Document:

Exhibit 10.3

                                                                [Execution Copy]

================================================================================

                 OMNICOM FINANCE INC., OMNICOM FINANCE PLC, and
                              OMNICOM CAPITAL INC.,
                                  as Borrowers

                           SECOND AMENDED AND RESTATED
                            364-DAY CREDIT AGREEMENT

                           Dated as of April 30, 1999,

                 Amended and Restated as of April 27, 2000, and

                    Amended and Restated as of July 31, 2000

                               -------------------

                                 $1,000,000,000

                               -------------------

                           SALOMON SMITH BARNEY INC.,
                                as Lead Arranger

                                 CITIBANK, N.A.,
                             as Administrative Agent

                             THE BANK OF NOVA SCOTIA
                                       and
                                  BANK ONE, NA,
                           as Co-Documentation Agents

                                       and

                               SAN PAOLO IMI SPA,
                              as Syndication Agent

================================================================================

<PAGE>

            SECOND AMENDMENT AND RESTATEMENT (this "Second Amendment and
Restatement") dated as of July 31, 2000 of the 364-Day Credit Agreement referred
to below, among: OMNICOM FINANCE INC., a corporation organized and existing
under the laws of Delaware ("OFI"); OMNICOM FINANCE PLC (formerly, Omnicom
Finance Limited), a corporation organized and existing under the laws of England
and Wales ("OFL"); OMNICOM CAPITAL INC., a corporation organized and existing
under the laws of Connecticut ("OCI" and, together with OFI and OFL, each a
"Borrower", and collectively, the "Borrowers" ); OMNICOM GROUP, INC. (the
"Guarantor"); each of the financial institutions listed in Schedule I hereto
(each a "Bank", and collectively the "Banks") and CITIBANK, N.A., as
administrative agent for the Banks (in such capacity, together with its
successors in such capacity, the "Administrative Agent"); SALOMON SMITH BARNEY
INC., as lead arranger; THE BANK OF NOVA SCOTIA and BANK ONE, NA, as
co-documentation agents (the "Co-Documentation Agents"); and SAN PAOLO IMI SPA,
as syndication agent (the "Syndication Agent", and collectively, together with
the Administrative Agent and the Co-Documentation Agents, the "Agents").

            OFI, OFL, certain of the Banks and the Agents are parties to a
364-Day Credit Agreement, dated as of April 30, 1999 and, together with OCI, are
party to a subsequent Amended and Restated 364-Day Credit Agreement, dated as of
April 27, 2000 (as in effect immediately prior to the effectiveness of this
Second Amendment and Restatement pursuant to Section 4 hereof, the "Existing
Credit Agreement"), providing, subject to the terms and conditions thereof, for
extensions of credit (by the making of loans) by the Banks to the Borrowers in
an aggregate principal amount not exceeding $750,000,000 at any one time
outstanding. The Borrowers, the Banks signatory hereto and the Agents wish to
amend and restate the Existing Credit Agreement and to increase the Commitments
of the Banks thereunder to an aggregate principal amount not exceeding
$1,000,000,000 at any one time outstanding; and accordingly, the parties hereto
hereby agree to amend the Existing Credit Agreement in certain respects as set
forth herein and to restate the Existing Credit Agreement as so amended (the
Existing Credit Agreement as so amended and restated, the "Second Amended and
Restated Credit Agreement"):

            Section 1. Definitions. Except as otherwise defined herein, terms
defined in the Existing Credit Agreement are used herein as defined therein.

            Section 2. Amendments. Subject to the satisfaction of the conditions
precedent specified in Section 4 of this Second Amendment and Restatement, but
effective on the Effective Date (as defined below), (i) the Existing Credit
Agreement is hereby amended as set forth below, and (ii) the Existing Credit
Agreement is restated to read in its entirety as set forth in the Existing
Credit Agreement, which is hereby incorporated herein by reference, with the
amendments set forth below:

            A. References in the Existing Credit Agreement to "this Agreement"
      (and indirect references such as "hereunder", "hereby", "herein" and
      "hereof") shall be deemed to be references to the Second Amended and
      Restated Credit Agreement.

            B. Section 1.01 of the Existing Credit Agreement shall be amended by
      adding the following new definitions (to the extent not already included
      in said Section 1.01) and inserting the same in the appropriate
      alphabetical locations and amending the following

                  SECOND AMENDED AND RESTATED CREDIT AGREEMENT

<PAGE>
                                      -2-

      definitions (to the extent already included in said Section 1.01) to read
      in their entirety as follows:

                  "Commitment" shall mean, for each Bank, the amount set forth
            opposite such Bank's name in Schedule I to the Second Amended and
            Restated Credit Agreement, as the same may be (x) reduced from time
            to time pursuant to Section 4.02 and/or Section 10 and/or (y)
            adjusted from time to time as a result of assignments to or from
            such Bank pursuant to Section 12.04(b).

                  "Guaranty Amendment No. 1" shall mean, Amendment No. 1, dated
            as of April 27, 2000, to the Guaranty dated as of April 30, 1999,
            made by the Guarantor in favor of the Banks in respect of the
            Guaranteed Obligations (as such term is defined therein).

                  "Second Amended and Restated Credit Agreement" shall mean this
            Agreement as amended and restated by the Second Amendment and
            Restatement dated as of July 31, 2000 among the Borrowers, the
            Guarantor, the Banks signatory thereto and the Agents.

            C. Section 4.04 of the Existing Credit Agreement shall be deleted in
      its entirety and replaced with the following:

                  "4.04. [Intentionally omitted]"

            D. Schedule I of the Existing Credit Agreement is deleted in its
      entirety and replaced with the schedule set forth in Schedule I to this
      Second Amendment and Restatement.

            Section 3. Representations and Warranties. Each Borrower (but only
OFI and OCI with respect to Section 7.09) represents and warrants to the Banks
as of the Effective Date that: (i) the representations and warranties set forth
in Section 7 of the Existing Credit Agreement are true and correct as to itself
on and as of the Effective Date as though made on and as of the Effective Date
(or, if any such representation or warranty is expressly stated to have been
made as of a specific date, as of such specific date) and as if each reference
in said Section 7 to "this Agreement" included reference to the Second Amended
and Restated Credit Agreement and (ii) no event has occurred and is continuing
that constitutes a Default or Event of Default (and the parties agree that
breach of any of the representations and warranties in this Section 3 shall
constitute an Event of Default under Section 10.02 of the Second Amended and
Restated Credit Agreement).

            Section 4. Conditions to Effectiveness. The amendment and
restatement set forth in Section 2 of this Second Amendment and Restatement
shall become effective on the date (the "Effective Date") on which the
Administrative Agent shall notify the Guarantor that the following conditions
precedent have been satisfied (and the Administrative Agent shall promptly
notify the Banks of the occurrence of the Effective Date):

                  SECOND AMENDED AND RESTATED CREDIT AGREEMENT

<PAGE>
                                      -3-

            (a) Documents. The Administrative Agent shall have received the
      following documents (with sufficient copies for each Bank), each of which
      shall be satisfactory to the Administrative Agent in form and substance:

                  (1) Execution by All Parties. Counterparts of this Second
            Amendment and Restatement, duly executed and delivered by each
            Borrower, the Guarantor, the Administrative Agent and each Bank and
            of the Guaranty Amendment No. 1, duly executed and delivered by the
            Guarantor, the Administrative Agent and each Bank.

                  (2) Authority and Approvals. Certified copies of resolutions
            of the Board of Directors of each Borrower and of the Guarantor (or
            equivalent documents) authorizing and approving this Second
            Amendment and Restatement, authorizing Borrowings under the Second
            Amended and Restated Credit Agreement in an aggregate principal
            amount up to $1,000,000,000 at any one time outstanding, and
            certified copies of all documents evidencing other necessary action
            (corporate, partnership or otherwise) and governmental approvals, if
            any, with respect to this Second Amendment and Restatement and the
            Guaranty Amendment No. 1.

                  (3) Secretary's or Assistant Secretary's Certificate. A
            certificate of the Secretary or an Assistant Secretary of each
            Borrower and of the Guarantor, dated the Effective Date, certifying
            the names and true signatures of the officers of the Borrowers and
            of the Guarantor authorized to execute and deliver this Second
            Amendment and Restatement, the Guaranty Amendment No. 1 and the
            other documents to be delivered hereunder and attaching corporate
            documentation respecting the organization, existence and good
            standing of each Borrower and the Guarantor.

                  (4) Other Documents. Such other documents as the
            Administrative Agent may reasonably request, including certificates
            of officers or opinions of counsel, relating to the organization,
            existence and good standing of each Borrower and the Guarantor, the
            authorization of the Second Amended and Restated Credit Agreement
            and the Guaranty Amendment No. 1, the enforceability of the Second
            Amended and Restated Credit Agreement and the Guaranty Amendment No.
            1 or other legal matters relating to the Second Amended and Restated
            Credit Agreement, the Guaranty Amendment No. 1 or the transactions
            contemplated thereby, all in form and substance satisfactory to the
            Administrative Agent.

            (b) Fees and Expenses. The Administrative Agent shall have received
      evidence satisfactory to it that (i) the Borrowers and the Guarantor shall
      have paid in full all fees, expenses and interest due and payable to the
      Administrative Agent and the Banks under the Existing Credit Agreement,
      (ii) the Guarantor shall have paid all accrued fees and expenses of the
      Administrative Agent (including the reasonable fees and expenses of
      counsel to the Administrative Agent) in connection with this Second
      Amendment and

                  SECOND AMENDED AND RESTATED CREDIT AGREEMENT

<PAGE>
                                      -4-

      Restatement and (iii) the Guarantor shall have paid to the Administrative
      Agent for account of the Banks such up-front or other fees in connection
      with the execution of this Second Amendment and Restatement as the
      Guarantor and the Administrative Agent shall have agreed upon.

            Section 5. Miscellaneous. Except as herein provided, the Existing
Credit Agreement shall remain unchanged and in full force and effect. This
Second Amendment and Restatement may be executed in any number of counterparts,
all of which taken together shall constitute one and the same agreement and any
of the parties hereto may execute this Second Amendment and Restatement by
signing any such counterpart. This Second Amendment and Restatement shall be
governed by, and construed in accordance with, the law of the State of New York.

                  SECOND AMENDED AND RESTATED CREDIT AGREEMENT

<PAGE>
                                      -5-

            IN WITNESS WHEREOF, the parties hereto have caused their duly
authorized officers to execute and deliver this Second Amendment and Restatement
as of the day and year first above written.

                                       BORROWERS:

                                       OMNICOM FINANCE INC.

                                       By: /s/ Dennis E. Hewitt
                                           -------------------------------------
                                           Name:  Dennis E. Hewitt
                                           Title: Treasurer

                                       OMNICOM FINANCE PLC

                                       By: /s/ Dennis E. Hewitt
                                           -------------------------------------
                                           Name:  Dennis E. Hewitt
                                           Title: Director

                                       By: /s/ Barry J. Wagner
                                           -------------------------------------
                                           Name: Barry J. Wagner
                                           Title:

                                       OMNICOM CAPITAL INC.

                                       By: /s/ Dennis E. Hewitt
                                           -------------------------------------
                                           Name: Dennis E. Hewitt
                                           Title: President

                                       GUARANTOR:

                                       OMNICOM GROUP INC.,
                                         as Guarantor

                                       By: /s/ Dennis E. Hewitt
                                           -------------------------------------
                                           Name: Dennis E. Hewitt
                                           Title: Treasurer

                  SECOND AMENDED AND RESTATED CREDIT AGREEMENT

<PAGE>
                                      -6-

                                       BANKS:

                                       CITIBANK, N.A.,
                                         as Administrative Agent and as Bank

                                       By: /s/ Carolyn A. Kee
                                           -------------------------------------
                                           Name: Carolyn A. Kee
                                           Title: Vice President

                                       THE BANK OF NOVA SCOTIA
                                         as Co-Documentation Agent and as Bank

                                       By: /s/ John Hopmans
                                           -------------------------------------
                                           Name: John Hopmans
                                           Title: Managing Director

                                       BANK ONE, NA (MAIN OFFICE CHICAGO)
                                         as Co-Documentation Agent and as Bank

                                       By: /s/ Stephen E. McDonald
                                           -------------------------------------
                                           Name: Stephen E. McDonald
                                           Title: Senior Vice President

                                       SAN PAOLO IMI SPA
                                         as Syndication Agent and as Bank

                                       By: /s/ Carlo Persico
                                           -------------------------------------
                                           Name: Carlo Persico
                                           Title: D.G.M.

                                       By: /s/ Robert Wurster
                                           -------------------------------------
                                           Name: Robert Wurster
                                           Title: 1st Vice President

                  SECOND AMENDED AND RESTATED CREDIT AGREEMENT

<PAGE>
                                      -7-

                                       SCOTIABANC, INC.

                                       By: /s/ W.J. Brown
                                           -------------------------------------
                                           Name: W.J. Brown
                                           Title: Managing Director

                                       HSBC BANK USA

                                       By: /s/ D.M. Zieske
                                           -------------------------------------
                                           Name: D.M. Zieske
                                           Title: Vice President

                                       THE CHASE MANHATTAN BANK

                                       By: /s/ Bruce E. Langenkamp
                                           -------------------------------------
                                           Name: Bruce E. Langenkamp
                                           Title: Vice President

                                       DRESDNER BANK AG,
                                         NEW YORK & GRAND CAYMAN BRANCHES

                                       By: /s/ Brian Schneider
                                           -------------------------------------
                                           Name: Brian Schneider
                                           Title: Assistant Vice President

                                       By: /s/ Brian E. Haughney
                                           -------------------------------------
                                           Name: Brian E. Haughney
                                           Title: Assistant Vice President

                                       WACHOVIA BANK, N.A.

                                       By: /s/ William C. Christie
                                           -------------------------------------
                                           Name: William C. Christie
                                           Title: Senior Vice President

                  SECOND AMENDED AND RESTATED CREDIT AGREEMENT

<PAGE>
                                      -8-

                                       FLEET BANK, N.A.

                                       By: /s/ Thomas J. Levy
                                           -------------------------------------
                                           Name: Thomas J. Levy
                                           Title: Vice President

                                       THE SUMITOMO BANK, LTD.

                                       By: /s/ C. Michael Garrido
                                           -------------------------------------
                                           Name: C. Michael Garrido
                                           Title: Senior Vice President

                                       MELLON BANK, N.A.

                                       By: /s/ Maria N. Sisto
                                           -------------------------------------
                                           Name: Maria N. Sisto
                                           Title: Vice President

                                       PNC BANK, N.A.

                                       By: /s/ Donald V. Davis
                                           -------------------------------------
                                           Name: Donald V. Davis
                                           Title: Vice President

                  SECOND AMENDED AND RESTATED CREDIT AGREEMENT

<PAGE>
                                      -9-

                                       SVENSKA HANDELSBANKEN

                                       By: /s/ Abbas Sarwar
                                           -------------------------------------
                                           Name: Abbas Sarwar
                                           Title: Head of Credit

                                       By: /s/ Peter Wylde
                                           -------------------------------------
                                           Name: Peter Wylde
                                           Title: Account Manager

                                       THE BANK OF NEW YORK

                                       By: /s/ Kenneth P. Sneider
                                           -------------------------------------
                                           Name: Kenneth P. Sneider
                                           Title: Vice President

                                       U.S. BANK, NATIONAL ASSOCIATION

                                       By: /s/ Thomas W. Cherry
                                           -------------------------------------
                                           Name: Thomas W. Cherry
                                           Title: Vice President

                  SECOND AMENDED AND RESTATED CREDIT AGREEMENT

<PAGE>

                                                                      SCHEDULE I

                             Schedule of Commitments

Lenders                                                               Commitment
-------                                                               ----------

CITIBANK, N.A.                                                 $  150,000,000.00

THE BANK OF NOVA SCOTIA/ SCOTIABANC, INC.                      $  100,000,000.00

BANK ONE, NA (MAIN OFFICE CHICAGO)                             $  100,000,000.00

DRESDNER BANK AG,  NEW YORK                                    $   85,000,000.00
   & GRAND CAYMAN BRANCHES

SAN PAOLO IMI S.p.A.                                           $   70,000,000.00

FLEET BANK, N.A.                                               $   65,000,000.00

HSBC BANK USA                                                  $   65,000,000.00

THE CHASE MANHATTAN BANK                                       $   60,000,000.00

WACHOVIA BANK, N.A.                                            $   60,000,000.00

SVENSKA HANDELSBANKEN                                          $   55,000,000.00

PNC BANK, N.A.                                                 $   50,000,000.00

THE SUMITOMO BANK, LTD.                                        $   50,000,000.00

MELLON BANK, N.A.                                              $   40,000,000.00

U.S. BANK, NATIONAL ASSOCIATION                                $   30,000,000.00

THE BANK OF NEW YORK                                           $   20,000,000.00
                                                               =================
TOTAL                                                          $1,000,000,000.00

                  SECOND AMENDED AND RESTATED CREDIT AGREEMENTEMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (the "Agreement"), effective as of May 1, 2000,
by and between Global Payment Technologies, Inc., a Delaware corporation, with
executive offices at 20 East Sunrise Highway, Valley Stream, New York 11581 (the
"Company"), and Thomas McNeill, residing at 32 Seneca Drive, Commack, NY 11725
(the "Executive").

                              W I T N E S S E T H:
                               - - - - - - - - - -

     WHEREAS, the Company desires to formalize the employment of the Executive
as a senior executive officer of the Company; and

     WHEREAS, the Company and Executive desire to enter into an agreement
relating to such employment;

     NOW, THEREFORE, in consideration of the covenants and agreements
hereinafter set forth, the parties hereto agree as follows:

     1.   EMPLOYMENT

     1.1 As of the commencement of the Employment Term (as hereinafter defined),
the Company hereby continues the employ of the Executive in a senior executive
capacity, (it being contemplated that he shall be elected and serve as the Vice
President and Chief Financial Officer upon the terms and conditions herein
contained) with responsibility for the performance of such duties as may from
time to time be assigned to him by the Board of Directors of the Company (the
"Board of Directors"), its Chief Operating Officer or its Chief Executive
Officer. Executive hereby accepts such employment.

     1.2 The term of employment under this Agreement shall commence on the
effective date of this Agreement, and, subject to the terms hereof, shall
terminate on April 30, 2002; provided, however, that the term of this Agreement
shall automatically be extended for additional one (1) year terms beyond the
initial term unless and until either the Company or Executive provides one
hundred and eighty (180) days

<PAGE>

prior written notice to the other of its desire to terminate this Agreement as
of the end of the then current term of this Agreement (such term of employment
is referred to hereinafter as the "Employment Term").

     1.3 Throughout the Employment Term, Executive shall devote his best efforts
and all of his business time, attention and skills to the business and affairs
of the Company.

     2.   SALARY

     During the Employment Term, Executive shall be entitled to receive a base
salary at the rate of $115,500 per year, payable in accordance with the
Company's regular payroll practice for senior executives of the Company;
provided that such base salary shall be reviewed by the Board of Directors at
the same time of the year as the other senior executives, which is not less than
annually. In addition, such salary may be increased, but not decreased.

     3.   ANNUAL BONUSES

     For each year during the term of this Agreement, commencing with the first
year, Executive shall be eligible to receive a bonus in an amount to be
determined by the Board of Directors in its sole discretion.

     4.   INCENTIVE STOCK OPTION PLAN

     4.1 The Executive shall be eligible to participate in the Company's Stock
Option Plan as determined by the Board of Directors in its discretion. 4.2 Any
stock option granted to the Executive shall be subject to such other terms and
conditions as are set forth in the grant.

     5. TERMINATION UNDER CERTAIN CONDITIONS

     5.1 Subject to Section 7(d), in the event that Executive's employment is
terminated by the Company (other than for "Cause" as hereinafter defined) or the
Executive terminates his employment for "Good Reason" (as hereinafter

                                       2
<PAGE>

defined) prior to the end of the Employment Term, Executive shall be entitled to
receive in lieu of any and all other payments a severance payment in an
aggregate amount equal to (1) Executive's yearly base salary in effect on the
date of his termination of employment hereunder multiplied by 100% plus (2) an
amount equal to the bonus projected by the Board of Directors for the fiscal
year in which termination occurred (subject to the terms and conditions of
paragraph 3), and, in the case of (2), pro rated by a fraction, the numerator of
which shall be the actual number of days elapsed in the current fiscal year and
denominator of which shall be 365.

     5.2 In the event that the Company does not extend the Employment Term and
the Executive is an active employee of the Company upon the expiration of the
Employment Term, Executive shall be entitled to receive, in lieu of any and all
other payments, a severance payment in an aggregate amount equal to (1)
Executive's yearly base salary in effect on the date of his termination of
employment hereunder multiplied by 50% plus (2) an amount equal to the bonus
projected by the Board of Directors for the fiscal year in which termination
occurred (subject to the terms and conditions of paragraph 3), and, in the case
of (2), pro rated by a fraction, the numerator of which shall be the actual
number of days elapsed in the current fiscal year and denominator of which shall
be 365. The aggregate payments under sections 5.1 and 5.2 are referred to as the
"Severance Payment."

     5.3 The Severance Payment shall be payable in four equal monthly
installments, the first installment to be due and payable on the first day of
the month immediately following such termination. In addition to the Severance
Payment, in the event that termination of employment occurs in accordance with
section 5.1, Executive shall be entitled to receive all benefits set forth in
section 6.1 and section 6.2 for the 12 months following such termination, on
terms and conditions no less favorable than those in effect immediately prior to
the Executive's termination. In the event that termination of employment in
accordance with section 5.2, in addition to the Severance Payment, Executive
shall be entitled to receive all benefits set forth in section 6.1 and section
6.2 for the six months following the expiration of the Employment Term, on terms
and conditions no less favorable than those in effect immediately prior to the

                                       3
<PAGE>

Executive's termination.

     6. CERTAIN EMPLOYEE BENEFITS

     6.1 During the Employment Term, Executive shall be entitled to participate,
to the extent he is eligible under the terms and conditions thereof, in any
benefit plans which the Company may from time to time during the Employment Term
provide to its senior executives. Unless otherwise specifically set forth
herein, the Company shall be under no obligation to institute or thereafter
continue the existence of any such benefit plan.

     6.2 The Executive shall be entitled to the full time use of an automobile
and shall be reimbursed by the Company for all expenses in an amount not to
exceed the aggregate of seven thousand two hundred dollars $7,200 per calendar
year, such amount to be pro-rated in any year hereunder if less than a full
calendar year.

     6.3 The Company currently has directors and officers liability insurance.
The Company covenants that Executive shall be covered under such policy or any
successor policy through the Employment Term, and thereafter with respect to
matters occurring during the Employment Term on the terms and subject to the
conditions provided in such policy or any successor policy.

     7. CHANGE OF CONTROL

     (a) For the purpose of this Agreement, a "Change of Control" shall mean:

          (i) The acquisition by any individual, entity or group (within the
     meaning of Section 13(d) (3) or 14(d) (2) of the Securities Exchange Act of
     1934, as amended (the "Exchange Act")) (a "Person") of beneficial ownership
     (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of
     30% or more (on a fully diluted basis) of either (i) the then outstanding
     shares of common stock of the Company, taking into account as outstanding
     for this purpose such common stock issuable upon the exercise of options or

                                       4
<PAGE>

     warrants, the conversion of convertible stock or debt, and the exercise of
     any similar right to acquire such common stock (the "Outstanding Company
     Common Stock") or

          (ii) the combined voting power of the then outstanding voting
     securities of the Company entitled to vote generally in the election of
     directors (the "Outstanding Company Voting Securities"); provided, however,
     that for purposes of this subsection (a), the following acquisitions shall
     not constitute a Change of Control: (W) any acquisition by the Company or
     any "affiliate" of the Company, within the meaning of 17 C.F.R. ss. 230.405
     (an "Affiliate"), (X) any acquisition by any employee benefit plan (or
     related trust) sponsored or maintained by the Company or any Affiliate, (Y)
     any acquisition by any corporation pursuant to a transaction which complies
     with clauses (X), (Y) and (Z) of subsection (iii) of this Section 7(a), and
     (Z) any acquisition by any entity in which the Executive has a direct or
     indirect equity interest; or

          (ii) Individuals who, as of the effective date hereof, constitute the
     Board of Directors (the "Incumbent Board") cease for any reason to
     constitute at least a majority of the Board of Directors; provided,
     however, that any individual becoming a director subsequent to such
     effective date whose election, or nomination for election by the Company's
     shareholders, was approved by a vote of at least a majority of the
     directors then comprising the Incumbent Board shall be considered as though
     such individual were a member of the Incumbent Board, but excluding, for
     this purpose, any such individual whose initial assumption of office occurs
     as a result of an actual or threatened election contest with respect to the
     election or removal of directors or other actual or threatened solicitation
     of proxies or consents by or on behalf of a Person other than the Board of
     Directors; or

          (iii) Consummation of a reorganization, merger or consolidation or
     sale or other disposition of all or substantially all of the assets of the
     Company (a "Business Combination"), in each case, unless, following such
     Business Combination, (X) all or substantially all of the individuals and
     entities who were the beneficial owners, respectively, of the Outstanding
     Company Common Stock and Outstanding Company Voting Securities immediately
     prior to

                                       5
<PAGE>

     such Business Combination beneficially own, directly or indirectly, more
     than 60% of, respectively, the then outstanding shares of common stock and
     the combined voting power of the then outstanding voting securities
     entitled to vote generally in the election of directors, as the case may
     be, of the corporation resulting from such Business Combination (including,
     without limitation, a corporation which as a result of such transaction
     owns the Company or all or substantially all of the Company's assets either
     directly or through one or more subsidiaries) in substantially the same
     proportions as their ownership, immediately prior to such Business
     Combination of the Outstanding Company Common Stock and Outstanding Company
     Voting Securities, as the case may be, and (Y) no Person (excluding (I) any
     employee benefit plan (or related trust) sponsored or maintained by the
     Company, or such corporation resulting from such Business Combination, or
     (II) any entity in which the Executive has an equity interest, or any
     Affiliate of such entity) beneficially owns, directly or indirectly, 20% or
     more (on a fully diluted basis) of the then outstanding shares of common
     stock of the corporation resulting from such Business Combination, taking
     into account as outstanding for this purpose such common stock issuable
     upon the exercise of options or warrants, the conversion of convertible
     stock or debt, and the exercise of any similar right to acquire such common
     stock, or the combined voting power of the then outstanding voting
     securities of such corporation except to the extent that such ownership
     existed prior to the Business Combination and (Z) at least a majority of
     the members of the board of directors of the corporation resulting from
     such Business Combination were members of the Incumbent Board at the time
     of the execution of the initial agreement, or of the action of the Board of
     Directors, providing for such Business Combination; or

          (iv) Approval by the shareholders of the Company of a complete
     liquidation or dissolution of the Company.

     (b) The Company or its successor or purchaser shall notify Executive in
writing, no later than five days after a Change in Control, whether it desires
Executive to remain employed for a maximum of six months following the Change in
Control (the "Transition Period"). If Executive is notified that it is not
desired that he

                                       6
<PAGE>

remain employed following the Change in Control, or if no such notice is given
or the notice references a Transition Period of more than six months, Executive
shall have the right to voluntarily terminate his employment during the 60-day
period following the Change in Control and, subject to Section 7(d) below, such
termination shall be deemed to have occurred for Good Reason for purposes of
this Agreement.

     (c) If Executive is properly notified that the Company or its successor or
purchaser desires Executive to remain employed for a Transition Period, and if
Executive remains employed for the Transition Period, then Executive shall have
the right to voluntarily terminate his employment during the 60-day period
following the end of the Transition Period and, subject to Section 7(d) below,
such termination shall be deemed to have occurred for Good Reason for purposes
of this Agreement.

(d) If, following a Change in Control, Executive's employment is terminated by
the Company other than for Cause, or Executive terminates his employment for
Good Reason (including for this purpose under circumstances described in Section
7(b) and (c)), (i) if such termination occurs prior to the first anniversary of
this Agreement, the Executive shall receive (a) a payment equal to Executive's
annual base salary at the time of termination, plus (b) an amount equal to the
bonus projected by the Board of Directors for the fiscal year in which
termination occurred (subject to the terms and conditions of paragraph 3
(prorated by a fraction, the numerator of which shall be actual number of days
elapsed in the fiscal year of termination and the denominator of which shall be
365, plus (c) all benefits under Section 6 for a period of one year from the day
of termination, and (ii) if such termination occurs after the first anniversary
of this Agreement, the Executive shall receive (a) a payment equal to 125% of
Executive's annual base salary at the time of termination, plus (b) an amount
equal to the bonus projected by the Board of Directors for the fiscal year in
which termination occurred (subject to the terms and conditions of paragraph 3
(prorated by a fraction, the numerator of which shall be actual number of days
elapsed in the fiscal year of termination and the denominator of which shall be
365, plus (c) all benefits under Section 6 for a period of one year from date of

                                       7
<PAGE>

termination. All payments due to Executive under (i) (a) and (b) above or
(ii)(a) and (b) above, as the case may be, shall be made to Executive in a
single lump sum (with necessary withholding, if any) no later than five days
following the date of termination.

     8. TERMINATION FOR GOOD REASON Executive may terminate his employment
hereunder for Good Reason at any time during the Employment Term, in which event
Executive shall resign from all of his positions with the Company. For purposes
of this Agreement, "Good Reason" shall mean the Executive's good faith
determination that any of the following has occurred (without Executive's
express prior written consent):

          (i) The assignment to executive by the Company of duties inconsistent
     with those of a Vice President or those of such other equivalent or more
     senior position then held by Executive, if any (including status, titles,
     offices and lines of reporting), except in connection with the termination
     of Executive's employment for Cause (as defined in paragraph 9), disability
     (as described in section 9.2(c) below), or as a result of Executive's death
     or termination by Executive other than for Good Reason;

          (ii) A reduction by the Company in Executive's base salary;

          (iii) The taking of any action by the Company which would deprive
     Executive of any material fringe benefit enjoyed by Executive at any time
     during the Emp1oyment Term as set forth in paragraph 6; or

          (iv) Any material breach by the Company of any provision of this
     Agreement.

     9. DISCHARGE FOR CAUSE

     9.1 The Company shall have the right to terminate the employment of
Executive during the Employment Term. If the Company terminates the employment
of Executive other than for Cause, the provisions of paragraph 5 hereof shall
apply. If the Company terminates the employment of Executive for Cause, its
obligation under this Agreement to make any further payments to Executive shall
thereupon cease

                                       8
<PAGE>

and terminate except for any obligations accrued but which remain unpaid.

     9.2 As used herein, the term "cause" shall be limited to (a) action by
Executive involving willful malfeasance or gross negligence having an adverse
effect on the Company, or (b) failure to act by Executive involving material
malfeasance or gross negligence having an adverse effect on the Company provided
that any action or failure to act by Executive shall not constitute "Cause" if,
in good faith, Executive believed such action or failure to act to be in or not
opposed to the best interests of the Company, or if Executive shall be entitled,
under applicable law or the Certificate of Incorporation or By-Laws of the
Company, to be indemnified with respect to such action or failure to act, (c) in
the event Employer makes a good faith determination that Executive is so
disabled, for mental or physical reasons, that he is unable to satisfactorily
perform his duties hereunder for an aggregate of 180 days during any period of
12 consecutive months, or (d) the death of Executive.

     9.3 Termination of Executive for Cause pursuant to this section 9 shall be
communicated by a notice of termination.

     10. EXPENSES The Company shall reimburse Executive for reasonable expenses
incurred in connection with the performance of his duties hereunder upon
presentation to it by Executive from time to time of an itemized account of such
expenditures in accordance with the Company's procedures as in effect from time
to time.

     11. NONDISCLOSURE; NONCOMPETE; INVENTIONS

     11.1 "Confidential Information" Defined. As used in this paragraph 11, the
term "Confidential Information" shall mean any and all information (verbal and
written) relating to the Company or any of its respective subsidiaries or any of
its respective activities, other than such information which can be shown by
Executive to be in the public domain (such information not being deemed to be in
the public domain merely because it is embraced by more general information
which is in the public domain) other than as the result of a breach of the
provisions of section 11.2 below, including, but not limited to, information
relating to: technology; research; test

                                       9
<PAGE>

procedures and results; machinery and equipment; manufacturing processes;
financial information; products; identity and description of raw materials and
services used; purchasing; costs; pricing; engineering; customers and prospects;
marketing; and selling and servicing.

     11.2 Nondisclosure of Confidential Information. Executive shall not, at any
time during the term of his employment by the Company (other than as may be
required in connection with the performance by him of his duties hereunder) or
thereafter directly or indirectly, use, communicate, disclose or disseminate any
Confidential Information in any manner whatsoever.

     11.3 Non-compete Covenant

     (a) Unless Executive has terminated his employment for Good Reason,
Executive shall not, during the period of his employment by the Company and for
a period of 12 months thereafter, directly or indirectly (a) engage in any
business (whether as owner, manager, operator, lender, partner, shareholder,
licensor, licensee, joint venturer, employee, consultant or otherwise) in which
the Company or any of its then subsidiaries is engaged (or is actively
considering engaging) during the term of Executive's employment by the Company
in any geographic area in which the Company or any of its respective
subsidiaries is so engaged or is actively considering engaging, or (b) take any
other action which constitutes an interference with or a disruption of the
activities of the company or any of its subsidiaries. Notwithstanding the
foregoing, Executive shall be permitted to own (as a passive investment) not
more than 1% of any class of securities which is registered under the Securities
Exchange Act of 1934, as amended; provided, however, that said 1% limitation
shall apply to the aggregate holdings of Executive and those of all other
persons and entities with whom Executive has agreed to act for the purpose of
acquiring, holding, voting or disposing of such securities.

     11.4 Certain Activities. For purposes of clarification, but not of
limitation, Executive hereby acknowledges and agrees that the provisions of
section 11.3 above shall serve as a prohibition against him, during the period
referred to therein, directly or indirectly, hiring, offering to hire, enticing
away or in any other manner persuading or attempting to persuade any officer,
employee, agent, lessor, lessee,

                                       10
<PAGE>

licensor, licensee, customer, prospective customer or supplier of the Company or
any of its subsidiaries to discontinue or alter his or its relationship with the
Company or any of its subsidiaries.

     11.5 Inventions. Executive shall assign, transfer, convey and deliver to
the Company, and hereby does assign, transfer and convey to the Company, all
right, title and interest in and to all ideas, concepts, inventions, devices and
improvements which pertain to methods, apparatus, designs, products, processes,
devices or services sold, leased, used under consideration or development by the
Company or any of its subsidiaries, or which otherwise relate or pertain to the
business, functions or operations of the Company or any of its subsidiaries,
whether or not patentable or copyrightable (collectively called "Inventions"),
and in and to any and all patents, copyrights, trademarks and other protection
with respect thereto and applications therefor (including continuations,
continuations-in-part, divisions, reissues, renewals and extensions) for all
countries relating to such Inventions, which Executive, either alone or with
others, may make, conceive or reduce to practice during the term of his
employment by the Company (it being agreed that any Invention disclosed by
Executive within one year following the termination of his employment by the
Company shall be deemed to fall within the provisions of this section 11.5
unless proved by him to have been first conceived, made and reduced to practice
following the termination of his employment by the Company). Executive shall (i)
promptly communicate and disclose to the Company all information, data and
details concerning all Inventions, and (ii) during the term of his employment by
the Company and at any time thereafter, execute all papers and perform all acts,
and cooperate with the Company and its counsel in any other way which, in the
sole view of the Company, is necessary and proper to more fully effectuate the
provisions of this section 11.5. All expenses in connection with the obligations
of Executive under this section 11.5 shall be borne by the Company or its
nominee.

     11.6 Records. During the period of his employment by the Company, Executive
shall make and maintain adequate and current written records of all Inventions,
in the form of notes, sketches, drawings and/or reports relating thereto, which
records shall be and shall remain the property of the Company and shall be
available to the Company at all times. Upon the termination of Executive's
employment for any

                                       11
<PAGE>

reason whatsoever, all documents, records, notebooks and other materials which
refer or relate to any aspect of the business of the which are in the possession
of Executive, including all copies thereof, shall be promptly returned to
Employer.

     11.7 Injunctive Relief, etc. The parties hereto hereby acknowledge and
agree that (i) the Company would be irreparably injured in the event of a breach
by Executive of any of his obligations under this paragraph 11, (ii) monetary
damages would not be an adequate remedy for any such breach, and (iii) the
Company shall be entitled to injunctive relief, in addition to any other remedy
which it may have, in the event of any such breach. It is hereby also agreed
that the existence of any claims which Executive may have against the Company or
its subsidiaries, whether under this Agreement or otherwise, shall not be a
defense to the enforcement by the Company of any of its rights under this
paragraph 11.

     11.8 Scope of Restriction. It is the intent of the parties hereto that the
covenants contained in this paragraph 11 shall be enforced to the fullest extent
permissible under the laws and public policies of each jurisdiction in which
enforcement is sought (Executive hereby acknowledging that said restrictions are
reasonably necessary for the protection of the Company). Accordingly, it is
hereby agreed that if any of the provisions of this paragraph 11 shall be
adjudicated to be invalid or unenforceable for any reason whatsoever, said
provision shall be (only with respect to the operation thereof in the particular
jurisdiction in which such adjudication is made) construed by limiting and
reducing it so as to be enforceable to the extent permissible, without
invalidating the remaining provisions of this Agreement or affecting the
validity or enforceability of said provision in any other jurisdiction.

     11.9 Non-exclusivity. The undertakings of Executive contained in this
paragraph 11 shall be in addition to, and not in lieu of, any obligations which
he may have with respect to the subject matter hereof, whether by contract, as a
matter of law or otherwise.

     12. CAPACITY, ETC.

     Employee hereby represents and warrants to Employer that: (a) he has full
power, authority and capacity to execute and deliver this Agreement, and to

                                       12
<PAGE>

perform his obligations hereunder, (b) said execution, delivery and performance
will not (and with the giving of notice or lapse of time or both would not)
result in the breach of any agreements or other obligations to which he is a
party or otherwise bound, and (c) this Agreement is his valid and binding
obligation in accordance with its terms.

     13. NOTICES

     All notices or communications hereunder shall be in writing, addressed as
follows:

     To the Company:
     20 East Sunrise Highway
     Suite 201
     Valley Stream, New York 11581

     To Executive:
     32 Seneca Drive
     Commack, NY  11725

     Any such notice or communication shall be sent certified or registered
mail, return receipt requested, postage prepaid, addressed as above (or to such
other address as such party may designate in writing from time to time), and the
actual date of receipt, as shown by the receipt therefor, shall determine the
time at which notice was given.

     14. SEPARABILITY, LEGAL FEES

     If any provision of this Agreement shall be declared to be invalid or
unenforceable, in whole or in part, such invalidity or unenforceability shall
not affect the remaining provisions hereof which shall remain in full force and
effect. The Company shall pay all legal fees and other fees and expenses which
Executive may incur in entering into this Agreement, if executed (provided the
amount of such legal fees shall not exceed $2,500) or in obtaining, or
attempting to obtain compensation or other benefits under this Agreement.

     15. INDEMNIFICATION

                                       13
<PAGE>

     The Company shall indemnify and hold harmless the Executive from and
against any and all damage, loss, liability or expense (including reasonable
attorneys' fees which shall be advanced by the Company) arising out of or with
respect to the performance of his duties hereunder in his capacity as an officer
and employee of the Company (or any subsidiary or affiliate thereof) to the
maximum extent permitted by law. The Executive shall notify the Company of any
claim by any third party coming to his attention which could result in any
liability on the Company's part. The Company shall have the right to conduct the
defense against any such claim with counsel of its selection. The obligations of
the Company under this Section 15 shall continue following the termination of
this Agreement and/or the termination of employment of the Executive with the
Company.

     16. BINDING EFFECT, ASSIGNMENT

     (a) This Agreement shall be binding upon and inure to the benefit of the
heirs and representatives of Executive and the assigns and successors of the
Company, but neither this Agreement nor any rights hereunder shall be assignable
or otherwise subject to hypothecation by Executive or by the Company. The
Company shall not assign this Agreement to any successor or assign of the
Company without the written consent of Executive.

     (b) The Company will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company to expressly assume and agree to perform
this Agreement in the same manner and to the same extent that the Company would
be required to perform it if no such succession had taken place. As used in this
Agreement, "Company" shall mean the Company as hereinbefore defined and any
successor to its business and/or assets which assumes and agrees to perform this
Agreement by operation of law, or otherwise.

     17. GOVERNING LAW

     This Agreement shall be construed, interpreted, and governed in accordance
with the laws of the State of New York without regard to its principles of

                                       14
<PAGE>

conflicts of law.

     18. ARBITRATION

     Any controversy or claim arising out of or relating to this agreement, or
the breach thereof, shall be settled by arbitration in accordance with the
Commercial Arbitration Rules of the American Arbitration Association in New
York, New York, and judgment upon the award rendered by the arbitrator(s) may be
entered in any court having jurisdiction thereof.

     19. ENTIRE AGREEMENT

     This Agreement represents the entire agreement of the parties and shall
supersede any and all previous contracts, arrangements or understandings between
the Company and Executive with respect to the subject matter hereof. The
Agreement may be amended at any time by mutual written agreement of the parties
hereto

     20. HEADINGS

     The headings contained herein are for the sole purpose of convenience of
reference, and shall not in any way limit or affect the meaning or
interpretation of any of the terms or provisions of this Agreement.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be duly
executed and Executive has hereunto set his hand effective as of the date set
forth above.

                                     GLOBAL PAYMENT TECHNOLOGIES, INC.

                                     By:---------------------------------------
                                               Stephen Katz
                                               Chairman of the Board

                                        ---------------------------------------
                                                Thomas McNeill

                                       15

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