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In documents filed with the Securities and Exchange Commission last week, Grey Global Group disclosed a 20 percent hike in CEO Ed Meyer’s pension.
The filing, which also revealed that the top executive’s contract was extended from December 2004 to December 2005, shows his pension has increased to $82,288 a month from $67,777. Amending an employment agreement originally executed in 1984, the filing covers Meyer’s compensation when he leaves the holding company. (The 77-year-old executive has not said when he plans to exit Grey.)
If Meyer should lose his job without cause or choose to end his employment, the filing says he is entitled to his base salary for the remainder of his contract and a bonus for the year of termination (equal to the sum of the previous two annual discretionary bonuses he received and the average of the previous awards allocated to Meyer under Grey’s senior management incentive program,...
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