Document:

EXHIBIT 10.17

 

EXHIBIT 10.17

MASTERCARD INCORPORATED

SCHEDULE OF NON-EMPLOYEE DIRECTORS’ ANNUAL COMPENSATION

Effective January 1, 2004

	 	 	 	 	 
	RETAINER(1)	 	AMOUNT	 
	Service as a Director
	 	$	45,000	 
	Service as a Committee Chair
	 	$	5,000	 

	 	 	 	 	 
	MEETING FEES	 	AMOUNT	 
	Fee for Board Meetings
	 	$	1,500	 
	Fee for Committee Meetings
	 	$	1,000	 
	Fee for Telephonic Meetings
	 	$	500	 

	(1)  	Retainer shall be paid on a quarterly schedule.<PAGE>

                                                                    EXHIBIT 10.1

         AMENDMENT ("Amendment") to the Agreement ("Agreement") made as of the
11th day of September, 2004, between Grey Global Group, Inc., a Delaware
corporation with principal offices at 777 Third Avenue, New York, New York
10017, United States of America ("Grey"), WPP Group plc, an English public
limited company with principal offices at 27 Farm Street, London, W1J 5RJ,
England ("Parent"), and Edward H. Meyer, residing at 580 Park Avenue, New York,
New York, United States of America ("Executive").

         (1) Paragraph 5 of the Agreement is hereby amended and restated in its
entirety to read as follows:

"5.      Deferred Compensation; Supplemental Pension.

         Simultaneously with the Effective Time, the Executive shall receive a
payout, in the manner described below, of his compensation deferred pursuant to
the Annex to the Original Agreement (the "Deferred Compensation Agreement") and
his supplemental pension described in his Original Agreement (collectively, the
deferred compensation and supplemental pension shall be referred to herein as
his "Deferred Compensation") (pursuant to which (x) Grey has been required to
credit to a bookkeeping account for the benefit of the Executive (the "Pension
Account"), as of the beginning of each month, an amount equal to $61,716.67
(less any amounts then required to be withheld by New Grey for Medicare or other
taxes unless such amounts are deducted by New Grey from amounts otherwise
payable to the Executive, which amounts shall be so deducted by New Grey to the
extent available) and (y) at the time, or as soon as practicable after, any such
credit has been made to the Pension Account, Grey has been required to transfer
an amount equal to the amount of such credits to a sub-account (the
"Sub-Account") created under a Trust established by Grey pursuant to the Trust
Agreement ("Trust" and "Trust Agreement" shall have the meanings ascribed to
such terms in the Amendment and Extension Agreement dated as of March 22, 1995,
between Grey and the Executive). For illustrative purposes only, the amount of
the payout described in this Section 5 as of June 30, 2004 is set forth in
Schedule 3. The parties agree and acknowledge that, from and after the Effective
Time, New Grey shall not be required to permit any further deferrals under the
Deferred Compensation Agreement nor make any further credits to the Pension
Account (subject to the next sentence of this paragraph) and shall not be
required to transfer any further amounts to the Sub-Account. The Pension Account
and the Sub-Account shall be debited with amounts representing all losses of and
distributions from the Trust attributable to such Sub-Account and shall be
credited with all earnings of and deposits to the Trust attributable to such
Sub-Account. Such payout of Deferred Compensation shall be effected by an
amendment to the Trust terminating the Trust as of the Effective Time, providing
for a transfer to the Executive, in kind, of all assets in the Trust as of the
Effective Time, as soon as practicable thereafter, in satisfaction of all
amounts due him as Deferred Compensation as described above, subject to the
execution by the Executive (i) at the Effective Time of a Receipt and Release
Agreement in the form annexed hereto as Exhibit A releasing HSBC Bank USA, as
Trustee of the Trust (the "Trustee"), Grey, Parent and New Grey for acts and
transactions related to the Trust and its assets during the period from June 30,
2003

<PAGE>

                                                                               2

until the Effective Time, and (ii) upon the completion of the transfer of
assets from the Trust to Executive, of a Receipt and Release Agreement in the
form annexed hereto as Exhibit B releasing the Trustee, Grey, Parent and New
Grey for the acts and transactions related to the Trust and its assets during
the period from the Effective Time until the completion of the transfer of
assets from the Trust to Executive. Such amendment will further provide, and it
is hereby agreed, that as of the Effective Time and until title to all assets in
the Trust have been transferred to the Executive, the Executive shall be deemed
the owner of all such assets in the Trust for all purposes, including, but not
limited to income tax purposes, and shall be solely responsible for the payment
of all applicable income and other taxes imposed on such assets.

         (2) Except as expressly amended hereby, all of the terms and provisions
of the Agreement shall remain unchanged and continue in full force and effect
and the parties hereto shall be entitled to all of the applicable benefits
thereof and shall be responsible for all of their respective obligations,
thereunder.

(3)      This Amendment may be executed in counterparts.

<PAGE>

                                                                               3

         IN WITNESS WHEREOF, the parties hereto have hereunto set their hands
and seals as of this 2nd day of March, 2005.

         GREY GLOBAL GROUP INC.

         By: /s/ Steven G. Felsher
            ---------------------------
         Name:  Steven G. Felsher
         Title: Vice Chairman

         /s/ Edward H. Meyer
         ------------------------------
         EDWARD H. MEYER, the Executive

         WPP GROUP PLC

         By:/s/ Paul Richardson
            ---------------------------
         Name:  Paul Richardson
         Title: Group Finance Director<PAGE>

                                                                    EXHIBIT 10.2

                             THIRD AMENDMENT TO THE

                              GREY ADVERTISING INC.

                      DEFERRED COMPENSATION TRUST AGREEMENT

                           DATED AS OF MARCH 22, 1995,

                          BETWEEN GREY ADVERTISING INC.

                   AND UNITED STATES TRUST COMPANY OF NEW YORK

                           Dated as of: March 2, 2005

                         SIMPSON THACHER & BARTLETT LLP

<PAGE>

         WHEREAS, a trust (the "Trust") was created under Agreement dated as of
March 22, 1995 (the "Trust Agreement"), between Grey Advertising Inc., now known
as Grey Global Group Inc. (the "Company"), and United States Trust Company of
New York (the "Trustee") for the benefit of Edward H. Meyer (the "Executive");
and

         WHEREAS, Section 12 of the Trust Agreement provides that the Trust
Agreement may be amended by a written instrument executed by the Company and the
Trustee; provided that no amendment that alters or impairs the rights of the
Executive thereunder may be made without the prior written consent of the
Executive; and

         WHEREAS, the Company and the Trustee, with the consent of the
Executive, amended the Trust Agreement by the First Amendment to the Trust
Agreement dated as of February 26, 1996; and

         WHEREAS, the Company and the Trustee, with the consent of the
Executive, amended the Trust Agreement by the Second Amendment to the Trust
Agreement dated as of April 30, 1998; and

         WHEREAS, Sections 10(b) and 11(a) of the Trust Agreement permit the
Company, with the consent of the Executive, to remove the Trustee and appoint a
successor corporate Trustee, which appointment shall be effective when accepted
in writing by the successor Trustee who shall have all of the rights and powers
of the former Trustee, including ownership rights in the Trust assets; and

         WHEREAS, the Company, with the consent of the Executive, removed the
Trustee and appointed HSBC Bank USA as successor Trustee (hereinafter referred
to as the "Trustee"), and HSBC Bank USA accepted appointment as Trustee by
letter dated May 23, 2003; and

<PAGE>

         WHEREAS, the Company and the Trustee wish to amend the Trust Agreement;
and

         WHEREAS, the Executive consents to the amendment of the Trust Agreement
as hereinafter provided:

         NOW, THEREFORE, the Company and the Trustee hereby exercise their power
under Section 12 of the Trust Agreement and amend the Trust Agreement as
follows:

         FIRST: The Company and the Trustee hereby delete the last sentence of
Section 6 of the Trust Agreement in its entirety, and substitute in lieu thereof
the following new sentences:

                  "Except as otherwise provided in the Pension Agreement, the
         Company shall be solely responsible for the payment of all applicable
         income and other taxes imposed on the Trust with respect to interest
         and other earnings on amounts held in the Trust, whether held in the
         Trust Account or Sub-Account, until the effective time of the merger
         (the "Merger") of the Company, with and into Abbey Merger Corporation,
         a Delaware corporation (the "Merger Sub") that is a wholly-owned
         subsidiary of WPP Group plc, an English public limited company ("WPP"),
         pursuant to an Agreement and Plan of Merger entered into among the
         Company, WPP, and Merger Sub as of September 11, 2004, resulting in
         Merger Sub being the surviving corporation of the Merger and a
         wholly-owned subsidiary of WPP (the "Effective Time"). Notwithstanding
         any provision of this Trust Agreement to the contrary, upon and after
         the Effective Time, the Executive shall be solely responsible for the
         payment of all applicable income and other taxes imposed on the Trust
         with respect to interest and other earnings on amounts held in the
         Trust, whether held in the Trust Account or Sub-Account, as further
         provided in Section 12(c) hereof."

         SECOND: The Company and the Trustee hereby delete paragraph (c) of
Section 12 the Trust Agreement in its entirety, and substitute in lieu thereof
the following new paragraph (c):

                  "Notwithstanding any provision of this Trust Agreement to the
         contrary, including, without limitation, Section 6 and Section 12(b)

<PAGE>

         hereof, the Trust shall terminate at the Effective Time. At the
         Effective Time, the Trustee shall pay to the Executive, in kind, the
         assets in the Trust. The assets in the Trust shall be paid to the
         Executive as soon as practicable; provided that, as of the Effective
         Time and until title to all assets have been transferred to the
         Executive, the Executive shall be deemed the owner of all assets in the
         Trust for all purposes, including, but not limited to, income tax
         purposes, and shall be solely responsible for the payment of all
         applicable income and other taxes imposed on such assets. If, for any
         reason, the Company or Merger Sub is treated as the owner of any Trust
         assets for any purpose after the Effective Time, the Executive agrees
         to fully indemnify and hold the Trust, the Company, Merger Sub, WPP,
         and the Trustee harmless against all taxes and obligations related
         thereto and against all actions with respect to Trust assets and
         obligations related thereto."

         THIRD: In each and every respect, except as herein modified and except
as it is inconsistent with this amendment, the Company and the Trustee hereby
restate and confirm the provisions of the Trust Agreement.

         FOURTH: This amendment may be executed in counterparts.

Dated as of:  March 2, 2005
                                               GREY GLOBAL GROUP INC., Company

                                               By: /s/ Steven G. Felsher
                                                   -----------------------------
                                                   Name: Steven G. Felsher
                                                   Title: Vice Chairman,
                                                   Chief Financial Officer,
                                                   Secretary and Treasurer

Witnesses: [Intentionally Omitted]

                                     -

<PAGE>

                                               HSBC BANK USA, Trustee

                                               By: /s/ Thomas Gahan
                                                   -----------------------------
                                                   Name: Thomas Gahan
                                                   Title: Vice President

Witnesses: [Intentionally Omitted]

Consented and Agreed to as of
the date first written above:

                                               EDWARD H. MEYER, Executive

                                               /s/ Edward H. Meyer
                                               ---------------------------------

Witnessees: [Intentionally Omitted]

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