Document:

amarokex103.htm

 

Exhibit 10.3

 

 

	Suite 314 - 800 West Pender Street 	 	Telephone: 	(604) 669-4677 
	Vancouver, British Columbia 	 	Facsimile: 	(604) 669-9626 
	Canada V6C 2VC 	 	Toll Free: 	(888) 895-5522 

 

ST. ELIAS MINES LTD.

Trading Symbol: TSX-SLI

Web Site: www.steliasmines.com

 

April 16, 2010

AMAROK RESOURCES INC.

30021 Tomas Street, Suite 335

Rancho Santa Margarita, CA 92688

Attention: Ron Ruskowsky

Dear Sirs:

Re:           Proposed Agreement between St. Elias Mines Ltd. and

Amarok Resources Inc. on the Cueva Blanca Gold Property, Peru

This letter (the “Letter Agreement”) sets forth the general terms pursuant to which it is proposed that Amarok Resources Inc. (“Amarok”) acquire from St. Elias Mines Ltd. (the “Vendor”) an option to earn a 60% interest, subject to a 1.5% net smelter return royalty (“NSR”), in the Cueva Blanca Gold Property (as more particularly described below and referred to herein as the “Property”) in northern Peru.  The parties hereto intend to enter into a formal agreement (the “Formal Agreement”), incorporating the terms herein and such further terms as the parties may agree upon.

PART I – THE CLAIMS

1.1           The Property is comprised of certain mineral concessions covering approximately 1,200 hectares located in the Department of Lambayeque, northern Peru, and is more particularly described in Schedule “A” hereto.

PART II – REPRESENTATIONS AND WARRANTIES OF VENDOR

2.1           The Vendor) represents and warrants to Amarok that the Property is validly located, duly recorded, in good standing and legally and beneficially owned 100% by the Vendor, free and clear of any charges, liens, or encumbrances, environmental hazards or liabilities, and that there are no underlying agreements in effect with respect to the Property.

2.2           The Vendor represents and warrants to Amarok that there are no claims against title to the Property, nor to the knowledge of the Vendor is there any basis therefor.  The Vendor also represents and warrants to Amarok that the Vendor has the full right and authority to enter into this letter agreement and to carry out the transactions contemplated herein.

  

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PART III – OPTION

3.1           The Vendor grants to Amarok the sole and exclusive right and option (the “Option”) to earn an undivided 60% interest in and to the Property, subject to a 1.5% NSR, in consideration of Amarok paying to the Vendor the aggregate sum of $200,000 in cash, issuing to the Vendor an aggregate of 100,000 common shares in the capital of Amarok and Amarok incurring $1,500,000 in exploration expenditures, to be paid and issued to the Vendor and to be incurred by Amarok as follows:

 

	
(a)

	
the sum of $200,000 to be paid to the Vendor on or before the dates indicated below:

 

	
  

	
(i)

	
$10,000 upon satisfactory due diligence, to be completed on or before April 30, 2010;

 

(ii)           $40,000 upon signing of the Formal Agreement;

 

	
  

	
(iii)

	
$50,000 on or before the 12 month anniversary of the signing of the Formal Agreement, and

 

	
  

	
(iv)

	
$100,000 on or before the 24 month anniversary of the signing of the Formal Agreement;

 

	
(b)

	
the issuance of 100,000 common shares in the capital of Amarok to the Vendor within ten (10) business days of regulatory approval of the Formal Agreement. Per United States Security Regulations, shares will be issued with a Rule 144 restrictive legend.

 

	
(c)

	
cumulative exploration expenditures of not less than $1,500,000, to be incurred on or before the dates indicated below:

 

	
  

	
(i)

	
$300,000 on or before the first year anniversary of the Formal Agreement;

 

 

	
  

	
(ii)

	
$500,000 on or before the second year anniversary of the Formal Agreement; and

 

	
  

	
(iii)

	
$700,000 on or before the third year anniversary of the Formal Agreement;

  

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3.2           Exploration expenditures incurred by any date in excess of the amount of exploration expenditures required to be incurred by such date pursuant to paragraph 3.1(c) shall be carried forward to the succeeding period or periods and qualify as exploration expenditures.  Any exploration expenditures incurred in excess of the minimum required pursuant to paragraph 3.1(c) shall be carried forward to the succeeding period or periods and qualify as exploration expenditures thereunder.  If exploration expenditures are less than the amount of exploration expenditures required to be incurred by any date, Amarok may pay the deficiency to the Vendor in cash by the required date in order to maintain the Option.  Such payments in cash in lieu shall be deemed to be exploration expenditures for the purposes of paragraph 3.1(c).

3.3           Amarok shall have exercised the Option and shall have earned a 60% interest in and to the Property, by making all of the cash payments, share issuances and incurring all of the exploration expenditures pursuant to paragraph 3.1.

3.4           During the period commencing on the execution of this letter agreement until the date on which Amarok has earned a 60% interest in and to the Property as provided in section 3.1 hereof:

	
(a)

	
Amarok shall be responsible for keeping the claims comprising the Property in good standing and for paying, at its sole expense, any fees and taxes payable to any governmental or regulatory authority in connection therewith and shall be deemed as exploration expenditures for the purposes of paragraphs 3.1(c) hereof; and

	
(b)

	
Amarok, its directors, officers, employees and agents shall have full access to all records of the Vendor in respect of the Property, including, without limitation, any geophysical, geochemical and geographic data, maps and exploration results.

PART IV – NET SMELTER RETURN ROYALTY

4.1           Amarok shall have the right to purchase one-half of the NSR from the Vendor for the sum of $1,500,000 thereby reducing the NSR payable to the Vendor from 1.5% to 0.75%.

PART V – OPERATOR AND ACCESS

5.1           During the currency of the Option, Amarok, may at its sole option, elect to engage the Vendor, or a subsidiary thereof, as an independent contractor, to carry out any work on and in connection with the Property.  If Amarok elects to engage the Vendor or subsidiary thereof as outlined above, the parties will in good faith, negotiate and execute a Technical Services Agreement.

5.2           Amarok, its directors, officers, employees and agents shall at all times have the right to enter upon the property for the purpose of inspecting and observing any and all operations that are being conducted thereon and to ensure that all operations are being conducted in accordance with the work program as approved by Amarok management.  Amarok shall have the right to inspect at all times, the drilling data, samples, cores, logs and other data obtained in respect of the Property and shall receive copies of all logs, assay reports, maps or other documents connected with the exploration programs conducted on the Property.

 

  

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PART VII – GENERAL

7.1           Unless otherwise expressly indicated to the contrary, all references to dollar amounts contained in this letter agreement are references to Canadian dollars.

7.2           If a party wishes to issue or make any public announcement or statement which contains material and non-public information about this letter agreement or any operations conducted pursuant to this letter agreement, it shall not do so unless prior thereto it furnishes the other party with a copy of such announcement or statement and obtains the approval of the other party which approval shall not be unreasonably withheld; provided, however, that a party shall not be prohibited from issuing or making any such public announcement or statement in connection with any reports to its stockholders or others in order to comply with any law or regulation of any government or governmental agency having or purporting to have jurisdiction with respect thereto, including, but not limited to, any securities commission or stock exchange.

7.3           The Vendor agrees that until April 30, 2010, neither they or any of their agents or representatives will enter into any correspondence, discussions, negotiations, or exchange any information pertaining to the Property with any third party with a view to a possible disposition of any interest of the Vendor in the Property or any part thereof to a third party other than Amarok.

7.4           Upon signing of this Letter Agreement by both parties, the Vendor will prepare the Formal Agreement and present same to Amarok for its review and approval and the parties agree to use their best efforts to settle the terms of and finalize the Formal Agreement in a timely manner.

7.5           No party shall be liable to any other party hereto and no party shall be deemed in default hereunder for any failure to perform or delay in performing any of its covenants and agreements caused by or arising out of any act beyond the reasonable control of such party, excluding lack of funds but including, without limitation, all situations arising by reason of “industry standard” force majeure.

It would be appreciated if you could review this proposal.  If the terms as presented are acceptable to you, please sign the attached duplicate of this letter agreement and return the same to my attention at your earliest convenience.  This letter agreement will then form a binding agreement in principle and the basis for a detailed Formal Agreement between the Vendor and Amarok.  Upon signing of this letter agreement, the Vendor and Amarok shall proceed with the drafting and negotiation in good faith of the terms of the Formal Agreement.

Sincerely,

ST. ELIAS MINES LTD.                                                                           AGREED TO and ACCEPTED

       this 16 day of April, 2010

/s/ Lori McClenahan                                                                                  AMAROK RESOURCES INC.

Lori McClenahan

President

       Per: /S/ Ron Ruskowsky

     Authorized Signatory

 

  

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SCHEDULE “A”

                                     TO THAT LETTER AGREEMENT MADE DATED

                                     APRIL 14, 2010 BETWEEN ST. ELIAS MINES LTD AND AMAROK RESOURCES INC.

The “PROPERTY”

LOCATION: Lambayeque Department, Northern Peru

PROPERTY DESCRIPTION: The mining rights attached to the following mining concessions:

	
Concession Name

	
Code Number

	
Hectares

	
Cueva Blanca 6

	
01-01202-96

	
300

	
Cueva Blanca 9

	
01-01773-95

	
600

	
Cueva Blanca 10

	
01-01771-95

	
300

	
Total:

	  	
1,200

  

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April 30, 2010

St. Elias Mines

Suite 314 – 800 West Pender Street

Vancouver, British Columbia, Canada  V6C 2V6

Attention: Lori McClenahan

RE: Proposed Agreement between St. Elias Mines Ltd. And Amarok Resources Inc. on the Cueva Blanca Gold Property, Peru dated April 16, 2010

Dear Lori.

Pursuant to our telephone discussion regarding the payment of the $10,000.00 per the above noted agreement clause 3.1(a)(i).   We understand that due to unforeseen business events, St. Elias has been delayed in providing to us the necessary documentation to conclude our due diligence in the time line noted in the agreement.

This letter is our understanding that the agreement will remain in effect until receipt and review of the documentation listed below, upon which Amarok will wire to your account the payment as per clause 3.1(a)(i).

The information to be provided by St. Elias is as follows:

	
1.  

	
Schedule of property payment obligations and due dates for the Cueva Blanca

	
2.  

	
Documentation showing the claims are currently in good standing;

	
3.  

	
Copies of title documentation showing ownership of claim block by St. Elias Mines per section 2.1 and 2.2 of above noted agreement;

	
4.  

	
Property map showing mineral concession outline;

	
5.  

	
St. Elias wire transfer instructions.

By signing in the space provided below, you are in acceptance with the above.

Regards

/s/ Ron Ruskowsky

Ron Ruskowsky

President & CEO

The above terms and conditions are agreed and accepted, per the above date

/s/ Lori McClenahan                                        

Lori McClenahan, President

6Exhibit 10.1  

  SIXTH SUPPLEMENTAL INDENTURE

      SIXTH SUPPLEMENTAL INDENTURE (the “Supplemental Indenture”) dated as of June 21, 2010 among OMNICOM GROUP INC., a New York corporation (the “Company”), OMNICOM CAPITAL INC., a Connecticut corporation (“OCI”), OMNICOM FINANCE INC., a Delaware corporation (“OFI” and, together with the Company and OCI, the “Issuers”), and DEUTSCHE BANK TRUST COMPANY AMERICAS (as successor to JPMorgan Chase Bank, N.A.), as trustee under the indenture referred to below (the “Trustee”).

  W I T N E S S E T H:

      WHEREAS, the Issuers and the Trustee are parties to an Indenture, dated as of June 10, 2003, as amended by the First Supplemental Indenture, dated as of November 5, 2003, the Second Supplemental Indenture, dated as of November 4, 2004, the Third Supplemental Indenture, dated as of November 10, 2004, the Fourth Supplemental Indenture, dated as of June 30, 2006 and the Fifth Supplemental Indenture, dated as of June 8, 2010 (as so amended, the “Indenture”), providing for the issuance of an aggregate principal amount of $600,000,000 of Zero Coupon Zero Yield Convertible Notes due 2033 (the “2033 Securities”), $84,000 of which are outstanding as 2033 Securities on the date hereof and $406,622,000 of which are outstanding as Zero Coupon Zero Yield Convertible Notes due 2038 (the “Securities”) on the date hereof;

      WHEREAS, the Issuers desire to amend the Indenture and, for the avoidance of doubt, to make corresponding changes to the Securities, with respect to Securityholders that have consented to the Amendments (defined below) to (i) make Contingent Cash Interest payable only after June 16, 2014 and (ii) eliminate the Issuers’ right to redeem the Notes prior to June 17, 2013 (the “Amendments”);

      WHEREAS, it is in the best interests of the Issuers to pursue the Amendments;

      WHEREAS, Section 9.02(2) of the Indenture provides that the Issuers and the Trustee may amend or supplement the Indenture and the Securities only with the written consent of affected Securityholders to, among other things, make any change that adversely affects the right to receive Contingent Cash Interest;

      WHEREAS, as of the date hereof, the Securityholders holding $398,215,000 aggregate principal amount of Securities consented to the Amendments (together with any additional Securityholders that consent to the Amendments after the date hereof, the “Consenting Securityholders”);

      WHEREAS, the Issuers will issue to each Consenting Securityholder amended notes to give effect to the Amendments (the “Amended Notes”) and will cancel an equal aggregate principal amount of Securities (the “Original Notes”) held by such Consenting Securityholder;

      WHEREAS, an Officers’ Certificate and an Opinion of Counsel have been delivered to the Trustee under Sections 9.06 and 12.04 of the Indenture; and

      WHEREAS, pursuant to Sections 9.02 and 9.06 of the Indenture, the Trustee and the Issuers are authorized to execute and deliver this Supplemental Indenture.

      NOW THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the Issuers and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Securities as follows:

      1. Definitions. All capitalized terms used but not defined herein shall have the meanings given to such terms set forth in the Indenture.

      2. Amendments. The Indenture be, and hereby is, amended as follows:

      2.1 (a) The following definitions in Section 1.01 of the Indenture are hereby amended as follows:

      ““144A Global Security” means a permanent Global Security in the form of the Security attached hereto as Exhibits A-1, A-1-2, A-1-1 and A-1-1-2, and that is deposited with and registered in the name of the Depositary, representing Securities sold in reliance on Rule 144A under the Securities Act.”

      ““Global Securities” means Securities that are in the form of the Securities attached hereto as Exhibits A-1, A-1-2, A-1-1 and A-1-1-2, and to the extent that such Securities are required to bear the Legend required by Section 2.06(f), such Securities will be in the form of a 144A Global Security.”

      ““Restricted Security” means a Security required to bear the restrictive legend set forth in the form of Security set forth in Exhibits A-1, A-1-2, A-1-1 and A-1-1-2 and A-2 of this Indenture.”

      (b) Section 1.01 of the Indenture is hereby further amended to add the following definitions in their proper alphabetical location:

      “Amended Notes” means any of the Zero Coupon Zero Yield Convertible Notes due 2033 and Zero Coupon Zero Yield Convertible Notes due 2038 issued under the Indenture on or after June 21, 2010 in the form of Exhibits A-1-2 or A-1-1-2 hereto upon cancellation of an equal principal amount of Original Notes, as such form of note may be amended from time to time.”

      “Original Notes” means any of the Zero Coupon Zero Yield Convertible Notes due 2033 and Zero Coupon Zero Yield Convertible Notes due 2038 that are not Amended Notes.”

      2.2 (a) The first paragraph of Section 2.01 of the Indenture is hereby amended and restated as follows:

      “The Securities and the Trustee’s certificate of authentication shall be substantially in the form of Exhibits A-1, A-1-2, A-1-1 and A-1-1-2, which are a part of this Indenture. The Securities may have notations, legends or endorsements required by law, stock exchange rule or usage (provided that any such notation, legend or endorsement required by usage is in a form

  2

 acceptable to the Issuers). The Issuers shall provide any such notations, legends or endorsements to the Trustee in writing. Each Security shall be dated the date of its authentication.”

      (b) Section 2.01(e) of the Indenture is hereby amended and restated in its entirety to read as follows:

      “Certificated Securities. Securities not issued as interests in the Global Securities will be issued in certificated form substantially in the form of Exhibit A-2 attached hereto. The Form of the Reverse Side of the Security in Exhibits A-1, A-1-2, A-1-1 and A-1-1-2, as applicable, will be incorporated into Exhibit A-2.”

      (c) The penultimate paragraph of Section 2.02 is hereby amended and restated in its entirety as follows:

      “The Trustee shall authenticate and
deliver Securities for original issue in the aggregate Initial Principal Amount
at Maturity of up to $600,000,000 upon a Company Order without any further
action by the Issuers. The aggregate Initial Principal Amount at Maturity
outstanding at any time may not exceed the amount set forth in the foregoing
sentence, except as provided in Section 2.07. Notwithstanding any other
provisions of this Indenture, on or after June 21, 2010, the Issuers may accept
consents from Holders of Original Notes with respect to the amendments reflected
in the Amended Notes and the Issuers will cancel such Holders Original Notes for
which consent has been delivered and replace such Original Notes with an equal
aggregate principal amount of Amended Notes. In order to effect any such
consent, the Issuers shall, upon receipt by the Issuers from any such
Securityholder of any documents the Issuers determine are necessary to enable
the Issuers to comply with the terms and conditions of this Indenture, instruct
the Trustee to (i) replace such Original Notes for an equal aggregate principal
amount of Amended Notes in accordance with Sections 2.01, 2.06 and 2.12 of this
Indenture and (ii) cancel the corresponding aggregate principal amount of
Original Notes so replaced in accordance with Section 2.10 of this
Indenture.”

      (d) Section 2.06(f) of the Indenture is hereby amended and restated in its entirety to read as follows:

      “If Securities are issued upon the
registration of transfer, exchange or replacement of Securities subject to
restrictions on transfer and bearing the legends set forth on the form of
Security attached hereto as Exhibits A-1, A-1-2, A-1-1 and A-1-1-2 and A-2
setting forth such restrictions (collectively, the “Legend”), or if a
request is made to remove the Legend on a Security, the Securities so issued
shall bear the Legend, or the Legend shall not be removed, as the case may be,
unless there is delivered to the Issuers and the Registrar such satisfactory
evidence, which shall include an Opinion of Counsel, as may be reasonably
required by the Issuers and the Registrar, that neither the Legend nor the
restrictions on transfer set forth therein are required to ensure that transfers
thereof comply with the provisions of Rule 144A or Rule 144 under the Securities
Act or that such Securities are not “restricted” within the meaning of
Rule 144 under the Securities Act. Upon (i) provision of such satisfactory
evidence, or (ii) notification by the Issuers to the Trustee and Registrar of
the sale of such Security pursuant to a registration statement that is effective
at the time of such sale, the Trustee, at the written direction of the Issuers,
shall authenticate and deliver a Security that does not bear the Legend.

  3

 If the Legend is removed from the face of a Security and the Security is subsequently held by an Affiliate of the Issuers, the Legend shall be reinstated.”

      2.3 New EXHIBIT A-1-1-2 (Amended Notes - Form of Face of Global Security) shall be added as follows:

  “EXHIBIT A-1-1-2

[FORM OF FACE OF GLOBAL SECURITY]

      FOR PURPOSES OF SECTIONS 1273 AND 1275 OF THE INTERNAL REVENUE CODE, THIS SECURITY IS DEEMED TO BE ISSUED WITH AN INDETERMINATE AMOUNT OF ORIGINAL ISSUE DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. THE ISSUE DATE IS JUNE 30, 2006, AND THE YIELD TO MATURITY FOR PURPOSES OF ACCRUING ORIGINAL ISSUE DISCOUNT IS 7.34% PER ANNUM. THE HOLDER OF THIS SECURITY MAY OBTAIN THE PROJECTED PAYMENT SCHEDULE BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION TO: OMNICOM GROUP INC., 437 MADISON AVENUE, 9TH FLOOR, NEW YORK, NEW YORK 10022, ATTENTION: GENERAL COUNSEL.

      UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

      TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS TO NOMINEES OF THE DEPOSITORY TRUST COMPANY, OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN ARTICLE TWO OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

      THIS SECURITY AND THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY, THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE

  4

 ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION.

      THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE
HEREOF, AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE
DATE (THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS TWO YEARS
AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH
OMNICOM GROUP INC. (THE “COMPANY”), OMNICOM CAPITAL INC.
(“CAPITAL”) OR OMNICOM FINANCE INC. (“FINANCE” AND TOGETHER
WITH THE COMPANY AND CAPITAL, THE “ISSUERS”) OR ANY AFFILIATE OF ANY
OF THEM WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY)
ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) FOR SO LONG AS THIS
SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (C) OUTSIDE THE UNITED STATES TO NON-U.S.
PERSONS IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (D) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (A)(1), (2),(3) OR (7) OF RULE
501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT,
OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL “ACCREDITED INVESTOR,” FOR
INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION
WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (E) PURSUANT TO A
REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE
TRUSTEE’S RIGHTS PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSE (D) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH
OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE
OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE
TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE
RESALE RESTRICTION TERMINATION DATE.

      THE FOREGOING LEGEND MAY BE REMOVED FROM THIS SECURITY ON SATISFACTION OF THE CONDITIONS SPECIFIED IN THE INDENTURE.

  5

  

 OMNICOM GROUP INC.

OMNICOM CAPITAL INC.

OMNICOM FINANCE INC.

  

   Zero Coupon Zero Yield Convertible Note due 2038

  

		
	
      No. U-2 

        Issue Date:

	
CUSIP:

      OMNICOM GROUP INC., a New York corporation (the “Company”), OMNICOM CAPITAL INC., a Connecticut corporation (“OCI”), and OMNICOM FINANCE INC., a Delaware corporation (“OFI” and, together with the Company and OCI, the “Issuers”), promise to pay, jointly and severally, to Cede & Co. or registered assigns, the Initial Principal Amount at Maturity of [_______________________________ ($________)],, or if greater, the Principal Amount at Maturity, on July 1, 2038.

      This Security shall bear no interest other than Contingent Cash Interest, if any, and Contingent Additional Principal will accrue as specified on the other side of this Security. This Security is convertible as specified on the other side of this Security.

      Additional provisions of this Security are set forth on the other side of this Security.

		
	 Dated:	 OMNICOM GROUP INC.

      

      
	  	 By: _____________________________
	  
	  	 OMNICOM CAPITAL INC.

      

      
	  	 By: _____________________________
	  
	  	 OMNICOM FINANCE INC.

      

      
	  	 By: _____________________________

  

 6

 TRUSTEE’S CERTIFICATE OF 

  AUTHENTICATION

 DEUTSCHE BANK TRUST COMPANY AMERICAS, 

  as Trustee, certifies that this 

  is one of the Securities referred 

  to in the within-mentioned Indenture (as 

  defined on the other side of this Security).

		
	 By	  
	  	

	  	 Authorized Officer

  

 7

  

 [FORM OF REVERSE SIDE OF ZERO COUPON ZERO YIELD CONVERTIBLE NOTE] 

  

  Zero Coupon Zero Yield Convertible Note due 2038

 1. Interest.

      This Security shall not bear interest, except
as specified in this paragraph or in paragraph 5 hereof. If the Principal Amount
at Maturity hereof or any portion of such Principal Amount at Maturity is not
paid when due (whether upon acceleration pursuant to Section 6.02 of the
Indenture, upon the date set for payment of the Redemption Price pursuant to
paragraph 6 hereof, upon the date set for payment of the Purchase Price or
Change in Control Purchase Price pursuant to paragraph 7 hereof or upon the
maturity of this Security) or if Contingent Cash Interest, if any, due hereon or
any portion of such interest is not paid when due in accordance with paragraph 5
hereof, then in each such case the overdue amount shall, to the extent permitted
by law, bear interest at the sum of the rate of 1% per annum plus a percentage
per annum equal to the rate of accrual of Contingent Additional Principal, if
any, compounded semiannually, which interest shall accrue from the date such
overdue amount was originally due to the date payment of such amount, including
interest thereon, has been made or duly provided for. All such interest shall be
payable on demand. The accrual of such interest on overdue amounts shall be in
lieu of, and not in addition to, the continued accrual of Contingent Additional
Principal.

 2. Method of Payment.

      Subject to the terms and conditions of the
Indenture, and except as otherwise provided in the Indenture, the Issuers or the
Purchase Party will make payments in respect of Redemption Prices, Purchase
Prices, Change in Control Purchase Prices and at maturity of this Security to
Holders who surrender Securities to a Paying Agent to collect such payments in
respect of the Securities. In addition, the Issuers will pay Contingent Cash
Interest, if any. The Issuers or the Purchase Party will pay cash amounts in
money of the United States that at the time of payment is legal tender for
payment of public and private debts. However, the Issuers or the Purchase Party
may make such cash payments by check payable in such money if the Security is
not registered in the name of Cede & Co. or a nominee thereof. If the
Security is registered in the name of Cede & Co. or a nominee thereof, the
Issuers or the Purchase Party may make such cash payments by wire transfer. Any
payment required to be made on any day that is not a Business Day will be made
on the next succeeding Business Day.

 3. Paying Agent, Conversion Agent, Registrar and Bid Solicitation Agent.

      Deutsche Bank Trust Company Americas (the “Trustee”), will act as Paying Agent, Conversion Agent, Registrar and Bid Solicitation Agent. The Issuers may appoint and change any Paying Agent, Conversion Agent, Registrar or co-registrar or Bid Solicitation Agent without notice, other than notice to the Trustee, except that the Issuers will maintain at least one Paying Agent in the State of New York, City of New York, Borough of Manhattan, which shall initially be an office or agency of the Trustee. The Issuers or any of their Subsidiaries or any of their Affiliates may act as Paying Agent, Conversion Agent, Registrar or co-registrar. None of the Issuers, any of their Subsidiaries or any of their Affiliates shall act as Bid Solicitation Agent.

  8

 4. Indenture.

      The Company initially issued the Securities
under an Indenture between the Company and the Trustee, dated as of June 10,
2003, as amended by the First Supplemental Indenture, dated as of November 5,
2003, among the Issuers and the Trustee, the Second Supplemental Indenture,
dated as of November 4, 2004, among the Issuers and the Trustee, the Third
Supplemental Indenture, dated as of November 10, 2004, among the Issuers and the
Trustee, the Fourth Supplemental Indenture, dated as of June 30, 2006, among the
Issuers and the Trustee, the Fifth Supplemental Indenture, dated as of June 8,
2010, among the Issuers and the Trustee and the Sixth Supplemental Indenture,
dated as of the date hereof, among the Issuers and the Trustee (as so amended,
the “Indenture”). The terms of the Securities include those stated in
the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939, as in effect from time to time (the “TIA”).
Capitalized terms used herein and not defined herein have the meanings ascribed
thereto in the Indenture. The Securities are subject to all such terms, and
Securityholders are referred to the Indenture and the TIA for a statement of
those terms.

      The Securities are general unsecured and unsubordinated obligations of the Issuers limited, together with the 2033 Notes, to $600,000,000 aggregate Initial Principal Amount at Maturity (subject to Section 2.07 of the Indenture). The Indenture does not limit other indebtedness of the Issuers, secured or unsecured.

      Before June 15, 2023, the Principal Amount at Maturity of a Security will be equal to the Initial Principal Amount at Maturity of the Security. On or after June 15, 2023, if the June 15, 2023 Average Conversion Value of a Security is greater than the Initial Principal Amount at Maturity but less than or equal to 220% of the Initial Principal Amount at Maturity, then the Principal Amount at Maturity of a Security will be equal to the June 15, 2023 Average Conversion Value of the Security; provided that if the June 15, 2023 Average Conversion Value exceeds 200% of the Initial Principal Amount at Maturity, then the Principal Amount at Maturity will equal 200% of the Initial Principal Amount at Maturity. If the June 15, 2023 Average Conversion Value exceeds 220% of the Initial Principal Amount at Maturity or is less than or equal than the Initial Principal Amount at Maturity then the Principal Amount at Maturity will equal the Initial Principal Amount at Maturity.

 5. Contingent Cash Interest.

      Subject to the record date provisions specified in this paragraph 5, the Issuers shall pay contingent cash interest (“Contingent Cash Interest”) to the Holder of this Security during any six-month period (each a “Contingent Interest Period”) from June 16 to December 15 or from December 16 to June 15, commencing on June 16, 2014 if the average of the Zero Coupon Zero Yield Convertible Note Market Prices for each of the days in the Five-Day Period with respect to such Contingent Interest Period equals or exceeds 120% of the Initial Principal Amount at Maturity of this Security.

      Contingent Cash Interest, if any, will accrue from the first day of the applicable six-month period and be payable on June 15 and December 15 of the relevant six-month period to Holders of the Security on the record date, which will be the immediately preceding June 1 and December 1 of each applicable six-month period.

  9

      For any six-month period, the amount of Contingent Cash Interest payable per $1,000 Initial Principal Amount at Maturity hereof in respect of any Contingent Interest Period shall equal the amounts set forth below per $1,000 Initial Principal Amount at Maturity for each applicable six-month period.

					
	  	 Semi-	    	  	  
	  	 annual	 	  	 Semi-annual
	 Payment Date
      

    	 Interest
      

    	 	 Payment Date
      

    	 Interest
      

    
	 June 15, 2014	 $6.25	 	 December 15, 2026	 $9.25
	 December 15, 2014	 $6.25	 	 June 15, 2027	 $9.50
	 June 15, 2015	 $6.50	 	 December 15, 2027	 $9.50
	 December 15, 2015	 $6.50	 	 June 15, 2028	 $9.75
	 June 15, 2016	 $6.75	 	 December 15, 2028	 $9.75
	 December 15, 2016	 $6.75	 	 June 15, 2029	 $10.00
	 June 15, 2017	 $7.00	 	 December 15, 2029	 $10.00
	 December 15, 2017	 $7.00	 	 June 15, 2030	 $10.25
	 June 15, 2018	 $7.25	 	 December 15, 2030	 $10.25
	 December 15, 2018	 $7.25	 	 June 15, 2031	 $10.50
	 June 15, 2019	 $7.50	 	 December 15, 2031	 $10.50
	 December 15, 2019	 $7.50	 	 June 15, 2032	 $10.75
	 June 15, 2020	 $7.75	 	 December 15, 2032	 $10.75
	 December 15, 2020	 $7.75	 	 June 15, 2033	 $11.00
	 June 15, 2021	 $8.00	 	 December 15, 2033	 $11.00
	 December 15, 2021	 $8.00	 	 June 15, 2034	 $11.25
	 June 15, 2022	 $8.25	 	 December 15, 2034	 $11.25
	 December 15, 2022	 $8.25	 	 June 15, 2035	 $11.50
	 June 15, 2023	 $8.50	 	 December 15, 2035	 $11.50
	 December 15, 2023	 $8.50	 	 June 15, 2036	 $11.75
	 June 15, 2024	 $8.75	 	 December 15, 2036	 $11.75
	 December 15, 2024	 $8.75	 	 June 15, 2037	 $12.00
	 June 15, 2025	 $9.00	 	 December 15, 2037	 $12.00

  

 10

				
	 December 15, 2025	
      
        $9.00
      
    	 June 15, 2038	
      
        $12.25
      
    
	 June 15, 2026	
      
        $9.25
      
    	  	  

      “Five-Day Period” means, with respect to any Contingent Interest Period, the five trading days ending on the second trading day immediately preceding the first day of such Contingent Interest Period.

      “Zero Coupon Zero Yield Convertible Note
Market Price” means, as of any date of determination, the average of the
secondary market bid quotations per $1,000 Principal Amount at Maturity
obtained by the Bid Solicitation Agent for $10 million Principal Amount at
Maturity of Securities at approximately 4:00 p.m., New York City time, on such
determination date from three independent nationally recognized securities
dealers in The City of New York (none of which shall be an Affiliate of the
Issuers) selected by the Issuers; provided, however, if (a) at least three such
bids are not obtained by the Bid Solicitation Agent or (b) in the Issuers’
reasonable judgment, the bid quotations are not indicative of the secondary
market value of the Securities as of such determination date, then the Zero
Coupon Zero Yield Convertible Note Market Price for such determination date
shall equal (i) the Conversion Rate in effect as of such determination date
multiplied by (ii) the average of the Sale Prices of the Common Stock for each
of the five trading days ending on such determination date, appropriately
adjusted to take into account the occurrence, during the period commencing on
the first of such trading days during such five trading day period and ending on
such determination date, of any event described in Section 10.06, 10.07 or 10.08
(subject to the conditions set forth in Sections 10.09 and 10.10) of the
Indenture.

      The Issuers will determine every six months, commencing December 15, 2013, whether the conditions to the payment of Contingent Cash Interest have been satisfied and, if so, the Issuers shall promptly notify the Holders of this Security of such determination and shall use their reasonable best efforts to post this information on their web site or, at their option, otherwise publicly disclose this information.

 6. Redemption at the Option of the Issuers.

      No sinking fund is provided for the Securities. The Issuers cannot redeem the Securities before June 17, 2013, except upon a Change in Control as described in paragraph 7 hereof. On June 17, 2013 and June 15, 2018 the Issuers may, at their option, redeem the Securities for cash in whole or in part at the Initial Principal Amount at Maturity of the Securities.

      On or after June 15, 2018, and before June 15, 2023, the Issuers may, at their option, redeem the Securities for cash at any time in whole or from time to time in part at the Initial Principal Amount at Maturity of the Securities.

      On or after June 15, 2023, the Issuers may redeem the Securities at any time in whole or in part at the Initial Principal Amount at Maturity plus accrued Contingent Additional Principal, if any. The price to be paid for any such redemption is referred to as the “Redemption Price.” The Securities will be redeemable in integral multiples of $1,000 of Principal Amount at Maturity.

  11

      In addition to the Redemption Price payable with respect to all Securities or portions thereof to be redeemed as of a Redemption Date, the Holders of such Securities (or portions thereof) shall be entitled to receive accrued and unpaid Contingent Cash Interest, if any, with respect thereto, which Contingent Cash Interest shall be paid in cash on the Redemption Date.

 7. Purchase by the Issuers at the Option of the Holder.

      Subject to the terms and conditions of the Indenture, the Issuers shall become obligated to purchase, at the option of the Holder, the Securities held by such Holder on the following Purchase Dates and at the following Purchase Prices per $1,000 Initial Principal Amount at Maturity, upon delivery of a Purchase Notice containing the information set forth in the Indenture, at any time from the opening of business on the date that is 20 Business Days prior to such Purchase Date until the close of business on the Purchase Date and upon delivery of the Securities to the Paying Agent by the Holder as set forth in the Indenture.

			
	 Purchase Date
      

    	     	 Purchase Price
      

    
	 June 15, 2006, 2008,	 	 Initial Principal Amount at Maturity of the
	 2010, 2013, and 2018	 	 Security
	  
	 June 15, 2023 through	 	 Initial Principal Amount at Maturity of the
	 June 15, 2037	 	 Security plus accrued Contingent Additional
	  	 	 Principal, if any

      The Purchase Price shall be paid in cash and shall be paid by a Purchase Party if so designated by the Issuers, in accordance with the terms of the Indenture.

      At the option of the Holder and subject to the terms and conditions of the Indenture, the Issuers shall become obligated to purchase the Securities held by such Holder 35 Business Days after the occurrence of a Change in Control of the Issuers occurring on or prior to June 15, 2010 for a Change in Control Purchase Price equal to $1,000 per Security, which Change in Control Purchase Price shall be paid in cash.

      If at least 90% in aggregate Principal Amount at Maturity of the Securities outstanding immediately prior to the Change in Control are purchased on the Change in Control Purchase Date, the Issuers may, within 90 days following the Change in Control Purchase Date, at their option, redeem for cash all of the remaining Securities at a Redemption Price per Security equal to the Initial Principal Amount at Maturity of such Security.

      In addition to the Purchase Price or Change in Control Purchase Price, as the case may be, payable with respect to all Securities or portions thereof to be purchased as of the Purchase Date or the Change in Control Purchase Date, as the case may be, the Holders of such Securities (or portions thereof) shall be entitled to receive accrued and unpaid Contingent Cash Interest, if any, with respect thereto, which Contingent Cash Interest shall be paid in cash promptly following the later of the Purchase Date or the Change in Control Purchase Date, as the case may be and the time of delivery of such Securities to the Paying Agent pursuant to the Indenture.

  12

      Holders have the right to withdraw any Purchase Notice or Change in Control Purchase Notice, as the case may be, by delivering to the Paying Agent a written notice of withdrawal in accordance with the provisions of the Indenture.

      If cash (and/or securities if permitted under
the Indenture) sufficient to pay the Purchase Price or Change in Control
Purchase Price, as the case may be, of, together with any accrued and unpaid
Contingent Cash Interest with respect to, all Securities or portions thereof to
be purchased as of the Purchase Date or the Change in Control Purchase Date, as
the case may be, is deposited with the Paying Agent on or prior to the Business
Day following the Change in Control Purchase Date or the Payment Date, as the
case may be, Contingent Additional Principal and Contingent Cash Interest, if
any, shall cease to accrue on such Securities (or portions thereof) in favor of
the Holder surrendering the Securities for purchase immediately after such
Purchase Date or Change in Control Purchase Date, as the case may be, and the
Holder surrendering such Securities for purchase shall have no other rights as
such (other than the right to receive the Purchase Price or Change in Control
Purchase Price, as the case may be, and accrued and unpaid Contingent Cash
Interest, if any, upon surrender of such Security).

      In certain circumstances, as provided in the Indenture, when a Holder surrenders Securities for purchase, the Purchase Agent may first offer such Securities to a financial institution chosen by the Issuers who will have the option, but not the obligation, (unless separately agreed to by it and the Issuers at the time) to purchase such Securities at the applicable Purchase Price.

 8. Notice of Redemption.

      Notice of redemption will be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of Securities to be redeemed at the Holder’s registered address. If money sufficient to pay the Redemption Price of, and accrued and unpaid Contingent Cash Interest, if any, with respect to, all Securities (or portions thereof) to be redeemed on the Redemption Date is deposited with the Paying Agent prior to or on the Redemption Date, immediately after such Redemption Date, Contingent Additional Principal and Contingent Cash Interest, if any, shall cease to accrue on such Securities or portions thereof. Securities in denominations larger than $1,000 Initial Principal Amount at Maturity may be redeemed in part but only in an Initial Principal Amount at Maturity of at least $1,000 or in integral multiples thereof.

 9. Conversion.

      Holders may surrender Securities for conversion only if at least one of the conditions described in (a) through (d) below is satisfied. In addition, a Security for which a Holder has delivered a Purchase Notice or a Change in Control Purchase Notice requiring the Issuers to purchase the Security may be surrendered for conversion only if such notice is withdrawn in accordance with the Indenture.

      The initial Conversion Rate is 9.7087 shares per $1,000 Initial Principal Amount at Maturity of a Security, subject to adjustment upon the occurrence of certain events described in the Indenture. A Holder otherwise entitled to a fractional share will receive cash in an amount

  13

 equal to the value of such fractional share based on the Sale Price on the trading day immediately preceding the Conversion Date.

      The ability to surrender Securities for conversion will expire at the close of business on July 1, 2038.

 (a) Before June 15, 2023, Holders may surrender a Security for conversion at
the then-applicable conversion price during any calendar quarter, commencing
after June 30, 2003 if the average Conversion Values of the Security for each of
the last 20 trading days in the preceding calendar quarter is greater than or
equal to a specified percentage of the Initial Principal Amount at Maturity;
initially 125% for the quarter ending September 30, 2003, and increasing 5% per
quarter for each quarter thereafter up to a maximum of 220% of the Initial
Principal Amount at Maturity of the Security for the quarter ending June 30,
2008. Thereafter, this percentage shall remain at 220%. If the foregoing
condition is satisfied at any time after June 15, 2004 and before June 15, 2023,
then the Securities will become and remain convertible at any time thereafter at
the option of the Holder, through maturity. On or after June 15, 2023, Holders
may surrender a Security for conversion during any calendar quarter if the
average of the Conversion Values of the Security for each of the last 20 trading
days in the preceding calendar quarter is greater than or equal to 110% of the
Principal Amount at Maturity of the Security. If the foregoing condition is
satisfied, then the Securities will become and remain convertible at any time
thereafter at the option of the Holder, through maturity.

 (b) Holders may also surrender a Security for conversion at the then-applicable conversion price at any time after the credit rating assigned to the Securities is reduced to Ba1 or lower by Moody’s Investors Service, Inc. or BBB- or lower by Standard & Poor’s Ratings Services, even if the credit rating assigned has subsequently been changed to a higher rating.

 (c) A Holder may surrender for conversion at the then-applicable conversion price a Security with respect to which the Issuers have mailed a Redemption Notice at any time prior to the close of business on the second Business Day prior to the Redemption Date, even if it is not otherwise convertible at that time.

 (d) If the Company elects to

	
     distribute to all Holders of Common Stock certain rights entitling them to purchase, for a period expiring within 60 days, Common Stock at less than the Sale Price at the time, or

  
	 distribute to all Holders of Common Stock assets, debt securities or certain rights to purchase securities of the Company, which distribution has a per share value as determined by the Company’s Board of Directors exceeding 15% of the closing price of the Common Stock on the day preceding the declaration date for such distribution,

 the Company must notify the Holders of Securities at least 20 days prior to the Ex-Dividend Date for such distribution. Once the Company has given such notice, Holders may surrender their Securities for conversion at the then-applicable conversion price at any time thereafter until the

  14

 earlier of the close of business on the Business Day prior to the Ex-Dividend Date or the Company’s announcement that such distribution will not take place.

      Contingent Cash Interest will not be paid on Securities that are converted; provided, however that Holders of Securities surrendered for conversion during the period after the applicable record date and prior to the next succeeding interest payment date, shall be entitled to receive such Contingent Cash Interest on the date on which such Contingent Cash Interest is payable. Except Securities with respect to which the Issuers have mailed a Notice of Redemption, Securities surrendered for conversion during such periods must be accompanied by payment of an amount equal to the Contingent Cash Interest with respect thereto that the registered Holder is to receive.

      The Conversion Rate will not be adjusted for accrued Contingent Additional Principal, if any, or Contingent Cash Interest, if any. As soon as practicable following the Conversion Date, the Issuers will deliver through the Conversion Agent, the Cash Amount, together with cash or a certificate for the number of full shares of Common Stock into which the Premium of any Security is converted and any cash payment for fractional shares. Delivery to the Holder of the Cash Amount, together with such cash or shares of Common Stock deliverable in connection with the Premium, will be deemed to satisfy the Issuers’ obligation to pay the Principal Amount at Maturity of and any accrued Contingent Additional Principal on the Security.

      Subject to the provisions of this paragraph 9
and notwithstanding the fact that any other condition to conversion has not been
satisfied, in the event the Company is a party to a consolidation, merger or
binding share exchange pursuant to which the Common Stock would be converted
into cash, securities or other property as set forth in Section 10.14 of the
Indenture, the Securities may be surrendered for conversion at any time from and
after the date which is 15 days prior to the date the Company announces the
anticipated effective time until 15 days after the actual effective date of such
transaction, and at the effective time of such transaction the right to convert
a Security into Common Stock will be deemed to have changed into a right to
convert it into the kind and amount of cash, securities or other property which
the Holder would have received if the Holder had converted its Security
immediately prior to the transaction. If the transaction also constitutes a
Change in Control, the Holder will be able to require the Company to purchase
all or a portion of its Securities as described under paragraph 7 herein.

      To convert a Security, a Holder must (1) complete and manually sign the conversion notice below (or complete and manually sign a facsimile of such notice) and deliver such notice to the Conversion Agent, (2) surrender the Security to the Conversion Agent, (3) furnish appropriate endorsements and transfer documents if required by the Conversion Agent, the Issuers or the Trustee and (4) pay any transfer or similar tax, if required. The “Conversion Date” as used herein refers to the date on which all of the foregoing requirements have been satisfied.

      A Holder may convert a portion of a Security if the Initial Principal Amount at Maturity of such portion is $1,000 or an integral multiple of $1,000. No payment or adjustment will be made for dividends on the Common Stock except as provided in the Indenture. On conversion of a Security, that portion of accrued Contingent Additional Principal attributable to the period from the Issue Date through the Conversion Date and (except as provided above) accrued Contingent Cash Interest with respect to the converted Security shall not be cancelled, extinguished or

  15

 forfeited, but rather shall be deemed to be paid in full to the Holder thereof through the delivery of the Cash Amount together with cash or Common Stock in respect of the Premium, in exchange for the Security being converted pursuant to the terms hereof; and the fair market value of such cash or Common Stock in respect of the Premium, shall be treated as delivered to the extent thereof, in exchange for Contingent Additional Principal accrued through the Conversion Date and accrued Contingent Cash Interest, and the Cash Amount shall be treated as delivered in exchange for the Initial Principal Amount at Maturity of the Security being converted pursuant to the provisions hereof.

      The Conversion Rate will be adjusted as provided in Article 10 of the Indenture. However, no adjustment need be made if Securityholders may participate in the transaction or in certain other cases. The Company from time to time may voluntarily increase the Conversion Rate.

      In certain circumstances as provided for in the Indenture, when a Holder surrenders a Security for conversion, the Conversion Agent may first offer the Security to a financial institution chosen by the Issuers who will have the option, but not the obligation (unless separately agreed to by it and the Issuers at the time) to agree to exchange those Securities for the number of shares of Common Stock that the Holder of those Securities would have been otherwise entitled to receive upon conversion, plus cash for any fractional shares.

 10. Conversion Arrangement on Call for Redemption.

      In connection with any redemption of Securities (unless such Securities have been surrendered by the close of business on the Redemption Date), the Issuers may arrange for the purchase and conversion of any Securities called for redemption by an agreement with one or more investment bankers or other purchasers to purchase such Securities, as provided for in the Indenture.

 11. Defaulted Interest.

      Except as otherwise specified with respect to the Securities, any Defaulted Interest on any Security shall forthwith cease to be payable to the registered Holder thereof on the relevant record date, by virtue of having been such Holder, and such Defaulted Interest may be paid by the Issuers as provided in Section 11.02 of the Indenture.

 12. Denominations; Transfer; Exchange.

      The Securities are in fully registered form, without coupons, in denominations of $1,000 and integral multiples of $1,000. A Holder may transfer or exchange Securities in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to be redeemed) or any Securities in respect of which a Purchase Notice or Change in Control Purchase Notice has been given and not withdrawn (except, in the case of a Security to be purchased in part, the portion of the Security not to be purchased) or any

  16

 Securities for a period of 15 days before the mailing of a Notice of Redemption of Securities to be redeemed.

 13. Persons Deemed Owners.

      The registered Holder of this Security may be treated as the owner of this Security for all purposes.

 14. Unclaimed Money or Securities.

      The Trustee and the Paying Agent shall return to the Issuers upon written request any money or securities held by them for the payment of any amount with respect to the Securities that remains unclaimed for two years, subject to applicable unclaimed property laws. After return to the Issuers, Holders entitled to the money or securities must look to the Issuers for payment as general creditors unless an applicable abandoned property law designates another person.

 15. Amendment; Waiver.

      Subject to certain exceptions set forth in the
Indenture, (i) the Indenture or the Securities may be amended with the written
consent of the Holders of at least a majority in aggregate Principal Amount at
Maturity of the Securities at the time outstanding and (ii) certain Defaults may
be waived with the written consent of the Holders of a majority in aggregate
Principal Amount at Maturity of the Securities at the time outstanding. Subject
to certain exceptions set forth in the Indenture, without the consent of any
Securityholder, the Issuers and the Trustee may amend the Indenture or the
Securities to cure any ambiguity, omission, defect or inconsistency, to comply
with Article 5 or Section 10.14 of the Indenture, to secure the Issuers’
obligations under this Security or the Indenture, to make any change that does
not, as evidenced by an Opinion of Counsel delivered to the Trustee, materially
adversely affect the rights of any Securityholder, to make any change in
connection with the registration of the Securities under the Securities Act or
to comply with the TIA, or any amendment thereto, to comply with any requirement
of the SEC in connection with the qualification of the Indenture under the TIA,
to add to the Issuers’ covenants or obligations under the Indenture for the
protection of the Holders or to surrender any right, power or option conferred
by the Indenture on the Issuers, or to increase the Contingent Cash Interest or
any other amount to be paid to Holders.

 16. Defaults and Remedies.

      Under the Indenture, Events of Default include (i) default in the payment of the Principal Amount at Maturity, Contingent Additional Principal, Redemption Price, Purchase Price or Change in Control Purchase Price on any Security when the same becomes due and payable at its Stated Maturity, upon redemption, upon acceleration, when due for purchase by the Issuers or otherwise; (ii) default in payment of any Contingent Cash Interest upon any Security, and such default shall continue for 30 days; (iii) failure by the Issuers to comply with other agreements in the Indenture or the Securities, subject to notice and lapse of time; (iv) (a) failure of the Issuers to make any payment by the end of any applicable grace period after maturity of Indebtedness in an amount (taken together with amounts in (b) below) in excess of $100,000,000, and continuance of such failure or (b) the acceleration of Indebtedness in an amount (taken together

  17

 with amounts in (a) above) in excess of $100,000,000 because of a
default with respect to such Indebtedness without such Indebtedness having been
discharged or such acceleration having been cured, waived, rescinded or annulled
in case of (a) and (b) above, for a period of 30 days after written notice to
the Issuers by the Trustee or to the Issuers and the Trustee by the Holders of
not less than 25% in aggregate Principal Amount at Maturity of the Securities
then outstanding; however if any such failure or acceleration referred to in (a)
or (b) above shall cease or be cured, waived, rescinded or annulled, then the
Event of Default by reason thereof shall be deemed not to have occurred, or (v)
certain events of bankruptcy or insolvency affecting the Issuers or their
Significant Subsidiaries. If an Event of Default shall have occurred and be
continuing, either the Trustee, or the Holders of not less than 25% in aggregate
Principal Amount at Maturity of the Securities then outstanding may declare the
Initial Principal Amount at Maturity, plus any accrued and unpaid Contingent
Cash Interest and Contingent Additional Principal through the date of such
declaration, if any, to be immediately due and payable. In case of certain
events of bankruptcy or insolvency of the Issuers, the Initial Principal Amount
at Maturity plus accrued and unpaid Contingent Cash Interest and Contingent
Additional Principal, if any, shall automatically become immediately due and
payable.

      Securityholders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives indemnity or security reasonably satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate Principal Amount at Maturity of the Securities at the time outstanding may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Securityholders notice of any continuing Default (except a Default in payment of amounts specified in clause (i) or (ii) above) if it determines that withholding notice is in their interests.

 17. Trustee Dealings with the Issuers.

      Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Issuers or their Affiliates and may otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not Trustee.

 18. Authentication.

      This Security shall not be valid until an authorized signatory of the Trustee manually signs the Trustee’s Certificate of Authentication on the other side of this Security.

 19. Abbreviations.

      Customary abbreviations may be used in the name of a Securityholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).

  18

 20. GOVERNING LAW.

      THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THIS SECURITY.

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

      The Issuers will furnish to any Securityholder upon written request and without charge a copy of the Indenture. Requests may be made to:

  
     Omnicom Group Inc.

437 Madison Avenue, 9th Floor

New York, New York 10022

Attention: General Counsel

  

  19

  ASSIGNMENT FORM

 To assign this Security, fill in the form below:

 I or we assign and transfer this Security to 

(Insert assignee’s soc. sec. or tax ID no.) 

(Print or type assignee’s name, address and zip code)

 and irrevocably appoint

 _____________________ agent to transfer this Security on the books of the Issuers. The agent may substitute another to act for him.

 

  CONVERSION NOTICE

 To convert this Security into Common Stock of the Company, check the box:

  
    |_|
  
   To convert only part of this Security, state the Initial Principal Amount at Maturity to be converted (which must be $1,000 or any integral multiple thereof);

 $__________________________

 If you want the stock certificate made out in another person’s name, fill in the form below: 

(Insert other person’s soc. sec. or tax ID no.) 

(Print or type other person’s name, address and zip code)

		
	 Date: __________________________	 Your Signature:_______________________________________________

 

  (Sign exactly as your name appears on the other side of this Security)”

      2.4 For the avoidance of doubt, corresponding changes shall also be made to the Securities to the changes made in Sections 2.1, 2.2 and 2.3 of this Supplemental Indenture.

      3. Separability Clause. In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

  20

      4. Modification, Amendment and Waiver.
The provisions of this Supplemental Indenture may not be amended, supplemented,
modified or waived except by the execution of a Supplemental Indenture executed
by the Issuers, the Trustee and, to the extent such amendment, supplement or
waiver limits or impairs the rights of any Securityholder, by such
Securityholder. Any such amendment shall comply with Article 9 of the Indenture.
Until an amendment, waiver or other action by Securityholders becomes effective,
a consent thereto by a Securityholder of a Security hereunder is a continuing
consent by the Securityholder and every subsequent Securityholder of that
Security or portion of the Security that evidences the same obligation as the
consenting Securityholder’s Security, even if notation of the consent,
waiver or action is not made on the Security. However, any such Securityholder
or subsequent Securityholder may revoke the consent, waiver or action as to such
Securityholder’s Security or portion of the Security if the Trustee
receives the notice of revocation before the date the amendment, waiver or
action becomes effective. After an amendment, waiver or action becomes
effective, it shall bind every Securityholder.

      5. Ratification of Indenture; Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. In the event of a conflict between the terms and conditions of the Indenture and the terms and conditions of this Supplemental Indenture, then the terms and conditions of this Supplemental Indenture shall prevail. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Securities heretofore or hereafter authenticated and delivered shall be bound hereby.

      6. Trust Indenture Acts Controls. If any provision of this Supplemental Indenture limits, qualifies or conflicts with any provision of the Trust Indenture Act of 1939, as amended (“TIA”), that is required under the TIA to be part of and govern any provision of this Supplemental Indenture, the provision of the TIA shall control. If any provision of this Supplemental Indenture modifies or excludes any provisions of the TIA that may be so modified or excluded, the provisions of the TIA shall be deemed to apply to the Indenture as so modified or to be excluded by this Supplemental Indenture, as the case may be.

      7. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICT OF LAWS.

      8. Trustee Makes No Representation. The statements herein are deemed to be those of the Company, OCI or OFI, as applicable, and not of the Trustee. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture.

      9. Multiple Originals. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Supplemental Indenture.

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      10. Effect of Headings. The Section headings herein are for convenience only and shall not effect the construction thereof.

      11. Notices. Any request, demand, authorization, notice, waiver, consent or communication to any of the parties shall be made as set forth in Section 12.02 of the Indenture, as said Section may be amended hereby.

      12. Successors. All agreements of each of the Company, OCI and OFI in respect of this Supplemental Indenture shall bind its successor.

  [Signature page follows]

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      IN WITNESS WHEREOF, this Supplemental Indenture has been duly executed by the Company, OCI, OFI and the Trustee as of the date first written above.

			
	  	OMNICOM GROUP INC.
	  
	 	 By:	 /s/ Randall J. Weisenburger
	 	  	
      

	  	    Name: 	Randall J. Weisenburger
	 	     Title:	 Executive Vice President
	 	  	 and Chief Financial Officer
	  
	  	OMNICOM CAPITAL INC.
	  
	 	 By:	 /s/ Michael J. O’Brien
	 	  	
      

	  	    Name:	Michael J. O’Brien
	 	     Title:	 Secretary
	  
	  	OMNICOM FINANCE INC.
	  
	 	 By:	 /s/ Randall J. Weisenburger
	 	  	
      

	  	    Name:	Randall J. Weisenburger
	 	     Title:	 Chief Executive Officer and
	 	  	 Chief Financial Officer
	  
	  	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
	  
	 	 By:	 /s/ Kenneth R. Ring
	 	  	
      

	  	    Name:	 Kenneth R. Ring
	 	     Title:	 Vice President
	  
	 	 By:	 /s/ David Contino
	 	  	
      

	 	     Name:	 David Contino
	 	     Title:	 Vice President

  

 Sixth Supplemental Indenture

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