Executive Severance Agreement - Interpublic Group of Companies Inc. and Susan Watson
EXECUTIVE SEVERANCE AGREEMENT
This AGREEMENT ("Agreement") dated November 14, 2002 by and between
The Interpublic Group of Companies, Inc. ("Interpublic"), a Delaware corporation
(Interpublic and its subsidiaries being referred to herein collectively as the
"Company"), and Susan Watson (the "Executive").
W I T N E S S E T H
WHEREAS, the Company recognizes the valuable services that the
Executive has rendered thereto and desires to be assured that the Executive will
continue to attend to the business and affairs of the Company without regard to
any potential or actual change of control of Interpublic;
WHEREAS, the Executive is willing to continue to serve the Company but
desires assurance that she will not be materially disadvantaged by a change of
control of Interpublic; and
WHEREAS, the Company is willing to accord such assurance provided
that, should the Executive's employment be terminated consequent to a change of
control, she will not for a period thereafter engage in certain activities that
could be detrimental to the Company;
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NOW, THEREFORE, in consideration of the Executive's continued service
to the Company and the mutual agreements herein contained, Interpublic and the
Executive hereby agree as follows:
ARTICLE I
RIGHT TO PAYMENTS
Section 1.1. TRIGGERING EVENTS. If Interpublic undergoes a Change of
Control, the Company shall make payments to the Executive as provided in article
II of this Agreement. If, within two years following a Change of Control, either
(a) the Company terminates the Executive other than by means of a termination
for Cause or for death or (b) the Executive resigns for a Good Reason (either of
which events shall constitute a "Qualifying Termination"), the Company shall
make payments to the Executive as provided in article III hereof.
Section 1.2. CHANGE OF CONTROL. A Change of Control of Interpublic
shall be deemed to have occurred if (a) any person (within the meaning of
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the "1934
Act")), other than Interpublic or any of its majority-controlled subsidiaries,
becomes the beneficial owner (within the meaning of Rule 13d-3 under the 1934
Act) of 30 percent or more of the combined voting power of Interpublic's then
outstanding voting securities; (b) a tender offer or exchange offer (other than
an offer by
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Interpublic or a majority-controlled subsidiary), pursuant to which 30 percent
or more of the combined voting power of Interpublic's then outstanding voting
securities was purchased, expires; (c) the stockholders of Interpublic approve
an agreement to merge or consolidate with another corporation (other than a
majority-controlled subsidiary of Interpublic) unless Interpublic's shareholders
immediately before the merger or consolidation are to own more than 70 percent
of the combined voting power of the resulting entity's voting securities; (d)
Interpublic's stockholders approve an agreement (including, without limitation,
a plan of liquidation) to sell or otherwise dispose of all or substantially all
of the business or assets of Interpublic; or (e) during any period of two
consecutive years, individuals who, at the beginning of such period, constituted
the Board of Directors of Interpublic cease for any reason to constitute at
least a majority thereof, unless the election or the nomination for election by
Interpublic's stockholders of each new director was approved by a vote of at
least two-thirds of the directors then still in office who were directors at the
beginning of the period. However, no Change of Control shall be deemed to have
occurred by reason of any transaction in which the Executive, or a group of
persons or entities with which the Executive acts in concert, acquires, directly
or indirectly, more than 30 percent of the common stock or the business or
assets of Interpublic.
Section 1.3. TERMINATION FOR CAUSE. Interpublic shall have Cause to
terminate the Executive for purposes of
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Section 1.1 of this Agreement only if, following the Change of Control, the
Executive (a) engages in conduct that constitutes a felony under the laws of the
United States or a state or country in which she works or resides and that
results or was intended to result, directly or indirectly, in the personal
enrichment of the Executive at the Company's expense; (b) refuses (except by
reason of incapacity due to illness or injury) to make a good faith effort to
substantially perform his duties with the Company on a full-time basis and
continues such refusal for 15 days following receipt of notice from the Company
that his effort is deficient; or (c) deliberately and materially breaches any
agreement between herself and the Company and fails to remedy that breach within
30 days following notification thereof by the Company. If the Company has Cause
to terminate the Executive, it may in fact terminate her for Cause for purposes
of section 1.1 hereof if (a) it notifies the Executive of such Cause, (b) it
gives her reasonable opportunity to appear before a majority of Interpublic's
Board of Directors to respond to the notice of Cause and (c) a majority of the
Board of Directors subsequently votes to terminate her.
Section 1.4. RESIGNATION FOR GOOD REASON. The Executive shall have a
Good Reason for resigning only if (a) the Company fails to elect the Executive
to, or removes her from, any office of the Company, including without limitation
membership on any Board of Directors, that the Executive held immediately prior
to the Change of Control; (b) the Company reduces the Executive's rate of
regular cash and fully vested
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deferred base compensation ("Regular Compensation") from that which she earned
immediately prior to the Change of Control or fails to increase it within 12
months following the Change of Control by (in addition to any increase pursuant
to section 2.2 hereof) at least the average of the rates of increase in his
Regular Compensation during the four consecutive 12-month periods immediately
prior to the Change of Control (or, if fewer, the number of 12-month periods
immediately prior to the Change of Control during which the Executive was
continuously employed by the Company); (c) the Company fails to provide the
Executive with fringe benefits and/or bonus plans, such as stock option, stock
purchase, restricted stock, life insurance, health, accident, disability,
incentive, bonus, pension and profit sharing plans ("Benefit or Bonus Plans"),
that, in the aggregate, (except insofar as the Executive has waived his rights
thereunder pursuant to article II hereof) are as valuable to her as those that
she enjoyed immediately prior to the Change of Control; (d) the Company fails to
provide the Executive with an annual number of paid vacation days at least equal
to that to which she was entitled immediately prior to the Change of Control;
(e) the Company breaches any agreement between it and the Executive (including
this Agreement); (f) without limitation of the foregoing clause (e), the Company
fails to obtain the express assumption of this Agreement by any successor of the
Company as provided in section 6.3 hereof; (g) the Company attempts to terminate
the Executive for Cause without complying with the provisions of section 1.3
hereof; (h) the Company
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requires the Executive, without his express written consent, to be based in an
office outside of the office in which Executive is based on the date hereof or
to travel substantially more extensively than she did prior to the Change of
Control; or (i) the Executive determines in good faith that the Company has,
without his consent, effected a significant change in his status within, or the
nature or scope of his duties or responsibilities with, the Company that
obtained immediately prior to the Change of Control (including but not limited
to, subjecting the Executive's activities and exercise of authority to greater
immediate supervision than existed prior to the Change of Control); PROVIDED,
HOWEVER, that no event designated in clauses (a) through (i) of this sentence
shall constitute a Good Reason unless the Executive notifies Interpublic that
the Company has committed an action or inaction specified in clauses (a) through
(i) (a "Covered Action") and the Company does not cure such Covered Action
within 30 days after such notice, at which time such Good Reason shall be deemed
to have arisen. Notwithstanding the immediately preceding sentence, no action by
the Company shall give rise to a Good Reason if it results from the Executive's
termination for Cause or death or from the Executive's resignation for other
than a Good Reason, and no action by the Company specified in clauses (a)
through (i) of the preceding sentence shall give rise to a Good Reason if it
results from the Executive's Disability. If the Executive has a Good Reason to
resign, she may in fact resign for a Good Reason for purposes of section 1.1 of
this Agreement by, within 30 days
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after the Good Reason arises, giving Interpublic a minimum of 30 and a maximum
of 90 days advance notice of the date of his resignation.
Section 1.5. DISABILITY. For all purposes of this Agreement, the term
"Disability" shall have the same meaning as that term has in the Interpublic
Long-Term Disability Plan.
ARTICLE II
PAYMENTS UPON A CHANGE OF CONTROL
Section 2.1. ELECTIONS BY THE EXECUTIVE. If the Executive so elects
prior to a Change of Control, the Company shall pay her, within 30 days
following the Change of Control, cash amounts in respect of certain Benefit or
Bonus Plans or deferred compensation arrangements designated in sections 2.2
through 2.4 hereof ("Plan Amounts"). The Executive may make an election with
respect to the Benefit or Bonus Plans or deferred compensation arrangements
covered under any one or more of sections 2.2 through 2.4, but an election with
respect to any such section shall apply to all Plan Amounts that are specified
therein. Each election shall be made by notice to Interpublic on a form
satisfactory to Interpublic and, once made, may be revoked by such notice on
such form at any time prior to a Change of Control. If the Executive elects to
receive payments under a section of this article II, she shall, upon receipt of
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such payments, execute a waiver, on a form satisfactory to Interpublic, of such
rights as are indicated in that section. If the Executive does not make an
election under this article with respect to a Benefit or Bonus Plan or deferred
compensation arrangement, his rights to receive payments in respect thereof
shall be governed by the Plan or arrangement itself.
Section 2.2. ESBA. The Plan Amount in respect of all Executive Special
Benefit Agreements ("ESBA's") between the Executive and Interpublic shall
consist of an amount equal to the present discounted values, using the Discount
Rate designated in section 5.8 hereof as of the date of the Change of Control,
of all payments that the Executive would have been entitled to receive under the
ESBA's if she had terminated employment with the Company on the day immediately
prior to the Change of Control. Upon receipt of the Plan Amount in respect of
the ESBA's, the Executive shall waive any rights that she may have to payments
under the ESBA's. If the Executive makes an election pursuant to, and executes
the waiver required under, this section 2.2, his Regular Compensation shall be
increased as of the date of the Change of Control at an annual rate equal to the
sum of the annual rates of deferred compensation in lieu of which benefits are
provided the Executive under any ESBA the Accrual Term for which (as defined in
the ESBA) includes the date of the Change of Control.
Section 2.3. MICP. The Plan Amount in respect of the Company's
Management Incentive Compensation Plans ("MICP") and/or the 2002 Performance
Incentive Plan ("2002 PIP") shall
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consist of an amount equal to the sum of all amounts awarded to the Executive
under, but deferred pursuant to, the MICP and/or the 2002 PIP as of the date of
the Change of Control and all amounts equivalent to interest creditable thereon
up to the date that the Plan Amount is paid. Upon receipt of that Plan Amount,
the Executive shall waive his rights to receive any amounts under the MICP
and/or the 2002 PIP that were deferred prior to the Change of Control and any
interest equivalents thereon.
Section 2.4. DEFERRED COMPENSATION. The Plan Amount in respect of
deferred compensation (other than amounts referred to in other sections of this
article II) shall be an amount equal to all compensation from the Company that
the Executive has earned and agreed to defer (other than through the Interpublic
Savings Plan pursuant to Section 401(k) of the Internal Revenue Code (the
"Code")) but has not received as of the date of the Change of Control, together
with all amounts equivalent to interest creditable thereon through the date that
the Plan Amount is paid. Upon receipt of this Plan Amount, the Executive shall
waive his rights to receive any deferred compensation that she earned prior to
the date of the Change of Control and any interest equivalents thereon.
Section 2.5. STOCK INCENTIVE PLANS. The effect of a Change of Control
on the rights of the Executive with respect to options and restricted shares
awarded to her under the Interpublic 1986 Stock Incentive Plan, the 1996 Stock
Incentive Plan, the 1997 Performance Incentive Plan and the 2002
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Performance Incentive Plan, shall be governed by those Plans and not by this
Agreement.
ARTICLE III
PAYMENTS UPON QUALIFYING TERMINATION
Section 3.1. BASIC SEVERANCE PAYMENT. In the event that the Executive
is subjected to a Qualifying Termination within two years after a Change of
Control, the Company shall pay the Executive within 30 days after the effective
date of his Qualifying Termination (his "Termination Date") a cash amount equal
to his Base Amount times the number designated in Section 5.9 of this Agreement
(the "Designated Number"). The Executive's Base Amount shall equal the average
of the Executive's Includable Compensation for the two whole calendar years
immediately preceding the date of the Change of Control (or, if the Executive
was employed by the Company for only one of those years, his Includable
Compensation for that year). The Executive's Includable Compensation for a
calendar year shall consist of (a) the compensation reported by the Company on
the Form W-2 that it filed with the Internal Revenue Service for that year in
respect of the Executive or which would have been reported on such form but for
the fact that Executive's services were performed outside of the United States,
plus (b) any compensation payable to the Executive during that year the receipt
of which was deferred at the Executive's election or by employment agreement to
a subsequent year, minus (c) any amounts included on the Form W-2 (or which
would have been included if
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Executive had been employed in the United States) that represented either (i)
amounts in respect of a stock option or restricted stock plan of the Company or
(ii) payments during the year of amounts payable in prior years but deferred at
the Executive's election or by employment agreement to a subsequent year. The
compensation referred to in clause (b) of the immediately preceding sentence
shall include, without limitation, amounts initially payable to the Executive
under the MICP or a Long-Term Performance Incentive Plan or the 2002 PIP in that
year but deferred to a subsequent year, the amount of deferred compensation for
the year in lieu of which benefits are provided the Executive under an ESBA and
amounts of Regular Compensation earned by the Executive during the year but
deferred to a subsequent year (including amounts deferred under Interpublic
Savings Plan pursuant to Section 401(k) of the Code); clause (c) of such
sentence shall include, without limitation, all amounts equivalent to interest
paid in respect of deferred amounts and all amounts of Regular Compensation paid
during the year but earned in a prior year and deferred.
Section 3.2. MICP SUPPLEMENT. The Company shall also pay the Executive
within 30 days after his Termination Date a cash amount equal to (a) in the
event that the Executive received an award under the MICP (or the Incentive
Award program applicable outside the United States) or the 2002 PIP ("Incentive
Award") in respect of the year immediately prior to the year that includes the
Termination Date (the latter year constituting the "Termination Year"), the
amount of that award
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multiplied by the fraction of the Termination Year preceding the Termination
Date or (b) in the event that the Executive did not receive an MICP award (or an
Incentive Award) in respect of the year immediately prior to the Termination
Year, the amount of the MICP award (or Incentive Award) that Executive received
in respect of the second year immediately prior to the Termination Year
multiplied by one plus the fraction of the Termination Year preceding the
Termination Date.
ARTICLE IV
TAX MATTERS
Section 4.1. WITHHOLDING. The Company may withhold from any amounts
payable to the Executive hereunder all federal, state, city or other taxes that
the Company may reasonably determine are required to be withheld pursuant to any
applicable law or regulation, but, if the Executive has made the election
provided in section 4.2 hereof, the Company shall not withhold amounts in
respect of the excise tax imposed by Section 4999 of the Code or its successor.
Section 4.2. DISCLAIMER. If the Executive so agrees prior to a Change
of Control by notice to the Company in form satisfactory to the Company, the
amounts payable to the Executive under this Agreement but not yet paid thereto
shall be reduced to the largest amounts in the aggregate that the
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Executive could receive, in conjunction with any other payments received or to
be received by her from any source, without any part of such amounts being
subject to the excise tax imposed by Section 4999 of the Code or its successor.
The amount of such reductions and their allocation among amounts otherwise
payable to the Executive shall be determined either by the Company or by the
Executive in consultation with counsel chosen (and compensated) by her,
whichever is designated by the Executive in the aforesaid notice to the Company
(the "Determining Party"). If, subsequent to the payment to the Executive of
amounts reduced pursuant to this section 4.2, the Determining Party should
reasonably determine, or the Internal Revenue Service should assert against the
party other than the Determining Party, that the amount of such reductions was
insufficient to avoid the excise tax under Section 4999 (or the denial of a
deduction under Section 280G of the Code or its successor), the amount by which
such reductions were insufficient shall, upon notice to the other party, be
deemed a loan from the Company to the Executive that the Executive shall repay
to the Company within one year of such reasonable determination or assertion,
together with interest thereon at the applicable federal rate provided in
section 7872 of the Code or its successor. However, such amount shall not be
deemed a loan if and to the extent that repayment thereof would not eliminate
the Executive's liability for any Section 4999 excise tax.
ARTICLE V
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COLLATERAL MATTERS
Section 5.l. NATURE OF PAYMENTS. All payments to the Executive under
this Agreement shall be considered either payments in consideration of his
continued service to the Company, severance payments in consideration of his
past services thereto or payments in consideration of the covenant contained in
section 5.l0 hereof. No payment hereunder shall be regarded as a penalty to the
Company.
Section 5.2. LEGAL EXPENSES. The Company shall pay all legal fees and
expenses that the Executive may incur as a result of the Company's contesting
the validity, the enforceability or the Executive's interpretation of, or
determinations under, this Agreement. Without limitation of the foregoing,
Interpublic shall, prior to the earlier of (a) 30 days after notice from the
Executive to Interpublic so requesting or (b) the occurrence of a Change of
Control, provide the Executive with an irrevocable letter of credit in the
amount of $100,000 from a bank satisfactory to the Executive against which the
Executive may draw to pay legal fees and expenses in connection with any attempt
to enforce any of his rights under this Agreement. Said letter of credit shall
not expire before 10 years following the date of this Agreement.
Section 5.3. MITIGATION. The Executive shall not be required to
mitigate the amount of any payment provided for in this Agreement either by
seeking other employment or otherwise. The amount of any payment provided for
herein shall not be
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reduced by any remuneration that the Executive may earn from employment with
another employer or otherwise following his Termination Date.
Section 5.4. SETOFF FOR DEBTS. The Company may reduce the amount of
any payment due the Executive under article III of this Agreement by the amount
of any debt owed by the Executive to the Company that is embodied in a written
instrument, that is due to be repaid as of the due date of the payment under
this Agreement and that the Company has not already recovered by setoff or
otherwise.
Section 5.5. COORDINATION WITH EMPLOYMENT CONTRACT. Payments to the
Executive under article III of this Agreement shall be in lieu of any payments
for breach of any employment contract between the Executive and the Company to
which the Executive may be entitled by reason of a Qualifying Termination, and,
before making the payments to the Executive provided under article III hereof,
the Company may require the Executive to execute a waiver of any rights that she
may have to recover payments in respect of a breach of such contract as a result
of a Qualifying Termination. If the Executive has a Good Reason to resign and
does so by providing the notice specified in the last sentence of section l.4 of
this Agreement, she shall be deemed to have satisfied any notice requirement for
resignation, and any service requirement following such notice, under any
employment contract between the Executive and the Company.
Section 5.6. BENEFIT OF BONUS PLANS. Except as otherwise provided in
this Agreement or required by law, the
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Company shall not be compelled to include the Executive in any of its Benefit or
Bonus Plans following the Executive's Termination Date, and the Company may
require the Executive, as a condition to receiving the payments provided under
article III hereof, to execute a waiver of any such rights. However, said waiver
shall not affect any rights that the Executive may have in respect of his
participation in any Benefit or Bonus Plan prior to his Termination Date.
Section 5.7. FUNDING. Except as provided in section 5.2 of this
Agreement, the Company shall not be required to set aside any amounts that may
be necessary to satisfy its obligations hereunder. The Company's potential
obligations to make payments to the Executive under this Agreement are solely
contractual ones, and the Executive shall have no rights in respect of such
payments except as a general and unsecured creditor of the Company.
Section 5.8. DISCOUNT RATE. For purposes of this Agreement, the term
"Discount Rate" shall mean the applicable Federal short-term rate determined
under Section 1274(d) of the Code or its successor. If such rate is no longer
determined, the Discount Rate shall be the yield on 2-year Treasury notes for
the most recent period reported in the most recent issue of the Federal Reserve
Bulletin or its successor, or, if such rate is no longer reported therein, such
measure of the yield on 2-year Treasury notes as the Company may reasonably
determine.
Section 5.9. DESIGNATED NUMBER. For purposes of this Agreement, the
Designated Number shall be two (2.0).
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Section 5.10. COVENANT OF EXECUTIVE. In the event that the Executive
undergoes a Qualifying Termination that entitles her to any payment under
article III of this Agreement, she shall not, for 18 months following his
Termination Date, either (a) solicit any employee of Interpublic or a
majority-controlled subsidiary thereof to leave such employ and enter into the
employ of the Executive or any person or entity with which the Executive is
associated or (b) solicit or handle on his own behalf or on behalf of any person
or entity with which she is associated the advertising, public relations, sales
promotion or market research business of any advertiser that is a client of
Interpublic or a majority-controlled subsidiary thereof as of the Termination
Date. Without limitation of any other remedies that the Company may pursue, the
Company may enforce its rights under this section 5.l0 by means of injunction.
This section shall not limit any other right or remedy that the Company may have
under applicable law or any other agreement between the Company and the
Executive.
ARTICLE VI
GENERAL PROVISIONS
Section 6.l. TERM OF AGREEMENT. This Agreement shall terminate upon
the earliest of (a) the expiration of five years from the date of this Agreement
if no Change of Control has occurred during that period; (b) the termination of
the Executive's employment with the Company for any reason prior to
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a Change of Control; (c) the Company's termination of the Executive's employment
for Cause or death, the Executive's compulsory retirement within the provisions
of 29 U.S.C. Section 631(c) (or, if Executive is not a citizen or resident of
the United States, compulsory retirement under any applicable procedure of the
Company in effect immediately prior to the change of control) or the Executive's
resignation for other than Good Reason, following a Change of Control and the
Company's and the Executive's fulfillment of all of their obligations under this
Agreement; and (d) the expiration following a Change of Control of the
Designated Number plus three years and the fulfillment by the Company and the
Executive of all of their obligations hereunder.
Section 6.2. GOVERNING LAW. Except as otherwise expressly provided
herein, this Agreement and the rights and obligations hereunder shall be
construed and enforced in accordance with the laws of the State of New York.
Section 6.3. SUCCESSORS TO THE COMPANY. This Agreement shall inure to
the benefit of Interpublic and its subsidiaries and shall be binding upon and
enforceable by Interpublic and any successor thereto, including, without
limitation, any corporation or corporations acquiring directly or indirectly all
or substantially all of the business or assets of Interpublic whether by merger,
consolidation, sale or otherwise, but shall not otherwise be assignable by
Interpublic. Without limitation of the foregoing sentence, Interpublic shall
require any successor (whether direct or indirect, by merger,
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consolidation, sale or otherwise) to all or substantially all of the business or
assets of Interpublic, by agreement in form satisfactory to the Executive,
expressly, absolutely and unconditionally to assume and agree to perform this
Agreement in the same manner and to the same extent as Interpublic would have
been required to perform it if no such succession had taken place. As used in
this agreement, "Interpublic" shall mean Interpublic as heretofore defined and
any successor to all or substantially all of its business or assets that
executes and delivers the agreement provided for in this section 6.3 or that
becomes bound by this Agreement either pursuant to this Agreement or by
operation of law.
Section 6.4. SUCCESSOR TO THE EXECUTIVE. This Agreement shall inure to
the benefit of and shall be binding upon and enforceable by the Executive and
his personal and legal representatives, executors, administrators, heirs,
distributees, legatees and, subject to section 6.5 hereof, his designees
("Successors"). If the Executive should die while amounts are or may be payable
to her under this Agreement, references hereunder to the "Executive" shall,
where appropriate, be deemed to refer to his Successors.
Section 6.5. NONALIENABILITY. No right of or amount payable to the
Executive under this Agreement shall be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, hypothecation, encumbrance,
charge, execution, attachment, levy or similar process or (except as provided in
section 5.4 hereof) to setoff against any obligation
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or to assignment by operation of law. Any attempt, voluntary or involuntary, to
effect any action specified in the immediately preceding sentence shall be void.
However, this section 6.5 shall not prohibit the Executive from designating one
or more persons, on a form satisfactory to the Company, to receive amounts
payable to her under this Agreement in the event that she should die before
receiving them.
Section 6.6. NOTICES. All notices provided for in this Agreement shall
be in writing. Notices to Interpublic shall be deemed given when personally
delivered or sent by certified or registered mail or overnight delivery service
to The Interpublic Group of Companies, Inc., l27l Avenue of the Americas, New
York, New York l0020, attention: Corporate Secretary. Notices to the Executive
shall be deemed given when personally delivered or sent by certified or
registered mail or overnight delivery service to the last address for the
Executive shown on the records of the Company. Either Interpublic or the
Executive may, by notice to the other, designate an address other than the
foregoing for the receipt of subsequent notices.
Section 6.7. AMENDMENT. No amendment of this Agreement shall be
effective unless in writing and signed by both the Company and the Executive.
Section 6.8. WAIVERS. No waiver of any provision of this Agreement
shall be valid unless approved in writing by the party giving such waiver. No
waiver of a breach under any provision of this Agreement shall be deemed to be a
waiver of such provision or any other provision of this Agreement or any
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subsequent breach. No failure on the part of either the Company or the Executive
to exercise, and no delay in exercising, any right or remedy conferred by law or
this Agreement shall operate as a waiver of such right or remedy, and no
exercise or waiver, in whole or in part, of any right or remedy conferred by law
or herein shall operate as a waiver of any other right or remedy.
Section 6.9. SEVERABILITY. If any provision of this Agreement shall be
held invalid or unenforceable in whole or in part, such invalidity or
unenforceability shall not affect any other provision of this Agreement or part
thereof, each of which shall remain in full force and effect.
Section 6.l0. CAPTIONS. The captions to the respective articles and
sections of this Agreement are intended for convenience of reference only and
have no substantive significance.
Section 6.ll. COUNTERPARTS. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original but all
of which together shall constitute a single instrument.
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.
THE INTERPUBLIC GROUP OF COMPANIES, INC.
By:/s/Sean F. Orr
Sean F. Orr
By: /s/Susan Watson
Susan Watson
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