National Grid 2008 Annual Report Download - page 431

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 25166
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-4.C.8, Doc: 9, Page: 5
Description: EXH 4(C).8
0/4841.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/841/4*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 25166
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-4.C.8, Doc: 9, Page: 5 Description: EXH 4(C).8
0/4841.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/841/4*
4
reco
g
nized Stock Exchan
g
e or dealt in on the Alternative Investments Market.
5.4 The Executive will (and will ensure that his spouse and dependent children) comply with all rules of law, includin
g
Part V
of the Criminal Justice Act 1993, the Model Code as set out in the annex to Chapter 9 of the Listin
g
Rules as amended
from time to time and rules or policies applicable to the Group Company from time to time in relation to the holdin
g
or
tradin
g
of securities.
6 Location
6.1 The Executive will work primarily at the New York Metropolitan area office of the Company. He will be required to travel
and work outside the United States from time to time but unless otherwise a
g
reed with the Board will not be required to
live outside the New York Metro
p
olitan area.
7 Base Salary and Benefits; Buyout of KeySpan Severance Benefits
7.1 The Company will pay the Executive an annual base salary of $1,220,000. Base salary will accrue from day to day and
will be paid in accordance with the Company’s payroll practices as they exist from time to time. Salary will be reviewed
annuall
y
, normall
y
commencin
g
in June of each
y
ear. The first review will take
p
lace in June 2008.
7.2 The salary referred to in clause 7.1 will be inclusive of any remuneration or fees which the Executive is or becomes
entitled to as an office holder in the Company or any Group Company or any other company in which the Executive
becomes an office holder as part of or in connection with his duties under this Agreement. To achieve this:
7.2.1 the Executive will re
p
a
y
an
y
fees he receives to the Com
p
an
y
; or
7.2.2 his base salary will be reduced by the amount of those fees; or
7.2.3 a combination of the methods set out in clauses 7.2.1 and 7.2.2 will be a
pp
lied.
7.3 The Executive may, at the discretion of the Remuneration Committee of the Board, be invited to participate in any
bonus plan operated by the Company from time to time. If so invited, the Executive’s participation in such bonus plan
and the amount (if any) payable under it will be at the discretion of the Remuneration Committee and/or in accordance
with the rules of that plan from time to time in force. Participation in a bonus plan for one year does not entitle the
Executive to
p
artici
p
ation in an
y
bonus
p
lan for an
y
other
y
ear.