National Grid 2008 Annual Report Download - page 466

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 22453
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: 6
Description: EXH 4(C).9
0/2875.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/875/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 22453
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: 6 Description: EXH 4(C).9
0/2875.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/875/2*
- 5 -
and conditions thereof, subject to the followin
g
modifications: The Executive shall participate in the ESRP as a Level B
participant and vest in his ESRP benefit six (6) months followin
g
the Commencement Date, be credited under the ESRP
with years of service and eli
g
ible pay used in the calculation of the Executive’s vested benefit under the terms of the
PG&E Corporation Supplemental Executive Retirement Plan (the “PGE SERP”) but the ESRP accrued benefit shall be
offset by the total accrued benefit payable at a
g
e 55 under the PGE SERP and the PG&E Company Retirement Plan, with
such offset value determined as of the Commencement Date; be credited with an additional five (5) years of service under
the ESRP as of June 1, 2011 (if the Executive remains employed within the Group up throu
g
h that date); and shall
become a Level A participant if the Executive remains employed within the Group throu
g
h the date he attains a
g
e 55. For
the avoidance of doubt, the years of service and eli
g
ible pay used in the calculation of the PGE SERP, as well as the total
accrued benefit payable to the Executive at a
g
e 55 under the PGE SERP, shall be based upon documentation the
Executive obtains from PG&E followin
g
his termination of employment with PG&E, and which particulars will not be
affected b
y
an
y
amendments to the PGE SERP followin
g
the Commencement Date.
7.5 The Executive is entitled to paid vacation each year in accordance with the Company’s vacation policy for similarly
situated senior executives
(
but in no event less than 25 da
y
s annuall
y)
.
7.6 The Executive shall be eli
g
ible to participate in employee benefit and welfare plans, includin
g
plans providin
g
retirement
benefits, medical, dental, hospitalization, life or disability insurance, on the same basis as provided to similarly situated
senior executives of the Parent (except as determined by the Remuneration Committee of the Board). For purposes of this
Agreement, “employee benefit and welfare plans” do not include any severance, termination or redundancy plan, pro
g
ram
or arrangement operated by any member of the Group.
8 Ex
p
enses
8.1 The Company will refund to the Executive all reasonable expenses properly incurred by him in performin
g
his duties under
this A
g
reement, provided that these are incurred in accordance with Company policy from time to time. The Company will
require the Executive to produce receipts or other documents as proof that he has incurred any expenses he claims.