
              52         1  2  3  4  5  6  6  7   7   8   8   8   9   9   9   10
              53         1  2  3  4  5  6  7  7   8   8   8   9   9   9   10
              54         1  2  3  4  5  6  7  8   8   8   9   9   9   10
              55   0  1  2  3  4  5  6  7  8  8   8   9   9   9   10
              56   0  1  2  3  4  5  6  7  8  8   8   9   9   9   10
              57   0  1  2  3  4  5  6  7  8  8   9   9   9   10
              58   0  1  2  3  4  5  6  7  8  8   9   9   9   10
              59   0  1  2  3  4  5  6  7  8  8   9   9   10
              60   0  1  2  3  4  5  6  7  8  8   9   9   10
             and up
</TABLE>

<PAGE>
                                                                               9

      6. The amount  payable  hereunder by the Company in respect of the Payment
Period shall be reduced by the value of payments to be made following  cessation
of Participant's employment to the Participant, Beneficiary or other designee of
the  Participant  pursuant to any other  agreement  or  arrangement  between the
Participant  and one or more  members of the  Employer  Group  ("Post-Employment
Payments").  For  purposes  hereof  Post-Employment  Payments  shall not include
payments under (i) a pension, profit-sharing or savings plan which qualifies for
favorable tax treatment  under the United States  Internal  Revenue Code, (ii) a
benefit plan for the payor's employees generally ("Employee Benefit Plan") (iii)
a plan for the payor's executive  officers approved by the Company that augments
a benefit  provided  for in an  Employee  Benefit  Plan,  and (iv) an  agreement
financed, in whole or in part, by the Participant to the extent the payments are
attributable to the financing provided by the Participant.

V.    Company's Payment Obligation Conditional on Participant's  Refraining from
      Competitive and Harmful Activities After Severance of Employment.

      It is a condition of the Company's  obligation to make payments  hereunder
that from the date of the occurrence of an event described in (b), (c) or (d) of
Section 1 of Article IV hereof that shall have given rise to the  obligation  to
pay and  until  the  close of the last  calendar  year in  respect  of which the
Participant may become entitled to receive payments hereunder:

      (a) that the Participant shall not, directly or indirectly, engage in, nor
become employed by or otherwise  associated with any persons or entities engaged
in, business of the same nature as or competitive  with the business engaged in,
at the time of  Participant's  severance  of  employment,  by the  Participant's
Employer  ("Protected  Business")  in (i) the  United  States and (ii) any other
country  in which at the  time of  Participant's  severance  of  employment  the
Employer  holds,  directly or  indirectly,  more than fifty percent (50%) of the
voting  stock or its  equivalent  of an entity  engaged in the same or a related
business  as that of the  Employer;  and the  Participant  shall  not  make  any
financial  investment,  direct or indirect, in any sole proprietorship or entity
engaged  in  the  same  business  as  that  of  the  Employer  at  the  time  of
Participant's severance of employment ("Protected

<PAGE>
                                                                              10

investment"), provided nothing herein shall prohibit the purchase of less than a
controlling interest in publicly traded securities of any such entity for bona
fide investment only;

      (b) that the Participant  shall not willfully engage in any activity which
is harmful to the interest of the Company.

      The  determination  of (i)  whether a business  is of the same  nature as,
competitive with, or related to that of the Employer,  (ii) whether any activity
of a  Participant  is harmful to the interest of the Company,  and (iii) whether
the Participant has willfully engaged in such harmful activity, shall be made by
the Board of Directors of the Company  after a hearing at which the  Participant
shall be entitled to be present, and the determination by the Board of Directors
shall be final and conclusive; and

      (c) Nothing herein prohibits or restricts the Participant from engaging in
Protected  Business in the related  areas  described  in  Subsection  (a) above,
making a Protected Investment,  or willfully engaging in activity harmful to the
interest  of the  Company  (collectively  "Activities"),  and in the  event  the
Participant chooses to engage in any of such Activities the Company's obligation
to make payments hereunder shall forthwith  terminate as to payments which might
otherwise have become payable to the Participant in respect of the calendar year
in which such Activity  occurred and to the  Participant  or the  Beneficiary in
respect of all  calendar  years  thereafter,  but the  Participant  shall not be
obligated to refund to the Company any payments  theretofore paid to Participant
hereunder. If requested in writing by the Company, the Participant shall, within
30 days after receipt of such request, advise the Company in writing whether the
Participant has or has not engaged in such  Activities for a specified  calendar
year,  and the Company  shall have no obligation to make a payment in respect of
such calendar  year until the Company has received such written  advice from the
Participant.

VI.   Company's Payment Obligation Conditional On Participant's Availability for
      Advisory and Consultative Services after Severance of Employment.

      (a) It is a further condition of the Company's obligation to make payments
hereunder that from the date of the occurrence of an event

<PAGE>
                                                                              11

described  in (b),  (c) or (d) of Section 1 of Article IV hereof that shall have
given  rise to the  obligation  to pay and until the close of the last  calendar
year in respect of which the Participant may become entitled to receive payments
hereunder, that the Participant,  if not physically or mentally disabled, shall,
as an  independent  contractor  and upon not less than  thirty  (30) days  prior
written  notice from the  Company,  make his or her  services  available  to the
Company  for such  periods  of time as may be  specified  in the  notice,  as an
advisor and  consultant  with respect to activities of the department or unit of
the Employer's  business to which the Participant  was last assigned,  provided,
however, that the Participant shall not be obligated to make his or her services
available  (i) for more than sixty (60) days in the  aggregate and for more than
twenty  (20)  consecutive  days in any one  calendar  year,  and (ii) during the
period  December  15  through  January  15.  The  Company  shall  reimburse  the
Participant  for  reasonable  traveling,   transportation  and  living  expenses
necessarily incurred by the Participant while away from his or her regular place
of residence in the performance of such advisory and  consultative  services for
the Company.

      (b) In the event  the  Participant  chooses  not to  render  advisory  and
consultative  services  when  requested by the Company as provided in Subsection
(a) above, the Company's  obligation to make payments  hereunder shall forthwith
terminate  as to payments  which  might  otherwise  have  become  payable to the
Participant  in respect of the calendar year in which such event occurred and to
the Participant or the Beneficiary in respect of all calendar years  thereafter,
but the Participant shall not be obligated to refund to the Company any payments
theretofore paid to Participant hereunder.

VII. Prepayments.

      Following the occurrence of an event  described in Section 1 of Article IV
hereof the Company may, at any time and from time to time, make a prepayment, in
whole or in part,  of its  obligation  hereunder  in  respect of any one or more
calendar years and any such prepayment shall be irrevocable and non-refundable.

<PAGE>
                                                                              12

VIII. Participant's   and   Beneficiary's   Rights   Hereunder   Are   Personal,
      Nonassignable and Nontransferable.

      1.  The  right of the  Participant  or  Beneficiary  to  receive  payments
hereunder is personal,  non-assignable and  non-transferable by operation of law
or otherwise.  The word  "otherwise"  in the preceding  sentence  shall include,
without limitation, any execution,  levy, garnishment,  attachment or seizure by
any other legal process.

      2. If at the time the Company is to make a payment to the Participant or a
Beneficiary  hereunder the Participant or Beneficiary is not entitled to receive
such payment by reason of  non-compliance  with the  provisions  of Section 1 of
this Article, the obligation of the Company to make such payment shall forthwith
terminate.

IX. Designation and Identity of Beneficiary.

      1. The  Participant  may  designate a Beneficiary  by signing,  dating and
filing with the Secretary of the Company a written  instrument setting forth the
name(s) and address(es) of the Beneficiary,  and if the Beneficiary be more than
one person or entity,  describing  the  allocation of the payment  benefit among
them. The  Participant  may change his or her  designation of a Beneficiary  and
thereby revoke a prior designation of a Beneficiary at any time and from time to
time by filing a new such written instrument with the Secretary. The Beneficiary
named  in  the  last  unrevoked  designation  of  Beneficiary  so  filed  by the
Participant  prior to his or her death shall be the  Beneficiary for purposes of
this  Agreement.  In  the  absence  of  a  designation  of  Beneficiary  by  the
Participant, or in the event the last written designation of Beneficiary on file
with the Secretary has been revoked by the Participant, the Beneficiary shall be
as described in Section 8 of Article II of this Agreement.

      2. It is a condition of the  Company's  obligation to make payments to the
Beneficiary  hereunder that (a) in making  payments the Company may, in its sole
and absolute discretion,  rely upon signed, written declarations,  verifying the
identity of a Beneficiary filed with the Secretary of the Company by a person or
entity claiming to be such  Beneficiary;  (b) any payment made by the Company in
good faith to any  claimant,  whether or not such  declarations  shall have been
filed with the Company, shall pro

<PAGE>
                                                                              13

tanto, discharge any obligation the Company might otherwise have to make payment
to any and all other  actual or  possible  claimants;  (c) any  person or entity
claiming to be entitled to receive payments hereunder following the death of the
Participant  shall have  recourse  only against the person or entity to whom the
Company shall have made payment in good faith; and (d) in the event the Company,
on advice of counsel,  delays  payment of any sums becoming due to a Beneficiary
by reason of a dispute as to the legitimacy of the claim of such Beneficiary, no
interest,  penalty or damage  shall  accrue,  become  payable by or be  assessed
against the Company by reason of such delay in payment.

X. Payment to Minors.

      Any  payment  to be made  by the  Company  to a  person  under  the age of
twenty-one  (21)  years  may be made  to such  person  or to a  guardian  of the
property of such person or to a parent of such person as the Company may, in its
sole and  absolute  discretion,  determine.  As to any payment  becoming  due or
payable to a person  under the age of  twenty-one  (21)  years,  the Company may
defer such payment until the Company has received  notice of the appointment and
qualification  of a guardian of the  property of such  person,  and no interest,
penalty or damage shall  accrue,  become  payable by or be assessed  against the
Company by reason of such delay in payment.

XI. Miscellaneous Provisions.

      1. An act or determination by the Board of Directors of the Company or the
Employer  may be made by a committee of  directors,  number not less than three,
appointed by the Board for such purpose.

      2. Notices shall be sent by registered or certified  mail,  return receipt
requested, to the Participant at the Participant's last address on file with his
or her Employer or to such other  address as may  hereafter be designated by the
Participant to the Company,  and to the Beneficiary at the address listed in the
latest  written  designation  of  beneficiary  filed  with  the  Company  by the
Participant  or to such other  address as may  hereafter  be  designated  by the
Beneficiary to the Company  subsequent to the death of the  Participant.

      3. The failure of any party to insist upon strict adherence to any term of
this Agreement on any occasion shall not be considered a waiver of

<PAGE>
                                                                              14

any right hereunder,  nor shall it deprive that party of the right thereafter to
insist upon strict  adherence to that term or any other term of this  Agreement.
Any waiver must be in writing.

      4. This  Agreement sets forth the entire  understanding  of the parties in
respect of the subject matter hereof, superseding, and evidencing and confirming
the termination of, any and all prior agreements, arrangements or understandings
between  the parties  relating to such  subject  matter,  and neither  party has
relied on any  representations  of the other party except as expressly set forth
herein.  This  Agreement may be amended only by a written  instrument  signed by
both parties.

      5. This Agreement  shall be construed and  interpreted in accordance  with
the laws of the State of New York,  and is  subject to all  applicable  federal,
state and municipal laws and regulations now or hereafter in force.

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

                                                 /s/ Michael Greenlees
                                                --------------------------
                                                     Michael Greenlees

                                                Omnicom Group Inc.

                                                By      /s/ John Wren
                                                  -----------------------------
                                                          President and
                                                     Chief Executive Officer

         Name of Participant:  Michael Greenlees
                               -----------------

         Date of Birth: 16 February 1947
                        ----------------

         Date First Commenced Service: 1 March 1998
                                       ------------

         Name of Employer: TBWA Worldwide
                           --------------Exhibit 10.01

 

Exhibit 10.01

FLEXTRONICS INTERNATIONAL LTD.

2002 INTERIM INCENTIVE PLAN

As Adopted May 6, 2002

     1. PURPOSE. The purpose of this Plan is to provide incentives to
attract, retain and motivate eligible persons whose present and potential
contributions are important to the success of the Company, its Parent and
Subsidiaries, by offering them an opportunity to participate in the Company’s
future performance through awards of Options and Share Bonuses. Capitalized
terms not defined in the text are defined in Section 20.

     2. SHARES SUBJECT TO THE PLAN.

          2.1 Number of Shares Available. Subject to Sections 2.2 and 15,
the total number of Shares reserved and available for grant and issuance
pursuant to this Plan will be 20,000,000 Shares plus Shares that are subject to:
(a) issuance upon exercise of an Option but cease to be subject to such Option
for any reason other than exercise of such Option; (b) issuance pursuant to a
Share Bonus but cease to be subject to such Share Bonus for any reason other
than issuance pursuant to such Share Bonus; and (c) an Award that otherwise
terminates without Shares being issued. At all times the Company shall reserve
and keep available a sufficient number of Shares as shall be required to satisfy
the requirements of all outstanding Awards granted under this Plan.

          2.2 Adjustment of Shares. Should any change be made to the Shares
issuable under the Plan by reason of any stock split, stock dividend,
recapitalization, combination of shares, exchange of shares or other change
affecting the outstanding Shares as a class without the Company’s receipt of
consideration, then appropriate adjustments shall be made to (i) the maximum
number and/or class of securities issuable under the Plan and (ii) the number
and/or class of securities and price per Share in effect under each Award
outstanding under Sections 5 and 6. Such adjustments to the outstanding Awards
are to be effected in a manner which shall preclude the enlargement or dilution
of rights and benefits under such Awards, provided, however, that (i) fractions
of a Share will not be issued but will be replaced by a cash payment equal to
the Fair Market Value of such fraction of a Share, as determined by the
Committee, and (ii) in the case of an Option granted under Section 5, no such
adjustment shall be made if as a result, the Exercise Price would fall below the
par value of a Share and if such adjustment would but for this paragraph (ii)
result in the Exercise Price being less than the par value of a Share, the
Exercise Price payable shall be the par value of a Share. The adjustments
determined by the Committee shall be final, binding and conclusive.

     3. ELIGIBILITY. All Awards may be granted to employees, officers and
directors of the Company or any Parent or Subsidiary of the Company, provided
however, that non-executive directors of the Company shall be eligible for the
grant of Awards only to the extent permitted by, and subject to compliance with,
all applicable laws and regulations. A person may be granted more than one Award
under this Plan. Awards granted to officers and non-employee directors may not
exceed in the aggregate forty-nine percent (49%) of all Shares that are reserved
for grant under this Plan.

     4. ADMINISTRATION.

          4.1 Committee Authority. This Plan will be administered by the
Committee or by the Board acting as the Committee. Subject to the general
purposes, terms and conditions of this Plan, and to the direction of the Board,
the Committee will have full power to implement and carry out this Plan. The
Committee will have the authority to:

	       	(a)	  	construe and interpret this Plan, any Award Agreement and any
other agreement or document executed pursuant to this Plan;
	 
	       	(b)	  	prescribe, amend and rescind rules and regulations relating to
this Plan or any Award;

 

 

	       	(c)	  	select persons to receive Awards;
	 
	       	(d)	  	determine the form and terms of Awards;
	 
	       	(e)	  	determine the number of Shares or other consideration subject
to Awards;
	 
	       	(f)	  	determine whether Awards will be granted singly, in
combination with, in tandem with, in replacement of, or as
alternatives to, other Awards under this Plan or any other
incentive or compensation plan of the Company or any Parent or
Subsidiary of the Company;
	 
	       	(g)	  	grant waivers of Plan or Award conditions;
	 
	       	(h)	  	determine the vesting, exercisability and payment of Awards;
	 
	       	(i)	  	correct any defect, supply any omission or reconcile any
inconsistency in this Plan, any Award or any Award Agreement;
	 
	       	(j)	  	determine whether an Award has been earned; and
	 
	       	(k)	  	make all other determinations necessary or advisable for the
administration of this Plan.

          4.2 Committee Discretion. Any determination made by the Committee
with respect to any Award will be made in its sole discretion at the time of
grant of the Award or, unless in contravention of any express term of this Plan
or Award, at any later time, and such determination will be final and binding on
the Company and on all persons having an interest in any Award under this Plan.
The Committee may delegate to one or more officers of the Company the authority
to grant an Award under this Plan to Participants who are not Insiders of the
Company.

     5. OPTIONS. The Committee may grant Options that are Nonqualified Stock
Options (“NQSOS”) to eligible persons and will determine the number of Shares
subject to the Option, the Exercise Price of the Option, the period during which
the Option may be exercised, and all other terms and conditions of the Option,
subject to the following:

          5.1 Form of Option Grant. Each Option granted under this Plan will
be evidenced by an Award Agreement which will expressly identify the Option as a
NQSO (“SHARE OPTION AGREEMENT”), and, except as otherwise required by the terms
of Section 7 hereof, will be in such form and contain such provisions (which
need not be the same for each Participant) as the Committee may from time to
time approve, and which will comply with and be subject to the terms and
conditions of this Plan.

          5.2 Date of Grant. The date of grant of an Option will be the date
on which the Committee makes the determination to grant such Option, unless
otherwise specified by the Committee. The Share Option Agreement and a copy of
this Plan will be delivered to the Participant within a reasonable time after
the granting of the Option.

          5.3 Exercise Period. Options may be exercisable within the times
or upon the events determined by the Committee as set forth in the Share Option
Agreement governing such Option; provided, however, that no Option will be
exercisable after the expiration of ten (10) years from the date the Option is
granted; and provided further that no Option granted to a person who is not an
employee of the Company or any Parent or Subsidiary of the Company on the date
of grant of that Option will be exercisable after the expiration of five (5)
years from the date the Option is granted. The Committee also may provide for
Options to become exercisable at one time or from time to time, periodically or
otherwise, in such number of Shares or percentage of Shares as the Committee
determines.

2

 

          5.4 Exercise Price. The Exercise Price of an Option will be
determined by the Committee when the Option is granted. In no event may the
Exercise Price of an Option be less than the par value of the Shares. Payment
for the Shares purchased may be made in accordance with Section 7 of this Plan.

          5.5 Method of Exercise.

	       	(a)	  	Options may be exercised only by delivery to the Company (or
as the Company may direct) of a written share option exercise
agreement (the “EXERCISE AGREEMENT”) (in the case of a written
Exercise Agreement, in the form approved by the Board or the
Committee, which need not be the same for each Participant),
in each case stating the number of Shares being purchased, the
restrictions imposed on the Shares purchased under such
Exercise Agreement, if any, and such representations and
agreements regarding Participant’s investment intent and
access to information and other matters, if any, as may be
required or desirable by the Company to comply with applicable
securities laws, together with payment in full of the Exercise
Price for the number of Shares being purchased.
	 
	       	(b)	  	A written Exercise Agreement may be communicated
electronically through the use of such security device
(including, without limitation, any logon identifier,
password, personal identification number, smartcard, digital
certificate, digital signature, encryption device, electronic
key, and/or other code or any access procedure incorporating
any one or more of the foregoing) as may be designated by the
Board or the Committee for use in conjunction with the Plan
from time to time (“SECURITY DEVICE”), or via an electronic
page, site, or environment designated by the Company which is
accessible only through the use of such Security Device, and
such written Exercise Agreement shall thereby be deemed to
have been sent by the designated holder of such Security
Device. The Company (or its agent) may accept and act upon any
written Exercise Agreement issued and/or transmitted through
the use of the Participant’s Security Device (whether actually
authorized by the Participant or not) as his authentic and
duly authorized Exercise Agreement and the Company (or its
agent) may treat such Exercise Agreement as valid and binding
on the Participant notwithstanding any error, fraud, forgery,
lack of clarity or misunderstanding in the terms of such
Exercise Agreement. All written Exercise Agreements issued
and/or transmitted through the use of the Participant’s
Security Device (whether actually authorized by the
Participant or not) are irrevocable and binding on the
Participant upon transmission to the Company (or as the
Company may direct) and the Company (or its agent) shall be
entitled to effect, perform or process such Exercise Agreement
without the Participant’s further consent and without further
reference to the Participant.
	 
	       	(c)	  	The Company’s records of the Exercise Agreements (whether
delivered or communicated electronically or in printed form),
and its record of any transactions maintained by any relevant
person authorized by the Company relating to or connected with
the Plan, whether stored in audio, electronic, printed or
other form, shall be binding and conclusive on the Participant
and shall be conclusive evidence of such Exercise Agreements
and/or transactions. All such records shall be admissible in
evidence and, in the case of a written Exercise Agreement
which has been communicated electronically, the Participant
shall not challenge or dispute the admissibility, reliability,
accuracy or the authenticity of the contents of such records
merely on the basis that such records were incorporated and/or
set out in electronic form or were produced by or are the
output of a computer system, and the Participant waives any of
his rights (if any) to so object.

          5.6 Termination. Notwithstanding the exercise periods set forth in
the Share Option Agreement, exercise of an Option will always be subject to the
following:

3

 

	       	(a)	  	If the Participant is Terminated for any reason except death
or Disability, then the Participant may exercise such
Participant’s Options only to the extent that such Options
would have been exercisable upon the Termination Date no later
than three (3) months after the Termination Date (or such
shorter or longer time period not exceeding five (5) years as
may be determined by the Committee), but in any event no later
than the expiration date of the Options.
	 
	       	(b)	  	If the Participant is Terminated because of the Participant’s
death or Disability (or the Participant dies within three (3)
months after a Termination other than for Cause or because of
the Participant’s Disability), then the Participant’s Options
may be exercised only to the extent that such Options would
have been exercisable by the Participant on the Termination
Date and must be exercised by the Participant (or the
Participant’s legal representative or authorized assignee) no
later than twelve (12) months after the Termination Date (or
such shorter or longer time period not exceeding five (5)
years as may be determined by the Committee), but in any event
no later than the expiration date of the Options.
	 
	       	(c)	  	If the Participant is Terminated for Cause, then the
Participant’s Options shall expire on such Participant’s
Termination Date, or at such later time and on such conditions
as are determined by the Committee (but in any event, no later
than the expiration date of the Options).

          5.7 Limitations on Exercise. The Committee may specify a
reasonable minimum number of Shares that may be purchased on any exercise of an
Option, provided that such minimum number will not prevent the Participant from
exercising the Option for the full number of Shares for which it is then
exercisable.

          5.8 Modification, Extension or Renewal. The Committee may modify,
extend or renew outstanding Options and authorize the grant of new Options in
substitution therefor, provided that any such action may not, without the
written consent of a Participant, impair any of such Participant’s rights under
any Option previously granted, and provided further that the exercise period of
any Option may not in any event be extended beyond the periods specified in
Section 5.3.

     6. SHARE BONUSES. The Committee may grant Share Bonuses and will
determine the number of Shares subject to the Share Bonus, the Purchase Price of
the Shares subject to the Share Bonus, and all other terms and conditions of the
Share Bonus, subject to the following:

          6.1 Awards of Share Bonuses. Share Bonuses may be awarded pursuant
to an Award Agreement (the “SHARE BONUS AGREEMENT”) that will be in such form
(which need not be the same for each Participant) as the Committee will from
time to time approve, and will comply with and be subject to the terms and
conditions of this Plan. Share Bonuses provide the Participant with the right to
receive a specified number of Shares at the end of a specified vesting period,
or periods, not to exceed, in the case of Participants who are employees of the
Company or any Parent or Subsidiary of the Company, ten (10) years from the date
of grant of the Share Bonus, and, in the case of Participants who are not
employees of the Company or any Parent or Subsidiary of the Company, five (5)
years from the date of grant of the Share Bonus (“VESTING PERIODS”) upon receipt
of the Purchase Price, and may provide that such number will be increased, or
the right to receive Shares accelerated, upon the satisfaction of specified
performance goals. Share Bonuses may vary from Participant to Participant and
between groups of Participants, and may be based upon the achievement of the
Company, Parent or Subsidiary and/or individual performance factors or upon such
other criteria as the Committee may determine.

          6.2 Terms of Share Bonuses. The Committee will determine the
number of Shares to be awarded to the Participant pursuant to a Share Bonus. If
the Share Bonus is being earned upon the satisfaction of performance goals
pursuant to a Share Bonus Agreement, then the Committee will: (a) determine the
nature, length and starting date of any Performance Period for each Share Bonus;
(b) determine the applicable performance goals and Performance Factors, if any;
(c) determine the total number of Shares that may be awarded to the Participant,
(d)

4

 

determine the number of Shares that will be issued in each Performance Period
and the effect thereon of the satisfaction of the Performance Factors, including
any provision for acceleration of issuance of Shares, or increase in the number
of such Shares, and (e) determine whether any payment will be required for the
issuance of such Shares other than satisfaction of the Performance Factors and
the payment of the Purchase Price.

          The Committee shall, as soon as practicable after the end of each
Vesting Period or, as the case may be, Performance Period, determine the extent
to which the Share Bonuses have vested or have been earned, and shall thereafter
procure the allotment and issuance to the Participant of the Shares to the
extent vested and/or earned against payment of the Purchase Price. Performance
Periods may overlap and Participants may participate simultaneously with respect
to Share Bonuses that are subject to different Performance Periods and different
performance goals and other criteria. The number of Shares may be fixed or may
vary in accordance with such performance goals and criteria as may be determined
by the Committee. The Committee may adjust the performance goals applicable to
the Share Bonuses to take into account changes in law and accounting or tax
rules and to make such adjustments as the Committee deems necessary or
appropriate to reflect the impact of extraordinary or unusual items, events or
circumstances to avoid windfalls or hardships.

          6.3 Date of Grant. The date of grant of a Share Bonus will be the
date on which the Committee makes the determination to grant such Share Bonus,
unless otherwise specified by the Committee. The Share Bonus Agreement and a
copy of this Plan will be delivered to the Participant within a reasonable time
after the granting of the Share Bonus.

          6.4 Purchase Price. The Purchase Price for each Share subject to a
Share Bonus will be equal to the par value of each such Share. Payment of the
Purchase Price for the Shares subject to a Share Bonus may be made in accordance
with Section 7 of this Plan.

          6.5 Termination. The Share Bonus and all of the Company’s
obligations and the Participant’s rights under the Plan and the Share Bonus
Agreement (except the right to receive Shares already vested and Shares already
earned), shall terminate on the earlier of the Participant’s Termination Date or
the date when all the Shares have been allotted and issued.

          6.6 Modification, Extension or Renewal. The Committee may modify,
extend or renew outstanding Share Bonuses and authorize the grant of new Share
Bonuses in substitution therefor, provided that any such action may not, without
the written consent of a Participant, impair any of such Participant’s rights
under any Share Bonus previously granted.

     7. PAYMENT FOR SHARE PURCHASES.

          7.1 Payment. Payment for Shares purchased pursuant to this Plan
may be made in cash (by check) or, where expressly approved for the Participant
by the Committee and where permitted by law:

	(a)	  	by cancellation of indebtedness of the Company to the
Participant;
	 
	(b)	  	by waiver of compensation due or accrued to the Participant
for services rendered;
	 
	(c)	  	with respect only to purchases upon exercise of an Option, and
provided that a public market for the Company’s Shares exists:

	       	(1)	  	through a “same day sale” commitment from the
Participant and a broker-dealer that is a member of the
National Association of Securities Dealers (an “NASD
DEALER”) whereby the Participant irrevocably elects to
exercise the Option and to sell a portion of the Shares
so purchased to pay for the Exercise Price, and whereby
the NASD Dealer irrevocably commits upon receipt of such
Shares to forward the Exercise Price directly to the
Company; or

5

 

	 	(2)	  	 through a “margin” commitment from the Participant and a
NASD Dealer whereby the Participant irrevocably elects
to exercise the Option and to pledge the Shares so
purchased to the NASD Dealer in a margin account as
security for a loan from the NASD Dealer in the amount
of the Exercise Price, and whereby the NASD Dealer
irrevocably commits upon receipt of such Shares to
forward the Exercise Price directly to the Company;

	(d)	  	conversion of a convertible note issued by the Company, the
terms of which provide that it is convertible into Shares
issuable pursuant to the Plan (with the principal amount and
any accrued interest being converted and credited dollar for
dollar to the payment of the Exercise Price or, as the case
may be, the Purchase Price);
	 
	(e)	  	by the Company, as permitted by applicable laws; or
	 
	(f)	  	by any combination of the foregoing.

     8. WITHHOLDING TAXES. Whenever Shares are to be issued in satisfaction
of Awards granted under this Plan, the Company may require the Participant to
remit to the Company an amount sufficient to satisfy federal, state and local
withholding tax requirements prior to the delivery of any certificate or
certificates for such Shares. Whenever, under this Plan, payments in
satisfaction of Awards are to be made in cash, such payment will be net of an
amount sufficient to satisfy federal, state, and local withholding tax
requirements.

     9. TRANSFERABILITY.

          9.1 Except as otherwise provided in this Section 9, Awards granted
under this Plan, and any interest therein, will not be transferable or
assignable by a Participant, and may not be made subject to execution,
attachment or similar process, otherwise than by will or by the laws of descent
and distribution or as determined by the Committee and set forth in the Award
Agreement with respect to Awards. Notwithstanding the foregoing, (i)
Participants may transfer or assign their Awards to Family Members through a
gift or a domestic relations order (and not in a transfer for value), and (ii)
if the terms of the applicable instrument evidencing the grant of an Award so
provide, Participants who reside outside of the United States and Singapore may
assign their Awards to a financial institution outside of the United States and
Singapore that has been approved by the Committee, in accordance with the terms
of the applicable instrument. The Participant shall be solely responsible for
effecting any such assignment, and for ensuring that such assignment is valid,
legal and binding under all applicable laws. The Committee shall have the
discretion to adopt such rules as it deems necessary to ensure that any
assignment is in compliance with all applicable laws.

          9.2 NQSOs. Unless otherwise restricted by the Committee, an NQSO
shall be exercisable: (i) during the Participant’s lifetime only by (A) the
Participant, (B) the Participant’s guardian or legal representative, (C) a
Family Member of the Participant who has acquired the NQSO by “permitted
transfer;” as defined below, (ii) by a transferee that is permitted pursuant to
clause (ii) of Section 9.1, for such period as may be authorized by the terms of
the applicable instrument evidencing the grant of the applicable Option, or by
the Committee, and (iii) after Participant’s death, by the legal representative
of the Participant’s heirs or legatees. “Permitted transfer” means any transfer
of an interest in such NQSO by gift or domestic relations order effected by the
Participant during the Participant’s lifetime. A permitted transfer shall not
include any transfer for value; provided that the following shall be permitted
transfers and shall not be considered to be transfers for value: (a) a transfer
under a domestic relations order in settlement of marital property rights or (b)
a transfer to an entity in which more than fifty percent of the voting interests
are owned by Family Members or the Participant in exchange for an interest in
that entity.

     10. PRIVILEGES OF SHARE OWNERSHIP. No Participant will have any of the
rights of a shareholder with respect to any Shares until the Shares are issued
to the Participant. After Shares are issued to the Participant, the Participant
will be a shareholder and have all the rights of a shareholder with respect to
such Shares, including the right to vote and receive all dividends or other
distributions made or paid with respect to such Shares.

6

 

     11. CERTIFICATES. All certificates for Shares or other securities
delivered under this Plan will be subject to such share transfer orders, legends
and other restrictions as the Committee may deem necessary or advisable,
including restrictions under any applicable federal, state or foreign securities
law, or any rules, regulations and other requirements of the SEC or any stock
exchange or automated quotation system upon which the Shares may be listed or
quoted.

     12. EXCHANGE AND BUYOUT OF AWARDS. The Committee may, at any time or
from time to time and subject to compliance with all applicable laws and
regulations, authorize the Company, with the consent of the respective
Participants, to issue new Awards in exchange for the surrender and cancellation
of any or all outstanding Awards. The Committee may at any time and subject to
compliance with all applicable laws and regulations buy from a Participant an
Award previously granted with payment in cash, Shares or other consideration,
based on such terms and conditions as the Committee and the Participant may
agree.

     13. SECURITIES LAW AND OTHER REGULATORY COMPLIANCE. An Award will not be
effective unless such Award is in compliance with all applicable federal and
state securities laws, rules and regulations of any governmental body, and the
requirements of any stock exchange or automated quotation system upon which the
Shares may then be listed or quoted, as they are in effect on the date of grant
of the Award and also on the date of exercise or other issuance. Notwithstanding
any other provision in this Plan, the Company will have no obligation to issue
or deliver certificates for Shares under this Plan prior to: (a) obtaining any
approvals from governmental agencies that the Company determines are necessary
or advisable; and/or (b) completion of any registration or other qualification
of such Shares under any state or federal law or ruling of any governmental body
that the Company determines to be necessary or advisable. The Company will be
under no obligation to register the Shares with the SEC or to effect compliance
with the registration, qualification or listing requirements of any state
securities laws, stock exchange or automated quotation system, and the Company
will have no liability for any inability or failure to do so.

     14. NO OBLIGATION TO EMPLOY. Nothing in this Plan or any Award granted
under this Plan will confer or be deemed to confer on any Participant any right
to continue in the employ of, or to continue any other relationship with, the
Company or any Parent or Subsidiary of the Company or limit in any way the right
of the Company or any Parent or Subsidiary of the Company to terminate
Participant’s employment or other relationship at any time, with or without
cause.

     15. CORPORATE TRANSACTIONS.

          15.1 Assumption or Replacement of Awards by Successor. In the
event of (a) a dissolution or liquidation of the Company, (b) a merger or
consolidation in which the Company is not the surviving corporation (other than
a merger or consolidation with a wholly-owned subsidiary, a reincorporation of
the Company in a different jurisdiction, or other transaction in which there is
no substantial change in the shareholders of the Company or their relative share
holdings and the Awards granted under this Plan are assumed, converted or
replaced by the successor corporation, which assumption will be binding on all
Participants), (c) a merger in which the Company is the surviving corporation
but after which the shareholders of the Company immediately prior to such merger
(other than any shareholder that merges, or which owns or controls another
corporation that merges, with the Company in such merger) cease to own their
shares or other equity interest in the Company, (d) the sale of substantially
all of the assets of the Company, or (e) the acquisition, sale, or transfer of
more than 50% of the outstanding shares of the Company by tender offer or
similar transaction (each, a “CORPORATE TRANSACTION”), each Option which is at
the time outstanding under this Plan shall automatically accelerate so that each
such Option shall, immediately prior to the specified effective date for the
Corporate Transaction, become fully exercisable with respect to the total number
of Shares at the time subject to such Option and may be exercised for all or any
portion of such Shares. However, subject to the specific terms of a
Participant’s Award Agreement, an outstanding Option under this Plan shall not
so accelerate if and to the extent: (i) such Option is, in connection with the
Corporate Transaction, either to be assumed by the successor corporation or
parent thereof or to be replaced with a comparable Option to purchase shares of
the capital share of the successor corporation or parent thereof, (ii) such
Option is to be replaced with a cash incentive program of the successor
corporation which preserves the Option spread existing at the time of the
Corporate Transaction and provides for subsequent payout in accordance with the
same vesting schedule applicable to such

7

 

Option or (iii) the acceleration of such Option is subject to other limitations
imposed by the Committee at the time of the Option grant. The determination of
Option comparability under clause (i) above shall be made by the Committee, and
its determination shall be final, binding and conclusive.

          15.2 Other Treatment of Awards. Subject to any greater rights
granted to Participants under the foregoing provisions of this Section 15 or
other specific terms of a Participant’s Award Agreement, in the event of the
occurrence of any Corporate Transaction described in Section 15.1, any
outstanding Awards will be treated as provided in the applicable agreement or
plan of merger, consolidation, dissolution, liquidation, or sale of assets.

          15.3 Assumption of Awards by the Company. The Company, from time to
time, also may substitute or assume outstanding awards granted by another
company, whether in connection with an acquisition of such other company or
otherwise, by either; (a) granting an Award under this Plan in substitution of
such other company’s award; or (b) assuming such award as if it had been granted
under this Plan if the terms of such assumed award could be applied to an Award
granted under this Plan. Such substitution or assumption will be permissible if
the holder of the substituted or assumed award would have been eligible to be
granted an Award under this Plan if the other company had applied the rules of
this Plan to such grant. In the event the Company assumes an award granted by
another company, the terms and conditions of such award will remain unchanged
(except that the Exercise Price and the number and nature of Shares issuable
upon exercise of any such Option will be adjusted appropriately pursuant to
Section 424(a) of the Code). In the event the Company elects to grant a new
Option rather than assuming an existing Option, such new Option may be granted
with a similarly adjusted Exercise Price.

     16. ADOPTION. This Plan will become effective on the date on which the
Board adopts the Plan (the “EFFECTIVE DATE”).

     17. TERM OF PLAN/GOVERNING LAW. Unless earlier terminated as provided
herein, this Plan will terminate ten (10) years from the date this Plan is
adopted by the Board. This Plan and all agreements thereunder shall be governed
by and construed in accordance with the laws of the State of California.

     18. AMENDMENT OR TERMINATION OF PLAN. The Board has complete and
exclusive power and authority to amend or modify the Plan (or any component
thereof) in any or all respects whatsoever. However, no such amendment or
modification shall adversely affect rights and obligations with respect to
Awards at the time outstanding under the Plan, unless the Participant consents
to such amendment.

          The Board may at any time terminate or amend this Plan in any
respect, including without limitation amendment of any form of Award Agreement
or instrument to be executed pursuant to this Plan.

     19. NONEXCLUSIVITY OF THE PLAN. Neither the adoption of this Plan by the
Board nor any provision of this Plan will be construed as creating any
limitations on the power of the Board to adopt such additional compensation
arrangements as it may deem desirable, including, without limitation, the
granting of share options and bonuses otherwise than under this Plan, and such
arrangements may be either generally applicable or applicable only in specific
cases.

     20. DEFINITIONS. As used in this Plan, the following terms will have the
following meanings:

          “AWARD” means any Options or Share Bonuses granted under this Plan.

          “AWARD AGREEMENT” means, with respect to each Award, the signed
written agreement between the Company and the Participant setting forth the
terms and conditions of the Award.

          “BOARD” means the Board of Directors of the Company.

          “CAUSE” means (a) the commission of an act of theft, embezzlement,
fraud, dishonesty, (b) a breach of fiduciary duty to the Company or a Parent or
Subsidiary of the Company or (c) a failure to materially perform the customary
duties of the employee’s employment.

8

 

          “CODE” means the Internal Revenue Code of 1986, as amended.

          “COMMITTEE” means the Compensation Committee of the Board.

          “COMPANY” means Flextronics International Ltd. or any successor
corporation.

          “DISABILITY” means total and permanent disability as defined in
Section 22(e)(3) of the Code.

          “EXCHANGE ACT” means the Securities Exchange Act of 1934, as
amended.

          “EXERCISE PRICE” means the price at which a holder of an Option may
purchase the Shares issuable upon exercise of the Option.

          “FAIR MARKET VALUE” means, as of any date, the value of the Shares
determined as follows:

	       	(a)	  	if such Shares are then quoted on the Nasdaq National Market,
the closing price of such Shares on the Nasdaq National Market
on the date of determination as reported in The Wall Street
Journal;
	 
	       	(b)	  	if such Shares are publicly traded and are then listed on a
national securities exchange, the closing price of such Shares
on the date of determination on the principal national
securities exchange on which the Shares are listed or admitted
to trading as reported in The Wall Street Journal;
	 
	       	(c)	  	if such Shares are publicly traded but are not quoted on the
Nasdaq National Market nor listed or admitted to trading on a
national securities exchange, the average of the closing bid
and asked prices on the date of determination as reported in
The Wall Street Journal; or
	 
	       	(d)	  	if none of the foregoing is applicable, by the Committee in
good faith.
	 
	       	“FAMILY MEMBER” includes any of the following:
	 
	       	(a)	  	child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law of the Participant, including any such person
with such relationship to the Participant by adoption;
	 
	       	(b)	  	any person (other than a tenant or employee) sharing the
Participant’s household;
	 
	       	(c)	  	a trust in which the persons in (a) and (b) have more than
fifty percent of the beneficial interest;
	 
	       	(d)	  	a foundation in which the persons in (a) and (b) or the
Participant control the management of assets; or
	 
	       	(e)	  	any other entity in which the persons in (a) and (b) or the
Participant own more than fifty percent of the voting
interest.

          “INSIDER” means an officer or director of the Company or any other
person whose transactions in the Company’s Shares are subject to Section 16 of
the Exchange Act.

          “OPTION” means an award of an option to purchase Shares pursuant to
Sections 5.

9

 

           “PARENT” means any corporation (other than the Company) in an
unbroken chain of corporations ending with the Company if each of such
corporations other than the Company owns shares possessing more than 50% of the
total combined voting power of all classes of shares in one of the other
corporations in such chain.

          “PARTICIPANT” means a person who receives an Award under this Plan.

          “PERFORMANCE FACTORS” means such factors as may be selected by the
Committee, in it sole discretion, including, but not limited to, the following
measures, to determine whether the performance goals established by the
Committee and applicable to Awards have been satisfied:

	(a)	  	Net revenue and/or net revenue growth;
	 
	(b)	  	Earnings before income taxes and amortization and/or earnings
before income taxes and amortization growth;
	 
	(c)	  	Operating income and/or operating income growth;
	 
	(d)	  	Net income and/or net income growth;
	 
	(e)	  	Earnings per share and/or earnings per share growth;
	 
	(f)	  	Total shareholder return and/or total shareholder return
growth;
	 
	(g)	  	Return on equity;
	 
	(h)	  	Operating cash flow return on income;
	 
	(i)	  	Adjusted operating cash flow return on income;
	 
	(j)	  	Economic value added;
	 
	(k)	  	Cash conversion cycle;
	 
	(l)	  	Return on Invested Capital; and
	 
	(k)	  	Individual confidential business objectives.

     It is in the sole discretion of the Committee to determine if any extraordinary,
unusual or one-time charges are to be included or excluded in such Performance
Factors.

          “PERFORMANCE PERIOD” means the period of service determined by the
Committee, not to exceed five years, during which years of service or
performance is to be measured for Share Bonuses.

          “PLAN” means this Flextronics International Ltd. 2002 Interim
Incentive Plan, as amended from time to time.

          “PURCHASE PRICE” means the price at which a holder of a Share Bonus
may purchase the Shares issuable pursuant to the Share Bonus.

          “SEC” means the Securities and Exchange Commission.

          “SECURITIES ACT” means the Securities Act of 1933, as amended.

10

 

          “SHARES” means ordinary shares of par value S$0.01 each in the
capital of the Company reserved for issuance under this Plan, as adjusted
pursuant to Sections 2 and 15, and any successor security.

          “SHARE BONUS” means an award of Shares pursuant to Section 6.

          “SUBSIDIARY” means any corporation (other than the Company) in an
unbroken chain of corporations beginning with the Company if each of the
corporations other than the last corporation in the unbroken chain owns shares
possessing more than 50% of the total combined voting power of all classes of
shares in one of the other corporations in such chain.

          “TERMINATION” or “TERMINATED” means, for purposes of this Plan with
respect to a Participant, that the Participant has for any reason ceased to
provide services as an employee, officer or director to the Company or a Parent
or Subsidiary of the Company. An employee will not be deemed to have ceased to
provide services in the case of (i) sick leave, (ii) military leave, or (iii)
any other leave of absence approved by the Committee. In the case of any
employee on an approved leave of absence, the Committee may make such provisions
respecting suspension of vesting of the Award while on leave from the employ of
the Company or a Subsidiary as it may deem appropriate, except that in no event
may an Option be exercised after the expiration of the term set forth in the
Share Option Agreement. The Committee will have sole discretion to determine
whether a Participant has ceased to provide services and the effective date on
which the Participant ceased to provide services (the “TERMINATION DATE”).

11

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