National Grid 2008 Annual Report Download - page 465

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 153
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-4.C.9, Doc: 10, Page: 5
Description: EXH 4(C).9
0/2874.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/874/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 153
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-4.C.9, Doc: 10, Page: 5 Description: EXH 4(C).9
0/2874.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/874/2*
- 4 -
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 from time to time in relation to the holdin
g
or tradin
g
of
securities.
6 Location
6.1 The Executive will work at the Boston area office of the Company or anywhere else within the United States or the United
Kin
g
dom required by the Board. He will be required to travel and work outside the United States from time to time but
unless otherwise agreed with the Board will not be required to live outside the United States.
7 Base Salar
y
and Benefits
7.1 The Company will pay the Executive an annual base salary of $1,000,000. 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
annually, normally commencing in June of each year. The first review will take place 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
p
art of or in connection with his duties under this A
g
reement. To achieve this:
7.2.1 the Executive will repay any fees he receives to the Company; or
7.2.2 his base salar
y
will be reduced b
y
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 applied.
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
participation in any bonus plan for any other year.
7.4 The Executive shall be eligible to participate in the Company’s Executive Supplemental Retirement Plan (the “ESRP”) in
accordance with the terms