Exhibit 10(g)
April 4, 2000
Xx. Xxxxxx X. Xxxxx, Xx.
Chairman & CEO
The Interpublic Group of Companies, Inc.
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000
PERSONAL & CONFIDENTIAL
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Dear Xxxx:
The purpose of this letter is to detail certain retirement arrangements
the Corporation will provide you with on the date of your eventual retirement.
In addition, the following considerations will be committed to you as of the
date you sign this letter.
1) EXECUTIVE SPECIAL BENEFIT ARRANGEMENT:INCOME REPLACEMENT
You will be eligible to receive an Executive Special Benefit
Arrangement Income Replacement (ESBA:IR) of $1,200,000/A
payable upon retirement for 15 years.
2) POST RETIREMENT ALLOWANCES
Since it is our understanding that you will resign from the
IPG Board upon your retirement, the following items will be
provided to you at Company expense:
a) Company car and driver for a period of five years from
date of retirement with survivorship rights. A new car
would be provided on a three year interval from date of
purchase of the last car.
b) Appropriate office facilities and support staff would
be provided for as long as you desire but not to exceed
five years.
c) This is to acknowledge that you will have priority use
indefinitely of the U.S. Open box seats that have been
supported by the Company.
3) EMPLOYMENT AGREEMENT EXTENSION
The Compensation Committee will approve a six month extension
of your current Employment Agreement through January 1, 2002.
Thereafter, you will be offered a two year employment
consultancy agreement at $24,000/A. The extension and
consultancy agreement will however provide for a life-time
non-compete restriction prohibiting you from working for any
other company in the advertising industry.
Please indicate your acceptance of the above recommendations by signing
this letter and return it to me. Thank you.
Sincerely,
/s/ Xxxx X. Xxxxx
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Xxxx X. Xxxxx
Chairman/Compensation Committee
Agreed:
/s/ Xxxxxx X. Xxxxx, Xx.
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Xxxxxx X. Xxxxx, Xx.
April 3, 2000
Date
cc: Members of Compensation Committee
