Document:

Exhibit 4c1

 Exhibit 4(c)1

 EMPLOYMENT AGREEMENT

 Antonio Belloni  

  Group Chief Operating Officer 

Under this employment agreement with LVMH S.A., you are engaged as Group Chief Operating Officer with responsibility for main operational activities all around the world under the following provisions : 

The start date of your employment will be no later than June 8, 2001. 

I.    Termination provisions  

If terminated by the company without “cause” or you resign with “good reason”, you would receive an indemnification equal to two years base salary. You would also be permitted to keep all your vested
share options and up to two years of unvested share options that have been previously awarded to you.  

If you choose to leave the company without “good reason”, you will be eligible to keep your vested share options. If this occurs within the first three years of employment, you will surrender a pro rata portion of
the special grant of 300,000 stock options to be received within 120 days of your signing this agreement,
but in no case will you surrender more than 200,000 share options. You will also be subject to confidentiality and non-compete provisions of the agreement. You will receive base salary up to the end of your
service to the company and prorated target bonus amount up to that date.

You will be subject to customary confidentiality provisions if you leave the company for any reason. If you choose to leave the company, you will be subject to customary non-compete provisions. If you are terminated by the
company without cause or you resign for “good reason”, you will not be subject to non-compete provisions.

If you choose to leave the company, you will provide a minimum of six months’ notice. 

II.   You will be appointed to the LVMH Executive Committee and be eligible for the LVMH Executive Committee Supplemental Retirement Plan.
         

III. Base Salary  

Your base salary will be at the rate of 2,286,000 euros per annum. Salary levels are reviewed each year and any increase granted would normally be effective from January 1.  

IV. Annual Incentive Bonus  

You would receive an incentive bonus each year based on attainment of previously agreed personal objectives. The objectives would be both based on the financial factors (sales, operating profit, ROCE, cash flow) and
non-quantitative matters (organisational, major projects, etc.). A bonus “target” will be set at 75 % of the base salary paid for the year under review. It is anticipated that successful attainment of objectives would result in a bonus
amount of no less than the “target” bonus amount. A written performance review will be completed no later than 15th March following the end of the calendar year
and resulting bonus amount paid no later than 31st March.

V.    Housing Allowance  

You will be provided a net after-tax housing allowance of  96,000 euros per year.

VI. LVMH Stock Options          

You will be eligible to receive LVMH stock options. Under the Board approved Stock Option Plan, you will vest in options three years after the grant date and may exercise any time from five years after the grant date to ten
years after the grant date. The strike price of options awarded is approved by the Board of Directors at the time of the grant, based on the higher of the average market share price for the previous 20 trading days and average purchase price of the
shares allocated to the plan.

The specific terms regarding stock options is explained in the share option plan but, in general, the following provisions apply :  

In the case of death, your inheritors will have up to six months to exercise all options you will have been granted. If you retire or become permanently disabled, you may exercise your options up until the expiration date
of all options you will have been granted. 

Based on the proposal to the Board each year, you will receive no less than 200,000 share options beginning in 2003 for the next four years of employment.

VII. Other Benefits     

You will receive other benefits consistent with what other senior executives receive including : 

	Car & driver
	Family travel allowance of 80,000
    euros per year
	Health Insurance for you and your
    family
	Life and Disability Insurance
	Relocation assistance in move
    to Paris (including two months base salary for incidental
    expenses) 
	 Discount
    at brand boutiques
  

Made in two original copies on May 14, 2001Exhibit 4c2

 Exhibit
  4(c)2 

 Translation
  for information purposes 

 [Letter-head
  of Moët Hennessy] 

 EMPLOYMENT
   AGREEMENT

BETWEEN 

 Moët
  Hennessy SA,
  30 avenue Hoche, 75008 Paris, 

on
  the one hand, 

AND,
   

Mr. Nicolas Bazire, 44 avenue Montaigne, 75008 Paris, 

on the other hand.

THE PARTIES HAVE AGREED AS FOLLOWS: 

 Article
  1 – Position – Salary – Effective date

The beneficiary of this agreement is hired as Manager – Project manager (Directeur – Chargé de mission).
The effective date of his employment shall be July 1, 2000. The annual fixed compensation of the beneficiary of this agreement is equal to 4,000,000 Francs per year. 

 Article
  2 – Employment location 

The beneficiary of this agreement shall be based in Paris. 

Article 3 – Travel 

In light of his position, the beneficiary of this agreement shall have to travel for short or long time-periods within France or abroad. He shall be indemnified in accordance with the
rules applicable within the Company. 

Article 4 – General terms of employment 

This agreement is entered into for an indefinite time-period. No trial period is applicable. The notice period shall be equal to 6 months. 

The general terms of this agreement are those of the Collective Bargaining Agreement applicable to the employees of the Champagne industry. 

The beneficiary undertakes to dedicate his entire time and efforts to the business of the Company. Upon the effective date of his employment, he undertakes neither to accept during the
term of this agreement any other employment, whether for compensation or not, nor to take any interest in any

 
  2 

other business without the prior and written consent of the General Management of the Group (Direction
Générale du Groupe). 

Article 5 – Non-compete 

Upon termination of this agreement, whatever its cause, the beneficiary shall refrain from carrying in Europe or in the United States, any activity which may compete with the activities
of the LVMH Group, for a twelve-month period from the end of the notice period, even if not required to work during such notice period. 

In consideration therefor, the beneficiary shall receive from the effective date of termination of this agreement until the end of the non-compete period, a monthly indemnification equal
to his monthly compensation as of the termination date of this agreement plus one twelfth of the last bonus received by him. 

The company may nevertheless relieve the beneficiary from his non-compete obligation and, thereby, be relieved from its obligation to pay the indemnification to be paid in consideration
therefor, at any time within one month following termination of this agreement. 

Such indemnification shall not be paid if the beneficiary carries on an activity, whether for compensation or not, in a non-competing field, during the term of this clause. 

Any breach of this non-compete clause by the beneficiary shall make him automatically liable for a monthly fixed penalty equal to twice the amount of the total indemnification mentioned
above. 

Article 6 – Non-solicitation 

If this agreement is terminated, for whatever reason, the beneficiary shall refrain for a two-year period from recruiting or favoring the recruitment, whether directly or indirectly, of
an employee of the Company, or of a former employee who left the Company less than two years before that date. 

Article 7 – Confidentiality 

The beneficiary agrees to keep confidential, whether during the term of his employment or thereafter, any information he might have obtained as a result of his position. 

This includes in particular any information relating to the strategies of the Company, its structure, its organization, as well as any financial, tax or legal information. Any exception
to this confidentiality obligation is subject to the prior and written approval of the Company. 

An original copy of this agreement shall be returned after signature and addition of the mention “read and approved”. 

	Read and approved	 
	[Signature of Nicolas Bazire]	 
	30 June 2000	[Signature of Concetta Lanciaux]
	 	Concetta
      Lanciaux
	 	Head
      of the Human Resources
	 	DepartmentExhibit 4c3

 Exhibit
  4(c)3 

Translation for information purposes

[Letter-head of Moët Hennessy]

 EMPLOYMENT
   AGREEMENT

BETWEEN 

Moët Hennessy SA, a société anonyme with a share capital equal to FF 3,079,856,600, having its registered office located in Paris (75008) - 30 avenue Hoche,
represented by Mr. Guy de la Serre, 

on the one hand, 

AND 

Mr. Pierre Godé, residing at Châteauneuf de Grasse (06740) – L’Absidiole, 18
Domaine du Vignal, 

on the other hand. 

THE PARTIES HAVE AGREED AS FOLLOWS: 

 Article
  1 – Position
   

Moët Hennessy hires Mr. Pierre Godé as Advisor to the Chairman (Conseiller du
Président). Mr. Godé shall perform his mission under the supervision of Mr. Bernard Arnault. 

Article 2 – Missions 

The missions of Mr. Godé shall be as follows:

	-
      	upon
      request of the Chairman of the company, to provide any advice and opinion
      useful to the decision making process and to the definition of strategies,
      in particular as regards administrative and legal matters;
	   	 
	-	to
      propose within the scope of his missions any procedure or suggest any structure
      which may improve
      the operation and results of the company and its group;

 and more generally
  make available to the Chairman the expertise acquired in the administrative
  and legal fields.  

Article
  3 – Employment location - Travel  

 Mr. Godé
  shall perform most of his missions at the headquarters of Moët Hennessy.
   

 The missions
  of Mr. Godé may also require potential travel or “projects”
  of variable duration, whether in France or abroad. 

 
  2 

The travel and accommodation expenses incurred in connection with these trips or projects shall be reimbursed to him by Moët Hennessy upon receipt. 

Article 4 – Compensation 

Mr. Godé shall receive a gross annual compensation equal to FF 954,000 (nine hundred and fifty four thousand Francs). Such fixed compensation shall be payable in 12 (twelve)
monthly installments of 79,500 (seventy nine thousand and five hundred Francs), including any bonuses provided for by the Collective Bargaining Agreement referred to under Article 8. 

Such compensation shall be reviewed each year according to the cost of living trends and the assessment of the performance of Mr. Godé. 

A bonus might be paid to Mr. Godé, as the case may be, in particular in light of the results of Moët Hennessy. 

Article 5 – Miscellaneous benefits 

 Apart from the
  compensation provided for under Article 4 above, the following benefits shall
  be granted to Mr. Godé: 

	-
      	social
      benefits
      covering illness,
      surgery,
      hospitalization, invalidity,
      retirement
      and unemployment, as applicable to executive
      employees of Moët Hennessy;
	   	 
	-	a
      professional car made available by Moët Hennessy, and related expenses
      borne by the company.

Article 6 – Effective date – Term of the agreement 

This agreement is entered into for an indefinite time-period starting on June 1, 1992. 

Either Mr. Godé or Moët Hennessy may terminate this agreement at any time, subject to giving a six month prior notice to the other party. 

Article 7 – Confidentiality obligation 

Considering that the mission of Mr. Godé gives him access to confidential or privileged information relating to the strategy developed by Moët Hennessy and its group, Mr.
Godé formally undertakes neither to disclose such information to any person, nor to derive any advantages therefrom, whether during the term of his employment or after its termination.

Article 8 – Collective Bargaining Agreement 

Moët Hennessy is subject to the Collective Bargaining Agreement of the employees of the Champagne industry.

	 	Made
      in Paris, on June 1, 1992
	 	In
      two original copies
	 	 
	 	 
	[Signature]	[Signature
      of Mr. Godé]
	Moët Hennessy	Mr. Pierre Godé

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