Executive Special Benefit Agreement - Interpublic Group of Companies Inc. and Bruce Nelson
SUPPLEMENTAL AGREEMENT
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SUPPLEMENTAL AGREEMENT made as of September 1, 2000 by and between THE
INTERPUBLIC GROUP OF COMPANIES, INC., a corporation of the State of Delaware
(hereinafter referred to as "Interpublic"), and BRUCE NELSON (hereinafter
referred to as "Executive").
W I T N E S S E T H:
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WHEREAS, Interpublic and Executive are parties to an Executive Special
Benefit Agreement made as of January 1, 1986 (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 1.03 of the Agreement is hereby amended, effective as of
September 1, 2000, so as to delete "survivor income payments of One Hundred and
Fifty Thousand Dollars ($150,000) per annum for fifteen years following
Executive's death, such payments to be made on January 15 of each of the fifteen
years beginning with the year following the year in which Executive dies" and
substitute, "survivor income payments of Two Hundred and Eighty Thousand Dollars
($280,000) per annum for fifteen years in monthly installments beginning with
the 15th of the calendar month following Executive's death and in equal monthly
installments".
2. Section 1.04 of the Agreement is hereby amended, effective as of
September 1, 2000 so as to delete "per annum for fifteen years beginning with
the calendar month following Executive's last day of employment, such payments
to be made in equal monthly installments" and substitute, "per annum for fifteen
years in monthly installments beginning with the 15th of the calendar month
following Executive's last day of employment and in equal monthly installments".
3. Section 1.05 of the Agreement is hereby amended, effective as of
September 1, 2000 so as to delete "Executive's forty-ninth birthday", and
substitute "Executive's fiftieth birthday but prior to Executive's sixtieth
birthday" and add "Executive shall receive certain supplementary retirement
benefits at the following rates. Increased benefit amounts apply if Executive
remains employed at least until age 55".
Last Day of Employment Annual Rate
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On or after 49th birthday but prior to 50th birthday $150,000
On or after 50th birthday but prior to 51st birthday $156,000
On or after 51st birthday but prior to 52nd birthday $162,000
On or after 52nd birthday but prior to 53rd birthday $168,000
On or after 53rd birthday but prior to 54th birthday $174,000
On or after 54th birthday but prior to 55th birthday $180,000
On or after 55th birthday but prior to 56th birthday $219,280
On or after 56th birthday but prior to 57th birthday $232,960
On or after 57th birthday but prior to 58th birthday $246,640
On or after 58th birthday but prior to 59th birthday $260,320
On or after 59th birthday but prior to 60th birthday $270,160
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4. Section 2.01 of the Agreement is hereby amended, effective as of
September 1, 2000 so as to delete "If Executive shall, for any reason other than
death, cease to be employed by the Corporation on a date prior to November 3,
1995, the Corporation shall, in lieu of any payment pursuant to Article I of
this Agreement, compensate Executive by payment, at the times and in the manner
specified in Section 2.02, of a sum computed at the rate of Fifty Thousand
Dollars ($50,000)" and substitute "If Executive leaves the employ of the
Corporation for any reason other than death, he will be paid, the vested
benefit".
5. This Supplemental Agreement shall be governed by the laws of the
State of New York.
Except as hereinabove amended, the Agreement shall continue in full
force and effect.
THE INTERPUBLIC GROUP OF
COMPANIES, INC.
By: /s/ C. KENT KROEBER
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C. KENT KROEBER
/s/ BRUCE NELSON
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BRUCE NELSON