24/7 REAL MEDIA INC
EX-10.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">24/7 Real Media, Inc.<br></font></b>1250 Broadway, 28<sup>th</sup> Floor<br>
New York, New York 10001</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 23, 2003</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">PubliGroupe USA
Holding, Inc.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1100 Santa Monica Blvd, Suite
550</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Los Angeles, CA, 90025</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RE:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Exchange And
Amendment of Notes; Certain Other Matters</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Moritz,</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We refer to
(i) that certain Agreement And Plan Of Merger, dated as of October 30, 2001 (as
amended, supplemented or otherwise modified from time to time, the &#147;<b><u><font style="font-weight:bold;">Merger&#160; Agreement</font></u></b>&#148;), among 24/7
Media, Inc., a Delaware corporation (&#147;<b><u><font style="font-weight:bold;">Parent</font></u></b>&#148;), Real Media, Inc., a Delaware
corporation (the &#147;<b><u><font style="font-weight:bold;">Company</font></u></b>&#148;), PubliGroupe USA Holding,
Inc., a Delaware corporation (&#147;<b><u><font style="font-weight:bold;">Publigroupe</font></u></b>&#148;), and Continuum Holding
Corp., a Delaware corporation and an indirect wholly owned subsidiary of Parent
(&#147;<b><u><font style="font-weight:bold;">Merger
Sub</font></u></b>&#148;); (ii) that certain unsecured promissory note, dated
October 30, 2001, in the principal amount of $4,500,000 issued by the Company
in favor of Publigroupe and guaranteed by Parent pursuant to the Parent
Guarantee (as defined) (the &#147;<b><u><font style="font-weight:bold;">First Note</font></u></b>&#148;); (iii) that certain unsecured
promissory note, dated January 9, 2002, in the principal amount of $1,500,000
issued by Parent to Publigroupe (the &#147;<b><u><font style="font-weight:bold;">Second Note</font></u></b>&#148;); (iv) that certain
unsecured promissory note, dated May 14, 2002, in the principal amount of
$1,500,000 issued by Parent to Publigroupe pursuant to Section 7.01(b) of the
Merger Agreement (the &#147;<b><u><font style="font-weight:bold;">Third Note</font></u></b>&#148; and, collectively, with the
First Note and Second Note, the &#147;<b><u><font style="font-weight:bold;">Notes</font></u></b>&#148;); (v) that certain guarantee
issued on October 30, 2001 by Parent guaranteeing the obligations of Company
under the First Note (the &#147;<b><u><font style="font-weight:bold;">Parent Guarantee</font></u></b>&#148;); and (vi) that
certain Lock-Up and Standstill Agreement, dated October 31, 2001 (the &#147;<b><u><font style="font-weight:bold;">Lock-Up
Agreement</font></u></b>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of
the merger undertaken pursuant to the Merger Agreement, and the consummation of
the other of transactions contemplated thereby, Merger Sub merged with and into
the Company effectively making the Company a wholly owned subsidiary of
Parent.&#160; In connection therewith, Parent
changed its name to 24/7 Real Media, Inc.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of
Parent, the Company and Publigroupe now intend to provide for (i) the transfer
and delivery of the Notes to Parent and the Company for cancellation, (ii) the
cancellation of the Parent Guarantee, (iii) the payment by Parent to
Publigroupe of certain consideration described below upon the satisfaction of
certain conditions, (iv) the amendment of the Lock-Up Agreement, and (v) other
agreements set forth herein.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
consideration of the foregoing, and of the covenants and agreements set forth
herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, each of the undersigned hereby agrees as
follows:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>


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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.</font><b><font style="font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Cancellation
of Notes; Consent and Acknowledgment of Publigroupe</u></font></b>. Subject
solely to the satisfaction of the conditions set forth in Paragraph 4(b) of
this letter agreement (the &#147;<b><u><font style="font-weight:bold;">Letter
Agreement</font></u></b>&#148;), at a Closing which shall take place on a date (the
&#147;<b><u><font style="font-weight:bold;">Closing Date</font></u></b>&#148;) as soon as
practicable following the satisfaction or waiver of the conditions set forth in
Paragraph 4, Publigroupe hereby irrevocably agrees to transfer and deliver to
the Company for cancellation the First Note and to Parent for cancellation the
Second Note and the Third Note and to cancel the debt evidenced by all the
Notes.&#160; Publigroupe hereby expressly
acknowledges, consents and agrees that, as of the Closing Date, (i) the Notes,
including principal and all accrued interest, shall be deemed paid in full and
Parent and the Company, shall be fully and forever discharged from any
obligation whatsoever with respect to the Notes, and (ii) the Parent Guarantee
shall be revoked, cancelled and terminated and shall be of no further force and
effect whatsoever.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u><font style="font-weight:bold;">Payment of Consideration by Parent</font></u></b>.
Subject solely to the satisfaction of the conditions set forth in Paragraph
4(a) of this Letter Agreement, at the Closing, in exchange for delivery by
Publigroupe and cancellation of the Notes and the debt evidenced thereby,
Parent (i) shall pay to Publigroupe at the Closing <font style="text-transform:uppercase;">one million five hundred thousand United States dollars (U.S.
$1,500,000)</font> in cash via wire transfer (the &#147;<b><u><font style="font-weight:bold;">Cash Consideration</font></u></b>&#148;), and (ii) shall
issue to Publigroupe or its designated affiliate 4,800,000 shares of common
stock, par value $.01 per share, of Parent (&#147;<b><u><font style="font-weight:bold;">Parent Common Stock</font></u></b>&#148;), as proportionately adjusted to
reflect any stock splits and combinations, stock dividends, recapitalizations
and the like with respect to Parent&#146;s common stock subsequent to the date
hereof (the &#147;<b><u><font style="font-weight:bold;">Shares</font></u></b>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u><font style="font-weight:bold;">Amendment
of Lock-Up Agreement</font></u></b>.&#160;
The parties hereby agree that, as of the Closing Date, the Lock-Up
Agreement shall be amended:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i) by
deleting Section 2 thereof in its entirety and inserting in lieu thereof, the
following:&#160; &#147;Publigroupe hereby agrees
that it will not sell more than 1,000,000 shares of Parent Common Stock owned
by it on any trading day or more than 5,000,000 shares of Parent Common Stock
owned by it in any calendar month, in each case proportionately adjusted to
reflect any stock splits and combinations, stock dividends, recapitalizations
and the like with respect to Parent&#146;s Common Stock subsequent to the date
hereof, except with the prior written consent of Parent; provided, however,
that the foregoing restriction shall not apply to any private sale, transfer or
disposition by Publigroupe of any of the shares of Parent Common Stock owned by
it to a third party&#148;; and</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii) by adding
the following sentence to the end of Section 3: &#147;Notwithstanding anything
contained in this Section 3 to the contrary, Publigroupe shall be permitted to
receive from Parent 4,800,000 shares of Parent Common Stock pursuant to the
Letter Agreement dated May &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003.&#148;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u><font style="font-weight:bold;">Conditions to Closing</font></u></b>.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Conditions to Parent&#146;s Obligations</font></i>.&#160; The obligation of Parent to issue the Shares
and pay the Cash Consideration at the Closing is subject to the fulfillment on
or prior to the Closing of each of the following conditions, provided that
these conditions are for Parent&#146;s sole benefit and may be waived by Parent at
any time in its sole discretion by providing Publigroupe with written notice
thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1) Parent
shall have taken all corporate action (including obtaining any relevant
stockholder approval) which may, in the opinion of its counsel, be necessary in
order that Parent may validly and legally issue the Shares.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2) All
governmental and third party Permits, filings and waivers necessary for
consummation of the transactions to be consummated at the Closing shall have
been obtained.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3) No
temporary restraining order, preliminary or permanent injunction or other order
or decree, and no other legal restraint or prohibition shall exist which
prevents or arguably prevents the consummation of the transactions contemplated
by this Letter Agreement, nor shall any proceeding have been commenced or
threatened with respect to the foregoing.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)
Publigroupe shall have delivered the original Notes, together with such
instruments of transfer as are reasonably requested by Parent or the Company,
and such documentation as may be required to fully terminate the Parent
Guarantee, in each case pursuant to Section 1 above.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Conditions to Publigroupe&#146;s Obligations</font></i>.&#160;&#160; The obligation of Publigroupe to transfer
and deliver the Notes to Parent for cancellation at the Closing is subject to
the fulfillment on or prior to the Closing of each of the following conditions,
provided that these conditions are for Publigroupe&#146;s sole benefit and may be
waived by Publigroupe at any time in its sole discretion by providing Parent
with written notice thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1) Parent
shall have taken all corporate action (including obtaining any relevant
stockholder approval) which may, in the opinion of Publigroupe&#146;s counsel, be
necessary in order that Parent may validly and legally issue the Shares.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2) All
governmental and third party Permits, filings and waivers necessary for
consummation of the transactions to be consummated at the Closing shall have
been obtained.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3) The Parent
shall have executed and delivered certificates for the Shares, containing
customary restrictive legends, in such denominations as the Purchaser shall
request.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4) No
temporary restraining order, preliminary or permanent injunction or other order
or decree, and no other legal restraint or prohibition shall exist which
prevents or arguably prevents the consummation of the transactions contemplated
by this Letter Agreement, nor shall any proceeding have been commenced or
threatened with respect to the foregoing.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5) Parent
shall have delivered the Cash Consideration and the Shares pursuant to Section
2 above.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6) The shares
of common stock of Parent shall be listed on a stock exchange, securities
trading exchange or automated quotation system.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7) On or
before the thirtieth (30th) day after the Closing Date, the Company shall file
with the SEC a registration statement on Form S-3, and any related
qualification or compliance, with respect to the sale or distribution by the
Holders on a delayed or continuous basis of all of the Registrable Securities (the
&#147;SHELF REGISTRATION&#148;); PROVIDED, HOWEVER, that the Company shall not be
obligated to effect such registration, qualification or compliance in any
particular jurisdiction in which the Company would be required to qualify to do
business or to execute a general consent to service of process in effecting
such registration, qualification or compliance. The Company shall use
commercially reasonable efforts to have the Shelf Registration declared
effective by the SEC as promptly as practicable; PROVIDED, that in the</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">event the
Company receives notice from the SEC that the Shelf Registration will not be
subject to SEC review, the Company shall have the S-3 Registration Statement
declared effective as soon as possible following receipt of such notice from
the SEC; PROVIDED, FURTHER, that in the event the Shelf Registration is
reviewed by the SEC, the Company shall work diligently to resolve any SEC
comments in favor of the Company as soon as possible and, following receipt of
notice from the SEC that all such comments are resolved, will have the Shelf
Registration declared effective as soon as possible thereafter. The Company
shall leave the Shelf Registration in effect until the date on which all
Registrable Securities shall either (i) have been registered under the
Securities Act and been disposed of, or (ii) be, in the reasonable opinion of
counsel to the Company that has been delivered to the applicable Holders,
saleable in a three (3) month period by the current Holders thereof without
registration under the Securities Act pursuant to Rule 144 under the Securities
Act.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160; <i><font style="font-style:italic;">Best efforts to satisfy conditions</font></i>.&#160; From the date of execution of this Letter
Agreement, each of Publigroupe and Parent agrees to use commercially reasonable
best efforts to satisfy in a timely manner each of the conditions to be
satisfied by it as provided in this paragraph 4.&#160; In particular, Parent agrees to seek to satisfy the condition set
forth in paragraphs 4(a)(1) and 4(b)(1) no later than June 15, 2003.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160; <b><u><font style="font-weight:bold;">Representations and Warranties</font></u></b>.&#160;&#160;&#160;&#160; Each party hereto represents that: (i) it
has not assigned any of its rights or obligations under the Notes prior to the
date of this Agreement, (ii) the execution, delivery and performance of this
Letter Agreement: (a) has been duly authorized, (b) does not conflict with any
provisions of any instrument to which it is a party or by which it is bound,
and (c) constitutes a valid, legal and binding obligation of such party, (d)
the person executing this Letter Agreement on behalf of such party has been
duly authorized to execute this Letter Agreement in the name of such party and
(e) does not require any party to obtain, perform or send any notices,
consents, approvals or other actions and will not cause or result in a default,
event of default, acceleration event, termination event or otherwise entitle
any other party to exercise any other right or remedy materially adverse to the
interests of the parties hereto, except for such notices, consents and
approvals that have been obtained prior to or in connection with the execution
of this Letter Agreement or as otherwise set forth herein.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Publigroupe
further represents and warrants that it has good and valid title to the Notes,
free and clear of all liens, pledges, charges, encumbrances, security
interests, equities, options, restrictions (including any voting agreements,
voting trusts, restrictions on voting rights or rights of disposition), claims
or third party rights of whatever nature (collectively, &#147;<b><u><font style="font-weight:bold;">Encumbrances</font></u></b>&#148;) and, after consummation
of the transactions contemplated hereby, Parent will have good and valid title
to the Second Note and the Third Note and Company will have good and valid
title to the First Note, in each case free and clear of any Encumbrances.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Parent further
represents and warrants that it has filed all forms, reports and documents
required to be filed by the Company with the Securities and Exchange Commission
(the &#147;<b><u><font style="font-weight:bold;">SEC</font></u></b>&#148;) since the
filing of the Company&#146;s annual report on Form 10-K for the year ended December
31, 2001 (the &#147;<b><u><font style="font-weight:bold;">SEC Reports</font></u></b>&#148;).
As of their respective dates, each of the SEC Reports, as of the date filed and
as they may have been subsequently amended, (i) were prepared in accordance
with all requirements of the Securities Act of 1933, as amended , or the
Securities Exchange Act of 1934, as amended, as the case may be, and the rules
and regulations of the SEC thereunder applicable to such SEC Reports, (ii) did
not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition,
Parent represents and warrants that: (i) the certificates delivered to
Publigroupe pursuant to Section 4(b)(3) shall represent all of the Shares and
shall be accompanied by such other documents and instruments, if any, necessary
to permit Publigroupe to acquire the Shares free and clear of any Encumbrances
of any kind, other than restrictions on transfer under applicable securities
laws, and (ii) the Shares when delivered to Publigroupe will be validly issued
and outstanding shares of voting common stock of Parent, fully paid and
non-assessable, and will not be subject to preemptive rights of any other
person, other than any such rights that have been waived prior to or in
connection with the execution of this Letter Agreementand (iii) the Shares
shall have beenduly listed for trading on The NASDAQ Stock Market as of the
Closing Date</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160; <b><u><font style="font-weight:bold;">Miscellaneous</font></u></b>.&#160; In the event of any conflict between this
Letter Agreement on the one hand and the Notes, the Parent Guarantee and the
Lock-up Agreement on the other hand, the provisions of this Agreement shall
control.&#160; This Letter Agreement may not
be changed, amended, modified or discharged orally, but only by a written
instrument signed by Parent, the Company and Publigroupe, and may be waived
only by an instrument in writing signed by the party waiving compliance.&#160; The rights, duties and obligations of the
parties under this Letter Agreement may not be assigned without the prior
written consent of the other parties hereto.&#160;
This Letter Agreement shall be binding upon each party hereto and its
heirs, legal representatives, successors and permitted assigns and the terms
hereof shall inure to the benefit of such party and its successors and
permitted assigns.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160; <b><u><font style="font-weight:bold;">Public Announcements</font></u></b>.&#160; Neither party shall use the other&#146;s name nor
refer to the other directly or indirectly in connection with the investment
contemplated herein in any advertisement, news release or professional or trade
publication, or in any other manner, unless otherwise required by law, or with
prior written consent.&#160; The parties
agree that there will be no press release or other public statement issued by
either party relating to this Letter Agreement unless required by law or
mutually agreed to, and further agree to keep the terms and conditions of such
in strictest confidence, it being understood that this restriction shall not
prohibit disclosure to the parties&#146; counsel, accountants and professional
advisors.&#160; Notwithstanding the
foregoing, Parent may disclose the existence of this Letter Agreement to <i><font style="font-style:italic;">bona fide</font></i>
potential investors who are under obligations of nondisclosure, similar to
those contained herein and which Parent believes in good faith are seriously
considering investing in Parent.&#160; In
addition, Parent may disclose that a financial relationship exists between the
parties hereto to customers, potential customers, strategic partners or
potential strategic partners.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160; <b><u><font style="font-weight:bold;">Dispute Resolution</font></u></b>.&#160; The parties agree to negotiate in good faith
to resolve any dispute between them regarding this Letter Agreement.&#160; If the negotiations do not resolve the
dispute to the reasonable satisfaction of both parties, then each party shall
nominate one officer as its representative. These representatives shall, within
fifteen (15) days of a written request by either party to call such a meeting,
meet in person and shall attempt in good faith to resolve the dispute.&#160; If the disputes cannot be resolved in such
meeting, then such disputes shall be determined in New York, by the appointment
of a single arbitrator to be agreed between the parties, or failing agreement
within 5 business days, after either party has given to the other a written
request to concur in the appointment of an arbitrator, by an arbitrator to be
appointed by the Chartered Institute of Arbitrators.&#160; This procedure shall be a prerequisite before taking any
additional action hereunder.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160; <b><u><font style="font-weight:bold;text-transform:uppercase;">Governing Law</font></u></b>.&#160; <font style="text-transform:uppercase;">The
provisions of this Letter Agreement shall be governed by and interpreted in
accordance with the laws of the State of New York applicable to agreements made
and to be performed entirely within such State</font>. The invalidity,
illegality or unenforceability of any provision of this Letter Agreement shall
not affect or impair the validity, legality</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='5',FILE='C:\C2\ssinn\1941_2\t_1622511\j1941_ex10d1.htm',USER='ssinn',CD='Jun 11 01:08 2003' -->
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</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or enforceability of the
remainder of this Letter Agreement, and to this end, the provisions of this
Letter Agreement are declared to be severable.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i><font style="font-style:italic;">Signature
pages follow.</font></i>]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='6',FILE='C:\C2\ssinn\1941_2\t_1622511\j1941_ex10d1.htm',USER='ssinn',CD='Jun 11 01:08 2003' -->
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</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the
foregoing correctly sets forth our mutual understanding then please have an
authorized signatory of Publigroupe USA Holding, Inc. sign two (2) original
copies of this Letter Agreement where indicated below.&#160; Once this Letter Agreement has been signed
by an authorized representative of Publigroupe USA Holding, Inc., please return
the original copies to my attention, for signature by an authorized
representative of 24/7 Real Media, Inc.&#160;&#160;
An original copy of this Letter Agreement will be returned to you for your
records in due course.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="44%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:44.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="44%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:44.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="44%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:44.46%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">24/7 Real Media,
  Inc.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="44%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:44.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="44%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:44.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By<font style="text-transform:uppercase;">:</font></font></p>
  </td>
  <td width="34%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:34.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="61%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:61.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="61%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:61.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="61%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:61.4%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="61%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:61.4%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:40.04%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Real Media, Inc.</font></b></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="61%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:61.4%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="61%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:61.4%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By<font style="text-transform:uppercase;">:</font></font></p>
  </td>
  <td width="34%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:34.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="61%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:61.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="61%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:61.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acknowledged and Agreed as of
the date first</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">above written:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Publigroupe USA
Holding Inc.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:27.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="65%" valign="top" style="padding:0in .7pt 0in .7pt;width:65.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.6%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="93%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:93.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
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  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.6%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <td width="93%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:93.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


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