Document:

September 5, 2006

Philippe P. Dauman
c/o Viacom Inc.
1515 Broadway
New York, NY  10036

Dear Mr. Dauman:

              Viacom Inc. ("Employer" and, together with its subsidiaries, the
"Company"), having an address at 1515 Broadway, New York, New York 10036, agrees
to employ you and you agree to accept such employment upon the following terms
and conditions:

              1. Term. The term of your employment hereunder shall commence on
September 5, 2006 (the "Start Date") and, unless terminated by Employer or you
pursuant to paragraph 10 or otherwise terminated pursuant to paragraph 9 or 11,
shall continue through and until December 31, 2011. The period from the Start
Date through December 31, 2011 shall hereinafter be referred to as the
"Employment Term" notwithstanding any earlier termination of your employment
pursuant to paragraph 9, 10 or 11.

              2. Titles and Authority.

              (a) Officer Positions and Reporting Lines. You will have the title
of President and Chief Executive Officer of Employer and will have the powers,
responsibilities and authorities customary for the chief executive officer of
corporations of the size, type and nature of Employer. You will report solely
and directly to the Board of Directors of Employer (the "Board") and, for so
long as Sumner M. Redstone serves as Executive Chairman and Founder of Employer,
to the Executive Chairman and Founder. Other than the Executive Chairman and
Founder, you will be the highest ranking executive of the Company.

              (b) Direct Reports and Office of the President. The heads of the
Company's four business units (MTV Networks, Paramount Motion Picture Group, BET
and Famous Music) and of any business units and operating divisions added in the
future, and all executive officers of the Company, will report solely and
directly to you. Notwithstanding the preceding sentence, you shall have the
authority to cause any business unit or operating division head, and any
executive officer of the Company, to report directly to another executive
officer of the Company. For so long as Thomas E. Dooley is Employer's Senior
Executive Vice President and Chief Administrative Officer, you and he will
constitute a two-member Office of the President that will meet regularly to
supervise and review operations, planning and strategy for the Company.

              (c) Service on the Board and with Subsidiaries. You currently
serve as a member of the Board and will continue that service following the
Start Date. The Board will nominate you for reelection to the Board at the
expiration of each term of office, and you agree to serve as a member of the
Board for each period for which you are so elected. You shall, subject to your
election as such from time to time and without additional compensation, serve
during the Employment Term in such additional offices of comparable or greater
stature and

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responsibility in the subsidiaries of Employer and as member of any committee of
the Board or of the board of directors of any of Employer's subsidiaries, to
which you may be elected from time to time.

              (d) Full-Time Services and Other Activities. During your
employment under this Agreement, you agree to devote your entire business time,
attention and energies to the business of the Company, except for vacations,
illness or incapacity. However, nothing in this Agreement shall preclude you
from serving as a member of the board of directors of any charitable,
educational, religious, entertainment industry trade, public interest or public
service organization, in each instance not inconsistent with the business
practices and policies of the Company, or from devoting reasonable periods of
time to the activities of the aforementioned organizations or from managing your
personal investments, provided that such activities do not materially interfere
with the performance of your duties and responsibilities hereunder. Except for
your service on (A) the Board, (B) the board of directors of Employer
subsidiaries, (C) the board of directors or similar governing body of your
family foundation and of any other entity all of the beneficial interests of
which are owned by you and/or members of your family and/or Thomas E. Dooley,
you shall not serve on the board of directors or similar governing body of any
business company or other business entity without the prior consent of the
Board. The Board recognizes that you have personal investments directly or
indirectly (through commingled investment funds) in media/entertainment
companies (i) which are private companies and which are identified on Schedule A
hereto and (ii) in which you own not more than one percent (1%) of any of the
debt or equity securities (or options or other rights to purchase the debt or
equity securities) and which are business organizations that are filing reports
with the Securities and Exchange Commission pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934, as amended (the "Exchange Act") (the
"Public Company Investments"). In addition to your right to generally manage
your personal investments as set forth above, you specifically may retain the
investments identified on Schedule A and the Public Company Investments, and
make new (X) Public Company Investments, (Y) investments in any company
identified on Schedule A which you are contractually obligated to make pursuant
to the terms of an agreement as in effect on the Start Date, or in the exercise
of your preemptive rights under any such agreement, and (Z) investments in
commingled investment funds which hold interests in media/entertainment
companies. In each of the foregoing cases, you shall retain or make such
investments only as a "passive" investor without managerial or supervisory
rights. In the event that the Company transacts business with or proposes to
enter into any transaction with any company identified on Schedule A, you will
recuse yourself from all decisions relating to such business or transaction
(whether on behalf of the Company or such other entity).

              (e) Location. You shall render your services under this Agreement
from Employer's executive offices in the New York metropolitan area (except for
services rendered during business trips as may be reasonably necessary), and you
shall not be required to relocate outside of the New York metropolitan area.

              3. Cash Compensation.

              (a) Salary. During the Employment Term, Employer shall pay you a
base salary at the annual rate of Two Million Dollars ($2,000,000) per annum.
The Compensation Committee of the Board (the "Compensation Committee") will
review your salary at least

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<PAGE>

annually and may increase (but not decrease, including as it may be increased
from time to time) the same. The result of each such annual review shall be
reported to you by the Compensation Committee promptly after it occurs. The
amount of annual base salary actually paid to you will be reduced to the extent
you elect to defer such salary under the terms of any deferred compensation or
savings plan or arrangement maintained or established by the Company. Your
annual base salary payable hereunder, without reduction for any amounts deferred
as described in the preceding sentence, is referred to herein as the "Salary".
Employer shall pay the portion of the Salary not deferred at your election in
accordance with its generally applicable payroll practices for senior
executives, but not less frequently than in equal monthly installments.

              (b) Annual Bonus Compensation. In addition to your Salary, you
shall be eligible to earn an annual bonus for each whole or partial calendar
year during the Employment Term, determined and payable as follows (the
"Bonus"):

              (i) Your Bonus for each whole calendar year during the Employment
     Term, beginning with 2007, will be based upon achievement of one or more
     performance goals established by the Compensation Committee, which may
     include individualized performance goals applicable uniquely to you, and
     shall be determined in accordance with the Employer Senior Executive
     Short-Term Incentive Plan, as the same may be amended from time to time
     (together with any successor plan, the "Senior Executive STIP"). Any
     company-wide financial performance goal(s) applicable to you will, under
     the Senior Executive STIP, be the same as the performance goal(s) used to
     determine the amount of bonus payable to any other executive of Employer
     who participates in the Senior Executive STIP and who has corporate-wide
     responsibilities. You shall have the opportunity to make suggestions to the
     Compensation Committee and the Executive Chairman and Founder prior to the
     determination of the performance goal(s) for the Senior Executive STIP for
     each performance period, but the Compensation Committee will have final
     power and authority concerning the establishment of such goal(s).

              (ii) Your target bonus for each calendar year during the
     Employment Term shall be Seven Million Dollars ($7,000,000); provided that
     the Compensation Committee will review your target bonus at least annually
     and may increase (but not decrease, including as it may be increased from
     time to time) the same. The result of each such annual review shall be
     reported to you by the Compensation Committee promptly after it occurs.
     Your target bonus, as it may be so increased from time to time, is referred
     to herein as the "Target Bonus". As the actual amount payable to you as
     Bonus will be dependent upon the achievement of performance goal(s)
     referred to in paragraph 3(b)(i), your actual Bonus may be less than,
     greater than or equal to the Target Bonus. In no event, however, will your
     Bonus for any calendar year be greater than two (2) times the Target Bonus.

              (iii) Your Bonus for the 2006 calendar year will equal a pro rata
     portion of the Target Bonus, determined by multiplying the Target Bonus
     (which, for 2006, is Seven Million Dollars ($7,000,000)) by a fraction
     whose numerator is the number of days from the Start Date to December 31,
     2006 (inclusive) and whose denominator is 365. Your bonus for the 2006
     calendar year will not be conditioned on the achievement of performance
     goals.

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<PAGE>

              (iv) Your Bonus for any calendar year, including the last calendar
     year of the Employment Term, shall be payable by February 28th of the
     following year. For the avoidance of doubt, it is understood that you will
     receive the Bonus to which you are entitled for each calendar year in which
     you were employed, even if you are not employed on February 28th of the
     following year or on the actual date on which bonuses are paid for such
     year.

              (v) In the event that the current Senior Executive STIP is amended
     or terminated, you will be given an opportunity under the amended or
     successor plan to earn bonus compensation equivalent to the amount that you
     could have earned under this paragraph 3(b) but subject to the same
     limitations.

              4. Long Term Compensation. In addition to your Salary and Bonus,
you shall receive the following grants of long-term compensation under the
Employer Inc. 2006 Long-Term Management Incentive Plan (together with any
successor plan, the "LTMIP"):

              (a) Stock Option Grants.

              (i) For 2006, you will receive an award of stock options with a
     value, determined under FAS 123(R) in the same manner as used for
     Employer's financial statements, of Twelve Million Dollars ($12,000,000).
     This grant will be made to you on the third business day following the date
     (the "Announcement Date") on which the Company publicly announces your
     election as President and Chief Executive Officer and will have a per share
     exercise price equal to the closing price of the Employer Class B Common
     Stock (the "Shares") on such date. The stock options awarded to you for
     2006 will have a term of eight years (subject to earlier termination in
     accordance with the terms of this Agreement and the other terms and
     conditions applicable to such stock options) and will vest on the six-month
     anniversary of the Start Date, assuming that your employment with Employer
     continues through such date (but subject to accelerated vesting as provided
     in this Agreement).

              (ii) Beginning with 2007 and continuing for so long as you remain
     employed pursuant to this Agreement, you will receive an annual award of
     stock options with a value, determined under FAS 123(R) in the same manner
     as used for Employer's financial statements, of Six Million Dollars
     ($6,000,000). Each award of stock options will have a per share exercise
     price equal to the closing price of the Shares on the date of grant and
     will vest in four equal annual installments on the first four anniversaries
     of the grant date assuming that your employment with Employer continues
     through the relevant vesting date (but subject to accelerated vesting as
     provided in this Agreement). Each annual award of stock options pursuant to
     this paragraph 4(a)(ii) will be made to you at the same time that Employer
     awards stock options to its other senior executives, but no later than May
     1 of each calendar year.

              (iii) Except as otherwise provided herein, your stock options will
     have exercisability, expiration and other terms and conditions that conform
     to Employer's standard practices for stock options awarded to senior
     executives and that are no less

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<PAGE>

     favorable to you than the terms applicable to any other senior executive of
     the Company awarded stock options at the same time.

              (b) Performance Share Units. Beginning with calendar year 2007 and
continuing for so long as you remain employed pursuant to this Agreement, you
will also receive an annual award of performance share units ("PSUs") under the
LTMIP. PSUs are notional units of measurement and represent the right to receive
a number of Shares determined on the basis of the performance of the Shares in
comparison to the performance of the common stock of companies comprising the
Standard & Poor's 500 Composite Index (the "S&P 500") (as adjusted as described
below), on the terms and conditions set forth in this Agreement.

              (i) Grants of PSUs. Awards of PSUs will be made to you as of
     January 1 of each year during the Employment Term (each a "Grant Date"),
     with the first award being made as of January 1, 2007. (You will not
     receive an award of PSUs with respect to 2006.) The target amount of Shares
     for each annual award of PSUs (the "Target Award") will be determined by
     dividing Six Million Dollars ($6,000,000) by the average closing price of
     the Shares on the New York Stock Exchange (or other principal stock
     exchange on which the Shares are then listed) for the 10 trading days prior
     to the Grant Date, rounded up to the nearest whole Share. The date as of
     which the number of Shares to be received under each award shall be
     computed (that award's "Determination Date") will be the December 31
     immediately preceding the third anniversary of the Grant Date (including
     for awards the third anniversary of whose Grant Date will occur after the
     end of the Employment Term), provided, however, that in the event your
     employment with Employer terminates in a Qualifying Termination (as defined
     below) prior to the third anniversary of the Grant Date of an award of
     PSUs, the Determination Date for such award will be the effective date of
     your termination of employment. (By way of illustration, except in the case
     of a Qualifying Termination the Determination Date for your award of PSUs
     for 2007 will be December 31, 2009.) Each award of PSUs will be forfeited
     in full, and no Shares will be delivered to you in connection therewith, if
     your employment with Employer terminates before the Determination Date for
     the award for any reason other than a Qualifying Termination.

              (ii) Valuation of PSUs. As of the Determination Date for an award
     of PSUs, the TSR (as defined below) of the Shares over the relevant
     Measurement Period (as defined below) will be measured against the TSR of
     the common stock of the companies comprising the Reference Group (as
     defined below) over the same Measurement Period. Subject to paragraph
     4(b)(iii), the percentile ranking of the TSR of the Shares as compared to
     the companies comprising the Reference Group will be used to calculate the
     number of Shares that you will receive, in accordance with the following
     schedule (the "Schedule").

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<PAGE>

                --------------------------------------------------
                |                   Schedule                     |
                --------------------------------------------------
                |  o   If Employer achieves less than the 25th   |
                |  percentile TSR, the award of PSUs will be     |
                |  forfeited                                     |
                --------------------------------------------------
                |  o   If Employer achieves the 25th percentile  |
                |  TSR, the number of Shares to be delivered     |
                |  under the award will be 25% of the Target     |
                |  Award                                         |
                --------------------------------------------------
                |  o   If Employer achieves the 50th percentile  |
                |  TSR, the number of Shares to be delivered     |
                |  under the award will be 100% of the Target    |
                |  Award                                         |
                --------------------------------------------------
                |  o   If Employer achieves the 100th percentile |
                |  TSR (that is, if it is the first ranked       |
                |  company in the Reference Group for TSR), the  |
                |  number of Shares to be delivered under the    |
                |  award will be 300% of the Target Award        |
                --------------------------------------------------

     For Employer achievement at an intermediate points between the 25th and
     50th percentile, or between the 50th percentile and the 100th percentile,
     the number of Shares to be delivered will be interpolated between the
     respective Shares delivered at such percentiles. For example, if Employer
     were to achieve the 70th percentile TSR, the number of Shares to be
     delivered would be 180% of the Target Award.

              (iii) EPS Valuation Rule. Notwithstanding the valuation principles
     set forth in paragraph 4(b)(ii), if, for the Measurement Period for any
     award of PSUs, (x) Employer achieves less than the 50th percentile TSR, and
     (y) its earnings per share ("EPS") exceed a hurdle specified by the
     Compensation Committee, then the number of Shares to be delivered under the
     award will equal the arithmetic average of the Target Award and the number
     of Shares that would be received under the award pursuant to the Schedule,
     rounded up to the nearest whole Share. The EPS hurdle in respect of an
     award of PSUs will be established and approved by the Compensation
     Committee no later than September 30 of the year in which occurs the Grant
     Date of such PSUs, will consider, in a manner determined by the
     Compensation Committee, earnings throughout the Measurement Period and not
     just the earnings for a limited part of the Measurement Period
     (considering, for example and not by way of limitation, trends in the
     earnings over the Measurement Period, or cumulative earnings during the
     Measurement Period, rather than, for example, considering only the earnings
     for a single year of the Measurement Period) and will be consistent with
     the strategic plan for the Company approved by the Board. You will have the
     opportunity to make suggestions to the Compensation Committee regarding the
     establishment of the EPS hurdle, but the Compensation Committee will have
     final power and authority concerning the establishment of the hurdle.

              (iv) Vesting; Delivery; Registration. Shares delivered in
     settlement of a PSU award will be delivered as follows:

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<PAGE>

                   a.   If Employer achieves at least the 50th percentile TSR,
                        Shares will be delivered no later than four (4) weeks
                        following the Determination Date for such award; and

                   b.   If employer does not achieve at least the 50th
                        percentile TSR, (I) a number of shares determined
                        pursuant to the Schedule will be delivered no later than
                        four (4) weeks following the Determination Date and (II)
                        any incremental Shares to which you are entitled by
                        virtue of paragraph 4(b)(iii) will be delivered on the
                        second business day following the delivery of Employer's
                        audited financial statements in respect of the last year
                        of the applicable Measurement Period (so that it can be
                        determined whether or not Employer attained the EPS
                        hurdle in respect of such award).

     All Shares delivered in settlement of PSUs shall be fully vested and
     non-forfeitable and registered on Form S-8 or a different registration
     statement of similar import. You may elect to satisfy required tax
     withholding in respect of the delivery of such Shares by having Employer
     withhold from such delivery Shares having a fair market value equal to the
     amount of such required withholding.

              (v) Definitions. For purposes of this paragraph 4(b), the
     following definitions shall apply:

                   a.   The "Measurement Period" for your awards of PSUs will be
                        determined as follows: (I) the Measurement Period for
                        your award of PSUs for 2007 will begin on the third
                        business day following the Announcement Date and end on
                        December 31, 2009; (II) the Measurement Period for your
                        award of PSUs for 2008 will begin on the third business
                        day following the Announcement Date and end on December
                        31, 2010; and (III) the Measurement Period for your
                        award of PSUs for 2009 and subsequent years will begin
                        on the Grant Date for the Award (which shall always be
                        January 1) and end on the December 31 immediately prior
                        to the third anniversary of the Grant Date; provided,
                        however, that if your employment with Employer
                        terminates in a Qualifying Termination, the Measurement
                        Period (X) for your then-outstanding awards of PSUs for
                        2007 and 2008 will be the period beginning on the third
                        business day following the Announcement Date and ending
                        on the effective date of your Qualifying Termination and
                        (Y) for each of your other then-outstanding awards of
                        PSUs will be the period beginning on the later of (a)
                        the third business day following the Announcement Date
                        and (a) the date that is three years before the
                        effective date of your Qualifying Termination and ending
                        in either case on the effective date of your Qualifying
                        Termination.

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<PAGE>

                        By way of illustration: if you were to experience a
                        Qualifying Termination on June 30, 2009, you would have
                        outstanding PSU awards for 2007, 2008 and 2009, and the
                        Measurement Period for each such award would be the
                        period from the third business day following the
                        Announcement Date through June 30, 2009. If you were to
                        experience a Qualifying Termination on March 1, 2011,
                        you would have outstanding PSU awards for 2009, 2010 and
                        2011 (your awards for 2007 and 2008 would previously
                        have been valued and settled), and the Measurement
                        Period for each such award would be the period from
                        March 1, 2008 through March 1, 2011.

                   b.   Your employment with Employer will be considered to have
                        terminated in a "Qualifying Termination" if (I) your
                        employment is terminated by Employer without Cause (as
                        defined in, and subject to the terms and conditions of,
                        paragraph 10(a)); (II) you resign from employment for
                        Good Reason (as defined in, and subject to the terms and
                        conditions of, paragraph 10(b)); or (III) your
                        employment terminates by reason of your death or your
                        incapacity as provided in paragraph 9.

                   c.   "Reference Group" means, with respect to any award of
                        PSUs, all companies whose common stock is included in
                        the S&P 500 at the start of the Measurement Period for
                        that award (other than (I) companies that cease to be
                        included in the S&P 500 during the Measurement Period
                        solely due to merger, acquisition, liquidation or
                        similar events changing the identity and nature of the
                        company and (II) companies that cease to be included in
                        the S&P 500 other than on account of events described in
                        the preceding clause (I) and which also cease to have
                        common stock publicly traded on an exchange or on a
                        recognized market system or the over-the-counter
                        market).

                   d.   "TSR" means for the Shares and for the common stock of
                        each company in the Reference Group, the percentage
                        change in value (positive or negative) over the relevant
                        Measurement Period as measured by dividing (i) the sum
                        of (A) each company's cumulative value of dividends and
                        other distributions in respect of its common stock for
                        the Measurement Period, assuming dividend reinvestment,
                        and (B) the difference (positive or negative) between
                        each company's common stock price on the first and last
                        day of the Measurement Period (calculated on the basis
                        of the average closing prices over the 20-day trading
                        period immediately prior to the first day of the
                        Measurement Period (except that in the case of the PSU
                        awards for 2007 and 2008, the closing price on the third
                        business day following the Announcement Date, rather a
                        20-day average, will be used) and the average closing
                        prices over the 20-day

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<PAGE>

                        trading period immediately prior to the relevant
                        Determination Date, in each case, as reported by
                        Bloomberg L.P. (or such other reporting service that the
                        Compensation Committee may designate from time to
                        time)); by (ii) the common stock price on the first day
                        of the Measurement Period, calculated on the basis
                        described above. Appropriate and equitable adjustments
                        will be made to account for stock splits and reverse
                        stock splits. TSR will be determined by the Compensation
                        Committee in a manner consistent with this definition.
                        For purposes of computing TSR, if a company has more
                        than one class of common stock outstanding then only the
                        class that is included in the S&P 500 shall be taken
                        into account, and if there is more than one such class
                        the company's TSR shall be computed using the aggregate
                        values of and distributions on all such classes.

              (vi) Other Terms and Conditions. Employer's PSU program is
     currently under development and review by the Compensation Committee and
     may be made available to other senior executives of the Company. You
     acknowledge and agree that the program as definitively approved by the
     Compensation Committee may include terms and conditions in addition to
     those set forth in this Agreement, and that such terms and conditions will
     apply to PSUs awarded to you pursuant to this Agreement. You will
     participate in the discussions leading to finalization of the program, and
     the definitive terms and conditions approved by the Compensation Committee
     will be no less favorable to you than to the Company's other senior
     executives. Notwithstanding the above, no such new terms and conditions
     will apply to you, without your written consent, to the extent they would
     make the payout in respect of your PSUs more difficult to attain or reduce
     the amount attainable thereof pursuant to the terms of this Section 4(b).

              (c) No Awards Following Termination of Employment. For the
avoidance of doubt, it is noted that you will not be entitled to any annual
awards of stock options or of PSUs following termination of your employment with
Employer for any reason.

              5. Sign-On Consideration: Matching RSUs. You have agreed to invest
at least Five Million Dollars ($5 million) to purchase Shares within three
months following the Start Date; provided that if you have not purchased such
Shares by the last day of such three-month period and are prohibited by law or
Employer policy from purchasing Shares on such last day, the deadline to make
such purchase shall be extended until the third business day following the
earliest day that you are subsequently not prohibited from purchasing Shares.
For each Share that you purchase within the time period described in the
preceding sentence (the "Purchased Shares"), up to a maximum investment by you
of Five Million Dollars ($5 million), Employer will award you two matching stock
units (the "Matching RSUs") under the LTMIP. Each Matching RSU will correspond
to one Share. Matching RSUs will vest in four equal annual installments on the
first four anniversaries of the date on which you purchase the last of the
Shares constituting an investment of Five Million Dollars ($5 million) (each
such anniversary being a "Matching RSU Vesting Date") and will be settled by
delivery of Shares on or as soon as administratively practicable following the
applicable Matching RSU Vesting Date. Such delivered Shares shall be fully
vested and non-forfeitable and registered on Form S-8 or a

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<PAGE>

different registration statement of similar import. You may elect to satisfy
required tax withholding in respect of the delivery of such Shares by having
Employer withhold from such delivery Shares having a fair market value equal to
the amount of such required withholding. Subject to accelerated vesting as
provided in paragraphs 9, 10(d) and 11, vesting of Matching RSUs is contingent
on (i) your remaining in employment through the applicable Matching RSU Vesting
Date and (ii) your having retained ownership of the corresponding Purchased
Shares from the date of purchase through the applicable Matching RSU Vesting
Date. If prior to any Matching RSU Vesting Date (subject to accelerated vesting
as provided in paragraphs 9, 10(d) and 11) you sell any Purchased Shares, two
unvested Matching RSUs will be forfeited for each Purchased Share sold, with
Matching RSUs with the latest Matching RSU Vesting Date being forfeited first.
An amount equal to any dividends or other distributions paid in respect of
Shares while you hold unvested Matching RSUs shall be credited to an account on
Employer's books as if each Matching RSU were a Share. Such dividend or
distribution equivalents will be paid to you when and if the Matching RSUs to
which they relate vest.

              6. Benefits.

              (a) You shall be entitled to participate in such life and medical
insurance, pension and other employee benefit plans as the Company may have or
establish from time to time and in which other Company executives with
corporate-wide responsibilities are eligible to participate. The foregoing,
however, shall not be construed to require Employer or any of its subsidiaries
to establish any such plans or to prevent the modification or termination of
such plans once established, and no such action or failure thereof shall affect
this Agreement; provided that no such modification or termination shall be
applicable to you unless also equally applicable to all other Company executives
with corporate-wide responsibilities. All benefits you may be entitled to as an
employee of Employer shall be based upon your Salary and not upon any bonus
compensation due, payable or paid to you hereunder, except where the benefit
plan expressly provides otherwise. You shall be entitled to four (4) weeks paid
vacation during each calendar year during the Employment Term.

              (b) Employer shall provide you with no less than Eight Million
Dollars ($8,000,000) of life insurance during the Employment Term at Employer's
cost, the beneficiary or beneficiaries of which shall be designated by you or
the assignee of such policy in accordance with the following sentence. You shall
have the right to assign the policy for such life insurance to your spouse
and/or issue or to a trust or trusts primarily for the benefit of your spouse or
issue.

              7. Business Expenses, Perquisites. During the Employment Term, you
shall be reimbursed for such reasonable travel and other expenses incurred in
the performance of your duties hereunder on a basis no less favorable than that
provided by Employer to any of its senior executives other than Employer's
Executive Chairman and Founder. Employer shall pay the fees and expenses of your
counsel and other fees and expenses which you incur in negotiating this
Agreement. While you are actively employed during the Employment Term, you shall
be entitled to the use of a private plane to travel on Company business
(accompanied by your spouse, at your option and, unless your spouse's presence
is required by the Company, at your cost). You also shall be entitled to other
perquisites in accordance with Employer policy on a basis no less favorable than
that provided by Employer to any of its senior executives other than Employer's
Executive Chairman and Founder.

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<PAGE>

              8. Exclusive Employment, Etc.

              (a) Non-Competition. You agree that your employment hereunder is
on an exclusive basis, and that during the period (the "Non-Compete Period")
beginning on the Start Date and ending on the first anniversary of the
termination of your employment for any reason other than termination of your
employment upon expiration of the Employment Term (in which case the Non-Compete
Period will end on the last day of the Employment Term), other than as set forth
in paragraph 2(d), you will not engage in any other business activity which is
in conflict with your duties and obligations (including your commitment of time)
hereunder. You agree that during the Non-Compete Period you shall not, directly
or indirectly, engage in or participate as an owner, partner, holder or
beneficiary of stock, stock options or other equity interest, officer, employee,
director, manager, partner or agent of, or consultant for, any company or
business competing with the Company; provided, however, that nothing herein
shall prevent you from participating in any investment activities specifically
allowed under paragraph 2(d); further provided, however, that following
termination of your employment with Employer you may be actively involved in the
management of any company listed on Schedule A.

              (b) No Solicitation of Employees. You agree that, during the
period of your employment hereunder and for the period provided below after the
termination of your employment for any reason, you will not employ any
Restricted Employee (as defined below), or in any way induce or attempt to
induce any Restricted Employee to leave the employment of Employer or any of its
affiliates. You agree that you will not take the actions described in the
preceding sentence (i) with respect to any Restricted Employee at the level of
Vice President or above for one (1) year after the termination of your
employment for any reason, and (ii) with respect to any Restricted Employee at
the level of director for six (6) months after the termination of your
employment for any reason. "Restricted Employee" refers to any person employed
by Employer or any of its affiliates or predecessors or previously employed by
Employer or any of its affiliates or predecessors (unless at such time such
person has not been employed by Employer and/or any of its affiliates or
predecessors for at least six (6) months).

              (c) Confidential Information. You agree that, during the
Employment Term or at any time thereafter, you will not use for your own
purposes, or disclose to or for the benefit of any third party, any information
relating to Employer, Employer's clients or other parties with which Employer
has a relationship, or that may provide Employer with a competitive advantage
("Confidential Information") (except as may be required by law or in the
performance of your duties hereunder consistent with the Company's policies) and
you will comply with any and all confidentiality obligations of the Company to a
third party which you know or should know about, whether under agreement or
otherwise. Confidential Information shall include, without limitation, trade
secrets; inventions (whether or not patentable); technology and business
processes; business, product or marketing plans; sales and other forecasts;
financial information; client lists or other intellectual property; information
relating to compensation and benefits; public information that becomes
proprietary as a result of Employer's compilation of that information for use in
its business; documents (including any electronic record, videotapes or
audiotapes); and oral communications incorporating Confidential Information.
Notwithstanding the foregoing, confidential information shall be deemed not to
include information which (i) is or becomes generally available to the public
other than as a result of a disclosure by you in violation of this Agreement or
by any other person who directly or indirectly receives such

                                       11
<PAGE>

information from you or at your direction in violation of this Agreement, or
(ii) is or becomes available to you on a non-confidential basis from a source
which is entitled to disclose it to you.

              (d) Employer Ownership. The results and proceeds of your services
to the Company, whether or not created during the Employment Term, including,
without limitation, any works of authorship resulting from your services and any
works in progress resulting from such services, shall be works-made-for-hire and
Employer shall be deemed the sole owner throughout the universe of any and all
rights of every nature in such works, with the right to use, license or dispose
of the works in perpetuity in any manner Employer determines in its sole
discretion without any further payment to you, whether such rights and means of
use are now known or hereafter defined or discovered. If, for any reason, any of
the results and proceeds of your services to the Company are not legally deemed
a work-made-for-hire and/or there are any rights in such results and proceeds
which do not accrue to Employer under this paragraph 8(d) then you hereby
irrevocably assign any and all of your right, title and interest thereto,
including, without limitation, any and all copyrights, patents, trade secrets,
trademarks and/or other rights of every nature in the work, and Employer shall
have the sole right to use, license or dispose of the work in perpetuity
throughout the universe in any manner Employer determines in its sole discretion
without any further payment to you, whether such rights and means of use are now
known or hereafter defined or discovered. Upon request by Employer, whether or
not during the Employment Term, you shall do any and all things which Employer
may deem useful or desirable to establish or document Employer's rights in the
results and proceeds of your services to the Company, including, without
limitation, the execution of appropriate copyright, trademark and/or patent
applications, assignments or similar documents. You hereby irrevocably designate
the General Counsel, Secretary or any Assistant Secretary of Employer as your
attorney-in-fact with the power to take such action and execute such documents
on your behalf. To the extent you have any rights in such results and proceeds
that cannot be assigned as described above, you unconditionally and irrevocably
waive the enforcement of such rights. This paragraph 8(d) is subject to, and
does not limit, restrict, or constitute any waiver by Employer of any rights of
ownership to which Employer may be entitled by operation of law by virtue of
Employer or any of its affiliates or predecessors being your employer.

              (e) Litigation. You agree that, during the period of your
employment hereunder, for one (1) year thereafter and, if longer, during the
pendancy of any litigation or other proceeding, (i) you shall not communicate
with anyone (other than your attorneys and tax advisors and except to the extent
required by law or necessary in the performance of your duties hereunder) with
respect to the facts or subject matter of any pending or potential litigation,
or regulatory or administrative proceeding involving Employer or any of its
affiliates or predecessors, other than any litigation or other proceeding in
which you are a party-in-opposition, without giving prior notice to Employer or
Employer's counsel, and (ii) in the event that any other party attempts to
obtain information or documents from you with respect to matters possibly
related to such litigation or other proceeding, you shall promptly so notify
Employer's counsel unless you are prohibited from doing so under applicable law.
You agree to cooperate, in a reasonable and appropriate manner, with Employer
and its attorneys, both during and after the termination of your employment, in
connection with any litigation or other proceeding arising out of or relating to
matters in which you were involved prior to the termination of your employment
to the extent Employer pays all reasonable expenses you incur in connection with
such cooperation (including, without limitation, the fees and expenses of your

                                       12
<PAGE>

counsel) and to the extent such cooperation does not unreasonably interfere with
your personal or professional schedule.

              (f) No Right to Write Books, Articles, Etc. During the period of
your employment hereunder and for two (2) years thereafter but not beyond the
end of the Employment Term, except in the course of the performance of your
duties and responsibilities or otherwise as authorized by the Board, you shall
not prepare or assist any person or entity in the preparation of any books,
articles, radio broadcasts, electronic communications, television or motion
picture productions or other creations, concerning Employer or any of its
affiliates or predecessors or any of their officers, directors, agents,
employees, suppliers or customers.

              (g) Return of Property. All documents, data, recordings, or other
property, whether tangible or intangible, including all information stored in
electronic form, obtained or prepared by or for you and utilized by you in the
course of your employment with Employer shall remain the exclusive property of
Employer and shall remain in Employer's exclusive possession at the conclusion
of your employment. In the event of the termination of your employment for any
reason, Employer reserves the right, to the extent permitted by law and in
addition to any other remedy Employer may have, to deduct from any monies
otherwise payable to you the following: (i) all amounts you may owe, pursuant to
a legally enforceable agreement, to Employer or any of its affiliates or
predecessors at the time of or subsequent to the termination of your employment
with Employer; and (ii) the value of the Employer property which you retain in
your possession after the termination of your employment with Employer following
Employer's written request for same and your failure to return same. In the
event that the law of any state or other jurisdiction requires the consent of
any employee for such deductions, this Agreement shall serve as such consent.

              (h) Non-Disparagement. You and, to the extent set forth in the
next sentence, Employer agree that each party shall not, during the period of
your employment hereunder and for one (1) year thereafter, criticize, ridicule
or make any statement which disparages or is derogatory of the other party in
any non-public communication with any customer, client or member of the
investment community or media or in any public communication. Employer's
obligations under the preceding sentence shall be limited to communications by
its senior corporate executives having the rank of Senior Vice President or
above ("Specified Executives"), and it is agreed and understood that any such
communication by any Specified Executive shall be deemed to be a breach of this
paragraph 8(h) by Employer. Notwithstanding the foregoing, neither you nor
Employer shall be prohibited from making statements in response to statements by
the other party that criticize or ridicule or are disparaging or derogatory
provided that the responsive statements do not criticize or ridicule and are not
disparaging or derogatory.

              (i) Injunctive Relief, Etc. Employer has entered into this
Agreement in order to obtain the benefit of your unique skills, talent and
experience. You acknowledge and agree that any violation of paragraphs 8(a)
through 8(h) will result in irreparable damage to Employer, and, accordingly,
Employer may obtain injunctive and other equitable relief for any breach or
threatened breach of such paragraphs, in addition to any other remedies
available to Employer. You and Employer agree that the restrictions and remedies
contained in paragraphs 8(a) through 8(h) are reasonable and that it is your
intention and the intention of Employer that such

                                       13
<PAGE>

restrictions and remedies shall be enforceable to the fullest extent permissible
by law. If it shall be found by a court of competent jurisdiction that any such
restriction or remedy is unenforceable but would be enforceable if some part
thereof were deleted or the period or area of application reduced, then such
restriction or remedy shall apply with such modification as shall be necessary
to make it enforceable.

              (j) Survival. Your obligations under paragraphs 8(a) through 8(h)
and Employer's obligations under paragraph 8(h) shall remain in full force and
effect for the entire period provided therein (and only for such period)
notwithstanding the termination of your employment pursuant to paragraph 10
hereof or otherwise or the expiration of the Employment Term.

              9. Incapacity. In the event you become totally medically disabled
and you will not be able to substantially perform your duties for at least six
(6) consecutive months or a total of 180 days during any 270 day period, the
Board, at any time after such disability has continued for 60 consecutive days,
may determine that Employer requires such duties and responsibilities be
performed by another executive. In the event that you become "disabled" within
the meaning of such term under Employer's Short-Term Disability (STD) and its
Long-Term Disability (LTD) program, you will first receive benefits under the
STD program for the first 26 weeks of consecutive absence, which will be equal
to your Salary, and the amount of such benefits will offset any Salary that
otherwise would be paid to your pursuant to this Agreement. Thereafter, you will
be eligible to receive benefits under the LTD program in accordance with its
terms. For purposes of this Agreement, you will be considered to have
experienced a termination of employment with Employer as of the date you first
become eligible to receive benefits under the LTD program, and until that time
you shall be treated for all purposes of this Agreement as an active employee of
Employer. Upon receipt of benefits under the LTD program, you will also be
entitled to receive the following:

              (i) Employer will pay your Accrued Compensation and Benefits (as
     defined below in paragraph 10(d)(i));

              (ii) Employer will pay you a prorated Bonus for the year of your
     termination of employment based on your Target Bonus and the number of
     calendar days of such year elapsed through the date of your termination of
     employment;

              (iii) all of your outstanding unvested Employer stock options will
     vest, and all such options and all of your outstanding options that have
     previously vested will remain exercisable for the period provided for under
     the terms of the applicable award agreement;

              (iv) the number of Shares to which you are entitled in respect of
     your outstanding awards of PSUs will be determined as provided in paragraph
     4(b) for Qualifying Terminations, and all Shares delivered upon settlement
     of performance share units will be considered vested;

              (v) all of your Matching RSUs will vest and be settled as promptly
     as administratively practicable after your termination date; and

                                       14
<PAGE>

              (vi) Employer will continue to provide you with life insurance
     coverage as set forth in paragraph 6(b) until the end of the Employment
     Term or, if earlier, the date on which you become eligible for at least as
     much insurance coverage from a third party employer at the employer's
     expense; provided, however, that Employer may decrease the amount of life
     insurance coverage it provides you so along as the amount of such coverage
     that it continues to provide, and the amount of such coverage provided to
     you from a third party employer at the employer's expense, aggregates at
     least the amount set forth in paragraph 6(b).

              10. Termination.

              (a) Termination for Cause; Resignation without Good Reason.
Employer may, at its option, terminate your employment for Cause (as defined
below). You may, at your option, terminate your employment without Good Reason
(as defined below). For purposes of this Agreement, termination of your
employment for "Cause" shall mean termination of your employment due to any of
the following:

              (i) your engaging or participating in intentional acts of material
     fraud against the Company;

              (ii) your willful misfeasance having a material adverse effect on
     the Company(except in the event of your incapacity as set forth in
     paragraph 9);

              (iii) your substantial and continual refusal to perform your
     duties, responsibilities or obligations provided for in this Agreement
     (provided that such duties, responsibilities or obligations are not
     inconsistent with your position as President and Chief Executive Officer
     and are otherwise lawful);

              (iv) your conviction of a felony or entering a plea of nolo
     contendere to a felony charge;

              (v) your willful violation of any policy of the Company that is
     generally applicable to all employees or all officers of the Company
     including, but not limited to, policies concerning insider trading or
     sexual harassment, or the Company's code of conduct, that you knew or
     reasonably should have known could reasonably be expected to result in a
     material adverse effect on the Company;

              (vi) your willful unauthorized disclosure of a trade secret or
     other confidential material information of the Company, that you knew or
     reasonably should have known could reasonably be expected to result in a
     material adverse effect on the Company;

              (vii) your willful failure to cooperate fully with a bona fide
     Company internal investigation or an investigation of the Company by
     regulatory or law enforcement authorities whether or not related to your
     employment with the Company (an "Investigation"), after being instructed by
     the Board to cooperate;

              (viii) your willful destruction of or knowing and intentional
     failure to preserve documents or other material known by you to be relevant
     to any Investigation; or

                                       15
<PAGE>

              (ix) your willful inducement of others to fail to cooperate in any
     Investigation or to produce documents or other material.

For purposes of the foregoing definition, an act or omission shall be considered
"willful" if it done, or omitted to be done, by you with knowledge and intent.
Anything herein to the contrary notwithstanding, the Board will give you written
notice (a "Cause Notice"), not more than thirty (30) calendar days after the
occurrence of the event constituting Cause comes to the attention of an
"executive officer" of Employer (as defined by the rules and regulations of the
Securities Exchange Commission for purposes of the Exchange Act), prior to
terminating your employment for Cause. A Cause Notice will set forth in
reasonable detail the circumstances constituting Cause and, if applicable, the
conduct required to cure the same. Except for actions, malfeasance or
circumstances which by their nature cannot be cured, you shall have thirty (30)
calendar days from your receipt of such notice within which to cure. Without
prejudice to whether any other action, malfeasance or circumstance is capable of
cure, it shall be a rebuttable presumption that any purported refusal to perform
your duties, responsibilities or obligations as described in clause (iii) above,
and any failure to cooperate with an Investigation as described in clause (vii)
above, is capable of cure. Notwithstanding the above, any violation of Company
policy or failure to cooperate with an Investigation which is in connection with
the exercise of your constitutional right against self-incrimination shall not
be considered an event described in clause (v) or (vii) above. For purposes of
this Agreement, no termination of your employment purportedly for Cause shall be
treated as a termination for Cause without your receipt of a Cause Notice, nor
shall any termination of your employment during the 30-day cure period provided
for in the preceding sentence, if applicable, or after your satisfactory cure of
the breach, malfeasance or circumstances that the Company asserted as
constituting Cause, be considered a termination for Cause for such stated
reasons. The date of a termination of your employment for Cause shall be the
date after the cure period provided for above, if any, expires without your
having cured the actions, malfeasance or circumstances constituting Cause to the
reasonable satisfaction of the Board (or, if no cure period is applicable, the
date of termination specified in the written notice given to you by the Board).

              (b) Good Reason Termination. Upon written notice to Employer, you
may resign from your employment hereunder for "Good Reason" at any time during
the Employment Term not more than thirty (30) calendar days after you become
aware of the occurrence of the event constituting Good Reason. Such notice shall
state an effective date no earlier than thirty (30) calendar days after the date
it is given, and Employer shall have thirty (30) calendar days from the giving
of such notice within which to cure and within which period you cannot terminate
your employment under this Agreement for the stated reasons and, if so cured,
after which you cannot terminate your employment under this Agreement for the
stated reasons; provided, however, that this sentence shall not apply with
respect to events which by their nature cannot be cured. "Good Reason" shall
mean, without your prior written consent, other than in connection with the
termination of your employment for Cause (as defined above) or incapacity (as
set forth in paragraph 9) or as a result of your death:

              (i) the assignment to you of duties substantially inconsistent
     with your positions, duties or responsibilities as President and Chief
     Executive Officer or any change in reporting such that you not report
     solely and directly to Sumner M. Redstone in his capacity as Employer's
     Executive Chairman and Founder and the Board (or if Sumner

                                       16
<PAGE>

     M. Redstone ceases to hold such position of Employer's Executive Chairman
     and Founder, to the Board);

              (ii) your removal from or any failure to re-elect you as Chief
     Executive Officer of Employer;

              (iii) your failure to be elected or reelected to the Board at any
     annual meeting of shareholders of the Company at which your term as
     director is scheduled to expire;

              (iv) a reduction in your Salary, Target Bonus or other
     compensation levels as the same may be increased from time to time during
     the Employment Term;

              (v) Employer's requiring you to be based anywhere other than the
     New York metropolitan area, except for required travel on the Company's
     business; or

              (vi) any other breach by Employer of its obligations hereunder.

              (c) Termination Without Cause. Employer may terminate your
employment hereunder without Cause at any time during the Employment Term by
written notice to you.

              (d) Termination Payments, Etc.

              (i) Termination for Cause or Resignation without Good Reason. In
     the event that Employer terminates your employment for Cause, or if you
     resign your employment without Good Reason, Employer shall promptly pay and
     provide you with Accrued Compensation and Benefits. For purposes of this
     Agreement, "Accrued Compensation and Benefits" shall consist of: (w)
     reimbursement of any unpaid business expenses to which your are entitled to
     reimbursement pursuant to paragraph 7 that were incurred prior to the
     effective date of your termination or resignation (the "Termination Date");
     (x) your Salary through the Termination Date determined in accordance with
     paragraph 10(a) or 10(b), as applicable; (y) any earned but unpaid Bonus
     with respect to any completed calendar year; and (z) all other vested
     compensation benefits to which you are entitled as of the Termination Date
     under the terms and conditions applicable to such compensation and
     benefits.

              (ii) Termination without Cause or Resignation with Good Reason. In
     the event that Employer terminates your employment without Cause, or if
     your resign your employment for Good Reason, you shall be entitled to
     receive the following:

                   a.   Employer will pay and provide your Accrued Compensation
                        and Benefits;

                   b.   Employer will pay you a prorated Bonus for the year of
                        your termination of employment based on your Target
                        Bonus and the number of calendar days of such year
                        elapsed through the Termination Date;

                                       17
<PAGE>

                   c.   Employer will pay you a severance payment (the
                        "Severance Payment") equal to two times the sum of:

                        i.   your Salary in effect at the time of termination
                             (or, if your Salary has been reduced in violation
                             of this Agreement, your highest Salary during the
                             Employment Term); and

                        ii.  the higher of (X) the average of the annual cash
                             Bonuses payable to you (whether or not actually
                             paid) with respect to the last three (or fewer)
                             completed calendar years prior to the Termination
                             Date (with the cash bonus for 2006 being considered
                             the full annualized Target Bonus for 2006, i.e.,
                             Seven Million Dollars ($7 million)) and (Y) the
                             Target Bonus at the Termination Date (or, if your
                             Target Bonus has been reduced in violation of this
                             Agreement, your highest Target Bonus during the
                             Employment Term) (the "Applicable Bonus Amount")

                        (such sum being the "Severance Amount"); provided,
                        however, that if fewer than 24 months remain in the
                        Employment Term at the Termination Date, the amount of
                        the Severance Payment will equal the Severance Amount
                        multiplied by a fraction the numerator of which is the
                        number of months (including partial months) remaining in
                        the Employment Term (but in no event will the numerator
                        be less than 12) and the denominator of which is 24;

                   d.   all of your outstanding unvested Employer stock options
                        will vest, and all such options and all of your
                        outstanding Employer stock options that have previously
                        vested will remain exercisable for two years (or, if
                        earlier, until their normal expiration date);

                   e.   the number of Shares to which you are entitled in
                        respect of your outstanding awards of PSUs will be
                        determined as provided in paragraph 4(b) for Qualifying
                        Terminations, and all Shares delivered upon settlement
                        of performance share units will be considered vested;

                   f.   all of your unvested Matching RSUs will vest and be
                        settled as promptly as administratively practicable
                        after your Termination Date;

                   g.   Employer will continue to provide you with life
                        insurance coverage as set forth in paragraph 6(b) until
                        the end of the Employment Term or, if earlier, the date
                        on which you become eligible for at least as much
                        insurance coverage from a third party

                                       18
<PAGE>

                        employer at the employer's expense; provided, however,
                        that Employer may decrease the amount of life insurance
                        coverage it provides you so along as the amount of such
                        coverage that it continues to provide, and the amount of
                        such coverage provided to you from a third party
                        employer at the employer's expense, aggregates at least
                        the amount set forth in paragraph 6(b);

                   h.   you and your eligible dependents who were participating
                        in any such arrangements at the Termination Date shall
                        be entitled to continued participation, at Employer's
                        sole cost, in all medical, dental and hospitalization
                        benefit plans or programs in which you and/or they were
                        participating on the date of the termination of your
                        employment until the earlier of (A) 24 months following
                        termination of your employment and (B) the date, or
                        dates, you receive equivalent coverage and benefits
                        under the plans and programs of a subsequent employer;
                        provided that, if your continued participation in any
                        employee plan or program as provided in this paragraph
                        10(d)(ii)h would conflict with any law or regulation, or
                        would result in any adverse tax consequences for you,
                        the Company or other participants in such plan or
                        program, you shall be provided with the economic
                        equivalent of the benefits provided under the plan or
                        program in which you are unable to participate. In the
                        case of any welfare benefit plan, the economic
                        equivalent of any benefit foregone (x) shall be deemed
                        to be the lowest cost that you would incur in obtaining
                        such benefit yourself on an individual basis (but
                        including dependent coverage, if applicable) and (y)
                        shall be provided on a "tax grossed-up basis" to the
                        extent the economic equivalent is taxable to you but the
                        provision of the benefit to you while an employee was
                        not taxable.

              (iii) Timing of Payments and Settlement. The cash portion of your
     Accrued Compensation and Benefits and 50% of the Severance Payment will be
     paid in a lump sum within 30 days after the Termination Date (or, if
     required to avoid the imposition of tax, interest or penalties under
     Section 409A of the Internal Revenue Code of 1986, as amended ("Section
     409A"), on the date that is six months and one day after the date of your
     "separation from service" within the meaning of Section 409A; provided that
     interest will be paid to you at the time of such payment in respect of the
     amount as to which payment was delayed at the Company's highest borrowing
     rate in effect on the Termination Date, from the Termination Date through
     the date of payment ("Section 409A Interest")). The remaining 50% of the
     Severance Payment will be paid in accordance with the Company's regular
     payroll practices over the number of months (up to 24) on which the
     Severance Payment was calculated, beginning with the first payroll period
     following the Termination Date (or, if required to avoid the imposition of
     tax, interest or penalties under Section 409A, commencing with the first
     regular payroll date occurring more than six months after the date of your
     "separation from service" within the meaning of Section 409A, in which case
     the first such payment shall include all amounts that would have been paid
     on earlier payroll dates but for such delay and Section

                                       19
<PAGE>

     409A Interest). In addition, if required to avoid the imposition of tax,
     interest or penalties under Section 409A, the settlement of your Matching
     RSUs and your PSUs will be delayed until the date that is six months and
     one day after the Termination Date, or as soon as administratively
     practicable thereafter. Notwithstanding the foregoing, your entitlement to
     any portion of the Severance Payment that has not yet been made will cease
     if you materially breach either the non-compete covenant set forth in
     paragraph 8(a) (the "Non-Compete Covenant") or the no-solicitation covenant
     set forth in paragraph 8(b), after notice to you of such breach by Employer
     and your failure to cure such breach within thirty (30) days following your
     receipt of such notice, assuming such breach is capable of cure. You may
     request from Employer at any time its view on whether a proposed activity
     or investment by you will breach the Non-Compete Covenant by giving
     Employer written notice of the details of such activity or investment, and
     Employer will respond to your inquiry within five (5) business days of its
     receipt of such notice. Employer's view as conveyed to you that the
     proposed activity or investment will not breach the Non-Compete Covenant
     shall be binding on it to the extent that the activity or investment does
     not exceed what was described in the notice. Your giving notice shall not
     be deemed an admission by you that the proposed activity or investment
     would violate the Non-Compete Covenant. Employer's failure to respond with
     its view within five business days of its receipt of notice shall not
     constitute or be construed as an acknowledgment by Employer that the
     proposed activity or investment will not breach the Non-Compete Covenant,
     but such failure shall create an irrebuttable presumption that any breach
     arising from such activity or investment is capable of cure.

              (iv) Full Discharge of Company Obligations; Release. The payments
     and other benefits provided for in paragraph 10(d)(ii) are in lieu of any
     severance or income continuation or protection under any plan Employer or
     any of its subsidiaries that may now or hereafter exist. The payments and
     benefits to be provided pursuant to paragraph 10(d)(ii) shall constitute
     liquidated damages, and shall be deemed to satisfy and be in full and final
     settlement of all obligations of Employer to you under this Agreement. You
     acknowledge and agree that such amounts are fair and reasonable, and your
     sole and exclusive remedy, in lieu of all other remedies at law or in
     equity, with respect to the termination of your employment hereunder.
     Employer's obligation to make the Severance Payment and provide the other
     benefits provided for in paragraph 10(d)(ii) other than the Accrued
     Compensation and Benefits shall be conditioned on your execution and
     non-revocation of a release in form and substance substantially identical
     to that set forth in Schedule B.

              (e) Excise Taxes. Notwithstanding anything herein to the contrary,
in the event that it is determined that any payment or benefit provided to you
hereunder, would be subject to the excise tax imposed by Section 4999 of the
Internal Revenue Code of 1986, as amended, or any interest or penalties with
respect to such excise tax (such excise tax, together with any interest or
penalties thereon, is herein referred to as the "Excise Tax"), then Employer
shall pay (either directly to the IRS as tax withholdings or to you as a
reimbursement of any amount of taxes, interest and penalties paid by you to the
IRS) both the Excise Tax and an additional cash payment (a "Gross-Up Payment")
in an amount that will place you in the same after-tax economic position that
you would have enjoyed if the payment or benefit had not been subject to the
Excise Tax. The determination of whether a Gross-Up Payment is due pursuant to

                                       20
<PAGE>

the preceding sentence, and if so the amount thereof, shall be made by Employer;
provided, however, that if you disagree with Employer's determination, you shall
have the right to require Employer to arrange for a second determination to be
made by a nationally recognized law or accounting firm mutually agreeable to you
and Employer (the "Tax Expert"), in which case the determination made by the Tax
Expert, rather than by Employer, shall control. The Company will pay the fees
and expenses of the Tax Expert in making the foregoing determinations, unless
the calculation of the Gross-Up Payment made by the Tax Expert differs by less
than 10% (plus or minus) from the calculation made by Employer, in which case
you will pay such fees and expenses. Employer may, at its expense, consult with
its outside tax counsel and its independent auditors, to the extent it deems
appropriate, in making determinations pursuant to this paragraph 10(e). If, upon
audit or other examination by the Internal Revenue Service (the "IRS") of your
or the Company's federal income tax return (an "Audit"), the amount of the
Excise Tax determined by the IRS is greater than an amount previously determined
by Employer or the Tax Expert, as applicable, then Employer or the Tax Expert,
as applicable, shall recalculate the amount of the Gross-Up Payment and shall be
instructed to provide you with detailed support for its calculations. You shall
promptly notify Employer of any IRS assertion during an Audit of your federal
income tax return that an Excise Tax is due with respect to any payment or
benefit, but you shall be under no obligation to defend against such claim by
the IRS unless Employer requests, in writing, that you undertake the defense of
such IRS claim at Employer's sole expense. In such event, Employer may elect to
control the conduct to a final determination through counsel of its own choosing
and at its sole expense, of any audit, administrative or judicial proceeding
involving an asserted liability relating to the Excise Tax, and you shall not
settle, compromise or concede such asserted Excise Tax and shall cooperate with
Employer in each phase of any contest. Notwithstanding the foregoing provisions
of this paragraph 10(e), if it shall be determined by Employer or the Tax
Expert, as applicable, that you are entitled to a Gross-Up Payment, but that the
aggregate value for purposes of determining if an Excise Tax is due and, if so,
the amount thereof, of all payments and benefits to be provided to you under
this Agreement do not exceed 110% of the greatest amount (the "Reduced Amount")
that could be paid to you such that your receipt of such payments and benefits
would not give rise to any Excise Tax, then no Gross-Up Payment shall be made to
you, and the payments and benefits to be provided to you, in the aggregate,
shall be reduced, in a manner to be determined solely by you, to the Reduced
Amount.

              11. Death. If you die prior to the termination of your employment
under this Agreement, your beneficiary or estate shall be entitled to receive
the following:

              (i) Employer will pay your Accrued Compensation and Benefits up to
     the date on which the death occurs;

              (ii) Employer will pay a prorated Bonus for the year of your death
     based on your Target Bonus and the number of calendar days elapsed during
     the year through the date of your death;

              (iii) all of your outstanding unvested Employer stock options will
     vest, and all such options and all of your outstanding options that have
     previously vested will remain exercisable for the period provided for under
     the terms of the applicable award agreement;

                                       21
<PAGE>

              (iv) the number of Shares to which you are entitled in respect of
     your outstanding awards of PSUs will be determined as provided in paragraph
     4(b) for Qualifying Terminations, and all Shares delivered upon settlement
     of performance share units will be considered vested; and

              (v) all of your unvested Matching RSUs will vest and be settled as
     promptly as administratively practicable after your Termination Date.

              12. Pension Benefits. You will be credited with your previous
service with Employer and its predecessors (including without limitation your
service with the company that was formerly named Employer Inc. and is now known
as CBS Corporation ("Former Employer")) for all purposes under any Company
benefit plan, including without limitation the Employer Pension Plan and the
Employer Excess Pension Plan. Pursuant to an Agreement, dated as of September 6,
1999, between you and Former Employer, you have previously been credited with
such additional service credit as was necessary to provide you with 20 years of
service credit under any Former Employer benefit plan in which 20 years of
service credit would result in (i) any right to an unreduced pension, (ii)
eligibility for any additional form of benefit or (iii) any other material
additional benefit, which additional years of imputed service will also be
credited under any Company benefit plan for similar purposes. You will accrue
additional service under all Company benefit plans beginning on the Start Date,
except that to the extent that you have been credited with additional service as
described in the preceding sentence, you will not be credited with additional
service until the sum of your service with Former Employer and your service with
Employer pursuant to this Agreement equals 20 years. Notwithstanding any other
provision of this Agreement, to the extent that you are entitled to receive
benefits under the Former Employer pension plan or excess pension plan, such
benefits shall offset any benefits to which you are entitled under the Employer
Pension Plan and the Employer Excess Pension Plan.

              13. No Mitigation. You shall not be required to mitigate the
amount of any payment or benefit provided for in this Agreement by seeking other
employment or otherwise, nor shall any reduction be made for any other
compensation that you earn from a subsequent employer (including
self-employment).

              14. Section 317 and 507 of the Federal Communications Act. You
represent that you have not accepted or given nor will you accept or give,
directly or indirectly, any money, services or other valuable consideration from
or to anyone other than Employer for the inclusion of any matter as part of any
film, television program or other production produced, distributed and/or
developed by Employer and/or any of Employer's affiliates.

              15. Equal Opportunity Employer; Employer Business Conduct
Statement. You acknowledge that Employer is an equal opportunity employer. You
agree that you will comply with Employer policies regarding employment practices
and with applicable federal, state and local laws prohibiting discrimination on
the basis of race, color, creed, national origin, age, sex or disability. In
addition, you agree that you will comply with the Employer Business Conduct
Statement.

              16. Indemnification.

                                       22
<PAGE>

              (a) If you are made a party, are threatened to be made a party to,
or otherwise receive any other legal process in, any action, suit or proceeding,
whether civil, criminal, administrative or investigative (a "Proceeding"), by
reason of the fact that you are or were a director, officer or employee of
Employer or are or were serving at the request of Employer as a director,
officer, member, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise, including service with respect to employee
benefit plans, whether or not the basis of such Proceeding is your alleged
action in an official capacity while serving as director, officer, member,
employee or agent, Employer shall indemnify you and hold you harmless to the
fullest extent permitted or authorized by Employer's certificate of
incorporation and bylaws or, if greater, by the laws of the State of Delaware,
against all cost, expense, liability and loss (including without limitation,
attorney's fees, judgments, fines, ERISA excise taxes or penalties and amounts
paid or to be paid in settlement and any cost and fees incurred in enforcing
your rights to indemnification or contribution) reasonably incurred or suffered
by you in connection therewith, and such indemnification shall continue even
though you have ceased to be a director, member, employee or agent of Employer
or other entity and shall inure to the benefit of your heirs, executors and
administrators. Employer shall advance to you all reasonable costs and expenses
that you incur in connection with a Proceeding within 20 days after its receipt
of a written request for such advance. Such request shall include an undertaking
by you to repay the amount of such advance if it shall ultimately be determined
that your are not entitled to be indemnified against such costs and expenses.

              (b) Neither the failure of Employer (including its board of
directors, independent legal counsel or stockholders) to have made a
determination that indemnification of you is proper because you have met the
applicable standard of conduct, nor a determination by Employer (including its
board of directors, independent legal counsel or stockholders) that you have not
met such applicable standard of conduct, shall create a presumption or inference
that the you have not met the applicable standard of conduct.

              (c) To the extent that Employer maintains officers' and directors'
liability insurance, you will be covered under such policy subject to the
exclusions and limitations set forth therein.

              17. Notices. All notices required to be given hereunder shall be
given in writing, by personal delivery or by mail at the respective addresses of
the parties hereto set forth above, or at such other address as may be
designated in writing by either party, and in the case of Employer, to the
attention of the General Counsel of Employer. Any notice given by mail shall be
deemed to have been given three days following such mailing. Copies of all
notices to you shall be given to Paul, Weiss, Rifkind, Wharton & Garrison LLP,
1285 Avenue of the Americas, New York, NY 10019-6064, Attention: Alfred D.
Youngwood, Esq. and Michael J. Segal, Esq.

              18. Assignment and Successors. This is an Agreement for the
performance of personal services by you and may not be assigned by you or
Employer except that Employer may assign this Agreement to any successor in
interest to Employer, provided that such assignee assumes all of the obligations
of Employer hereunder. Employer shall require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of its business and/or assets to expressly assume and agree to
perform this Agreement in the same manner and to the same extent that Employer
would be required to

                                       23
<PAGE>

perform it if no such succession had taken place. As used in this Agreement,
"Employer" shall mean Employer as defined above and any successor to its
business and/or assets which by reason hereof assumes and agrees to perform this
Agreement by operation of law, or otherwise.

              19. New York Law. This Agreement and all matters or issues
collateral thereto shall be governed by the laws of the State of New York,
without giving effect to the conflicts of laws principles thereof or to those of
any other jurisdiction which, in either case, could cause the application of the
laws of any jurisdiction other than the State of New York.

              20. Disputes. Any disputes between the parties to this Agreement
shall be settled by arbitration in New York, New York under the auspices of the
American Arbitration Association, before a panel of three (3) arbitrators, in
accordance with the National Rules for the Resolution of Employment Disputes
promulgated by the Association. Each party shall select an arbitrator and the
two (2) arbitrators shall select a third and these three arbitrators shall form
the panel. The decision in such arbitration shall be final and conclusive on the
parties and judgment upon such decision may be entered into in any court having
jurisdiction thereof. Costs of the arbitration or litigation, including, without
limitation, reasonable attorneys' fees and expenses of both parties, shall be
borne by Employer if you prevail on at least one of the issues that is the
subject of the arbitration. If you do not so prevail, you and Employer shall
equally share costs of the arbitration or litigation other than attorneys' fees,
and each of you and Employer shall bear its own attorneys' fees and expenses.
Pending the resolution of any arbitration or court proceeding, Employer shall
continue payment of all amounts due you under this Agreement and all benefits to
which you are entitled at the time the dispute arises. Nothing herein shall
prevent Employer from seeking equitable relief in court as provided for in
paragraph 8(i) or shall prevent either party from seeking equitable relief in
court in aid of arbitration under applicable law

              21. No Implied Contract. Nothing contained in this Agreement shall
be construed to impose any obligation on Employer to renew this Agreement or any
portion thereof. The parties intend to be bound only upon execution of a written
agreement and no negotiation, exchange of draft or partial performance shall be
deemed to imply an agreement. Neither the continuation of employment nor any
other conduct shall be deemed to imply a continuing agreement upon the
expiration of this Agreement.

              22. Entire Understanding; Amendments. This Agreement contains the
entire understanding of the parties hereto relating to the subject matter herein
contained, and can be amended only by a writing signed by both parties hereto.

              23. Waivers. Waiver by either you or by Employer of any breach or
default by the other party of any of the terms of this Agreement shall not
operate as a waiver of any other breach or default, whether similar to or
different from the breach or default waived. No waiver of any provision of this
Agreement shall be implied from any course of dealing between the parties hereto
or from any failure by either party hereto to assert its or his rights hereunder
on any occasion or series of occasions.

              24. Void Provisions. If any provision of this Agreement, as
applied to either party or to any circumstances, shall be adjudged by a court to
be void or unenforceable, the same

                                       24
<PAGE>

shall be deemed stricken from this Agreement and shall in no way affect any
other provision of this Agreement or the validity or enforceability of this
Agreement.

              25. Deductions and Withholdings, Payment of Deferred Compensation.
All amounts payable under this Agreement shall be paid less deductions and
income and payroll tax withholdings as may be required under applicable law and
any benefits and perquisites provided to you under this Agreement shall be
taxable to you as may be required under applicable law.

              26. Section 409A. Notwithstanding any other provision of this
Agreement, any payment or settlement (including settlement of PSUs and Matching
RSUs) triggered by termination of the your employment with Employer shall not be
made until six months and one day following your Termination Date if such delay
is necessary to avoid the imposition of any tax, penalty or interest under
Section 409A. Employer, after consulting with you, may amend this Agreement or
the terms of any award provided for herein in any manner that Employer considers
necessary or advisable to ensure that cash compensation, equity awards or other
benefits provided for herein are not subject to United States federal income
tax, state or local income tax or any equivalent taxes in territories outside
the United States prior to payment, exercise, vesting or settlement, as
applicable, or any tax, interest or penalties pursuant to Section 409A. Any such
amendments shall be made in a manner that preserves to the maximum extent
possible the intended benefits to you. This paragraph 26 does not create an
obligation on the part of Employer to modify this Agreement and does not
guarantee that the amounts or benefits owed under the Agreement will not be
subject to interest and penalties under Section 409A.

              27. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.

              28. Headings. The descriptive headings contained in this Agreement
are included for convenience of reference only and shall not affect in any way
the meaning or interpretation of this Agreement. Unless otherwise expressly
provided for in this Agreement, the word "including" or any variation thereof
means "including, without limitation" and shall not be construed to limit any
general statement that it follows to the specific or similar items or matters
immediately following it.

                                       25
<PAGE>

              If the foregoing correctly sets forth our understanding, please
sign, date and return all four (4) copies of this Agreement and return it to the
undersigned for execution on behalf of Employer; after this Agreement has been
executed by Employer and a fully executed copy returned to you, it shall
constitute a binding agreement between us.

                                          Very truly yours,

                                          VIACOM INC.

                                          /s/  Sumner M. Redstone
                                          --------------------------------------
                                          Name:   Sumner M. Redstone
                                          Title:  Executive Chairman and Founder

ACCEPTED AND AGREED:

/s/  Philippe P. Dauman
-----------------------------------
Name:  Philippe P. Dauman

Dated:  September 5, 2006

                                       26
<PAGE>

                                                                      SCHEDULE A

                                   Investments

As of the Start Date, you have investments in the following private media or
entertainment businesses:

DND Capital Partners LLC, including its investments in:

         The Tennis Channel, Inc
         Si TV
         Amp-d Mobile

This Schedule A shall also be deemed to include any successor by merger, assets
sale or similar transaction to any of the businesses listed above.

                                      A-1
<PAGE>

                                                                      SCHEDULE B

                                 Form of Release

                                 GENERAL RELEASE

              WHEREAS, Philippe P. Dauman (hereinafter referred to as the
"Executive") and Viacom Inc. (hereinafter referred to as "Employer") are parties
to an Employment Agreement, dated September 5, 2006 (the "Employment
Agreement"), which provided for the Executive's employment with Employer on the
terms and conditions specified therein; and

              WHEREAS, pursuant to paragraph 10(d) of the Employment Agreement,
the Executive has agreed to execute a release of the type and nature set forth
herein as a condition to his entitlement to certain payments and benefits upon
his termination of employment with Employer; and

              NOW, THEREFORE, in consideration of the premises and mutual
promises herein contained and for other good and valuable consideration received
or to be received by the Executive in accordance with the terms of the
Employment Agreement, it is agreed as follows:

              1. Excluding enforcement of the covenants, promises and/or rights
reserved herein, the Executive hereby irrevocably and unconditionally releases,
acquits and forever discharges Employer and each of Employer's owners,
stockholders, predecessors, successors, assigns, directors, officers, employees,
divisions, subsidiaries, affiliates (and directors, officers and employees of
such companies, divisions, subsidiaries and affiliates) and all persons acting
by, through, under or in concert with any of them (collectively "Releasees"), or
any of them, from any and all charges, complaints, claims, liabilities,
obligations, promises, agreements, controversies, damages, actions, causes of
action, suits, rights, demands, costs, losses, debts and expenses (including
attorneys' fees and costs actually incurred) of any nature whatsoever, known or
unknown, suspected or unsuspected, including, but not limited to, rights arising
out of alleged violations of any contracts, express or implied, any covenant of
good faith and fair dealing, express or implied, or any tort or any legal
restrictions on Employer's right to terminate employees, or any Federal, state
or other governmental statute, regulation or ordinance, including, without
limitation, Title VII of the Civil Rights Act of 1964, as amended, the Federal
Age Discrimination In Employment Act of 1967 ("ADEA"), as amended, the Employee
Retirement Income Security Act ("ERISA"), as amended, the Civil Rights Act of
1991, as amended, the Rehabilitation Act of 1973, as amended, the Older Workers
Benefit Protection Act ("OWBPA"), as amended, the Worker Adjustment Retraining
and Notification Act ("WARN"), as amended, the Fair Labor Standards Act
("FLSA"), as amended, the Occupational Safety and Health Act of 1970 ("OSHA"),
the New York State Human Rights Law, as amended, the New York Labor Act, as
amended, the New York Equal Pay Law, as amended, the New York Civil Rights Law,
as amended, the New York Rights of Persons With Disabilities Law, as amended,

                                       B-1
<PAGE>

and the New York Equal Rights Law, as amended, that the Executive now has, or
has ever had, or ever will have, against each or any of the Releasees, by reason
of any and all acts, omissions, events, circumstances or facts existing or
occurring up through the date of the Executive's execution hereof that directly
or indirectly arise out of, relate to, or are connected with, the Executive's
services to, or employment by Employer (any of the foregoing being a "Claim" or,
collectively, the "Claims"); provided, however, that this release shall not
apply to any of the obligations of Employer or any other Releasee under the
Employment Agreement, or under any agreements, plans, contracts, documents or
programs described or referenced in the Employment Agreement; and provided,
further, that this release shall not apply to any rights the Executive may have
to obtain contribution or indemnity against Employer or any other Releasee
pursuant to contract, Employer's certificate of incorporation and by-laws or
otherwise.

              2. The Executive expressly waives and relinquishes all rights and
benefits afforded by California Civil Code Section 1542 and does so
understanding and acknowledging the significance of such specific waiver of
Section 1542. Section 1542 states as follows:

              "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR
              DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
              OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE
              MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR."

Thus, notwithstanding the provisions of Section 1542, and for the purpose of
implementing a full and complete release and discharge of the Releasees, the
Executive expressly acknowledges that this Agreement is intended to include in
its effect, without limitation, all Claims that the Executive does not know or
suspect to exist in the Executive's favor at the time of execution hereof, and
that this Agreement contemplates the extinguishment of any such Claim or Claims.

              3. The Executive understands that he has been given a period of 21
days to review and consider this General Release before signing it pursuant to
the Age Discrimination In Employment Act of 1967, as amended. The Executive
further understands that he may use as much of this 21-day period as the
Executive wishes prior to signing.

              4. The Executive acknowledges and represents that he understands
that he may revoke the waiver of his rights under the Age Discrimination In
Employment Act of 1967, as amended, effectuated in this Agreement within 7 days
of signing this Agreement. Revocation can be made by delivering a written notice
of revocation to General Counsel, Employer Inc., 1515 Broadway, New York, New
York 10036. For this revocation to be effective, written notice must be received
by the General Counsel no later than the close of business on the seventh day
after the Executive signs this Agreement. If the Executive revokes the waiver of
his rights under the Age Discrimination In Employment Act of 1967, as amended,
Employer shall have no obligations to the Executive under paragraph 10(d) of the
Employment Agreement.

              5. The Executive and Employer respectively represent and
acknowledge that in executing this Agreement neither of them is relying upon,
and has not relied upon, any representation or statement not set forth herein
made by any of the agents, representatives or

                                       B-2
<PAGE>

attorneys of the Releasees with regard to the subject matter, basis or effect of
this Agreement or otherwise.

              6. This Agreement shall not in any way be construed as an
admission by any of the Releasees that any Releasee has acted wrongfully or that
the Executive has any rights whatsoever against any of the Releasees except as
specifically set forth herein, and each of the Releasees specifically disclaims
any liability to any party for any wrongful acts.

              7. It is the desire and intent of the parties hereto that the
provisions of this Agreement be enforced to the fullest extent permissible under
law. Should there be any conflict between any provision hereof and any present
or future law, such law will prevail, but the provisions affected thereby will
be curtailed and limited only to the extent necessary to bring them within the
requirements of law, and the remaining provisions of this Agreement will remain
in full force and effect and be fully valid and enforceable.

              8. The Executive represents and agrees (a) that the Executive has
to the extent he desires discussed all aspects of this Agreement with his
attorney, (b) that the Executive has carefully read and fully understands all of
the provisions of this Agreement, and (c) that the Executive is voluntarily
entering into this Agreement.

              9. This General Release shall be governed by, and construed in
accordance with, the laws of the State of New York, without giving effect to the
conflicts of laws principles thereof or to those of any other jurisdiction
which, in either case, could cause the application of the laws of any
jurisdiction other than the State of New York. This General Release is binding
on the successors and assigns of, and sets forth the entire agreement between,
the parties hereto; fully supersedes any and all prior agreements or
understandings between the parties hereto pertaining to the subject matter
hereof; and may not be changed except by explicit written agreement to that
effect subscribed by the parties hereto.

              PLEASE READ CAREFULLY. THIS GENERAL RELEASE INCLUDES A RELEASE OF
              ALL KNOWN AND UNKNOWN CLAIMS.

              This General Release is executed by the Executive and Employer as
of the ____ day of ______, 20__.

                                   ---------------------------------------------
                                   Philippe P. Dauman

                                   VIACOM INC.

                                   By:
                                      ------------------------------------------
                                   Title:September 5, 2006

Thomas E. Dooley
c/o Viacom Inc.
1515 Broadway
New York, NY  10036

Dear Mr. Dooley:

              Viacom Inc. ("Employer" and, together with its subsidiaries, the
"Company"), having an address at 1515 Broadway, New York, New York 10036, agrees
to employ you and you agree to accept such employment upon the following terms
and conditions:

              1. Term. The term of your employment hereunder shall commence on
September 5, 2006 (the "Start Date") and, unless terminated by Employer or you
pursuant to paragraph 10 or otherwise terminated pursuant to paragraph 9 or 11,
shall continue through and until December 31, 2011. The period from the Start
Date through December 31, 2011 shall hereinafter be referred to as the
"Employment Term" notwithstanding any earlier termination of your employment
pursuant to paragraph 9, 10 or 11.

              2. Titles and Authority.

              (a) Officer Positions and Reporting Lines. You will have the title
of Senior Executive Vice President and Chief Administrative Officer of Employer
and will have the powers, responsibilities and authorities customary for
officers who hold such positions in corporations of the size, type and nature of
Employer, as the same may be assigned to you from time to time by the President
and Chief Executive Officer of Employer. You will report solely and directly to
the President and Chief Executive Officer of Employer.

              (b) Office of the President. For so long as Philippe P. Dauman is
Employer's President and Chief Executive Officer, you and he will constitute a
two-member Office of the President that will meet regularly to supervise and
review operations, planning and strategy for the Company.

              (c) Service on the Board and with Subsidiaries. You currently
serve as a member of the Board of Directors of Employer (the "Board") and will
continue that service following the Start Date. The Board will nominate you for
reelection to the Board at the expiration of each term of office, and you agree
to serve as a member of the Board for each period for which you are so elected.
You shall, subject to your election as such from time to time and without
additional compensation, serve during the Employment Term in such additional
offices of comparable or greater stature and responsibility in the subsidiaries
of Employer and as member of any committee of the Board or of the board of
directors of any of Employer's subsidiaries, to which you may be elected from
time to time.

              (d) Full-Time Services and Other Activities. During your
employment under this Agreement, you agree to devote your entire business time,
attention and energies to the

<PAGE>

business of the Company, except for vacations, illness or incapacity. However,
nothing in this Agreement shall preclude you from serving as a member of the
board of directors of any charitable, educational, religious, entertainment
industry trade, public interest or public service organization, in each instance
not inconsistent with the business practices and policies of the Company, or
from devoting reasonable periods of time to the activities of the aforementioned
organizations or from managing your personal investments, provided that such
activities do not materially interfere with the performance of your duties and
responsibilities hereunder. Except for your service on (A) the Board, (B) the
board of directors of Employer subsidiaries, (C) the board of directors or
similar governing body of your family foundation and of any other entity all of
the beneficial interests of which are owned by you and/or members of your family
and/or Philippe P. Dauman, you shall not serve on the board of directors or
similar governing body of any business company or other business entity without
the prior consent of the Board. The Board recognizes that you have personal
investments directly or indirectly (through commingled investment funds) in
media/entertainment companies (i) which are private companies and which are
identified on Schedule A hereto and (ii) in which you own not more than one
percent (1%) of any of the debt or equity securities (or options or other rights
to purchase the debt or equity securities) and which are business organizations
that are filing reports with the Securities and Exchange Commission pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act") (the "Public Company Investments"). In addition to your right to
generally manage your personal investments as set forth above, you specifically
may retain the investments identified on Schedule A and the Public Company
Investments, and make new (X) Public Company Investments, (Y) investments in any
company identified on Schedule A which you are contractually obligated to make
pursuant to the terms of an agreement as in effect on the Start Date, or in the
exercise of your preemptive rights under any such agreement, and (Z) investments
in commingled investment funds which hold interests in media/entertainment
companies. In each of the foregoing cases, you shall retain or make such
investments only as a "passive" investor without managerial or supervisory
rights. In the event that the Company transacts business with or proposes to
enter into any transaction with any company identified on Schedule A, you will
recuse yourself from all decisions relating to such business or transaction
(whether on behalf of the Company or such other entity).

              (e) Location. You shall render your services under this Agreement
from Employer's executive offices in the New York metropolitan area (except for
services rendered during business trips as may be reasonably necessary), and you
shall not be required to relocate outside of the New York metropolitan area.

              3. Cash Compensation.

              (a) Salary. During the Employment Term, Employer shall pay you a
base salary at the annual rate of One Million Six Hundred Thousand Dollars
($1,600,000) per annum. The Compensation Committee of the Board (the
"Compensation Committee") will review your salary at least annually and may
increase (but not decrease, including as it may be increased from time to time)
the same. The result of each such annual review shall be reported to you by the
Compensation Committee promptly after it occurs. The amount of annual base
salary actually paid to you will be reduced to the extent you elect to defer
such salary under the terms of any deferred compensation or savings plan or
arrangement maintained or established by the Company. Your annual base salary
payable hereunder, without reduction for any amounts

                                       2
<PAGE>

deferred as described in the preceding sentence, is referred to herein as the
"Salary". Employer shall pay the portion of the Salary not deferred at your
election in accordance with its generally applicable payroll practices for
senior executives, but not less frequently than in equal monthly installments.

              (b) Annual Bonus Compensation. In addition to your Salary, you
shall be eligible to earn an annual bonus for each whole or partial calendar
year during the Employment Term, determined and payable as follows (the
"Bonus"):

              (i) Your Bonus for each whole calendar year during the Employment
     Term, beginning with 2007, will be based upon achievement of one or more
     performance goals established by the Compensation Committee, which may
     include individualized performance goals applicable uniquely to you, and
     shall be determined in accordance with the Employer Senior Executive
     Short-Term Incentive Plan, as the same may be amended from time to time
     (together with any successor plan, the "Senior Executive STIP"). Any
     company-wide financial performance goal(s) applicable to you will, under
     the Senior Executive STIP, be the same as the performance goal(s) used to
     determine the amount of bonus payable to any other executive of Employer
     who participates in the Senior Executive STIP and who has corporate-wide
     responsibilities.

              (ii) Your target bonus for each calendar year during the
     Employment Term shall be Five Million Six Hundred Thousand Dollars
     ($5,600,000); provided that the Compensation Committee will review your
     target bonus at least annually and may increase (but not decrease,
     including as it may be increased from time to time) the same. The result of
     each such annual review shall be reported to you by the Compensation
     Committee promptly after it occurs. Your target bonus, as it may be so
     increased from time to time, is referred to herein as the "Target Bonus".
     As the actual amount payable to you as Bonus will be dependent upon the
     achievement of performance goal(s) referred to in paragraph 3(b)(i), your
     actual Bonus may be less than, greater than or equal to the Target Bonus.
     In no event, however, will your Bonus for any calendar year be greater than
     two (2) times the Target Bonus.

              (iii) Your Bonus for the 2006 calendar year will equal a pro rata
     portion of the Target Bonus, determined by multiplying the Target Bonus
     (which, for 2006, is Five Million Six Hundred Thousand Dollars
     ($5,600,000)) by a fraction whose numerator is the number of days from the
     Start Date to December 31, 2006 (inclusive) and whose denominator is 365.
     Your bonus for the 2006 calendar year will not be conditioned on the
     achievement of performance goals.

              (iv) Your Bonus for any calendar year, including the last calendar
     year of the Employment Term, shall be payable by February 28th of the
     following year. For the avoidance of doubt, it is understood that you will
     receive the Bonus to which you are entitled for each calendar year in which
     you were employed, even if you are not employed on February 28th of the
     following year or on the actual date on which bonuses are paid for such
     year.

                                       3
<PAGE>

              (v) In the event that the current Senior Executive STIP is amended
     or terminated, you will be given an opportunity under the amended or
     successor plan to earn bonus compensation equivalent to the amount that you
     could have earned under this paragraph 3(b) but subject to the same
     limitations.

              4. Long Term Compensation. In addition to your Salary and Bonus,
you shall receive the following grants of long-term compensation under the
Employer Inc. 2006 Long-Term Management Incentive Plan (together with any
successor plan, the "LTMIP"):

              (a) Stock Option Grants.

              (i) For 2006, you will receive an award of stock options with a
     value, determined under FAS 123(R) in the same manner as used for
     Employer's financial statements, of Nine Million Six Hundred Thousand
     Dollars ($9,600,000). This grant will be made to you on the third business
     day following the date (the "Announcement Date") on which the Company
     publicly announces your election as Senior Executive Vice President and
     Chief Administrative Officer and will have a per share exercise price equal
     to the closing price of the Employer Class B Common Stock (the "Shares") on
     such date. The stock options awarded to you for 2006 will have a term of
     eight years (subject to earlier termination in accordance with the terms of
     this Agreement and the other terms and conditions applicable to such stock
     options) and will vest on the six-month anniversary of the Start Date,
     assuming that your employment with Employer continues through such date
     (but subject to accelerated vesting as provided in this Agreement).

              (ii) Beginning with 2007 and continuing for so long as you remain
     employed pursuant to this Agreement, you will receive an annual award of
     stock options with a value, determined under FAS 123(R) in the same manner
     as used for Employer's financial statements, of Four Million Eight Hundred
     Thousand Dollars ($4,800,000). Each award of stock options will have a per
     share exercise price equal to the closing price of the Shares on the date
     of grant and will vest in four equal annual installments on the first four
     anniversaries of the grant date assuming that your employment with Employer
     continues through the relevant vesting date (but subject to accelerated
     vesting as provided in this Agreement). Each annual award of stock options
     pursuant to this paragraph 4(a)(ii) will be made to you at the same time
     that Employer awards stock options to its other senior executives, but no
     later than May 1 of each calendar year.

              (iii) Except as otherwise provided herein, your stock options will
     have exercisability, expiration and other terms and conditions that conform
     to Employer's standard practices for stock options awarded to senior
     executives and that are no less favorable to you than the terms applicable
     to any other senior executive of the Company awarded stock options at the
     same time.

              (b) Performance Share Units. Beginning with calendar year 2007 and
continuing for so long as you remain employed pursuant to this Agreement, you
will also receive an annual award of performance share units ("PSUs") under the
LTMIP. PSUs are notional units of measurement and represent the right to receive
a number of Shares determined on the basis of the performance of the Shares in
comparison to the performance of the common stock of

                                       4
<PAGE>

companies comprising the Standard & Poor's 500 Composite Index (the "S&P 500")
(as adjusted as described below), on the terms and conditions set forth in this
Agreement.

              (i) Grants of PSUs. Awards of PSUs will be made to you as of
     January 1 of each year during the Employment Term (each a "Grant Date"),
     with the first award being made as of January 1, 2007. (You will not
     receive an award of PSUs with respect to 2006.) The target amount of Shares
     for each annual award of PSUs (the "Target Award") will be determined by
     dividing Four Million Eight Hundred Thousand Dollars ($4,800,000) by the
     average closing price of the Shares on the New York Stock Exchange (or
     other principal stock exchange on which the Shares are then listed) for the
     10 trading days prior to the Grant Date, rounded up to the nearest whole
     Share. The date as of which the number of Shares to be received under each
     award shall be computed (that award's "Determination Date") will be the
     December 31 immediately preceding the third anniversary of the Grant Date
     (including for awards the third anniversary of whose Grant Date will occur
     after the end of the Employment Term), provided, however, that in the event
     your employment with Employer terminates in a Qualifying Termination (as
     defined below) prior to the third anniversary of the Grant Date of an award
     of PSUs, the Determination Date for such award will be the effective date
     of your termination of employment. (By way of illustration, except in the
     case of a Qualifying Termination the Determination Date for your award of
     PSUs for 2007 will be December 31, 2009.) Each award of PSUs will be
     forfeited in full, and no Shares will be delivered to you in connection
     therewith, if your employment with Employer terminates before the
     Determination Date for the award for any reason other than a Qualifying
     Termination.

              (ii) Valuation of PSUs. As of the Determination Date for an award
     of PSUs, the TSR (as defined below) of the Shares over the relevant
     Measurement Period (as defined below) will be measured against the TSR of
     the common stock of the companies comprising the Reference Group (as
     defined below) over the same Measurement Period. Subject to paragraph
     4(b)(iii), the percentile ranking of the TSR of the Shares as compared to
     the companies comprising the Reference Group will be used to calculate the
     number of Shares that you will receive, in accordance with the following
     schedule (the "Schedule").

                                       5
<PAGE>

                -------------------------------------------------
                |                  Schedule                     |
                -------------------------------------------------
                |  o If Employer achieves less than the 25th    |
                |  percentile TSR, the award of PSUs will be    |
                |  forfeited                                    |
                -------------------------------------------------
                |  o If Employer achieves the 25th percentile   |
                |  TSR, the number of Shares to be delivered    |
                |  under the award will be 25% of the Target    |
                |  Award                                        |
                -------------------------------------------------
                |  o If Employer achieves the 50th percentile   |
                |  TSR, the number of Shares to be delivered    |
                |  under the award will be 100% of the Target   |
                |  Award                                        |
                -------------------------------------------------
                |  o If Employer achieves the 100th percentile  |
                |  TSR (that is, if it is the first ranked      |
                |  company in the Reference Group for TSR),     |
                |  the number of Shares to be delivered under   |
                |  the award will be 300% of the Target Award  |
                -------------------------------------------------

     For Employer achievement at an intermediate points between the 25th and
     50th percentile, or between the 50th percentile and the 100th percentile,
     the number of Shares to be delivered will be interpolated between the
     respective Shares delivered at such percentiles. For example, if Employer
     were to achieve the 70th percentile TSR, the number of Shares to be
     delivered would be 180% of the Target Award.

              (iii) EPS Valuation Rule. Notwithstanding the valuation principles
     set forth in paragraph 4(b)(ii), if, for the Measurement Period for any
     award of PSUs, (x) Employer achieves less than the 50th percentile TSR, and
     (y) its earnings per share ("EPS") exceed a hurdle specified by the
     Compensation Committee, then the number of Shares to be delivered under the
     award will equal the arithmetic average of the Target Award and the number
     of Shares that would be received under the award pursuant to the Schedule,
     rounded up to the nearest whole Share. The EPS hurdle in respect of an
     award of PSUs will be established and approved by the Compensation
     Committee no later than September 30 of the year in which occurs the Grant
     Date of such PSUs, will consider, in a manner determined by the
     Compensation Committee, earnings throughout the Measurement Period and not
     just the earnings for a limited part of the Measurement Period
     (considering, for example and not by way of limitation, trends in the
     earnings over the Measurement Period, or cumulative earnings during the
     Measurement Period, rather than, for example, considering only the earnings
     for a single year of the Measurement Period) and will be consistent with
     the strategic plan for the Company approved by the Board.

              (iv) Vesting; Delivery; Registration. Shares delivered in
     settlement of a PSU award will be delivered as follows:

                                6
<PAGE>

                   a.   If Employer achieves at least the 50th percentile TSR,
                        Shares will be delivered no later than four (4) weeks
                        following the Determination Date for such award; and

                   b.   If employer does not achieve at least the 50th
                        percentile TSR, (I) a number of shares determined
                        pursuant to the Schedule will be delivered no later than
                        four (4) weeks following the Determination Date and (II)
                        any incremental Shares to which you are entitled by
                        virtue of paragraph 4(b)(iii) will be delivered on the
                        second business day following the delivery of Employer's
                        audited financial statements in respect of the last year
                        of the applicable Measurement Period (so that it can be
                        determined whether or not Employer attained the EPS
                        hurdle in respect of such award).

         All Shares delivered in settlement of PSUs shall be fully vested and
         non-forfeitable and registered on Form S-8 or a different registration
         statement of similar import. You may elect to satisfy required tax
         withholding in respect of the delivery of such Shares by having
         Employer withhold from such delivery Shares having a fair market value
         equal to the amount of such required withholding.

              (v) Definitions. For purposes of this paragraph 4(b), the
     following definitions shall apply:

                   a.   The "Measurement Period" for your awards of PSUs will be
                        determined as follows: (I) the Measurement Period for
                        your award of PSUs for 2007 will begin on the third
                        business day following the Announcement Date and end on
                        December 31, 2009; (II) the Measurement Period for your
                        award of PSUs for 2008 will begin on the third business
                        day following the Announcement Date and end on December
                        31, 2010; and (III) the Measurement Period for your
                        award of PSUs for 2009 and subsequent years will begin
                        on the Grant Date for the Award (which shall always be
                        January 1) and end on the December 31 immediately prior
                        to the third anniversary of the Grant Date; provided,
                        however, that if your employment with Employer
                        terminates in a Qualifying Termination, the Measurement
                        Period (X) for your then-outstanding awards of PSUs for
                        2007 and 2008 will be the period beginning on the third
                        business day following the Announcement Date and ending
                        on the effective date of your Qualifying Termination and
                        (Y) for each of your other then-outstanding awards of
                        PSUs will be the period beginning on the later of (a)
                        the third business day following the Announcement Date
                        and (a) the date that is three years before the
                        effective date of your Qualifying Termination and ending
                        in either case on the effective date of your Qualifying
                        Termination.

                                7
<PAGE>

                        By way of illustration: if you were to experience a
                        Qualifying Termination on June 30, 2009, you would have
                        outstanding PSU awards for 2007, 2008 and 2009, and the
                        Measurement Period for each such award would be the
                        period from the third business day following the
                        Announcement Date through June 30, 2009. If you were to
                        experience a Qualifying Termination on March 1, 2011,
                        you would have outstanding PSU awards for 2009, 2010 and
                        2011 (your awards for 2007 and 2008 would previously
                        have been valued and settled), and the Measurement
                        Period for each such award would be the period from
                        March 1, 2008 through March 1, 2011.

                   b.   Your employment with Employer will be considered to have
                        terminated in a "Qualifying Termination" if (I) your
                        employment is terminated by Employer without Cause (as
                        defined in, and subject to the terms and conditions of,
                        paragraph 10(a)); (II) you resign from employment for
                        Good Reason (as defined in, and subject to the terms and
                        conditions of, paragraph 10(b)); or (III) your
                        employment terminates by reason of your death or your
                        incapacity as provided in paragraph 9.

                   c.   "Reference Group" means, with respect to any award of
                        PSUs, all companies whose common stock is included in
                        the S&P 500 at the start of the Measurement Period for
                        that award (other than (I) companies that cease to be
                        included in the S&P 500 during the Measurement Period
                        solely due to merger, acquisition, liquidation or
                        similar events changing the identity and nature of the
                        company and (II) companies that cease to be included in
                        the S&P 500 other than on account of events described in
                        the preceding clause (I) and which also cease to have
                        common stock publicly traded on an exchange or on a
                        recognized market system or the over-the-counter
                        market).

                   d.   "TSR" means for the Shares and for the common stock of
                        each company in the Reference Group, the percentage
                        change in value (positive or negative) over the relevant
                        Measurement Period as measured by dividing (i) the sum
                        of (A) each company's cumulative value of dividends and
                        other distributions in respect of its common stock for
                        the Measurement Period, assuming dividend reinvestment,
                        and (B) the difference (positive or negative) between
                        each company's common stock price on the first and last
                        day of the Measurement Period (calculated on the basis
                        of the average closing prices over the 20-day trading
                        period immediately prior to the first day of the
                        Measurement Period (except that in the case of the PSU
                        awards for 2007 and 2008, the closing price on the third
                        business day following the Announcement Date, rather a
                        20-day average, will be used) and the average closing
                        prices over the 20-day

                                       8
<PAGE>

                        trading period immediately prior to the relevant
                        Determination Date, in each case, as reported by
                        Bloomberg L.P. (or such other reporting service that the
                        Compensation Committee may designate from time to
                        time)); by (ii) the common stock price on the first day
                        of the Measurement Period, calculated on the basis
                        described above. Appropriate and equitable adjustments
                        will be made to account for stock splits and reverse
                        stock splits. TSR will be determined by the Compensation
                        Committee in a manner consistent with this definition.
                        For purposes of computing TSR, if a company has more
                        than one class of common stock outstanding then only the
                        class that is included in the S&P 500 shall be taken
                        into account, and if there is more than one such class
                        the company's TSR shall be computed using the aggregate
                        values of and distributions on all such classes.

              (vi) Other Terms and Conditions. Employer's PSU program is
     currently under development and review by the Compensation Committee and
     may be made available to other senior executives of the Company. You
     acknowledge and agree that the program as definitively approved by the
     Compensation Committee may include terms and conditions in addition to
     those set forth in this Agreement, and that such terms and conditions will
     apply to PSUs awarded to you pursuant to this Agreement. You will
     participate in the discussions leading to finalization of the program, and
     the definitive terms and conditions approved by the Compensation Committee
     will be no less favorable to you than to the Company's other senior
     executives. Notwithstanding the above, no such new terms and conditions
     will apply to you, without your written consent, to the extent they would
     make the payout in respect of your PSUs more difficult to attain or reduce
     the amount attainable thereof pursuant to the terms of this Section 4(b).

              (c) No Awards Following Termination of Employment. For the
avoidance of doubt, it is noted that you will not be entitled to any annual
awards of stock options or of PSUs following termination of your employment with
Employer for any reason.

              5. Sign-On Consideration: Matching RSUs. You have agreed to invest
at least Four Million Dollars ($4 million) to purchase Shares within three
months following the Start Date; provided that if you have not purchased such
Shares by the last day of such three-month period and are prohibited by law or
Employer policy from purchasing Shares on such last day, the deadline to make
such purchase shall be extended until the third business day following the
earliest day that you are subsequently not prohibited from purchasing Shares.
For each Share that you purchase within the time period described in the
preceding sentence (the "Purchased Shares"), up to a maximum investment by you
of Four Million Dollars ($4 million), Employer will award you two matching stock
units (the "Matching RSUs") under the LTMIP. Each Matching RSU will correspond
to one Share. Matching RSUs will vest in four equal annual installments on the
first four anniversaries of the date on which you purchase the last of the
Shares constituting an investment of Four Million Dollars ($4 million) (each
such anniversary being a "Matching RSU Vesting Date") and will be settled by
delivery of Shares on or as soon as administratively practicable following the
applicable Matching RSU Vesting Date. Such delivered Shares shall be fully
vested and non-forfeitable and registered on Form S-8 or a

                                       9
<PAGE>

different registration statement of similar import. You may elect to satisfy
required tax withholding in respect of the delivery of such Shares by having
Employer withhold from such delivery Shares having a fair market value equal to
the amount of such required withholding. Subject to accelerated vesting as
provided in paragraphs 9, 10(d) and 11, vesting of Matching RSUs is contingent
on (i) your remaining in employment through the applicable Matching RSU Vesting
Date and (ii) your having retained ownership of the corresponding Purchased
Shares from the date of purchase through the applicable Matching RSU Vesting
Date. If prior to any Matching RSU Vesting Date (subject to accelerated vesting
as provided in paragraphs 9, 10(d) and 11) you sell any Purchased Shares, two
unvested Matching RSUs will be forfeited for each Purchased Share sold, with
Matching RSUs with the latest Matching RSU Vesting Date being forfeited first.
An amount equal to any dividends or other distributions paid in respect of
Shares while you hold unvested Matching RSUs shall be credited to an account on
Employer's books as if each Matching RSU were a Share. Such dividend or
distribution equivalents will be paid to you when and if the Matching RSUs to
which they relate vest.

              6. Benefits.

              (a) You shall be entitled to participate in such life and medical
insurance, pension and other employee benefit plans as the Company may have or
establish from time to time and in which other Company executives with
corporate-wide responsibilities are eligible to participate. The foregoing,
however, shall not be construed to require Employer or any of its subsidiaries
to establish any such plans or to prevent the modification or termination of
such plans once established, and no such action or failure thereof shall affect
this Agreement; provided that no such modification or termination shall be
applicable to you unless also equally applicable to all other Company executives
with corporate-wide responsibilities. All benefits you may be entitled to as an
employee of Employer shall be based upon your Salary and not upon any bonus
compensation due, payable or paid to you hereunder, except where the benefit
plan expressly provides otherwise. You shall be entitled to four (4) weeks paid
vacation during each calendar year during the Employment Term.

              (b) Employer shall provide you with no less than Six Million Four
Hundred Thousand Dollars ($6,400,000) of life insurance during the Employment
Term at Employer's cost, the beneficiary or beneficiaries of which shall be
designated by you or the assignee of such policy in accordance with the
following sentence. You shall have the right to assign the policy for such life
insurance to your spouse and/or issue or to a trust or trusts primarily for the
benefit of your spouse or issue.

              7. Business Expenses, Perquisites. During the Employment Term, you
shall be reimbursed for such reasonable travel and other expenses incurred in
the performance of your duties hereunder on a basis no less favorable than that
provided by Employer to any of its senior executives other than Employer's
Executive Chairman and Founder. Employer shall pay the fees and expenses of your
counsel and other fees and expenses which you incur in negotiating this
Agreement. While you are actively employed during the Employment Term, you shall
be entitled to the use of a private plane to travel on Company business
(accompanied by your spouse, at your option and, unless your spouse's presence
is required by the Company, at your cost). You also shall be entitled to other
perquisites in accordance with Employer policy on a

                                       10
<PAGE>

basis no less favorable than that provided by Employer to any of its senior
executives other than Employer's Executive Chairman and Founder.

              8. Exclusive Employment, Etc.

              (a) Non-Competition. You agree that your employment hereunder is
on an exclusive basis, and that during the period (the "Non-Compete Period")
beginning on the Start Date and ending on the first anniversary of the
termination of your employment for any reason other than termination of your
employment upon expiration of the Employment Term (in which case the Non-Compete
Period will end on the last day of the Employment Term), other than as set forth
in paragraph 2(d), you will not engage in any other business activity which is
in conflict with your duties and obligations (including your commitment of time)
hereunder. You agree that during the Non-Compete Period you shall not, directly
or indirectly, engage in or participate as an owner, partner, holder or
beneficiary of stock, stock options or other equity interest, officer, employee,
director, manager, partner or agent of, or consultant for, any company or
business competing with the Company; provided, however, that nothing herein
shall prevent you from participating in any investment activities specifically
allowed under paragraph 2(d); further provided, however, that following
termination of your employment with Employer you may be actively involved in the
management of any company listed on Schedule A.

              (b) No Solicitation of Employees. You agree that, during the
period of your employment hereunder and for the period provided below after the
termination of your employment for any reason, you will not employ any
Restricted Employee (as defined below), or in any way induce or attempt to
induce any Restricted Employee to leave the employment of Employer or any of its
affiliates. You agree that you will not take the actions described in the
preceding sentence (i) with respect to any Restricted Employee at the level of
Vice President or above for one (1) year after the termination of your
employment for any reason, and (ii) with respect to any Restricted Employee at
the level of director for six (6) months after the termination of your
employment for any reason. "Restricted Employee" refers to any person employed
by Employer or any of its affiliates or predecessors or previously employed by
Employer or any of its affiliates or predecessors (unless at such time such
person has not been employed by Employer and/or any of its affiliates or
predecessors for at least six (6) months).

              (c) Confidential Information. You agree that, during the
Employment Term or at any time thereafter, you will not use for your own
purposes, or disclose to or for the benefit of any third party, any information
relating to Employer, Employer's clients or other parties with which Employer
has a relationship, or that may provide Employer with a competitive advantage
("Confidential Information") (except as may be required by law or in the
performance of your duties hereunder consistent with the Company's policies) and
you will comply with any and all confidentiality obligations of the Company to a
third party which you know or should know about, whether under agreement or
otherwise. Confidential Information shall include, without limitation, trade
secrets; inventions (whether or not patentable); technology and business
processes; business, product or marketing plans; sales and other forecasts;
financial information; client lists or other intellectual property; information
relating to compensation and benefits; public information that becomes
proprietary as a result of Employer's compilation of that information for use in
its business; documents (including any electronic record, videotapes or
audiotapes); and oral communications incorporating Confidential Information.
Notwithstanding

                                       11
<PAGE>

the foregoing, confidential information shall be deemed not to include
information which (i) is or becomes generally available to the public other than
as a result of a disclosure by you in violation of this Agreement or by any
other person who directly or indirectly receives such information from you or at
your direction in violation of this Agreement, or (ii) is or becomes available
to you on a non-confidential basis from a source which is entitled to disclose
it to you.

              (d) Employer Ownership. The results and proceeds of your services
to the Company, whether or not created during the Employment Term, including,
without limitation, any works of authorship resulting from your services and any
works in progress resulting from such services, shall be works-made-for-hire and
Employer shall be deemed the sole owner throughout the universe of any and all
rights of every nature in such works, with the right to use, license or dispose
of the works in perpetuity in any manner Employer determines in its sole
discretion without any further payment to you, whether such rights and means of
use are now known or hereafter defined or discovered. If, for any reason, any of
the results and proceeds of your services to the Company are not legally deemed
a work-made-for-hire and/or there are any rights in such results and proceeds
which do not accrue to Employer under this paragraph 8(d) then you hereby
irrevocably assign any and all of your right, title and interest thereto,
including, without limitation, any and all copyrights, patents, trade secrets,
trademarks and/or other rights of every nature in the work, and Employer shall
have the sole right to use, license or dispose of the work in perpetuity
throughout the universe in any manner Employer determines in its sole discretion
without any further payment to you, whether such rights and means of use are now
known or hereafter defined or discovered. Upon request by Employer, whether or
not during the Employment Term, you shall do any and all things which Employer
may deem useful or desirable to establish or document Employer's rights in the
results and proceeds of your services to the Company, including, without
limitation, the execution of appropriate copyright, trademark and/or patent
applications, assignments or similar documents. You hereby irrevocably designate
the General Counsel, Secretary or any Assistant Secretary of Employer as your
attorney-in-fact with the power to take such action and execute such documents
on your behalf. To the extent you have any rights in such results and proceeds
that cannot be assigned as described above, you unconditionally and irrevocably
waive the enforcement of such rights. This paragraph 8(d) is subject to, and
does not limit, restrict, or constitute any waiver by Employer of any rights of
ownership to which Employer may be entitled by operation of law by virtue of
Employer or any of its affiliates or predecessors being your employer.

              (e) Litigation. You agree that, during the period of your
employment hereunder, for one (1) year thereafter and, if longer, during the
pendancy of any litigation or other proceeding, (i) you shall not communicate
with anyone (other than your attorneys and tax advisors and except to the extent
required by law or necessary in the performance of your duties hereunder) with
respect to the facts or subject matter of any pending or potential litigation,
or regulatory or administrative proceeding involving Employer or any of its
affiliates or predecessors, other than any litigation or other proceeding in
which you are a party-in-opposition, without giving prior notice to Employer or
Employer's counsel, and (ii) in the event that any other party attempts to
obtain information or documents from you with respect to matters possibly
related to such litigation or other proceeding, you shall promptly so notify
Employer's counsel unless you are prohibited from doing so under applicable law.
You agree to cooperate, in a reasonable and appropriate manner, with Employer
and its attorneys, both during and after the termination of your employment, in
connection with any litigation or other

                                       12
<PAGE>

proceeding arising out of or relating to matters in which you were involved
prior to the termination of your employment to the extent Employer pays all
reasonable expenses you incur in connection with such cooperation (including,
without limitation, the fees and expenses of your counsel) and to the extent
such cooperation does not unreasonably interfere with your personal or
professional schedule.

              (f) No Right to Write Books, Articles, Etc. During the period of
your employment hereunder and for two (2) years thereafter but not beyond the
end of the Employment Term, except in the course of the performance of your
duties and responsibilities or otherwise as authorized by the Board, you shall
not prepare or assist any person or entity in the preparation of any books,
articles, radio broadcasts, electronic communications, television or motion
picture productions or other creations, concerning Employer or any of its
affiliates or predecessors or any of their officers, directors, agents,
employees, suppliers or customers.

              (g) Return of Property. All documents, data, recordings, or other
property, whether tangible or intangible, including all information stored in
electronic form, obtained or prepared by or for you and utilized by you in the
course of your employment with Employer shall remain the exclusive property of
Employer and shall remain in Employer's exclusive possession at the conclusion
of your employment. In the event of the termination of your employment for any
reason, Employer reserves the right, to the extent permitted by law and in
addition to any other remedy Employer may have, to deduct from any monies
otherwise payable to you the following: (i) all amounts you may owe, pursuant to
a legally enforceable agreement, to Employer or any of its affiliates or
predecessors at the time of or subsequent to the termination of your employment
with Employer; and (ii) the value of the Employer property which you retain in
your possession after the termination of your employment with Employer following
Employer's written request for same and your failure to return same. In the
event that the law of any state or other jurisdiction requires the consent of
any employee for such deductions, this Agreement shall serve as such consent.

              (h) Non-Disparagement. You and, to the extent set forth in the
next sentence, Employer agree that each party shall not, during the period of
your employment hereunder and for one (1) year thereafter, criticize, ridicule
or make any statement which disparages or is derogatory of the other party in
any non-public communication with any customer, client or member of the
investment community or media or in any public communication. Employer's
obligations under the preceding sentence shall be limited to communications by
its senior corporate executives having the rank of Senior Vice President or
above ("Specified Executives"), and it is agreed and understood that any such
communication by any Specified Executive shall be deemed to be a breach of this
paragraph 8(h) by Employer. Notwithstanding the foregoing, neither you nor
Employer shall be prohibited from making statements in response to statements by
the other party that criticize or ridicule or are disparaging or derogatory
provided that the responsive statements do not criticize or ridicule and are not
disparaging or derogatory.

              (i) Injunctive Relief, Etc. Employer has entered into this
Agreement in order to obtain the benefit of your unique skills, talent and
experience. You acknowledge and agree that any violation of paragraphs 8(a)
through 8(h) will result in irreparable damage to Employer, and, accordingly,
Employer may obtain injunctive and other equitable relief for any breach or

                                       13
<PAGE>

threatened breach of such paragraphs, in addition to any other remedies
available to Employer. You and Employer agree that the restrictions and remedies
contained in paragraphs 8(a) through 8(h) are reasonable and that it is your
intention and the intention of Employer that such restrictions and remedies
shall be enforceable to the fullest extent permissible by law. If it shall be
found by a court of competent jurisdiction that any such restriction or remedy
is unenforceable but would be enforceable if some part thereof were deleted or
the period or area of application reduced, then such restriction or remedy shall
apply with such modification as shall be necessary to make it enforceable.

              (j) Survival. Your obligations under paragraphs 8(a) through 8(h)
and Employer's obligations under paragraph 8(h) shall remain in full force and
effect for the entire period provided therein (and only for such period)
notwithstanding the termination of your employment pursuant to paragraph 10
hereof or otherwise or the expiration of the Employment Term.

              9. Incapacity. In the event you become totally medically disabled
and you will not be able to substantially perform your duties for at least six
(6) consecutive months or a total of 180 days during any 270 day period, the
Board, at any time after such disability has continued for 60 consecutive days,
may determine that Employer requires such duties and responsibilities be
performed by another executive. In the event that you become "disabled" within
the meaning of such term under Employer's Short-Term Disability (STD) and its
Long-Term Disability (LTD) program, you will first receive benefits under the
STD program for the first 26 weeks of consecutive absence, which will be equal
to your Salary, and the amount of such benefits will offset any Salary that
otherwise would be paid to your pursuant to this Agreement. Thereafter, you will
be eligible to receive benefits under the LTD program in accordance with its
terms. For purposes of this Agreement, you will be considered to have
experienced a termination of employment with Employer as of the date you first
become eligible to receive benefits under the LTD program, and until that time
you shall be treated for all purposes of this Agreement as an active employee of
Employer. Upon receipt of benefits under the LTD program, you will also be
entitled to receive the following:

              (i) Employer will pay your Accrued Compensation and Benefits (as
     defined below in paragraph 10(d)(i));

              (ii) Employer will pay you a prorated Bonus for the year of your
     termination of employment based on your Target Bonus and the number of
     calendar days of such year elapsed through the date of your termination of
     employment;

              (iii) all of your outstanding unvested Employer stock options will
     vest, and all such options and all of your outstanding options that have
     previously vested will remain exercisable for the period provided for under
     the terms of the applicable award agreement;

              (iv) the number of Shares to which you are entitled in respect of
     your outstanding awards of PSUs will be determined as provided in paragraph
     4(b) for Qualifying Terminations, and all Shares delivered upon settlement
     of performance share units will be considered vested;

                                       14
<PAGE>

              (v) all of your Matching RSUs will vest and be settled as promptly
     as administratively practicable after your termination date; and

              (vi) Employer will continue to provide you with life insurance
     coverage as set forth in paragraph 6(b) until the end of the Employment
     Term or, if earlier, the date on which you become eligible for at least as
     much insurance coverage from a third party employer at the employer's
     expense; provided, however, that Employer may decrease the amount of life
     insurance coverage it provides you so along as the amount of such coverage
     that it continues to provide, and the amount of such coverage provided to
     you from a third party employer at the employer's expense, aggregates at
     least the amount set forth in paragraph 6(b).

              10. Termination.

              (a) Termination for Cause; Resignation without Good Reason.
Employer may, at its option, terminate your employment for Cause (as defined
below). You may, at your option, terminate your employment without Good Reason
(as defined below). For purposes of this Agreement, termination of your
employment for "Cause" shall mean termination of your employment due to any of
the following:

              (i) your engaging or participating in intentional acts of material
     fraud against the Company;

              (ii) your willful misfeasance having a material adverse effect on
     the Company(except in the event of your incapacity as set forth in
     paragraph 9);

              (iii) your substantial and continual refusal to perform your
     duties, responsibilities or obligations provided for in this Agreement
     (provided that such duties, responsibilities or obligations are not
     inconsistent with your position as Senior Executive Vice President and
     Chief Administrative Officer or any more senior position to which you may
     be appointed and are otherwise lawful);

              (iv) your conviction of a felony or entering a plea of nolo
     contendere to a felony charge;

              (v) your willful violation of any policy of the Company that is
     generally applicable to all employees or all officers of the Company
     including, but not limited to, policies concerning insider trading or
     sexual harassment, or the Company's code of conduct, that you knew or
     reasonably should have known could reasonably be expected to result in a
     material adverse effect on the Company;

              (vi) your willful unauthorized disclosure of a trade secret or
     other confidential material information of the Company, that you knew or
     reasonably should have known could reasonably be expected to result in a
     material adverse effect on the Company;

              (vii) your willful failure to cooperate fully with a bona fide
     Company internal investigation or an investigation of the Company by
     regulatory or law enforcement

                                       15
<PAGE>

     authorities whether or not related to your employment with the Company (an
     "Investigation"), after being instructed by the Board to cooperate;

              (viii) your willful destruction of or knowing and intentional
     failure to preserve documents or other material known by you to be relevant
     to any Investigation; or

              (ix) your willful inducement of others to fail to cooperate in any
     Investigation or to produce documents or other material.

For purposes of the foregoing definition, an act or omission shall be considered
"willful" if it done, or omitted to be done, by you with knowledge and intent.
Anything herein to the contrary notwithstanding, the Board will give you written
notice (a "Cause Notice"), not more than thirty (30) calendar days after the
occurrence of the event constituting Cause comes to the attention of an
"executive officer" of Employer (as defined by the rules and regulations of the
Securities Exchange Commission for purposes of the Exchange Act), prior to
terminating your employment for Cause. A Cause Notice will set forth in
reasonable detail the circumstances constituting Cause and, if applicable, the
conduct required to cure the same. Except for actions, malfeasance or
circumstances which by their nature cannot be cured, you shall have thirty (30)
calendar days from your receipt of such notice within which to cure. Without
prejudice to whether any other action, malfeasance or circumstance is capable of
cure, it shall be a rebuttable presumption that any purported refusal to perform
your duties, responsibilities or obligations as described in clause (iii) above,
and any failure to cooperate with an Investigation as described in clause (vii)
above, is capable of cure. Notwithstanding the above, any violation of Company
policy or failure to cooperate with an Investigation which is in connection with
the exercise of your constitutional right against self-incrimination shall not
be considered an event described in clause (v) or (vii) above. For purposes of
this Agreement, no termination of your employment purportedly for Cause shall be
treated as a termination for Cause without your receipt of a Cause Notice, nor
shall any termination of your employment during the 30-day cure period provided
for in the preceding sentence, if applicable, or after your satisfactory cure of
the breach, malfeasance or circumstances that the Company asserted as
constituting Cause, be considered a termination for Cause for such stated
reasons. The date of a termination of your employment for Cause shall be the
date after the cure period provided for above, if any, expires without your
having cured the actions, malfeasance or circumstances constituting Cause to the
reasonable satisfaction of the Board (or, if no cure period is applicable, the
date of termination specified in the written notice given to you by the Board).

              (b) Good Reason Termination. Upon written notice to Employer, you
may resign from your employment hereunder for "Good Reason" at any time during
the Employment Term not more than thirty (30) calendar days after you become
aware of the occurrence of the event constituting Good Reason. Such notice shall
state an effective date no earlier than thirty (30) calendar days after the date
it is given, and Employer shall have thirty (30) calendar days from the giving
of such notice within which to cure and within which period you cannot terminate
your employment under this Agreement for the stated reasons and, if so cured,
after which you cannot terminate your employment under this Agreement for the
stated reasons; provided, however, that this sentence shall not apply with
respect to events which by their nature cannot be cured. "Good Reason" shall
mean, without your prior written consent, other than in

                                       16
<PAGE>

connection with the termination of your employment for Cause (as defined above)
or incapacity (as set forth in paragraph 9) or as a result of your death:

              (i) the assignment to you of duties substantially inconsistent
     with your positions, duties or responsibilities as Senior Executive Vice
     President and Chief Administrative Officer or any more senior position to
     which you may be appointed, or any change in reporting such that you not
     report solely and directly to Employer's President and Chief Executive
     Officer;

              (ii) your removal from or any failure to re-elect you as Senior
     Executive Vice President and Chief Administrative Officer or any more
     senior position to which you may be appointed;

              (iii) your failure to be elected or reelected to the Board at any
     annual meeting of shareholders of the Company at which your term as
     director is scheduled to expire;

              (iv) a reduction in your Salary, Target Bonus or other
     compensation levels as the same may be increased from time to time during
     the Employment Term;

              (v) Employer's requiring you to be based anywhere other than the
     New York metropolitan area, except for required travel on the Company's
     business; or

              (vi) any other breach by Employer of its obligations hereunder.

              (c) Termination Without Cause. Employer may terminate your
employment hereunder without Cause at any time during the Employment Term by
written notice to you.

              (d) Termination Payments, Etc.

              (i) Termination for Cause or Resignation without Good Reason. In
     the event that Employer terminates your employment for Cause, or if you
     resign your employment without Good Reason, Employer shall promptly pay and
     provide you with Accrued Compensation and Benefits. For purposes of this
     Agreement, "Accrued Compensation and Benefits" shall consist of: (w)
     reimbursement of any unpaid business expenses to which your are entitled to
     reimbursement pursuant to paragraph 7 that were incurred prior to the
     effective date of your termination or resignation (the "Termination Date");
     (x) your Salary through the Termination Date determined in accordance with
     paragraph 10(a) or 10(b), as applicable; (y) any earned but unpaid Bonus
     with respect to any completed calendar year; and (z) all other vested
     compensation benefits to which you are entitled as of the Termination Date
     under the terms and conditions applicable to such compensation and
     benefits.

              (ii) Termination without Cause or Resignation with Good Reason. In
     the event that Employer terminates your employment without Cause, or if
     your resign your employment for Good Reason, you shall be entitled to
     receive the following:

                   a.   Employer will pay and provide your Accrued Compensation
                        and Benefits;

                                       17
<PAGE>

                   b.   Employer will pay you a prorated Bonus for the year of
                        your termination of employment based on your Target
                        Bonus and the number of calendar days of such year
                        elapsed through the Termination Date;

                   c.   Employer will pay you a severance payment (the
                        "Severance Payment") equal to two times the sum of:

                        i.   your Salary in effect at the time of termination
                             (or, if your Salary has been reduced in violation
                             of this Agreement, your highest Salary during the
                             Employment Term); and

                        ii.  the higher of (X) the average of the annual cash
                             Bonuses payable to you (whether or not actually
                             paid) with respect to the last three (or fewer)
                             completed calendar years prior to the Termination
                             Date (with the cash bonus for 2006 being considered
                             the full annualized Target Bonus for 2006, i.e.,
                             Seven Million Dollars ($7 million)) and (Y) the
                             Target Bonus at the Termination Date (or, if your
                             Target Bonus has been reduced in violation of this
                             Agreement, your highest Target Bonus during the
                             Employment Term) (the "Applicable Bonus Amount")

                        (such sum being the "Severance Amount"); provided,
                        however, that if fewer than 24 months remain in the
                        Employment Term at the Termination Date, the amount of
                        the Severance Payment will equal the Severance Amount
                        multiplied by a fraction the numerator of which is the
                        number of months (including partial months) remaining in
                        the Employment Term (but in no event will the numerator
                        be less than 12) and the denominator of which is 24;

                   d.   all of your outstanding unvested Employer stock options
                        will vest, and all such options and all of your
                        outstanding Employer stock options that have previously
                        vested will remain exercisable for two years (or, if
                        earlier, until their normal expiration date);

                   e.   the number of Shares to which you are entitled in
                        respect of your outstanding awards of PSUs will be
                        determined as provided in paragraph 4(b) for Qualifying
                        Terminations, and all Shares delivered upon settlement
                        of performance share units will be considered vested;

                   f.   all of your unvested Matching RSUs will vest and be
                        settled as promptly as administratively practicable
                        after your Termination Date;

                                       18
<PAGE>

                   g.   Employer will continue to provide you with life
                        insurance coverage as set forth in paragraph 6(b) until
                        the end of the Employment Term or, if earlier, the date
                        on which you become eligible for at least as much
                        insurance coverage from a third party employer at the
                        employer's expense; provided, however, that Employer may
                        decrease the amount of life insurance coverage it
                        provides you so along as the amount of such coverage
                        that it continues to provide, and the amount of such
                        coverage provided to you from a third party employer at
                        the employer's expense, aggregates at least the amount
                        set forth in paragraph 6(b);

                   h.   you and your eligible dependents who were participating
                        in any such arrangements at the Termination Date shall
                        be entitled to continued participation, at Employer's
                        sole cost, in all medical, dental and hospitalization
                        benefit plans or programs in which you and/or they were
                        participating on the date of the termination of your
                        employment until the earlier of (A) 24 months following
                        termination of your employment and (B) the date, or
                        dates, you receive equivalent coverage and benefits
                        under the plans and programs of a subsequent employer;
                        provided that, if your continued participation in any
                        employee plan or program as provided in this paragraph
                        10(d)(ii)h would conflict with any law or regulation, or
                        would result in any adverse tax consequences for you,
                        the Company or other participants in such plan or
                        program, you shall be provided with the economic
                        equivalent of the benefits provided under the plan or
                        program in which you are unable to participate. In the
                        case of any welfare benefit plan, the economic
                        equivalent of any benefit foregone (x) shall be deemed
                        to be the lowest cost that you would incur in obtaining
                        such benefit yourself on an individual basis (but
                        including dependent coverage, if applicable) and (y)
                        shall be provided on a "tax grossed-up basis" to the
                        extent the economic equivalent is taxable to you but the
                        provision of the benefit to you while an employee was
                        not taxable.

              (iii) Timing of Payments and Settlement. The cash portion of your
     Accrued Compensation and Benefits and 50% of the Severance Payment will be
     paid in a lump sum within 30 days after the Termination Date (or, if
     required to avoid the imposition of tax, interest or penalties under
     Section 409A of the Internal Revenue Code of 1986, as amended ("Section
     409A"), on the date that is six months and one day after the date of your
     "separation from service" within the meaning of Section 409A; provided that
     interest will be paid to you at the time of such payment in respect of the
     amount as to which payment was delayed at the Company's highest borrowing
     rate in effect on the Termination Date, from the Termination Date through
     the date of payment ("Section 409A Interest")). The remaining 50% of the
     Severance Payment will be paid in accordance with the Company's regular
     payroll practices over the number of months (up to 24) on which the
     Severance Payment was calculated, beginning with the first payroll period
     following the Termination Date (or, if required to avoid the imposition of
     tax,

                                       19
<PAGE>

     interest or penalties under Section 409A, commencing with the first regular
     payroll date occurring more than six months after the date of your
     "separation from service" within the meaning of Section 409A, in which case
     the first such payment shall include all amounts that would have been paid
     on earlier payroll dates but for such delay and Section 409A Interest). In
     addition, if required to avoid the imposition of tax, interest or penalties
     under Section 409A, the settlement of your Matching RSUs and your PSUs will
     be delayed until the date that is six months and one day after the
     Termination Date, or as soon as administratively practicable thereafter.
     Notwithstanding the foregoing, your entitlement to any portion of the
     Severance Payment that has not yet been made will cease if you materially
     breach either the non-compete covenant set forth in paragraph 8(a) (the
     "Non-Compete Covenant") or the no-solicitation covenant set forth in
     paragraph 8(b), after notice to you of such breach by Employer and your
     failure to cure such breach within thirty (30) days following your receipt
     of such notice, assuming such breach is capable of cure. You may request
     from Employer at any time its view on whether a proposed activity or
     investment by you will breach the Non-Compete Covenant by giving Employer
     written notice of the details of such activity or investment, and Employer
     will respond to your inquiry within five (5) business days of its receipt
     of such notice. Employer's view as conveyed to you that the proposed
     activity or investment will not breach the Non-Compete Covenant shall be
     binding on it to the extent that the activity or investment does not exceed
     what was described in the notice. Your giving notice shall not be deemed an
     admission by you that the proposed activity or investment would violate the
     Non-Compete Covenant. Employer's failure to respond with its view within
     five business days of its receipt of notice shall not constitute or be
     construed as an acknowledgment by Employer that the proposed activity or
     investment will not breach the Non-Compete Covenant, but such failure shall
     create an irrebuttable presumption that any breach arising from such
     activity or investment is capable of cure.

              (iv) Full Discharge of Company Obligations; Release. The payments
     and other benefits provided for in paragraph 10(d)(ii) are in lieu of any
     severance or income continuation or protection under any plan Employer or
     any of its subsidiaries that may now or hereafter exist. The payments and
     benefits to be provided pursuant to paragraph 10(d)(ii) shall constitute
     liquidated damages, and shall be deemed to satisfy and be in full and final
     settlement of all obligations of Employer to you under this Agreement. You
     acknowledge and agree that such amounts are fair and reasonable, and your
     sole and exclusive remedy, in lieu of all other remedies at law or in
     equity, with respect to the termination of your employment hereunder.
     Employer's obligation to make the Severance Payment and provide the other
     benefits provided for in paragraph 10(d)(ii) other than the Accrued
     Compensation and Benefits shall be conditioned on your execution and
     non-revocation of a release in form and substance substantially identical
     to that set forth in Schedule B.

              (e) Excise Taxes. Notwithstanding anything herein to the contrary,
in the event that it is determined that any payment or benefit provided to you
hereunder, would be subject to the excise tax imposed by Section 4999 of the
Internal Revenue Code of 1986, as amended, or any interest or penalties with
respect to such excise tax (such excise tax, together with any interest or
penalties thereon, is herein referred to as the "Excise Tax"), then Employer
shall pay (either directly to the IRS as tax withholdings or to you as a
reimbursement of any

                                       20
<PAGE>

amount of taxes, interest and penalties paid by you to the IRS) both the Excise
Tax and an additional cash payment (a "Gross-Up Payment") in an amount that will
place you in the same after-tax economic position that you would have enjoyed if
the payment or benefit had not been subject to the Excise Tax. The determination
of whether a Gross-Up Payment is due pursuant to the preceding sentence, and if
so the amount thereof, shall be made by Employer; provided, however, that if you
disagree with Employer's determination, you shall have the right to require
Employer to arrange for a second determination to be made by a nationally
recognized law or accounting firm mutually agreeable to you and Employer (the
"Tax Expert"), in which case the determination made by the Tax Expert, rather
than by Employer, shall control. The Company will pay the fees and expenses of
the Tax Expert in making the foregoing determinations, unless the calculation of
the Gross-Up Payment made by the Tax Expert differs by less than 10% (plus or
minus) from the calculation made by Employer, in which case you will pay such
fees and expenses. Employer may, at its expense, consult with its outside tax
counsel and its independent auditors, to the extent it deems appropriate, in
making determinations pursuant to this paragraph 10(e). If, upon audit or other
examination by the Internal Revenue Service (the "IRS") of your or the Company's
federal income tax return (an "Audit"), the amount of the Excise Tax determined
by the IRS is greater than an amount previously determined by Employer or the
Tax Expert, as applicable, then Employer or the Tax Expert, as applicable, shall
recalculate the amount of the Gross-Up Payment and shall be instructed to
provide you with detailed support for its calculations. You shall promptly
notify Employer of any IRS assertion during an Audit of your federal income tax
return that an Excise Tax is due with respect to any payment or benefit, but you
shall be under no obligation to defend against such claim by the IRS unless
Employer requests, in writing, that you undertake the defense of such IRS claim
at Employer's sole expense. In such event, Employer may elect to control the
conduct to a final determination through counsel of its own choosing and at its
sole expense, of any audit, administrative or judicial proceeding involving an
asserted liability relating to the Excise Tax, and you shall not settle,
compromise or concede such asserted Excise Tax and shall cooperate with Employer
in each phase of any contest. Notwithstanding the foregoing provisions of this
paragraph 10(e), if it shall be determined by Employer or the Tax Expert, as
applicable, that you are entitled to a Gross-Up Payment, but that the aggregate
value for purposes of determining if an Excise Tax is due and, if so, the amount
thereof, of all payments and benefits to be provided to you under this Agreement
do not exceed 110% of the greatest amount (the "Reduced Amount") that could be
paid to you such that your receipt of such payments and benefits would not give
rise to any Excise Tax, then no Gross-Up Payment shall be made to you, and the
payments and benefits to be provided to you, in the aggregate, shall be reduced,
in a manner to be determined solely by you, to the Reduced Amount.

              11. Death. If you die prior to the termination of your employment
under this Agreement, your beneficiary or estate shall be entitled to receive
the following:

              (i) Employer will pay your Accrued Compensation and Benefits up to
     the date on which the death occurs;

              (ii) Employer will pay a prorated Bonus for the year of your death
     based on your Target Bonus and the number of calendar days elapsed during
     the year through the date of your death;

                                       21
<PAGE>

              (iii) all of your outstanding unvested Employer stock options will
     vest, and all such options and all of your outstanding options that have
     previously vested will remain exercisable for the period provided for under
     the terms of the applicable award agreement;

              (iv) the number of Shares to which you are entitled in respect of
     your outstanding awards of PSUs will be determined as provided in paragraph
     4(b) for Qualifying Terminations, and all Shares delivered upon settlement
     of performance share units will be considered vested; and

              (v) all of your unvested Matching RSUs will vest and be settled as
     promptly as administratively practicable after your Termination Date.

              12. Pension Benefits. You will be credited with your previous
service with Employer and its predecessors (including without limitation your
service with the company that was formerly named Employer Inc. and is now known
as CBS Corporation ("Former Employer")) for all purposes under any Company
benefit plan, including without limitation the Employer Pension Plan and the
Employer Excess Pension Plan. You will accrue additional service under all
Company benefit plans beginning on the Start Date. Notwithstanding any other
provision of this Agreement, to the extent that you are entitled to receive
benefits under the Former Employer pension plan or excess pension plan, such
benefits shall offset any benefits to which you are entitled under the Employer
Pension Plan and the Employer Excess Pension Plan.

              13. No Mitigation. You shall not be required to mitigate the
amount of any payment or benefit provided for in this Agreement by seeking other
employment or otherwise, nor shall any reduction be made for any other
compensation that you earn from a subsequent employer (including
self-employment).

              14. Section 317 and 507 of the Federal Communications Act. You
represent that you have not accepted or given nor will you accept or give,
directly or indirectly, any money, services or other valuable consideration from
or to anyone other than Employer for the inclusion of any matter as part of any
film, television program or other production produced, distributed and/or
developed by Employer and/or any of Employer's affiliates.

              15. Equal Opportunity Employer; Employer Business Conduct
Statement. You acknowledge that Employer is an equal opportunity employer. You
agree that you will comply with Employer policies regarding employment practices
and with applicable federal, state and local laws prohibiting discrimination on
the basis of race, color, creed, national origin, age, sex or disability. In
addition, you agree that you will comply with the Employer Business Conduct
Statement.

              16. Indemnification.

              (a) If you are made a party, are threatened to be made a party to,
or otherwise receive any other legal process in, any action, suit or proceeding,
whether civil, criminal, administrative or investigative (a "Proceeding"), by
reason of the fact that you are or were a director, officer or employee of
Employer or are or were serving at the request of Employer as a director,
officer, member, employee or agent of another corporation, partnership, joint
venture,

                                       22
<PAGE>

trust or other enterprise, including service with respect to employee benefit
plans, whether or not the basis of such Proceeding is your alleged action in an
official capacity while serving as director, officer, member, employee or agent,
Employer shall indemnify you and hold you harmless to the fullest extent
permitted or authorized by Employer's certificate of incorporation and bylaws
or, if greater, by the laws of the State of Delaware, against all cost, expense,
liability and loss (including without limitation, attorney's fees, judgments,
fines, ERISA excise taxes or penalties and amounts paid or to be paid in
settlement and any cost and fees incurred in enforcing your rights to
indemnification or contribution) reasonably incurred or suffered by you in
connection therewith, and such indemnification shall continue even though you
have ceased to be a director, member, employee or agent of Employer or other
entity and shall inure to the benefit of your heirs, executors and
administrators. Employer shall advance to you all reasonable costs and expenses
that you incur in connection with a Proceeding within 20 days after its receipt
of a written request for such advance. Such request shall include an undertaking
by you to repay the amount of such advance if it shall ultimately be determined
that your are not entitled to be indemnified against such costs and expenses.

              (b) Neither the failure of Employer (including its board of
directors, independent legal counsel or stockholders) to have made a
determination that indemnification of you is proper because you have met the
applicable standard of conduct, nor a determination by Employer (including its
board of directors, independent legal counsel or stockholders) that you have not
met such applicable standard of conduct, shall create a presumption or inference
that the you have not met the applicable standard of conduct.

              (c) To the extent that Employer maintains officers' and directors'
liability insurance, you will be covered under such policy subject to the
exclusions and limitations set forth therein.

              17. Notices. All notices required to be given hereunder shall be
given in writing, by personal delivery or by mail at the respective addresses of
the parties hereto set forth above, or at such other address as may be
designated in writing by either party, and in the case of Employer, to the
attention of the General Counsel of Employer. Any notice given by mail shall be
deemed to have been given three days following such mailing. Copies of all
notices to you shall be given to Paul, Weiss, Rifkind, Wharton & Garrison LLP,
1285 Avenue of the Americas, New York, NY 10019-6064, Attention: Alfred D.
Youngwood, Esq. and Michael J. Segal, Esq.

              18. Assignment and Successors. This is an Agreement for the
performance of personal services by you and may not be assigned by you or
Employer except that Employer may assign this Agreement to any successor in
interest to Employer, provided that such assignee assumes all of the obligations
of Employer hereunder. Employer shall require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of its business and/or assets to expressly assume and agree to
perform this Agreement in the same manner and to the same extent that Employer
would be required to perform it if no such succession had taken place. As used
in this Agreement, "Employer" shall mean Employer as defined above and any
successor to its business and/or assets which by reason hereof assumes and
agrees to perform this Agreement by operation of law, or otherwise.

                                       23
<PAGE>

              19. New York Law. This Agreement and all matters or issues
collateral thereto shall be governed by the laws of the State of New York,
without giving effect to the conflicts of laws principles thereof or to those of
any other jurisdiction which, in either case, could cause the application of the
laws of any jurisdiction other than the State of New York.

              20. Disputes. Any disputes between the parties to this Agreement
shall be settled by arbitration in New York, New York under the auspices of the
American Arbitration Association, before a panel of three (3) arbitrators, in
accordance with the National Rules for the Resolution of Employment Disputes
promulgated by the Association. Each party shall select an arbitrator and the
two (2) arbitrators shall select a third and these three arbitrators shall form
the panel. The decision in such arbitration shall be final and conclusive on the
parties and judgment upon such decision may be entered into in any court having
jurisdiction thereof. Costs of the arbitration or litigation, including, without
limitation, reasonable attorneys' fees and expenses of both parties, shall be
borne by Employer if you prevail on at least one of the issues that is the
subject of the arbitration. If you do not so prevail, you and Employer shall
equally share costs of the arbitration or litigation other than attorneys' fees,
and each of you and Employer shall bear its own attorneys' fees and expenses.
Pending the resolution of any arbitration or court proceeding, Employer shall
continue payment of all amounts due you under this Agreement and all benefits to
which you are entitled at the time the dispute arises. Nothing herein shall
prevent Employer from seeking equitable relief in court as provided for in
paragraph 8(i) or shall prevent either party from seeking equitable relief in
court in aid of arbitration under applicable law

              21. No Implied Contract. Nothing contained in this Agreement shall
be construed to impose any obligation on Employer to renew this Agreement or any
portion thereof. The parties intend to be bound only upon execution of a written
agreement and no negotiation, exchange of draft or partial performance shall be
deemed to imply an agreement. Neither the continuation of employment nor any
other conduct shall be deemed to imply a continuing agreement upon the
expiration of this Agreement.

              22. Entire Understanding; Amendments. This Agreement contains the
entire understanding of the parties hereto relating to the subject matter herein
contained, and can be amended only by a writing signed by both parties hereto.

              23. Waivers. Waiver by either you or by Employer of any breach or
default by the other party of any of the terms of this Agreement shall not
operate as a waiver of any other breach or default, whether similar to or
different from the breach or default waived. No waiver of any provision of this
Agreement shall be implied from any course of dealing between the parties hereto
or from any failure by either party hereto to assert its or his rights hereunder
on any occasion or series of occasions.

              24. Void Provisions. If any provision of this Agreement, as
applied to either party or to any circumstances, shall be adjudged by a court to
be void or unenforceable, the same shall be deemed stricken from this Agreement
and shall in no way affect any other provision of this Agreement or the validity
or enforceability of this Agreement.

              25. Deductions and Withholdings, Payment of Deferred Compensation.
All amounts payable under this Agreement shall be paid less deductions and
income and payroll tax

                                       24
<PAGE>

withholdings as may be required under applicable law and any benefits and
perquisites provided to you under this Agreement shall be taxable to you as may
be required under applicable law.

              26. Section 409A. Notwithstanding any other provision of this
Agreement, any payment or settlement (including settlement of PSUs and Matching
RSUs) triggered by termination of the your employment with Employer shall not be
made until six months and one day following your Termination Date if such delay
is necessary to avoid the imposition of any tax, penalty or interest under
Section 409A. Employer, after consulting with you, may amend this Agreement or
the terms of any award provided for herein in any manner that Employer considers
necessary or advisable to ensure that cash compensation, equity awards or other
benefits provided for herein are not subject to United States federal income
tax, state or local income tax or any equivalent taxes in territories outside
the United States prior to payment, exercise, vesting or settlement, as
applicable, or any tax, interest or penalties pursuant to Section 409A. Any such
amendments shall be made in a manner that preserves to the maximum extent
possible the intended benefits to you. This paragraph 26 does not create an
obligation on the part of Employer to modify this Agreement and does not
guarantee that the amounts or benefits owed under the Agreement will not be
subject to interest and penalties under Section 409A.

              27. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.

              28. Headings. The descriptive headings contained in this Agreement
are included for convenience of reference only and shall not affect in any way
the meaning or interpretation of this Agreement. Unless otherwise expressly
provided for in this Agreement, the word "including" or any variation thereof
means "including, without limitation" and shall not be construed to limit any
general statement that it follows to the specific or similar items or matters
immediately following it.

                                       25
<PAGE>

              If the foregoing correctly sets forth our understanding, please
sign, date and return all four (4) copies of this Agreement and return it to the
undersigned for execution on behalf of Employer; after this Agreement has been
executed by Employer and a fully executed copy returned to you, it shall
constitute a binding agreement between us.

                                         Very truly yours,

                                         VIACOM INC.

                                         /s/  Sumner M. Redstone
                                         ---------------------------------------
                                         Name:   Sumner M. Redstone
                                         Title:  Executive Chairman and Founder

ACCEPTED AND AGREED:

/s/  Thomas E. Dooley
-----------------------------------
Name:  Thomas E. Dooley

Dated:  September 5, 2006

                                       26
<PAGE>

                                                                      SCHEDULE A

                                   Investments

As of the Start Date, you have investments in the following private media or
entertainment businesses:

DND Capital Partners LLC, including its investments in:

         The Tennis Channel, Inc
         Si TV
         Amp-d Mobile

This Schedule A shall also be deemed to include any successor by merger, assets
sale or similar transaction to any of the businesses listed above.

                                      A-1
<PAGE>

                                                                      SCHEDULE B

                                 Form of Release

                                 GENERAL RELEASE

              WHEREAS, Thomas E. Dooley (hereinafter referred to as the
"Executive") and Viacom Inc. (hereinafter referred to as "Employer") are parties
to an Employment Agreement, dated September 5, 2006 (the "Employment
Agreement"), which provided for the Executive's employment with Employer on the
terms and conditions specified therein; and

              WHEREAS, pursuant to paragraph 10(d) of the Employment Agreement,
the Executive has agreed to execute a release of the type and nature set forth
herein as a condition to his entitlement to certain payments and benefits upon
his termination of employment with Employer; and

              NOW, THEREFORE, in consideration of the premises and mutual
promises herein contained and for other good and valuable consideration received
or to be received by the Executive in accordance with the terms of the
Employment Agreement, it is agreed as follows:

              1. Excluding enforcement of the covenants, promises and/or rights
reserved herein, the Executive hereby irrevocably and unconditionally releases,
acquits and forever discharges Employer and each of Employer's owners,
stockholders, predecessors, successors, assigns, directors, officers, employees,
divisions, subsidiaries, affiliates (and directors, officers and employees of
such companies, divisions, subsidiaries and affiliates) and all persons acting
by, through, under or in concert with any of them (collectively "Releasees"), or
any of them, from any and all charges, complaints, claims, liabilities,
obligations, promises, agreements, controversies, damages, actions, causes of
action, suits, rights, demands, costs, losses, debts and expenses (including
attorneys' fees and costs actually incurred) of any nature whatsoever, known or
unknown, suspected or unsuspected, including, but not limited to, rights arising
out of alleged violations of any contracts, express or implied, any covenant of
good faith and fair dealing, express or implied, or any tort or any legal
restrictions on Employer's right to terminate employees, or any Federal, state
or other governmental statute, regulation or ordinance, including, without
limitation, Title VII of the Civil Rights Act of 1964, as amended, the Federal
Age Discrimination In Employment Act of 1967 ("ADEA"), as amended, the Employee
Retirement Income Security Act ("ERISA"), as amended, the Civil Rights Act of
1991, as amended, the Rehabilitation Act of 1973, as amended, the Older Workers
Benefit Protection Act ("OWBPA"), as amended, the Worker Adjustment Retraining
and Notification Act ("WARN"), as amended, the Fair Labor Standards Act
("FLSA"), as amended, the Occupational Safety and Health Act of 1970 ("OSHA"),
the New York State Human Rights Law, as amended, the New York Labor Act, as
amended, the New York Equal Pay Law, as amended, the New York Civil Rights Law,
as amended, the New York Rights of Persons With Disabilities Law, as amended,

                                       B-1
<PAGE>

and the New York Equal Rights Law, as amended, that the Executive now has, or
has ever had, or ever will have, against each or any of the Releasees, by reason
of any and all acts, omissions, events, circumstances or facts existing or
occurring up through the date of the Executive's execution hereof that directly
or indirectly arise out of, relate to, or are connected with, the Executive's
services to, or employment by Employer (any of the foregoing being a "Claim" or,
collectively, the "Claims"); provided, however, that this release shall not
apply to any of the obligations of Employer or any other Releasee under the
Employment Agreement, or under any agreements, plans, contracts, documents or
programs described or referenced in the Employment Agreement; and provided,
further, that this release shall not apply to any rights the Executive may have
to obtain contribution or indemnity against Employer or any other Releasee
pursuant to contract, Employer's certificate of incorporation and by-laws or
otherwise.

              2. The Executive expressly waives and relinquishes all rights and
benefits afforded by California Civil Code Section 1542 and does so
understanding and acknowledging the significance of such specific waiver of
Section 1542. Section 1542 states as follows:

              "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR
              DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
              OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE
              MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR."

Thus, notwithstanding the provisions of Section 1542, and for the purpose of
implementing a full and complete release and discharge of the Releasees, the
Executive expressly acknowledges that this Agreement is intended to include in
its effect, without limitation, all Claims that the Executive does not know or
suspect to exist in the Executive's favor at the time of execution hereof, and
that this Agreement contemplates the extinguishment of any such Claim or Claims.

              3. The Executive understands that he has been given a period of 21
days to review and consider this General Release before signing it pursuant to
the Age Discrimination In Employment Act of 1967, as amended. The Executive
further understands that he may use as much of this 21-day period as the
Executive wishes prior to signing.

              4. The Executive acknowledges and represents that he understands
that he may revoke the waiver of his rights under the Age Discrimination In
Employment Act of 1967, as amended, effectuated in this Agreement within 7 days
of signing this Agreement. Revocation can be made by delivering a written notice
of revocation to General Counsel, Employer Inc., 1515 Broadway, New York, New
York 10036. For this revocation to be effective, written notice must be received
by the General Counsel no later than the close of business on the seventh day
after the Executive signs this Agreement. If the Executive revokes the waiver of
his rights under the Age Discrimination In Employment Act of 1967, as amended,
Employer shall have no obligations to the Executive under paragraph 10(d) of the
Employment Agreement.

              5. The Executive and Employer respectively represent and
acknowledge that in executing this Agreement neither of them is relying upon,
and has not relied upon, any representation or statement not set forth herein
made by any of the agents, representatives or

                                      B-2
<PAGE>

attorneys of the Releasees with regard to the subject matter, basis or effect of
this Agreement or otherwise.

              6. This Agreement shall not in any way be construed as an
admission by any of the Releasees that any Releasee has acted wrongfully or that
the Executive has any rights whatsoever against any of the Releasees except as
specifically set forth herein, and each of the Releasees specifically disclaims
any liability to any party for any wrongful acts.

              7. It is the desire and intent of the parties hereto that the
provisions of this Agreement be enforced to the fullest extent permissible under
law. Should there be any conflict between any provision hereof and any present
or future law, such law will prevail, but the provisions affected thereby will
be curtailed and limited only to the extent necessary to bring them within the
requirements of law, and the remaining provisions of this Agreement will remain
in full force and effect and be fully valid and enforceable.

              8. The Executive represents and agrees (a) that the Executive has
to the extent he desires discussed all aspects of this Agreement with his
attorney, (b) that the Executive has carefully read and fully understands all of
the provisions of this Agreement, and (c) that the Executive is voluntarily
entering into this Agreement.

              9. This General Release shall be governed by, and construed in
accordance with, the laws of the State of New York, without giving effect to the
conflicts of laws principles thereof or to those of any other jurisdiction
which, in either case, could cause the application of the laws of any
jurisdiction other than the State of New York. This General Release is binding
on the successors and assigns of, and sets forth the entire agreement between,
the parties hereto; fully supersedes any and all prior agreements or
understandings between the parties hereto pertaining to the subject matter
hereof; and may not be changed except by explicit written agreement to that
effect subscribed by the parties hereto.

              PLEASE READ CAREFULLY. THIS GENERAL RELEASE INCLUDES A RELEASE OF
              ALL KNOWN AND UNKNOWN CLAIMS.

              This General Release is executed by the Executive and Employer as
of the ____ day of ______, 20__.

                                           -------------------------------------
                                           Thomas E. Dooley

                                           VIACOM INC.

                                           By:
                                              ----------------------------------
                                           Title:

                                      B-3

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