Sample Business Contracts

Employment Agreement - Interpublic Group of Companies Inc. and David A. Bell

Employment Forms

  • Employment Contract. Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
  • Consulting Agreement. Answer simple questions to build a contract with a consultant. Specify the services rendered, when payment is due, as well as IP rights.
  • Commission Agreement. Employers who compensate their sales employees based on commissions can prepare an agreement to reduce misunderstandings by specifying the base salary and how commissions are calculated.
  • Executive Employment Agreement. Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
  • Sales Representative Contract. Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
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                             SUPPLEMENTAL AGREEMENT

          SUPPLEMENTAL AGREEMENT made as of February 28, 2003 between THE

                              W I T N E S S E T H:

          WHEREAS, Interpublic and Executive are parties to an Employment
Agreement made as of January 1, 2000, as amended as of March 1, 2001 and June
11, 2001 (hereinafter referred to as the "AGREEMENT"); and

          WHEREAS, Interpublic and Executive desire to amend the Agreement;

          NOW, THEREFORE, in consideration of the mutual promises herein and in
the Agreement set forth, the parties hereto, intending to be legally bound,
agree as follows:

          1.   Section 1 of the Agreement is hereby amended, effective February
28, 2003, by deleting "December 31, 2002" therefrom and substituting "March 1,
2005" therefor.

          2.   Section 2 of the Agreement is amended in its entirety to read as

          "2.  POSITION AND DUTIES. Interpublic shall employ the Executive
     during the Employment Period with the title of Chairman and Chief Executive
     Officer. Executive shall have the authority, duties and responsibilities
     commensurate with this position and title. During the Employment Period,
     the Executive shall perform faithfully and loyally and to the best of the
     Executive's abilities his duties hereunder, shall devote his full business
     time, attention and efforts to the affairs of Interpublic and the group of
     subsidiaries and affiliates of Interpublic and shall use his reasonable
     best efforts to


     promote the interests of Interpublic. Notwithstanding the foregoing, the
     Executive may engage in charitable, civic or community activities, provided
     that they do not interfere with the performance of the Executive's duties
     hereunder, and, with the prior approval of the Board, may serve as a
     director of any business corporation; provided that such service does not
     violate the terms of any of the covenants contained in Section 8 hereof."

          3.   Section 3(a) of the Agreement is amended by adding the following:

          "In addition, Executive will be entitled to an annual accrual of One
     Hundred Fifty Thousand Dollars ($150,000) per year, pursuant to the terms
     and conditions of an Executive Special Benefit Agreement to be entered into
     between the Executive and the Corporation."

          4.   Section 3(b) of the Agreement is hereby amended, effective
February 28, 2003 by deleting "122% of base salary" therefrom and substituting
"133% of base salary up to a maximum of 200% of base salary" therefor.

          5.   Section 3(e) of the Employment Agreement shall be deleted in its
entirety and replaced with the following:

          "Executive has been granted an award for the 2002-2004 performance
     period under Interpublic's Long-Term Performance Plan ("LTPIP") equal to
     five thousand (5,000) performance units. In addition, Executive has been
     granted options under Interpublic's Equity Plan to purchase twenty-five
     thousand (25,000) shares of Interpublic common stock."

          6.   A new Section 3(f) of the Agreement will be added as follows:

          "Executive shall be granted an award for the 2003-2005 performance
     period under

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     Interpublic's LTPIP equal to twenty thousand (20,000) performance units. In
     addition, Executive will be granted options under Interpublic's Equity Plan
     to purchase two hundred thousand (200,000) shares of Interpublic common

          7.   A new Section 3(g) of the Agreement will be added as follows:

          "Upon full execution of this Agreement, Executive will be entitled to
     a special bonus of One Hundred Thousand Dollars ($100,000) payable within
     three (3) months of assuming the role of Chief Executive Officer."

          8.   Section 5(a)(i) shall be amended to read as follows:

          "(i) termination of the Executive's employment by the Company without
     cause (as defined in sub sections (b) below) where the Company has failed
     to either provide Executive with twelve months (12) notice of termination
     or payment of his salary for twelve months in lieu of notice".

          Except as hereinabove amended, the Agreement shall continue in full
force and effect.

                                   THE INTERPUBLIC GROUP OF
                                   COMPANIES, INC.

                                   By:  /s/ Brian Brooks
                                            Brian Brooks
                                   Title:   Executive Vice President
                                               Human Resources

                                        /s/ David A. Bell
                                            David A. Bell

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