National Grid 2008 Annual Report Download - page 436

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 3847
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: 10
Description: EXH 4(C).8
0/4846.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/846/4*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 3847
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: 10 Description: EXH 4(C).8
0/4846.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/846/4*
9
his name for the purpose of
g
ivin
g
the Company (or its nominee) the full benefit of the provision of clause 10 or the
Company’s entitlement under statute. If there is any doubt as to whether such a document (or other thin
g
) has been
carried out within the authority conferred by this clause 10.7, a certificate in writin
g
(si
g
ned by any director or the
secretary of the Company) will be sufficient to prove that the act or thing falls within that authority.
11 Termination and Sus
p
ension
11.1 The Employment will continue until the second anniversary of the KeySpan Mer
g
er Date unless terminated earlier by
(a) the mutual written a
g
reement of the Executive and the Company or (b) either party
g
ivin
g
written notice as set out in
clause 11.2, 11.4 or 11.5.
11.2 Until the first anniversary of the KeySpan Mer
g
er Date, either party may terminate the Employment by
g
ivin
g
not less
than 12 months’ written notice to the other. After the first anniversary of the KeySpan Mer
g
er Date either party may
terminate the Employment by
g
ivin
g
written notice equal to the number of days that is one day less than the total
number of da
y
s remainin
g
until the second anniversar
y
of the Ke
y
S
p
an Mer
g
er Date.
11.3 The Company may at its sole and absolute discretion pay base salary alone (as referred to in clause 7.1, at the rate in
force at the time such payment is made) in lieu of any unexpired period of notice (less any deductions the Company is
required by law to make) specified in clause 11.2. Notwithstanding the preceding sentence, in the event the Company
determines to make a payment in lieu of notice in connection with a notice of termination (pursuant to clause 11.2) that
is
g
iven prior to the Payment Date of the Buyout Amount, the payment in lieu of notice period shall not exceed the
applicable unexpired period of notice between the date of the notice of termination and the Payment Date of the Buyout
Amount. Any payment by the Company in lieu of any unexpired period of notice will be made as soon as practicable
and, in any event, completed within 2.5 months followin
g
the later of the end of the calendar year or the Company fiscal
year that occurs immediately followin
g
initial notice under clause 11.2. The Executive is not entitled to participate in or
benefit from any severance, termination or redundancy plan, pro
g
ram or arran
g
ement maintained by any Group
Company; for the avoidance of doubt, this is notwithstandin
g
anythin
g
to the contrary that may be contained in such
severance, termination or redundancy plan, program or arrangement.
11.4 The Company may terminate the Employment by
g
ivin
g
written notice to take immediate effect whether or not the
Executive’s entitlement to sick pay,