Common use of Preferential Clause in Contracts

Preferential. subscription rights -------------------------------- 3.3.1 In accordance with sub-section 4 of Article L. 225-140 of the French Commercial Code, the Principal Parties agree that the provisions of sub-sections 1, 2 and 3 of said Article shall not apply and that as a result, in the event of a capital increase in cash or of any other issuance giving rise to preferential subscription rights or priority rights (DROITS DE PRIORITE), the preferential subscription rights or priority rights attached to the Transfer Shares shall inure to the exclusive benefit of the USUFRUITIERS. 3.3.2 In the event that some or all of the USUFRUITIERS exercise in whole or in part such preferential subscription rights or priority rights in respect of the Transfer Shares, the Principal Parties hereby agree that: (i) shares subscribed for by any USUFRUITIER in the case of a cash capital increase; and/or (ii) shares issued or delivered pursuant to the exercise by any USUFRUITIER of a right conferred by securities giving access to Publicis share capital (TITRES DONNANT ACCES AU CAPITAL) subscribed by such USUFRUITIER shall be deemed to be Transfer Shares for all purposes of this Agreement. The transfer of any of the shares referred to in clauses (i) and (ii) above (the "New Shares") shall automatically take effect upon the issuance or delivery (as the case may be) of such New Shares and shall be subject to all of the terms and conditions of this Agreement for the remainder of the Term.

Preferential. subscription rights -------------------------------- 3.3.1 In accordance with sub-section 4 of Article L. 225-140 of the French Commercial Code, the Principal Parties agree that the provisions of sub-sections 1, 2 and 3 of said Article shall not apply and that as a result, in the event of a capital increase in cash or of any other issuance giving rise to preferential subscription rights or priority rights (DROITS DE PRIORITEdroits de priorite), the preferential subscription rights or priority rights attached to the Transfer Shares shall inure to the exclusive benefit of the USUFRUITIERSUsufruitiers. 3.3.2 In the event that some or all of the USUFRUITIERS Usufruitiers exercise in whole or in part such preferential subscription rights or priority rights in respect of the Transfer Shares, the Principal Parties hereby agree that: (i) shares subscribed for by any USUFRUITIER Usufruitier in the case of a cash capital increase; and/or (ii) shares issued or delivered pursuant to the exercise by any USUFRUITIER Usufruitier of a right conferred by securities giving access to Publicis share capital (TITRES DONNANT ACCES AU CAPITALtitres donnant acces au capital) subscribed by such USUFRUITIER Usufruitier shall be deemed to be Transfer Shares for all purposes of this Agreement. The transfer of any of the shares referred to in clauses (i) and (ii) above (the "New Shares") shall automatically take effect upon the issuance or delivery (as the case may be) of such New Shares and shall be subject to all of the terms and conditions of this Agreement for the remainder of the Term.