Interpublic Group of Companies Inc. Contracts
Sample Business Contracts
Employment Agreement - Interpublic Group of Companies Inc. and Eugene P. Beard
Employment Forms
- Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
- Answer simple questions to build a contract with a consultant. Specify the services rendered, when payment is due, as well as IP rights.
- Employers who compensate their sales employees based on commissions can prepare an agreement to reduce misunderstandings by specifying the base salary and how commissions are calculated.
- Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
- Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
- More Employment Agreements
January 17, 2000 PERSONAL & CONFIDENTIAL ----------------------- REVISED ------- Mr. Eugene P. Beard Vice Chairman - Finance & Operations The Interpublic Group of Companies, Inc. 1271 Avenue of the Americas New York, New York 10020 Dear Gene: The purpose of this letter is to request that you continue your full-time employment and responsibilities through February 28, 2000. We believe at this particular time, the activities in which you are involved require your continued employment to such date. Our request alters to a degree our previous agreed upon arrangements detailed in my letter to you of October 27, 1998. Therefore, we feel it appropriate to propose some restructuring of the previous agreement along the following: 1. Timing ------ You continue in your current role through February 28, 2000. Effective March 1, 2000 you would relinquish your corporate responsibilities, IPG Directorship and Chairmanship of Finance Committee and become an Employee Consultant for the remainder of the year. 2. Compensation ------------ o Employee Consultancy Compensation Effective March 1 through December 31, 2000 your monthly employee consultancy rate would be $30,000. You will retain your existing employee benefits. o ERISA Benefit You currently have a commitment for a $400,000/A (payable for 15 years) ERISA benefit. Based on a formula recently adopted by the Compensation Committee (see attached) to determine ERISA benefits to select executives and to further reward you for extending your employment, we propose to increase your ERISA benefit to $600,000/A. For your information the ERISA formula was also reviewed and endorsed by the Todd Organization. o Restricted Stock You were granted on May 5, 1999 60,000 (120,000 post split) shares of restricted stock that will lapse on January 1, 2002. <PAGE> o Stock Options You also were granted on October 10, 1998 150,000 (300,000 post split) stock options (@$26.125 per share) that will be 100% vested on January 1, 2000. o L.T.P.I.P. - 1997-2000 Your award for this period includes 12,500 performance units and 270,000 options. You will be fully vested for this period. o L.T.P.I.P. - 1999-2002 You have been granted 14,000 performance units and 140,000 stock options for this period. We previously committed to you that if you retired fully from the Company prior to January 1, 2001, you would be pro-rated from date of grant to date of retirement in this performance period. We further committed that if you remained as an employee, employee consultant or consultant for any period subsequent to January 1, 2001, you would become 100% vested in the 1999-2002 grant period. These commitments stand as originally offered. 3. Consultancy Continuation ------------------------ We had previously agreed in 1996 that after your retirement from the Company you would for a period of time remain as an IPG consultant, at a rate to be determined, primarily to consult on The Interpublic Group of Companies, Inc. Benefit Protection Trust (Rabbi Trust). Although we do not expect this activity to be time consuming, it would be reassuring to us that you continue to consult in this area. The above arrangements pretty much fit our original understanding as outlined in my letter of October 27, 1998. In many ways Gene you must as I do, take a lot of pride in what has been accomplished over the last 20 years. What has been built in comparison to what we inherited is short of I believe --- incredible. For this and all the other things accomplished, you have my unyielding respect and lasting gratitude. Very best regards, /s/ Philip H. Geier ------------------- Philip H. Geier cc: Members of the Compensation Committee