Executive Special Benefit Agreement - Interpublic Group of Companies Inc. and Thomas J. Volpe
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 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 made as of April 1, 1986 and Supplemental Agreements made as
of May 23, 1990 and March 21, 2000 (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 April 1,1986 Agreement is hereby amended, so as
to delete "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 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. Section 1.02 of the March 21, 2000 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 years in monthly
installments beginning with the 15th of the calendar month following Executive's
death, and in equal monthly installments thereafter".
3. Section 1.03 of the March 21, 2000 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
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".
4. A new Section 1.11 to the April 1, 1986 Agreement is 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".
5. Except as herein above amended, the Agreement shall continue in
full force and effect.
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6. 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
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C. KENT KROEBER
/s/ THOMAS J. VOLPE
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THOMAS J. VOLPE