Document:

Sixth Amendment to Credit Agreement

 Exhibit 10.1 

 
  

SIXTH AMENDMENT TO CREDIT AGREEMENT 
 Dated as of October 17, 2012 
 among  

GULFPORT ENERGY CORPORATION, 
 as Borrower,  
 THE BANK OF NOVA SCOTIA, 

as Administrative Agent 
 and 
 L/C Issuer and Lead Arranger, 

and 
 AMEGY
BANK NATIONAL ASSOCIATION, 
 as Syndication Agent 
 and 
 KEYBANK NATIONAL ASSOCIATION, 

as Documentation Agent 
 and 
 The Other Lenders Party Hereto 

 
  

 

 SIXTH AMENDMENT TO CREDIT AGREEMENT 

THIS SIXTH AMENDMENT TO CREDIT AGREEMENT (the “Sixth Amendment to Credit Agreement,” or this
“Amendment”) is entered into effective as of October 17, 2012, among GULFPORT ENERGY CORPORATION, a Delaware corporation (“Borrower”), THE BANK OF NOVA SCOTIA, as Administrative
Agent (the “Administrative Agent”) and L/C Issuer (the “L/C Issuer”), and the Lenders parties hereto. 
 R E C I T A L S 

A. Borrower, the financial institutions signing as Lenders thereto and Administrative Agent are parties to a Credit Agreement dated as of
September 30, 2010, as amended by a First Amendment to Credit Agreement dated as of May 3, 2011, a Second Amendment to Credit Agreement dated as of 10:00 A.M. October 31, 2011, a Third Amendment to Credit Agreement dated as of
12:00 P.M. October 31, 2011, a Fourth Amendment to Credit Agreement dated as of May 2, 2012, and a Fifth Amendment to Credit Agreement dated as of October 9, 2012 (collectively, the “Original Credit
Agreement”). 
 B. The parties desire to amend the Original Credit Agreement as hereinafter provided. 

NOW, THEREFORE, in consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows: 
 1. Same Terms. All terms used herein that are
defined in the Original Credit Agreement shall have the same meanings when used herein, unless the context hereof otherwise requires or provides. In addition, (i) all references in the Oil and Gas Mortgages, Affidavit of Payment of Trade Bills,
Property Certificate, Reconciliation Schedule and Title Indemnity Agreement to the “Credit Agreement” and in the Credit Agreement and the other Loan Documents to the “Agreement” shall mean the Original Credit Agreement, as
amended by this Amendment, as the same may hereafter be amended from time to time, and (ii) all references in the Loan Documents to the “Loan Documents” shall mean the Loan Documents, as amended by the Modification Papers, as the same
may hereafter be amended from time to time. In addition, the following terms have the meanings set forth below: 

“Effective Date” means October 17, 2012. 

“Modification Papers” means this Amendment, and all of the other documents and agreements executed in connection
with the transactions contemplated by this Amendment. 
 2. Conditions Precedent. The obligations and agreements
of the Lenders as set forth in this Amendment are subject to the satisfaction, unless waived in writing by Administrative Agent, of each of the following conditions (and upon such satisfaction, this Amendment shall be deemed to be effective as of
the Effective Date): 
 A. Sixth Amendment to Credit Agreement. This Amendment shall have been duly
executed and delivered by Borrower and all Lenders. 
 B. Fees and Expenses. Administrative Agent
shall have received payment of all out-of-pocket fees and expenses (including reasonable attorneys’ fees and expenses) incurred by Administrative Agent in connection with the preparation, negotiation and execution of the Modification Papers.

  
 SIXTH AMENDMENT TO
CREDIT AGREEMENT – Page 1 

 C. Representations and Warranties. All representations and
warranties contained herein or in the other Modification Papers or otherwise made in writing in connection herewith or therewith shall be true and correct in all material respects (provided that any such representations or warranties that are, by
their terms, already qualified by reference to materiality shall be true and correct without regard to such materiality standard) with the same force and effect as though such representations and warranties have been made on and as of the Effective
Date, or if made as of a specific date, as of such date. 
 3. Amendment to Original Credit Agreement. On the
Effective Date, the definition of “Applicable Rate” set forth in Section 1.01 of the Original Credit Agreement shall be deemed to be amended as follows: 
 “‘Applicable Rate’ means, from time to time, the following percentages per annum, based upon the Applicable Usage Level: 

 

													
	 	  	Applicable Rate	 
	 Applicable
Usage Level
	  	Commitment fee	 	 	Eurodollar Rate
Loans and 
Letters
of Credit	 	 	Base Rate Loans	 
	 Level 1
	  	 	0.375	% 	 	 	1.75	% 	 	 	0.75	% 
	 Level 2
	  	 	0.375	% 	 	 	2.00	% 	 	 	1.00	% 
	 Level 3
	  	 	0.50	% 	 	 	2.25	% 	 	 	1.25	% 
	 Level 4
	  	 	0.50	% 	 	 	2.50	% 	 	 	1.50	% 

 Any increase or decrease in the Applicable Rate resulting from a change in the Applicable Usage Level
shall become effective as of the date of the change in the Applicable Usage Level. The Applicable Rate shall be Level 4 during any period that a Borrowing Base deficiency is being paid back in installments as permitted by
Section 4.06.” 
 4. Certain Representations. Borrower represents and warrants that, as of the
Effective Date: (a) Borrower has full power and authority to execute the Modification Papers to which it is a party and such Modification Papers constitute the legal, valid and binding obligation of Borrower enforceable in accordance with their
terms, except as enforceability may be limited by general principles of equity and applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting the enforcement of creditors’ rights generally; and (b) no
authorization, approval, consent or other action by, notice to, or filing with, any Governmental Authority or other Person is required for the execution, delivery and performance by Borrower thereof. In addition, Borrower represents that after
giving effect to this Amendment, all representations and warranties contained in the Original Credit Agreement and the other Loan Documents are true and correct in all material respects (provided that any such representations or warranties that are,
by their terms, already qualified by reference to materiality shall be true and correct without regard to such materiality standard) on and as of the Effective Date as if made on and as of such date except to the extent that any such representation
or warranty expressly relates solely to an earlier date, in which case such representation or warranty is true and correct in all material respects (or true and correct without regard to such materiality standard, as applicable) as of such earlier
date. 
 5. No Further Amendments. Except as previously amended or waived in writing or as amended hereby, the
Original Credit Agreement shall remain unchanged and all provisions shall remain fully effective between the parties. 

  
 SIXTH AMENDMENT TO
CREDIT AGREEMENT – Page 2 

 6. Acknowledgments and Agreements. Borrower acknowledges that on the date
hereof all outstanding Obligations are payable in accordance with their terms, and Borrower waives any defense, offset, counterclaim or recoupment with respect thereto. Borrower, Administrative Agent, L/C Issuer and each Lender do hereby adopt,
ratify and confirm the Original Credit Agreement, as amended hereby, and acknowledge and agree that the Original Credit Agreement, as amended hereby, is and remains in full force and effect. Borrower acknowledges and agrees that its liabilities and
obligations under the Original Credit Agreement, as amended hereby, and under the other Loan Documents, are not impaired in any respect by this Amendment. 
 7. Limitation on Agreements. The modifications set forth herein are limited precisely as written and shall not be deemed (a) to be a consent under or a waiver of or an amendment to any
other term or condition in the Original Credit Agreement or any of the Loan Documents, or (b) to prejudice any right or rights that Administrative Agent now has or may have in the future under or in connection with the Original Credit Agreement
and the other Loan Documents, each as amended hereby, or any of the other documents referred to herein or therein. The Modification Papers shall constitute Loan Documents for all purposes. 

8. Confirmation of Security. Borrower hereby confirms and agrees that all of the Collateral Documents that presently secure
the Obligations shall continue to secure, in the same manner and to the same extent provided therein, the payment and performance of the Obligations as described in the Original Credit Agreement as modified by this Amendment. 

9. Counterparts. This Amendment may be executed in any number of counterparts, each of which when executed and delivered
shall be deemed an original, but all of which constitute one instrument. In making proof of this Amendment, it shall not be necessary to produce or account for more than one counterpart thereof signed by each of the parties hereto. 

10. Incorporation of Certain Provisions by Reference. The provisions of Section 11.15. of the Original Credit
Agreement captioned “Governing Law, Jurisdiction; Etc.” and Section 11.16. of the Original Credit Agreement captioned “Waiver of Right to Trial by Jury” are incorporated herein by reference for all purposes. 

11. Entirety, Etc. This Amendment, the other Modification Papers and all of the other Loan Documents embody the entire
agreement between the parties. THIS AMENDMENT, THE OTHER MODIFICATION PAPERS AND ALL OF THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 
 [This space is left intentionally
blank. Signature pages follow.] 

  
 SIXTH AMENDMENT TO
CREDIT AGREEMENT – Page 3 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment to be effective as of
the date and year first above written. 
  

			
	BORROWER
	
	GULFPORT ENERGY CORPORATION
		
	By:	 	 /s/ Michael G. Moore

		 	Name: Michael G. Moore
		 	Title: Vice President & CFO

  
 SIXTH AMENDMENT TO
CREDIT AGREEMENT – Signature Page  

 
			
	ADMINISTRATIVE AGENT
	
	THE BANK OF NOVA SCOTIA, as Administrative Agent
		
	By:	 	 /s/ Marc Graham

		 	Name: Marc Graham
		 	Title: Director
	
	THE BANK OF NOVA SCOTIA, as Lender
		
	By:	 	 /s/ Marc Graham

		 	Name: Marc Graham
		 	Title: Director

  
 SIXTH AMENDMENT TO
CREDIT AGREEMENT – Signature Page 

 
			
	AMEGY BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Jill McSorley

		 	Name: Jill McSorley
		 	Title: Senior Vice President

  
 SIXTH AMENDMENT TO
CREDIT AGREEMENT – Signature Page 

 
			
	KEYBANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Chulley Bogle

		 	Name: Chulley Bogle
		 	Title: Vice President

  
 SIXTH AMENDMENT TO
CREDIT AGREEMENT – Signature Page  

 
			
	 CREDIT SUISSE AG,
 Cayman Islands Branch

		
	By:	 	 /s/ Doreen Barr

		 	Name: Doreen Barr
		 	Title: Director
		
	By:	 	 /s/ Michael Spaight

		 	Name: Michael Spaight
		 	Title: Associate

  
 SIXTH AMENDMENT TO
CREDIT AGREEMENT – Signature Page  

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS
		
	By:	 	 /s/ Michel Getz

		 	Name: Michael Getz
		 	Title: Vice President
		
	By:	 	 /s/ Marcus M. Tarkington

		 	Name: Marcus M. Tarkington
		 	Title: Director

  
 SIXTH AMENDMENT TO
CREDIT AGREEMENT – Signature Page  

 
			
	IBERIABANK
		
	By:	 	/s/ Kevin Rafferty
		 	Name: Kevin Rafferty
		 	Title: South Texas Regional President & EVP

  
 SIXTH AMENDMENT TO
CREDIT AGREEMENT – Signature PageDefined Contribution Supplemental Executive  Retirement Plan

 EXHIBIT 4.2 
 National Grid USA Companies’ 
 Defined Contribution 

Supplemental Executive Retirement Plan 
 Effective: January 1, 2011 

  
 National Grid USA
Companies’ 
 Defined Contribution Supplemental Executive Retirement Plan 

 TABLE OF CONTENTS 
  

							
	 ARTICLE I INTRODUCTION
	  	 	1	  
			
	    1.1	    	Introduction and Purpose	  	 	1	  
		
	 DEFINITIONS
	  	 	2	  
			
	    2.1	    	Account	  	 	2	  
			
	    2.2	    	Affiliated Company	  	 	2	  
			
	    2.3	    	Benefits Administrator	  	 	2	  
			
	    2.4	    	Board	  	 	2	  
			
	    2.5	    	Code	  	 	2	  
			
	    2.6	    	Company	  	 	2	  
			
	    2.7	    	Compensation	  	 	3	  
			
	    2.8	    	Disability	  	 	3	  
			
	    2.9	    	Effective Date	  	 	3	  
			
	    2.10	    	Eligible Employee	  	 	3	  
			
	    2.11	    	Employer Contribution Account	  	 	3	  
			
	    2.12	    	Employer Contribution Credits	  	 	3	  
			
	    2.13	    	ERISA	  	 	3	  
			
	    2.14	    	Investment Funds	  	 	3	  
			
	    2.15	    	Participant	  	 	3	  
			
	    2.16	    	Plan	  	 	4	  
			
	    2.17	    	Plan Year	  	 	4	  

  
 National Grid USA
Companies’ 
 Defined Contribution Supplemental Executive Retirement Plan 

i 

							
	     2.18
	  	Separation from Service	  	 	4	  
			
	     2.19
	  	Specified Employee	  	 	4	  
			
	     2.20
	  	Valuation Date	  	 	4	  
			
	     2.21
	  	Written or “in Writing”	  	 	4	  
		
	 ARTICLE II ELIGIBILITY AND PARTICIPATION
	  	 	5	  
			
	     3.1
	  	Eligibility to Participate	  	 	5	  
			
	     3.2
	  	Cessation of Participation	  	 	5	  
		
	 ARTICLE IV EMPLOYER CREDITS
	  	 	6	  
			
	     4.1
	  	Establishment of Participant Accounts	  	 	6	  
			
	     4.2
	  	Employer Contribution Credits	  	 	6	  
			
	     4.3
	  	Employee Deferrals	  	 	7	  
			
	     4.4
	  	Credits for Investment Earnings and Debits for Investment Losses	  	 	7	  
		
	 ARTICLE V VESTING
	  	 	9	  
			
	     5.1
	  	Vesting of Employer Contribution Account	  	 	9	  
			
	     5.2
	  	Vesting Upon Death or Disability	  	 	9	  
		
	 ARTICLE VI PAYMENT OF BENEFITS
	  	 	10	  
			
	     6.1
	  	Distribution of Benefits and Distribution Elections	  	 	10	  
			
	     6.2
	  	Time and Form of Distribution	  	 	10	  
			
	     6.3
	  	Distributions to Specified Employees	  	 	10	  
			
	     6.4
	  	Permitted Acceleration of Payment	  	 	10	  
			
	     6.5
	  	Payment of Disability Benefits	  	 	11	  

  
 National Grid USA
Companies’ 
 Defined Contribution Supplemental Executive Retirement Plan 

ii 

							
	     6.6
	  	Payment of Death Benefits	  	 	12	  
			
	     6.7
	  	In-service Withdrawals and Distributions	  	 	12	  
			
	     6.8
	  	Valuation of Distributions	  	 	12	  
			
	     6.9
	  	Timing of Distributions	  	 	12	  
		
	 ARTICLE VII AMENDMENT AND TERMINATION OF PLAN
	  	 	13	  
			
	     7.1
	  	Amendments Generally	  	 	13	  
			
	     7.2
	  	Right to Terminate	  	 	13	  
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	15	  
			
	     8.1
	  	Unfunded Plan	  	 	15	  
			
	     8.2
	  	Nonguarantee of Employment	  	 	15	  
			
	     8.3
	  	Nonalienation of Benefits	  	 	15	  
			
	     8.5
	  	Applicable Law	  	 	15	  
			
	     8.6
	  	Headings and Subheadings	  	 	15	  
			
	     8.7
	  	Severability	  	 	15	  
		
	 ARTICLE IX ADMINISTRATION OF THE PLAN
	  	 	16	  
			
	     9.1
	  	Powers and Duties of the Committee	  	 	16	  
			
	     9.2
	  	Claims Procedure	  	 	16	  

  
 National Grid USA
Companies’ 
 Defined Contribution Supplemental Executive Retirement Plan 

iii 

 ARTICLE I INTRODUCTION 

 

	 	1.1	Introduction and Purpose 

The National Grid USA Companies Defined Contribution Supplemental Executive Retirement Plan (the “Plan”) has been established by
National Grid USA (the “Company”) for the purpose of providing deferred compensation for a select group of management or highly compensated employees who contribute materially to the continued growth, development and future business
success of the Company. This Plan is intended to enhance the long-term performance and retention of such management or highly compensated employees selected to participate in this Plan. 

The Plan is intended to constitute a non-qualified, unfunded plan for federal tax purposes and for purposes of Title I of the Employee
Retirement Income Security Act of 1974 as amended from time to time (“ERISA”). Further, this Plan is intended to comply with Internal Revenue Code Section 409A and is to be construed in accordance with Code Section 409A, the Code
Section 409A Regulations, and such additional regulatory and/or other guidance as may be issued by the Internal Revenue Service (“IRS”) or the U.S. Department of Treasury (“Treasury”) from time to time with respect to Code
Section 409A. 
 Without affecting the validity of any other provision of the Plan, to the extent that any Plan provision
does not meet the requirements of Code Section 409A and the Code Section 409A Regulations (including modifications and amendments thereto), the Plan shall be construed and administered as necessary to comply with such requirements until
this Plan is appropriately amended to comply with such requirements. 
 This Plan shall function solely as a “top-hat”
plan within the meaning of Sections 201(2), 301(a)(3), and 401(a)(1) of ERISA. As such, this Plan is subject to limited ERISA reporting and disclosure requirements, and is exempt from all other ERISA requirements. Distributions required or
contemplated by this Plan or actions required to be taken under this Plan shall not be construed as creating a trust of any kind or a fiduciary relationship between the Company and any Participant, any Participant’s designated beneficiary, or
any other person. 
 This Plan is to be maintained according to the terms of this document and the Company or its designee shall
have the sole authority to construe, interpret and administer the Plan. 

  
 1 

 DEFINITIONS 
 Wherever used in the Plan, the following terms have the meanings set forth below, unless otherwise expressly provided: 
  

	2.1	Account 

 Account
means the separate account established for recordkeeping purposes only for each Participant comprised of the Employer Contribution Account as further described in Article IV of the Plan. 

 

	2.2	Affiliated Company 

Affiliated Company means (i) the Company, (ii) any other corporation which is a member of the controlled group of
corporations which includes the Company, provided that in applying Code Section 1563(a)(1), (2), and (3) for purposes of determining a controlled group of corporations under Code Section 414(b) and determining trades or businesses
under common control for purposes of Code Section 414(c) 50 percent (50%) is substituted for 80 percent (80%) each time used, and (iii) any other entity in which the Company has a significant equity interest or owns a substantial
capital or profits interest. 
  

	2.3	Benefits Administrator 

Benefits Administrator means the Benefits Committee of the National Grid USA Service Companies or its designee. 

 

	2.4	Board 

 Board means
the board of directors of National Grid USA, and in the absence of such board for any reason, shall mean the board of directors of National Grid plc or its successor. 
  

	2.5	Code 

 Code means
the Internal Revenue Code of 1986, as amended. Where reference is made to “Code Section 409A Regulations,” this is intended to refer to Treasury Regulation Sections 1.409A-1 through –6, as such regulations may be modified or
amended by the Treasury from time to time. 
  

	2.6	Company 

 Company
means National Grid USA, a Massachusetts corporation, and affiliates or subsidiaries, and any Affiliated Company or subsidiary. The Company is a wholly owned subsidiary of National Grid plc whose stock is publicly traded. 

  
 2 

	2.7	Compensation 

Compensation means compensation as defined in the National Grid Incentive Thrift Plan I. 

 

	2.8	Disability 

Disability means a Participant determined to be totally disabled by the Social Security Administration. 

 

	2.9	Effective Date 

Effective Date means January 1, 2011. 
  

	2.10	Eligible Employee 

Eligible Employee means all highly compensated employees of the Company who: (1) are employed in Bands A+, A, or B, and
(2) have their National Grid Incentive Thrift Plan I “Core” contributions limited due to imposed IRS limitations. 
  

	2.11	Employer Contribution Account 

 Employer Contribution Account means the separate account established by the Committee for recordkeeping purposes to track Employer Contribution Credits in the name of each Participant in accordance
with Section 4.1 of the Plan. 
  

	2.12	Employer Contribution Credits 

 Employer Contribution Credits means the amounts credited to a Participant’s Employer Contribution Account in accordance with Section 4.2 of the Plan. 

 

	2.13	ERISA 

 ERISA means
the Employee Retirement Income Security Act of 1974, as amended. 
  

	2.14	Investment Funds 

Investment Funds means one or more investment alternatives made available under the Plan by the Committee or an assigned investment
committee for designation by Participants under the Plan for purposes of determining investment earnings and losses. The investment alternatives under this Plan will be the same as the investment alternatives offered under the National Grid
Incentive Thrift Plan I. 
  

	2.15	Participant 

Participant means any present or former Eligible Employee who has become a Participant in the Plan in accordance with the
provisions of Article III and who continues to have an Account balance under the Plan or whose beneficiary has such Account balance. 

  
 3 

	2.16	Plan 

 Plan means
the National Grid USA Companies’ Defined Contribution Supplemental Executive Retirement Plan, as set forth in this document and as amended from time to time. 
  

	2.17	Plan Year 

 Plan
Year means the calendar year, the twelve-month period beginning each January 1 and ending on December 31. 
  

	2.18	Separation from Service 

Separation from Service has the meaning set forth in Section 1.409A-1(h) of the Treasury Regulations. 

 

	2.19	Specified Employee 

Specified Employee means an individual determined by National Grid to be a “specified employee” as defined in subsection
(a)(2)(B)(i) of Section 409A. For purposes of determining “specified employee” status, except as National Grid may otherwise determine consistent with the requirements of Section 409A, the measurement period shall be April 1
through March 31. The Plan Administrator may, but need not, elect in writing, subject to the applicable limitations under Section 409A, any of the special elective rules prescribed in Section 1.409A-1(i) of the Treasury Regulations
for purposes of determining “specified employee” status. Any such written election shall be deemed part of this Plan.  
  

	2.20	Valuation Date 

Valuation Date means each day the New York Stock Exchange is open for trading. 

 

	2.21	Written or “in Writing” 

 Written or in Writing means, with respect to any documentation of an election or other action by a Participant or by the Committee, that such documentation be either in paper or, as
permitted by the Committee, in electronic form; provided, however, that such documentation must be adequate to establish a right that is enforceable under applicable law. 

  
 4 

 ARTICLE II ELIGIBILITY AND PARTICIPATION 

 

	3.1	Eligibility to Participate 

Any employee who satisfies the eligibility requirements shall enter the Plan on the first day of the month after completing 3 months of
employment. 
  

	3.2	Cessation of Participation 

A Participant shall cease active participation in the Plan upon the occurrence of his or her Separation from Service, death or Disability
or no longer being a member of the eligible class. 

  
 5 

 ARTICLE IV EMPLOYER CREDITS 

 

	4.1	Establishment of Participant Accounts 

 The Company shall establish and maintain on its books and records an Account in the name of each Participant to record: 
  

	 	(a)	amounts of Employer Contribution Credits on the Participant’s behalf pursuant to Section 4.2 of the Plan; 

 

	 	(b)	credits or debits for investment earnings or losses pursuant to Section 4.4 of the Plan; and 

 

	 	(c)	payments of benefits to the Participant or the Participant’s beneficiary pursuant to Article VI of the Plan. 

 

	4.2	Employer Contribution Credits 

 For each Eligible Employee, the Company may, but is not required to, direct the Committee to credit the Employer Contribution Account with an amount equal to the following schedule: 

 

	 	(a)	For Bands A+, A, and B: a restoration credit to the extent that the core contributions to the National Grid Incentive Thrift Plan I are restricted by the Code
limitations; 

  

	 	(b)	For Band A+: a total employer contribution rate of 9.0% of Compensation offset by the core contributions to the National Grid Incentive Thrift Plan I and the
restoration credit component described above; 

  

	 	(c)	For Band A: a total employer contribution rate of 6.0% of Compensation offset by the core contributions to the National Grid Incentive Thrift Plan I and the restoration
component described above. 

 The Employer Contribution Credit will be made annually as soon as administratively
possible following the close of the Plan Year. The Credit will only be made for the period of time during a Plan Year for which an employee is a participant in the Plan. For an Eligible Employee that incurs a Separation from Service, the credit will
be made as soon as administratively possible following the date of such separation on a pro rata basis including only the months the participant was employed during that Plan Year. 

  
 6 

 Any employer matching contributions made to the National Grid Incentive Thrift Plan I will
not be offset from the Employer Contribution Credit. 
  

	4.3	Employee Deferrals 

Employee deferrals of Eligible Compensation are not permitted under the terms of the Plan. 

 

	4.4	Credits for Investment Earnings and Debits for Investment Losses 

  

	 	(a)	All amounts credited to a Participant’s Account shall be credited with amounts of investment earnings or debited with amounts of investment losses that correspond
to the total investment return earned by the Investment Fund or combination of Investment Funds designated in advance by the Participant for these purposes. 

 

	 	(b)	The designation of one or more Investment Funds by a Participant under this Section 4.4 of the Plan shall be used solely to measure the amounts of investment
earnings or losses that will be credited or debited to the Participant’s Account on the Company’s books and records, and the Company shall not be required under the Plan to establish any account in the Investment Funds or to purchase any
Investment Fund shares on the Participant’s behalf. 

  

	 	(c)	The designation by a Participant of any Investment Funds under this Section 4.4 of the Plan shall be made in accordance with rules and procedures established by
the Committee. 

  

	 	(d)	The Investment Funds are valued each day the New York Stock Exchange is open for trading. 

 

	 	(e)	A Participant may elect to revise the investment options with respect to existing Account allocations or future contributions at any time (subject to any Investment
Fund limitation) in a manner communicated by the Company. The Committee, however, retains the right to review and restrict transfer rights at any time. 

  

	 	(f)	 If a Participant fails to make a proper designation, then his or her Accounts shall be deemed to be invested in the Investment Fund(s) designated by
the National Grid USA Investment Committee (the “Investment Committee”) from time to time for this purpose at the Investment Committee’s discretion. This investment option can be changed by the Investment Committee from time to time
at the Investment Committee’s discretion. In the absence of such Investment Committee for 

  
 7 

	 	
any reason, the Committee shall designate the applicable Investment Fund(s). 

  
 8 

 ARTICLE V VESTING 

 

	5.1	Vesting of Employer Contribution Account 

 A Participant shall be fully (100%) vested in the amounts credited to his or her Account upon the earlier of (1) the completion of three years of service from the Participant’s original
date of hire or (2) the attainment of age 55 with at least one year of service from the Participant’s original date of hire. For purposes of this Plan, a year of service shall mean 12 months of consecutive service. 

 

	5.2	Vesting Upon Death or Disability 

 Regardless of the Participant’s years of service, a Participant’s interest in his or her Account shall become fully (100%) vested upon death or Disability if his or her Separation from
Service has not previously occurred. 

  
 9 

 ARTICLE VI PAYMENT OF BENEFITS 

 

	6.1	Distribution of Benefits and Distribution Elections 

 A Participant shall receive payment of benefits in the form and manner as described in this Article VI. 
  

	6.2	Time and Form of Distribution 

 A Participant’s distribution of benefits shall always be made in the form of a single lump sum payment as soon as practicable following the Participant’s Separation from Service with the
Company, except to the extent a delayed distribution is required pursuant to Section 6.3 below. 
  

	6.3	Distributions to Specified Employees 

 Notwithstanding the foregoing, in the event that, as of the date a distribution is to be made on account of a Participant’s Separation from Service, any class of the Company’s stock is publicly
traded on an established securities market or otherwise, as determined under the Code Section 409A Regulations, any distribution due hereunder to such Participant on account of his or her Separation from Service shall, if such Participant is
determined to be a Specified Employee, not commence until after the six (6) month anniversary of such Participant’s Separation from Service. Notwithstanding the foregoing, in the event a distribution is delayed by reason of this
Section 6.3 and the affected Participant’s death occurs prior to commencement of such distribution, such distribution shall be made as soon as practicable following such Participant’s death. 

 

	6.4	Permitted Acceleration of Payment 

 Notwithstanding the timing provisions pursuant to this Article VI of the Plan, the timing of a payment shall be accelerated in the following circumstances (but only to the extent permitted under the Code
Section 409A Regulations): 
  

	 	(a)	Payment shall be made to the extent necessary to comply with a domestic relations order (as defined in Code Section 414(p)(1)(B)) that meets the requirements of
the Company’s domestic relations order procedures applicable to non-qualified plans, if such payment is made to an individual other than the Participant. 

 

	 	(b)	 Payment shall be made to the extent necessary to comply with an ethics agreement with the Federal government or to the extent reasonably necessary to
avoid the violation of an applicable Federal, state, local, or foreign ethics law or conflicts of interest law (including where such payment is reasonably necessary to permit the Participant to participate in activities in the normal course of his
or her position in which the 

  
 10 

	 	
Participant would otherwise not be able to participate under an applicable rule). 

  

	 	(c)	Payment of a Participant’s entire Account may be made in the form of a lump sum payment of amounts deferred under the Plan that do not exceed a specified amount,
provided any action by the Company causing such lump sum payment to be made to a Participant is evidenced in Written form and executed by an authorized officer of the Company no later than the date such lump sum payment is made, and provided that
such lump sum payment results in the termination and liquidation of the entirety of the Participant’s Account under the Plan, and his or her deferred compensation benefits under all other agreements, methods, programs, or other arrangements
with respect to which deferrals of compensation are treated as having been deferred under a single nonqualified deferred compensation plan under Section 1.409A-1(c)(2) of the Code Section 409A Regulations; and provided further that the
total payment to the Participant (under the Plan and all other arrangements treated as a single nonqualified deferred compensation plan) is not in excess of the applicable dollar amount under Code Section 402(g)(1)(B). 

 

	 	(d)	Payment is permitted to the extent necessary to satisfy any applicable federal, state and local income tax withholding and federal payroll withholding requirements
pursuant to provisions of Code Section 409A and the regulations thereunder, related to benefits provided in the Plan. 

  

	 	(e)	Payment of a Participant’s entire Account shall be made in the event of the failure of the Plan (or failure of any other plan required to be aggregated with the
Plan pursuant to regulations published under Code Section 409A) to meet the requirements of Code Section 409A. 

  

	6.5	Payment of Disability Benefits 

 If a Participant incurs a Disability, the entire value of his or her Account shall be distributed to the Participant in a single lump sum. Any distribution pursuant to this Section 6.5 will occur
following the determination of the Disability by the Social Security Administration. 

  
 11 

	6.6	Payment of Death Benefits 

  

	 	(a)	Each Participant shall designate a beneficiary on the proper beneficiary form as prescribed by the Committee to receive his or her Accounts in the event of death. If a
Participant dies with a balance credited to his or her Account, such balance shall be paid to the applicable beneficiary or beneficiaries in a single lump sum. 

 

	 	(b)	Any distributions pursuant to this Section 6.6 will occur following the date of death and receipt by the Company of acceptable proof of the Participant’s
death and will be paid as soon as practicable thereafter. 

  

	 	(c)	Notwithstanding the above, if no beneficiary designation is on file with the Company at the time of death of the Participant or such designation is not effective for
any reason then the designated beneficiary to receive such benefits shall be as follows: 

  

	 	(1)	the Participant’s surviving spouse; or 

  

	 	(2)	if there is no surviving spouse, then to the Participant’s estate. 

 All decisions made by the Committee in good faith and based upon affidavit or other evidence satisfactory to the Committee regarding questions of fact in the determination of the identity of such
beneficiary(ies) shall be conclusive and binding upon all parties, and payment made in accordance therewith shall satisfy all liability hereunder. 
  

	6.7	In-service Withdrawals and Distributions 

 In-service loans, withdrawals and distributions of any kind shall not be permitted. 
  

	6.8	Valuation of Distributions 

The benefit amount of a Participant’s Account to be distributed pursuant to this Article VI shall be based on the value of such
Account on any Valuation Date after instructions are received in good order by the Benefits Administrator. 
  

	6.9	Timing of Distributions 

Any distribution made in accordance with an event in this Article VI shall be made as soon as administratively feasible following the
event, but no later than 90 days following the date the benefit is payable under this Article VI. 

  
 12 

 ARTICLE VII AMENDMENT AND TERMINATION OF PLAN 

 

	7.1	Amendments Generally 

 The
Company, through action taken by the Committee, reserves the right to amend the Plan at any time. No amendment, however, may reduce the amount credited to Accounts at the time of the amendment’s adoption, except as may otherwise be required by
law. Without limiting the generality of the foregoing, the Committee may amend the Plan to impose such restrictions upon the timing, filing and effectiveness of deferral elections, if applicable under the terms of the Plan, the investment procedures
and investment alternatives available under the Plan and the distribution provisions of Article VI which the Committee deems appropriate or advisable in order to avoid the current income taxation of amounts deferred under the Plan which might
otherwise occur as a result of changes to the tax laws and regulations governing deferred compensation arrangements such as the Plan and may also, in such event, cease further deferrals under the Plan. 

 

	7.2	Right to Terminate 

 The
Company, through action taken by the Committee, may terminate the Plan at any time in whole or in part. 
  

	 	(a)	Except for such modifications, limitations or restrictions as may otherwise be required to avoid current income taxation or other adverse tax consequences as a result
of changes to the tax laws and regulations applicable to the Plan, no such plan amendment or plan termination authorized by the Committee shall adversely affect the benefits accrued to date under the Plan or otherwise reduce the then outstanding
balances credited to Accounts or otherwise adversely affect the distribution provisions in effect for those Accounts, and all amounts deferred prior to the date of any such plan amendment or termination shall, subject to the foregoing exception,
continue to become due and payable in accordance with the distribution provisions of Article VI as in effect immediately prior to such amendment or termination. Termination of the Plan shall not serve to reduce the amount credited to an Account at
the time of termination. 

  

	 	(b)	Notwithstanding the above, the Company may terminate the Plan and distribute the Participant’s credited Accounts in the form of a single lump sum. Such a Plan
termination may occur only if the conditions set forth below are met, consistent with the requirements of Code Section 409A and the Code Section 409A Regulations: 

 

	 	(i)	The termination and liquidation does not occur proximate to a downturn in the financial health of the Company; 

 

	 	(ii)	 The Company terminates and liquidates all agreements, methods, programs, and other arrangements sponsored by the Company that

  
 13 

	 	
would be aggregated with the Plan under applicable provisions of the Code Section 409A Regulations assuming a Participant in the Plan also had deferrals credited under all such other
agreements, methods, programs; 

  

	 	(iii)	No payments in liquidation of the plan are made within 12 months of the date the Company takes all necessary action to irrevocably terminate and liquidate the Plan
(other than amounts distributed under the terms of the Plan without regard to the action to terminate and liquidate the Plan; 

  

	 	(iv)	All payments in liquidation of the Plan are made within 24 months of the date the Company takes all necessary action to irrevocably terminate and liquidate the Plan;
and 

  

	 	(v)	The Company does not adopt a new plan that would be aggregated with the Plan under applicable provisions of the Code Section 409A Regulations if assuming a
Participant participated in both plans, at any time within three years following the date the Company takes all necessary action to irrevocably terminate and liquidate the Plan. 

  
 14 

 ARTICLE VIII MISCELLANEOUS 

 

	8.1	Unfunded Plan 

 This Plan
is an unfunded deferred compensation arrangement for Eligible Employees. While it is the intention of the Company that this Plan shall be unfunded for federal tax purposes and for purposes of Title I of ERISA, the Company may establish a grantor
trust to satisfy part or all of its Plan payment obligations so long as the Plan remains unfunded for federal tax purposes and for purposes of Title I of ERISA. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall
create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any employee or other person. To the extent any person acquires a right to receive a payment from the Company under the Plan, such right shall
be no greater than that of an unsecured general creditor of the Company. 
  

	8.2	Nonguarantee of Employment 

Nothing contained in the Plan shall be construed as a contract of employment between the Company and any Participant, or as a right of any
Participant to be continued in the employment of the Company, or as a limitation of the right of the Company to discharge any Participant with or without cause. 
  

	8.3	Nonalienation of Benefits 

Except as provided in Section 6.4 or as may be required by law, benefits payable under the Plan are not subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution, or levy of any kind, whether voluntary or involuntary. Any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, charge
or otherwise dispose of any right to benefits under the Plan shall be void. The Company shall not in any manner be liable for, or subject to, the debts, contracts, liabilities, engagements or torts of any person entitled to benefits under the Plan.

  

	8.4	Applicable Law 

 This Plan
shall be construed and enforced in accordance with the laws of the state of New York. 
  

	8.5	Headings and Subheadings 

Headings and subheadings in this Plan are inserted for convenience only and are not to be considered in the construction of the
provisions. 
  

	8.6	Severability 

 The
invalidity and unenforceability of any particular provision of this plan shall not affect any other provision and the Plan shall be construed in all respects as if such invalid or unenforceable provisions were omitted. 

  
 15 

 ARTICLE IX ADMINISTRATION OF THE PLAN 

 

	9.1	Powers and Duties of the Committee 

 The Benefits Administrator will be responsible for the administration of the Plan. The Benefits Administrator shall have full responsibility to represent the Company and the Participants in all things it
may deem necessary for the proper administration of the Plan. Subject to the terms of the Plan, the decision of the Benefits Administrator upon any question of fact, interpretation, definition or procedures relating to the administration of the Plan
shall be conclusive. The responsibilities of the Benefits Administrator shall include, but not be limited to, the following: 
  

	 	(a)	Verifying all procedures by which payments to Participants and their beneficiaries are authorized. 

 

	 	(b)	Deciding all questions relating to the eligibility of employees to become Participants in the Plan. 

 

	 	(c)	Interpreting the provisions of the Plan in all particulars. 

  

	 	(d)	Establishing and publishing rules and regulations for carrying out the Plan. 

 

	 	(e)	Preparing an individual record for each Participant in the Plan, which shall be available for examination by such Participant, or authorized persons.

  

	 	(f)	Reviewing and answering any denied claim for benefits that has been appealed to the Committee under the provisions of this Article. 

 

	9.2	Claims Procedure 

  

	 	(a)	Filing of Claim. Any Participant or beneficiary under the Plan may file a written claim for a Plan benefit with the Committee or with a person named by the
Committee to receive claims under the Plan. 

  

	 	(b)	 Notice of Denial of Claim. In the event of a denial or limitation of any benefit or payment due to or requested by any Participant or
beneficiary under the Plan (“claimant”), the claimant shall be given a written notification, including electronic communication, containing specific reasons for the denial or limitation of the benefit. The written notification shall
contain specific reference to the pertinent Plan provisions on which the denial or limitation of the benefit is based. In addition, it shall contain a description of any other material or information necessary for the claimant to perfect a claim,
and an explanation of why such material or information is necessary. The notification shall further provide appropriate information as to the steps to be taken if the claimant wishes to appeal the denial or limitation of benefit and submit a claim
for review. This written notification shall be given to a claimant within 90 days after receipt of the claim 

  
 16 

	 	
by the Committee unless special circumstances require an extension of time for process of the claim. If such an extension of time for processing is required, written notice of the extension shall
be furnished to the claimant prior to the termination of said 90-day period, and such notice shall indicate the special circumstances which make the postponement appropriate. 

 

	 	(c)	Right of Review. In the event of a denial or limitation of the claimant’s benefit, the claimant or the claimant’s duly authorized representative shall
be permitted to review pertinent documents free of charge upon request and to submit to the Committee issues and comments in writing. In addition, the claimant or the claimant’s duly authorized representative may make a written request for a
full and fair review of the claim and its denial by the Committee; provided, however, that such written request must be received by the Committee within 60 days after receipt by the claimant of written notification of the denial or limitation of the
claim. The 60-day requirement may be waived by the Committee in appropriate cases. 

  

	 	(d)	Decision on Review. A decision shall be rendered by the Committee within 60 days after the receipt of the request for review, provided that where special
circumstances require an extension of time for processing the decision, it may be postponed on written notice to the claimant (prior to the expiration of the initial 60-day period) for an additional 60 days, but in no event shall the decision be
rendered more than 120 days after the receipt of such request for review. Any decision by the Committee shall be furnished to the claimant in writing and shall set forth the specific reasons for the decision and the specific plan provisions on which
the decision is based. 

 EXECUTION OF DOCUMENT 
  

							
	Attest:	 		  	National Grid USA
				
	  
	 		  	By	  	  

	SECRETARY	 		  	Title:	  	  

		 		  	Date:	  	  

  
 17

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