EXHIBIT 99.1
THIRTEENTH AMENDMENT
AGREEMENT made as of May 12, 2004 between GREY GLOBAL GROUP INC., a Delaware
corporation with principal offices at 000 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000
("Grey"), and Xxxxxx X. Xxxxx, residing at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx
00000 ("Xxxxx").
WHEREAS, Xxxxx is employed by Grey as its President, Chairman of the Board and
Chief Executive Officer pursuant to an employment agreement originally executed
effective February 9, 1984 and amended from time to time thereafter (such
employment agreement, as so amended, being hereinafter referred to as the
"Current Agreement").
WHEREAS, in recognition of Xxxxx'x strong leadership and long service to Grey,
Grey desires to increase the supplemental pension that will be payable to Xxxxx
upon termination of his employment with Grey.
WHEREAS, in order to accomplish the foregoing, Grey desires to increase the
monthly supplemental pension credit provided for in paragraph (a) of Section 4
of the Current Agreement from $50,833 per month to $61,716.67 per month.
WHEREAS, the parties desire to amend the Current Agreement to reflect the
foregoing.
NOW, THEREFORE, in consideration of the foregoing, the parties hereby agree as
follows:
1. Capitalized Terms. Capitalized terms used herein, unless otherwise defined
herein, have the meaning ascribed to such terms in the Current Agreement.
2. Monthly Pension Account Credit. Paragraph (a) of Section 4 of the Current
Agreement is hereby amended so that the phrase "an amount equal to $50,833" is
deleted and replaced with the phrase "an amount equal to $61,716.67".
3. Monthly Pension Payment. Paragraph (c) of Section 4 of the Current Agreement
is hereby amended so that the phrase "a supplemental pension equal to $67,777
per month" is deleted and replaced with the phrase "a supplemental pension equal
to $82,288.49 per month ".
4. Status of Current Agreement. This Amendment shall be effective as of January
1, 2004, and, except as set forth herein, the Current Agreement shall remain in
full force and effect and shall be otherwise unaffected hereby.
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IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals
as of the day and year first above written.
GREY GLOBAL GROUP INC.
/s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
Vice Chairman & Chief Financial Officer
/s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
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