National Grid 2008 Annual Report Download - page 449

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 28356
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: 23
Description: EXH 4(C).8
0/2859.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/859/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 28356
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: 23 Description: EXH 4(C).8
0/2859.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/859/2*
22
409A of the Code, any such reimbursements or in-kind benefits shall be paid to the Executive in a manner consistent
with, and shall otherwise comply with, Treas. Re
g
. section 1.409A-3(i)(1)(iv). Any excise tax gross-up payments that
become due under clause 7.6.2 of this A
g
reement will be paid in a manner consistent with, and shall otherwise comply
with, Treas. Re
g
. section 1.409A-3(i)(1)(v). Further, in the event that any payment made as a direct result of this
Agreement is deemed to constitute “deferred compensation” under section 409A and is payable upon “separation from
service” (as defined in section 409A) such payment(s) will be delayed for six (6) months if the Executive is a “specified
employee” (as defined in section 409A) at the time of “separation from service.” The payment of salary in lieu of notice
under clause 11 of this A
g
reement, or durin
g
any Garden Leave Period under clause 12 of this A
g
reement, is intended
to be made within the short-term deferral period exemption under section 409A, and will be made accordin
g
ly. Any
payments that result from any plan or arran
g
ement that is separately subject to the terms of section 409A will be made
in accordance with the applicable terms of such plan or arran
g
ement, except to the extent explicitly modified by this
A
g
reement.