Document:

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                                                                  EXHIBIT 10.7.1

                      AMENDMENT NO. 1 TO LOCATION AGREEMENT

                  THIS FIRST AMENDMENT TO THE LOCATION RENTAL AGREEMENT (the
"Amendment") made as of this first day of January, 2003, by and between MARTHA
STEWART LIVING OMNIMEDIA, INC. ("MSLO"), a Delaware corporation, and Martha
Stewart ("Stewart"), a natural person (each of MSO and Stewart, a "Party").
Capitalized terms used in this Amendment but not defined herein shall have the
meanings provided in the Agreement.

                                   WITNESSETH:

                  WHEREAS, the Parties wish to amend that certain location
rental license agreement entered into by and between MSO and Stewart as of the
22nd day of October, 1999 (the "Agreement");

                  WHEREAS, the Agreement has historically provided MSLO with
access to the Real Property in consideration of the Annual Rental Fee;

                  WHEREAS, in addition to the Annual Rental Fee, MSLO has
traditionally made payments to MS Real Estate Company, a management company
controlled by Stewart, in connection with the upkeep and development of the Real
Property;

                  WHEREAS, MSLO and Stewart desire to amend the Agreement so
that payments by MSLO relating to the Real Property be limited to the Annual
Rental Fee and that Stewart, through MS Real Estate Company or otherwise, be
responsible for all upkeep and development of the Real Property;

                  NOW, THEREFORE, for good and valuable consideration, the
sufficiency of which is hereby acknowledged, the Parties hereto agree as
follows:

         1. Section 2 of the Agreement is hereby amended by adding the following
two sentences to the end of that Section:

"As of January 1, 2003, the Annual Rental Fee shall be increased to $2,500,000.
MSLO shall pay such increased Annual Rental Fee in advance in eleven equal
monthly installments of $208,333 and one final monthly installment of $208,337."

         2. Sections 5, 6 and 7 of the Agreement shall be renumbered as Sections
6, 7 and 8, respectively (and all internal Section references shall be similarly
renumbered), and the Agreement is hereby amended by adding the following as
Section 5 of the Agreement:

"5. Stewart's Duty to Maintain. Subject to the other terms of this Agreement,
Stewart shall, at her expense, cause the Real Property to be maintained,
landscaped, gardened and developed in a manner generally consistent with past
practice since October 1999, provided that any such costs incurred with respect
to the Real Property directly as a result of an approved and scheduled story

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or project shall be paid for directly by MSLO."

         3. The Agreement, as amended by this Amendment, shall remain in full
force and effect in accordance with its terms.

         4. This Agreement shall be construed in accordance with laws of the
State of New York, without regard to conflict-of-laws or choice-of-laws
principles. This Amendment may be executed in any number of counterparts, each
of such counterparts shall for all purposes be deemed to be an original, and
such counterparts shall together constitute but one and the same instrument.

         5. In the event that any term, provision, covenant or restriction of
this Amendment becomes or is declared by a court of competent jurisdiction to be
invalid, illegal, unenforceable or void, then such provision shall be
interpreted in the manner that best reflects the apparent intentions of the
Parties and yet negates the element that rendered such provision illegal,
unenforceable or void, or, if such interpretation is impracticable or
impossible, then this Agreement shall continue in full force and effect without
such provision; provided that such interpretation or severability, as the case
may be, shall not be effective if it materially and adversely changes the
economic benefits of this Agreement to any Party and such Party objects to such
interpretation or severability.

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         IN WITNESS WHEREOF, the Parties have executed this Amendment on the
date first above written.

                                 /s/ Martha Stewart
                               -------------------------------------------------
                               Name:   Martha Stewart

                               MARTHA STEWART LIVING OMNIMEDIA, INC.

                               By: /s/ Greg Blatt
                                  ----------------------------------------------
                               Name:   Greg Blatt
                               Title:  EVP, Business Affairs and General Counsel

                                       3<PAGE>
                                                                 EXHIBIT 10.14.3

                     AMENDMENT #2 TO SPLIT-DOLLAR AGREEMENT

         This amendment is made and entered into this 1st day of January, 2003,
by and among Martha Stewart Living Omnimedia, Inc., a Delaware corporation,
having and address of 11 West 42nd Street, New York, New York, 10036
("Corporation"), Martha Stewart, an individual residing in the state of
Connecticut ("Employee"), and The Martha Stewart Family Limited Partnership, a
Connecticut limited partnership ("Owner").

         WITNESSETH THAT:

         WHEREAS, the Corporation, the Employee and the Owner (collectively the
"parties") executed an agreement on February 28, 2001 known as the "Split Dollar
Agreement", which agreement was then amended on January 28, 2002 ("the
Agreement"); and

         WHEREAS, the parties now wish to amend the Agreement in certain
respects;

         NOW, THEREFORE, in consideration of the mutual promises contained in
this Agreement and other consideration the sufficiency of which is hereby
acknowledged, the parties agree as follows:

         1. A new Section 19 is added to the Agreement as follows:

         19. Waiver of Payment Obligation.

         Notwithstanding anything to the contrary in this Agreement, the
Corporation will not be required to make any further premium payments pursuant
to the Agreement following the payment required to be made in 2002 unless the
Corporation receives an opinion of counsel satisfactory to the Corporation that
the payment of such premiums will not violate applicable laws.

         2. All capitalized terms used herein without definition shall have the
meanings given to them in the Agreement.

                             MARTHA STEWART LIVING OMNIMEDIA, INC.

                             By: /s/ Greg Blatt
                                ------------------------------------------------
                                Name:  Greg Blatt
                                Title: EVP, Business Affairs and General Counsel

                              /s/ Martha Stewart
                             ---------------------------------------------------
                             Martha Stewart

                             MARTHA STEWART FAMILY LIMITED PARTNERSHIP

                             By: /s/ Martha Stewart
                                ------------------------------------------------
                                Name:  Martha Stewart
                                Title: General Partner<PAGE>
                                                                   EXHIBIT 10.17

                      MARTHA STEWART LIVING OMNIMEDIA, INC.

                   2002 PERFORMANCE-BASED EXECUTIVE BONUS PLAN

                                    SECTION 1
                        BACKGROUND, PURPOSE AND DURATION

         1.1 EFFECTIVE DATE. Martha Stewart Living Omnimedia, Inc. (the
"Company") hereby establishes the 2002 Executive Officer Performance-Based Bonus
Plan (the "Plan") effective as of March 25, 2002. Effectiveness of the Plan is
subject to ratification by an affirmative vote of the holders of a majority of
the Shares that are present in person or by proxy and entitled to vote at the
2002 Annual Meeting of Stockholders of the Company.

         1.2 PURPOSE OF THE PLAN. The Plan is intended to increase shareholder
value and the success of the Company by motivating the Company's key executives
(1) to perform to the best of their abilities, and (2) to achieve the Company's
objectives. The Plan's goals are to be achieved by providing such executives
with incentive awards based on the achievement of goals relating to the
performance of the Company. The Plan is intended to permit the grant of awards
to qualify as performance-based compensation under section 162(m) of the Code.

                                    SECTION 2
                                   DEFINITIONS

         The following words and phrases shall have the following meanings
unless a different meaning is plainly required by the context:

         2.1 "ACTUAL AWARD" means as to any Performance Period, the actual award
(if any) payable to a Participant for the Performance Period. Each Actual Award
is determined by the Payout Formula for the Performance Period, subject to the
Committee's authority under Section 3.6 to eliminate or reduce the award
otherwise determined by the Payout Formula.

         2.2 "AFFILIATE" means any corporation or other entity (including, but
not limited to, partnerships and joint ventures) controlled by or under common
control with the Company.

         2.3 "BASE SALARY" means as to any Performance Period, the Participant's
annualized salary rate on the last day of the Performance Period. Such Base
Salary shall be before both (a) deductions for taxes or benefits, and (b)
deferrals of compensation pursuant to Company-sponsored plans.

         2.4 "BOARD" means the Board of Directors of the Company.

         2.5 "CODE" means the Internal Revenue Code of 1986, as amended.
Reference to a

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specific section of the Code or regulation thereunder shall include such section
or regulation, any valid regulation promulgated thereunder, and any comparable
provision of any future legislation or regulation amending, supplementing or
superseding such section or regulation.

         2.6 "COMMITTEE" means the Compensation and Management Development
Committee appointed by the Board.

         2.7 "COMPANY" means Martha Stewart Living Omnimedia, Inc., a Delaware
corporation, or any successor thereto.

         2.8 "DETERMINATION DATE" means the latest possible date that will not
jeopardize an Actual Award's qualification as performance-based compensation
under section 162(m) of the Code.

         2.9 "DISABILITY" means a permanent and total disability determined in
accordance with uniform and nondiscriminatory standards adopted by the Committee
from time to time.

         2.10 "EARNINGS PER SHARE" means as to any Performance Period, the
Company's or a business unit's Net Income, divided by a weighted average number
of common shares outstanding and dilutive common equivalent shares deemed
outstanding, determined in accordance with generally accepted accounting
principles.

         2.11 "EMPLOYEE" means any employee of the Company or of an Affiliate,
whether such employee is so employed at the time the Plan is adopted or becomes
so employed subsequent to the adoption of the Plan.

         2.12 "FAIR MARKET VALUE" means the closing per share selling price for
Shares, as quoted on the New York Stock Exchange for the date in question.

         2.13 "FISCAL YEAR" means the fiscal year of the Company.

         2.14 "INDIVIDUAL OBJECTIVES" means as to a Participant for any
Performance Period, the objective and measurable goals approved by the Committee
(in its discretion).

         2.15 "MAXIMUM AWARD" means as to any Participant for any Performance
Period, the lesser of (i) the maximum award payable under the Plan to a
Participant for the Performance Period expressed as a percentage of his or her
base salary as determined by the Committee in accordance with Section 3.3, or
(ii) $2.1 million.

         2.16 "NET INCOME" means as to any Performance Period, the Company's or
a business unit's income after taxes, determined in accordance with generally
accepted accounting principles.

         2.17 "OPERATING CASH FLOW" means as to any Performance Period, the
Company's or a business unit's sum of Net Income plus depreciation and
amortization less capital expenditures plus changes in working capital comprised
of accounts receivable, inventories, other current

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assets, trade accounts payable, accrued expenses, product warranty, advance
payments from customers and long-term accrued expenses, determined in accordance
with generally acceptable accounting principles.

         2.18 "OPERATING INCOME" means as to any Performance Period, the
Company's or a business unit's income from operations but excluding any unusual
items, determined in accordance with generally accepted accounting principles.

         2.19 "PARTICIPANT" means as to any Performance Period, an Employee who
has been selected by the Committee for participation in the Plan for that
Performance Period.

         2.20 "PAYOUT FORMULA" means as to any Performance Period, the formula
or payout matrix established by the Committee pursuant to Section 3.4 in order
to determine the Actual Awards (if any) to be paid to Participants. The formula
or matrix may differ from Participant to Participant.

         2.21 "PERFORMANCE PERIOD" means any Fiscal Year or such other period,
as determined by the Committee in its sole discretion.

         2.22 "PERFORMANCE GOALS" means the goal(s) (or combined goal(s))
determined by the Committee (in its discretion) to be applicable to a
Participant for a Performance Period. As determined by the Committee, the
Performance Goals for any award applicable to a Participant may provide for a
targeted level or levels of achievement using one or more of the following
measures: (a) Earnings per Share, (b) Individual Objectives, (c) Net Income, (d)
Operating Cash Flow, (e) Operating Income, (f) Return on Assets, (g) Return on
Equity, (h) Return on Sales, (i) Revenue, and (j) Total Shareholder Return. The
Performance Goals may differ from Participant to Participant and from award to
award. Prior to the Determination Date, the Committee shall determine whether
any significant element(s) shall be included in or excluded from the calculation
of any Performance Goal with respect to any Participants.

         2.23 "PLAN" means the Martha Stewart Living Omnimedia, Inc. 2002
Performance-Based Executive Bonus Plan, as set forth in this instrument and as
hereafter amended from time to time.

         2.24 "RETIREMENT" means, with respect to any Participant, a Termination
of Service after attaining at least (a) age 65, (b) age 60 and 5 years of
service with the Company or an Affiliate, or (c) age 55 and 10 years of service
with the Company or an Affiliate.

         2.25 "RETURN ON ASSETS" means as to any Performance Period, the
percentage equal to the Company's or a business unit's Operating Income before
incentive compensation, divided by average net Company or business unit, as
applicable, assets, determined in accordance with generally accepted accounting
principles.

         2.26 "RETURN ON EQUITY" means as to any Performance Period, the
percentage equal to the Company's Net Income divided by average stockholder's
equity, determined in accordance with generally accepted accounting principles.

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         2.27 "RETURN ON SALES" means as to any Performance Period, the
percentage equal to the Company's or a business unit's Operating Income before
incentive compensation, divided by the Company's or the business unit's, as
applicable, Revenue, determined in accordance with generally accepted accounting
principles.

         2.28 "REVENUE" means as to any Performance Period, the Company's or
business unit's net sales, determined in accordance with generally accepted
accounting principles.

         2.29 "SHARES" means shares of the Company's common stock.

         2.30 "TERMINATION OF SERVICE" means a cessation of the
employee-employer relationship between an Employee and the Company or an
Affiliate for any reason, including, but not by way of limitation, a termination
by resignation, discharge, death, Disability, Retirement, or the disaffiliation
of an Affiliate or the sale of a business unit or division, but excluding any
such termination where there is a simultaneous reemployment by the Company or an
Affiliate.

         2.31 "TOTAL SHAREHOLDER RETURN" means as to any Performance Period, the
total return (change in share price plus reinvestment of any dividends) of a
Share.

                                    SECTION 3
              SELECTION OF PARTICIPANTS AND DETERMINATION OF AWARDS

         3.1 SELECTION OF PARTICIPANTS. The Committee, in its sole discretion,
shall select the Employees of the Company who shall be Participants for any
Performance Period. Participation in the Plan is in the sole discretion of the
Committee, and on a Performance Period by Performance Period basis. Accordingly,
an Employee who is a Participant for a given Performance Period in no way is
guaranteed or assured of being selected for participation in any subsequent
Performance Period.

         3.2 DETERMINATION OF PERFORMANCE GOALS. The Committee, in its sole
discretion, shall establish the Performance Goals for each Participant for the
Performance Period. Such Performance Goals shall be set forth in writing.

         3.3 DETERMINATION OF MAXIMUM AWARDS. The Committee, in its sole
discretion, shall establish a Maximum Award for each Participant (subject to the
limit set forth in Section 2.15(ii)). Each Participant's Maximum Award shall be
set forth in writing.

         3.4 DETERMINATION OF PAYOUT FORMULA OR FORMULAE. On or prior to the
Determination Date, the Committee, in its sole discretion, shall establish a
Payout Formula for purposes of determining the Actual Award (if any) payable to
each Participant. Each Payout Formula shall (a) be in writing, (b) be based on a
comparison of actual performance to the Performance Goals, and (c) provide for
the payment of a Participant's Actual Award based on whether the Performance
Goals for the Performance Period are achieved. Notwithstanding the preceding, in

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no event shall a Participant's Actual Award for any Performance Period exceed
his or her Maximum Award.

         3.5 DATE FOR DETERMINATIONS. The Committee shall make all
determinations under Section 3.1 through 3.4 on or before the Determination
Date.

         3.6 DETERMINATION OF ACTUAL AWARDS. After the end of each Performance
Period, the Committee shall certify in writing the extent to which the
Performance Goals applicable to each Participant for the Performance Period were
achieved or exceeded. The Actual Award for each Participant shall be determined
by applying the Payout Formula to the level of actual performance that has been
certified by the Committee. Notwithstanding any contrary provision of the Plan,
in determining the Actual Award, the Committee, in its sole discretion, may
reduce the award payable to any Participant below that which otherwise would be
payable under the Payout Formula.

                                    SECTION 4
                                PAYMENT OF AWARDS

         4.1 RIGHT TO RECEIVE PAYMENT. Each Actual Award that may become payable
under the Plan shall be paid solely from the general assets of the Company.
Nothing in this Plan shall be construed to create a trust or to establish or
evidence any Participant's claim of any right to payment of an Actual Award
other than as an unsecured general creditor with respect to any payment to which
he or she may be entitled.

         4.2 TIMING OF PAYMENT. Payment of each Actual Award shall be made after
the end of the Performance Period during which the Award was earned.

         4.3 FORM OF PAYMENT. Each Actual Award shall be paid in cash (or its
equivalent).

         4.4 PAYMENT IN THE EVENT OF DEATH. If a Participant dies prior to the
payment of an Actual Award earned by him or her prior to death for a prior
Performance Period, the Award shall be paid to his or her estate.

                                    SECTION 5
                                 ADMINISTRATION

         5.1 COMMITTEE IS THE ADMINISTRATOR. The Plan shall be administered by
the Committee. The Committee shall consist of not less than two (2) members of
the Board. The members of the Committee shall be appointed from time to time by,
and serve at the pleasure of, the Board. Each member of the Committee shall
qualify as an "outside director" under section 162(m) of the Code. If it is
later determined that one or more members of the Committee do not so qualify,
actions taken by the Committee prior to such determination shall be valid
despite such failure to qualify.

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         5.2 COMMITTEE AUTHORITY. It shall be the duty of the Committee to
administer the Plan in accordance with the Plan's provisions. The Committee
shall have all powers and discretion necessary or appropriate to administer the
Plan and to control its operation, including, but not limited to, the power to
(a) determine which Employees shall be granted awards, (b) prescribe the terms
and conditions of awards, (c) interpret the Plan and the awards, (d) adopt such
procedures and subplans as are necessary or appropriate to permit participation
in the Plan by Employees who are foreign nationals or employed outside of the
United States, (e) adopt rules for the administration, interpretation and
application of the Plan as are consistent therewith, and (f) interpret, amend or
revoke any such rules.

         5.3 DECISIONS BINDING. All determinations and decisions made by the
Committee, the Board, and any delegate of the Committee pursuant to the
provisions of the Plan shall be final, conclusive, and binding on all persons,
and shall be given the maximum deference permitted by law.

         5.4 DELEGATION BY THE COMMITTEE. The Committee, in its sole discretion
and on such terms and conditions as it may provide, may delegate all or part of
its authority and powers under the Plan to one or more directors and/or officers
of the Company; provided, however, that the Committee may delegate its authority
and powers only with respect to awards that are not intended to qualify as
performance-based compensation under section 162(m) of the Code.

                                    SECTION 6
                               GENERAL PROVISIONS

         6.1 TAX WITHHOLDING. The Company shall withhold all applicable taxes
from any Actual Award, including any federal, state and local taxes (including,
but not limited to, the Participant's FICA, FUTA and SDI obligations).

         6.2 NO EFFECT ON EMPLOYMENT OR SERVICE. Nothing in the Plan shall
interfere with or limit in any way the right of the Company to terminate any
Participant's employment or service at any time, with or without cause. For
purposes of the Plan, transfer of employment of a Participant between the
Company and any one of its Affiliates (or between Affiliates) shall not be
deemed a Termination of Service. Employment with the Company and its Affiliates
is on an at-will basis only. The Company expressly reserves the right, which may
be exercised at any time and without regard to when during a Performance Period
such exercise occurs, to terminate any individual's employment with or without
cause, and to treat him or her without regard to the effect which such treatment
might have upon him or her as a Participant.

         6.3 PARTICIPATION. No Employee shall have the right to be selected to
receive an award under this Plan, or, having been so selected, to be selected to
receive a future award.

         6.4 INDEMNIFICATION. Each person who is or shall have been a member of
the Committee, or of the Board, shall be indemnified and held harmless by the
Company against and from (a) any loss, cost, liability, or expense that may be
imposed upon or reasonably incurred by him or her in connection with or
resulting from any claim, action, suit, or proceeding to which he or she

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may be a party or in which he or she may be involved by reason of any action
taken or failure to act under the Plan or any award, and (b) from any and all
amounts paid by him or her in settlement thereof, with the Company's approval,
or paid by him or her in satisfaction of any judgment in any such claim, action,
suit, or proceeding against him or her, provided he or she shall give the
Company an opportunity, at its own expense, to handle and defend the same before
he or she undertakes to handle and defend it on his or her own behalf. The
foregoing right of indemnification shall not be exclusive of any other rights of
indemnification to which such persons may be entitled under the Company's
Certificate of Incorporation or Bylaws, by contract, as a matter of law, or
otherwise, or under any power that the Company may have to indemnify them or
hold them harmless.

         6.5 SUCCESSORS. All obligations of the Company under the Plan, with
respect to awards granted hereunder, shall be binding on any successor to the
Company, whether the existence of such successor is the result of a direct or
indirect purchase, merger, consolidation, or otherwise, of all or substantially
all of the business or assets of the Company.

         6.6 BENEFICIARY DESIGNATIONS. If permitted by the Committee, a
Participant under the Plan may name a beneficiary or beneficiaries to whom any
vested but unpaid award shall be paid in the event of the Participant's death.
Each such designation shall revoke all prior designations by the Participant and
shall be effective only if given in a form and manner acceptable to the
Committee. In the absence of any such designation, any vested benefits remaining
unpaid at the Participant's death shall be paid to the Participant's estate.

         6.7 NONTRANSFERABILITY OF AWARDS. No award granted under the Plan may
be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated,
other than by will, by the laws of descent and distribution, or to the limited
extent provided in Section 6.6. All rights with respect to an award granted to a
Participant shall be available during his or her lifetime only to the
Participant.

         6.8 DEFERRALS. The Committee, in its sole discretion, may permit a
Participant to defer receipt of the payment of cash that would otherwise be
delivered to a Participant under the Plan. Any such deferral elections shall be
subject to such rules and procedures as shall be determined by the Committee in
its sole discretion.

                                    SECTION 7
                       AMENDMENT, TERMINATION AND DURATION

         7.1 AMENDMENT, SUSPENSION OR TERMINATION. The Board, in its sole
discretion, may amend or terminate the Plan, or any part thereof, at any time
and for any reason. The amendment, suspension or termination of the Plan shall
not, without the consent of the Participant, materially alter or impair any
rights or obligations under any Actual Award theretofore granted to such
Participant. No award may be granted during any period of suspension or after
termination of the Plan. Nothing contained in this Plan shall prevent the
Company or any Affiliate from adopting other or additional compensation
arrangements for its employees.

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         7.2 DURATION OF THE PLAN. The Plan shall commence on the date specified
herein, and subject to Section 7.1 (regarding the Board's right to amend or
terminate the Plan), shall remain in effect thereafter.

                                    SECTION 8
                               LEGAL CONSTRUCTION

         8.1 GENDER AND NUMBER. Except where otherwise indicated by the context,
any masculine term used herein also shall include the feminine; the plural shall
include the singular and the singular shall include the plural.

         8.2 SEVERABILITY. In the event any provision of the Plan shall be held
illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining parts of the Plan, and the Plan shall be construed and enforced as
if the illegal or invalid provision had not been included.

         8.3 REQUIREMENTS OF LAW. The granting of awards under the Plan shall be
subject to all applicable laws, rules and regulations, and to such approvals by
any governmental agencies or national securities exchanges as may be required.

         8.4 GOVERNING LAW. The Plan and all awards shall be construed in
accordance with and governed by the laws of the State of Delaware, but without
regard to its conflict of law provisions.

         8.5 CAPTIONS. Captions are provided herein for convenience only, and
shall not serve as a basis for interpretation or construction of the Plan.

                                       8

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