Executive Special Benefit Agreement - Interpublic Group of Companies Inc. and C. Kent Kroeber
SUPPLEMENTAL AGREEMENT
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AGREEMENT made as of June 30, 2000 by and between THE INTERPUBLIC
GROUP OF COMPANIES, INC., a corporation of the State of Delaware (hereinafter
referred to as "Interpublic") and C. KENT KROEBER (hereinafter referred to as
"Executive").
W I T N E S S E T H:
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WHEREAS, Executive and Interpublic are parties to an Executive Special
Benefit Agreement made as of July 1, 1987, and Supplemental Agreements made as
of May 23, 1990, June 1, 1994 and October 27, 1998 (hereinafter referred to
collectively as the "Agreement"); and;
WHEREAS, the Corporation and Executive desire to amend the Agreement;
NOW, THEREFORE, in consideration of the mutual promises herein set
forth, the parties hereto, intending to be legally bound, agree as follows:
1. Section 1.03 of the July 1, 1987 Agreement and Sections 1.02 of the
October 27, 1998 and June 1, 1994 Agreements are hereby amended, so as to delete
"per annum for fifteen (15) years following Executive's death, such payments to
be made on January 15th of each of the fifteen (15) years beginning with the
year following the year in which Executive dies" and to substitute "per annum
for fifteen (15) years in monthly installments beginning with the 15th of the
calendar month following Executive's death, and in equal monthly installments
thereafter".
2. A new Section 1.11 to the July 1, 1987 Agreement and a new Section
1.05 to the October 27, 1998 Agreement are hereby added to read in their
entirety as follows: "If Executive's employment continues beyond the maximum
target benefit age provided in this Agreement, the maximum target age benefit
will be increased 4% annually until Executive fully retires. In no event,
however, will the 4% annual benefit increase be applied past the year 2003".
3. Except as herein above amended, the Agreement shall continue in
full force and effect.
4. This Supplemental Agreement shall be governed by the laws of the
State of New York.
THE INTERPUBLIC GROUP OF
COMPANIES, INC.
By /s/ NICHOLAS J. CAMERA
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By: NICHOLAS J. CAMERA
/s/ C. KENT KROEBER
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C. KENT KROEBER