Executive Special Benefit Agreement-Income Replacement Agreement - Interpublic Group of Companies Inc. and Thomas J. Volpe
SUPPLEMENTAL AGREEMENT
----------------------
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 THOMAS J. VOLPE (hereinafter
referred to as "Executive").
W I T N E S S E T H:
- - - - - - - - - -
WHEREAS, Executive and Interpublic are parties to an Executive Special
Benefit Agreement-Income Replacement Agreement made as of June 1, 2000
(hereinafter referred to 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 1.01 (a) of the Agreement is hereby amended, so as to delete "per annum
for fifteen (15) years following Executive's last day of employment, such
payments to be made on the 15th of the month following the month in which
Executive retires, and on each anniversary of such date for each of the fourteen
(14) years thereafter" and substitute "per annum for fifteen (15) years in
monthly installments beginning with the 15th of the calendar month following
Executive's last day of employment, and in equal monthly installments
thereafter".
2. Section 1.01 (b) of the Agreement is hereby amended, so as to
delete "per annum for fifteen (15) years following Executive's death, such
payments to be made on the 15th of the month following the month in which
Executive dies, and on each anniversary of such date for each of the fourteen
(14) years thereafter" and 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".
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/ C. KENT KROEBER
----------------------------------------
C. KENT KROEBER
/s/ THOMAS J. VOLPE
----------------------------------------
THOMAS J. VOLPE