Document:

EX-4(b).2

 Exhibit 4(b).2 
 EXECUTION VERSION 
  

					
		 	Dated 31 March 2017	  	Confidential portions of this 
exhibit have been omitted and 
filed separately with the 
Securities and Exchange 
Commission

 NATIONAL GRID HOLDINGS ONE PLC 

and 
 QUADGAS
INVESTMENTS BIDCO LIMITED 
 FURTHER ACQUISITION AGREEMENT 

relating to the acquisition of shares in GasD HoldCo (as defined herein) 

 
 

 
 Linklaters LLP 
 One Silk Street 
 London EC2Y 8HQ 
 Telephone (44-20) 7456 2000 
 Facsimile (44-20) 7456 2222 
 Ref L-226975 

 FOIA confidential treatment requested: [***] indicates that certain information
contained herein has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to such omitted portions. 

 
 Table of Contents 

 

					
	Contents	  	Page	 
		
	 1    Interpretation
	  	 	1	 
		
	 2    Acquisition of the Further Sale Assets
	  	 	7	 
		
	 3    Consideration
	  	 	8	 
		
	 4    Sell Notice and Purchase Notice
	  	 	9	 
		
	 5    Conditions
	  	 	10	 
		
	 6    Further Closing
	  	 	11	 
		
	 7    Warranties
	  	 	13	 
		
	 8    Confidentiality
	  	 	13	 
		
	 9    Other Provisions
	  	 	14	 
		
	 Schedule 1 Further Closing Obligations (Clause 6.2)
	  	 	21	 
		
	 Schedule 2 Seller’s Warranties (Clause 7.1)
	  	 	22	 
		
	 Schedule 3 Warranties given by the Investor (Clause 7.2)
	  	 	23	 
		
	 Schedule 4 Limits and Claims
	  	 	24	 
		
	 Schedule 5 [***]
	  	 	29	 
		
	 Schedule 6 Sell Notice
	  	 	30	 
		
	 Schedule 7 Purchase Notice
	  	 	31	 

  
  

i 

 Further Acquisition Agreement 

This Agreement is made as a deed on   31   March 2017 between: 

 

	(1)	 NATIONAL GRID HOLDINGS ONE PLC a company incorporated in the United Kingdom with registered number 2367004 and whose registered office
is at 1-3 Strand, London WC2N 5EH, United Kingdom (the “Seller”); and 

  

	(2)	 QUADGAS INVESTMENTS BIDCO LIMITED a company incorporated in the United Kingdom with registered number 10487004 and whose registered office is
at 18 St Swithin’s Lane, London EC4N 8AD and whose former name was Tellsid Investments Limited (the “Investor”). 

 Whereas: 
  

	(A)	 On 8 December 2016: 

  

	 	(i)	 the Seller and the Investor entered into the Acquisition Agreement relating to, amongst other things, the subscription of Shares and the acquisition
by GasD MidCo of GasD OpCo and GasD PropCo; and 

  

	 	(ii)	 the Seller and the Investor entered into a memorandum of understanding relating to the acquisition of Further Shares in GasD HoldCo.

  

	(B)	 On 10 February 2017, GasD HoldCo was incorporated. 

 

	(C)	 Pursuant to this Agreement the Seller has agreed to sell and the Investor has agreed to purchase: 

 

	 	(i)	 the Further Shares; and 

  

	 	(ii)	 the Further Debt. 

 It is agreed as follows: 
  

	1	 Interpretation 

 In this deed (the “Agreement”), unless the context otherwise requires, the provisions in this Clause 1 apply: 

 

	1.1	 Definitions 

 “Acquisition Agreement” means the agreement entered into on 8 December 2016 (as amended from time to time) between the Investor and the Seller (which has or will have subsequently
been acceded to by GasD HoldCo, GasD PledgeCo and GasD Midco) relating to, amongst other things, the subscription of Shares and the acquisition by GasD MidCo of GasD OpCo and GasD PropCo; 

“Additional Investment” has the meaning given to it in Clause 2.3; 

“Agreed Form” means, in relation to any document, such document in the form agreed between the Seller and
the Investor and signed for identification by the Investor’s Lawyers and the Seller’s Lawyers on the date of the Acquisition Agreement with such alterations as may be agreed in writing between the Seller and the Investor from time to time;

 “Affiliate” has the meaning given to it in the Shareholders’ Agreement; 

  
  

1 

 FOIA confidential treatment requested: [***] indicates that certain information
contained herein has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to such omitted portions. 

 
 [***] 

“Business Day” means a day which is not a Saturday, a Sunday or a public holiday in England; 

“Claim” means any claim arising out of or in connection with any Transaction Document excluding:
(i) any claim for breach of the Seller’s Warranties; or (ii) any Cornerstone Claim; 

“Closing” means the completion of the acquisition of GasD OpCo and GasD PropCo by GasD MidCo pursuant to
the Acquisition Agreement; 
 “Closing Date” means the date on which Closing takes place;

 “Competent Authority” means: (i) any person (whether autonomous or not) having legal
and/or regulatory authority and/or enforcement powers, including Gas and Electricity Markets Authority, Office of Gas and Electricity Markets, the Health and Safety Executive, the European Commission and the Competition and Markets Authority;
(ii) any court of law or tribunal in any jurisdiction; and/or (iii) any Tax Authority; 

“Confidentiality Agreements” means each of the confidentiality agreements pursuant to which NG plc made
available to the recipient named therein certain confidential information relating to the Seller’s Group entered into with: (i) Macquarie Infrastructure and Real Assets (Europe) Limited dated 28 July 2016 (as amended); (ii) Dalmore
Infrastructure Investments 2 Limited Partnership dated 1 August 2016 (as amended); (iii) Dalmore Infrastructure Investments 2 Limited Partnership dated 24 August 2016 (as amended); (iv) Allianz Capital Partners GmbH, London Branch dated
27 July 2016; (v) Amber Infrastructure Limited dated 25 July 2016 (as amended); (vi) CIC Capital Corporation dated 4 August 2016 (as amended); and (vii) Hermes GPE LLP dated 4 August 2016 (as amended) and
“Confidentiality Agreement” means any one of them; 
 “Cornerstone Claim” means
any claim for a breach of the Seller’s obligations under Clauses 2.1 and 2.2; 
 “CTA 2010”
means the Corporation Tax Act 2010; 
 “Debt” means the principal amount of any loans,
borrowings or indebtedness (together with any accrued interest) provided to GasD HoldCo by a Shareholder, its Affiliates or any Investor Shareholder Affiliate, including any new Debt contributed by any of the Shareholders between Closing and Further
Closing, but shall exclude any loans, borrowings or indebtedness provided to GasD HoldCo in the ordinary course of business which is not in connection with such Shareholder’s holding of Shares; 

“Debt Capitalisation” means the capitalisation of Debt pursuant to the Post-Closing Implementation Steps;

 “Debt Capitalisation Shares” means any Shares issued as a result of the Debt Capitalisation
(including any such Shares as consolidated, subdivided or redesignated on a non-dilutive basis); 
 “Distribution Amount” means the total amount of any (i) dividends, or other distribution of profits or assets (including any distribution as defined in Part 23 of the CTA 2010),
actually paid or declared but not yet paid in respect of the Shares; and (ii) any interest on, and any principal of, any Debt actually paid or repaid, in each case prior to Further Closing; 

“Encumbrance” means any claim, charge, mortgage, lien, option, equitable right, power of sale, pledge,
hypothecation, retention of title, right of pre-emption, right of first refusal or 

  
  

2 

 FOIA confidential treatment requested: [***] indicates that certain information
contained herein has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to such omitted portions. 

 
 other third party right or
security interest of any kind or an agreement, arrangement or obligation to create any of the foregoing; 

“Escalation Factor” means: 
 [***] 
 “Further Acquisition Payment” means the
consideration to be paid by the Investor to the Seller for the Further Sale Assets, being a sum equal to: 
  

 

													
		 	 {(Investor Loan Amount x
	 	 14
	 	 ) minus (Distribution Amount x
	 	 14
	 	 )}
	 	
		 	 	61	 	 	100	 	 	

 x 
 the Escalation Factor 
 “Further Closing” means
the completion of the sale and purchase of the Further Sale Assets pursuant to Clause 6; 
 “Further
Closing Date” means the date on which the Further Closing takes place; 
 “Further
Debt” means a portion of the Debt equal to the: 
  

					
	 Seller Debt x
	 	 14
	  	
	 	 39
	  	

 “Further Debt Consideration” has the meaning given to it in Clause 3.1.1;

 “Further Sale Assets” means the Further Shares and the Further Debt; 

“Further Share Consideration” has the meaning given to it in Clause 3.1.2; 

“Further Shares” means the aggregate of: 

 

	 	(i)	 7,000 Shares or, if different as a result of a non-dilutive consolidation,
sub-division or other redesignation of the Shares (but excluding as a result of any issue of Debt Capitalisation Shares), such other number of shares in the capital of GasD HoldCo as carry the same proportion
of voting rights and rights to participate in the profits and assets of GasD HoldCo as an aggregate of 7,000 Shares have at Closing; and 

  

	 	(ii)	 14 per cent. of any Debt Capitalisation Shares; 

“GasD Group” means GasD HoldCo and any GasD Group Companies from time to time; 

“GasD Group Companies” means GasD HoldCo together with any other subsidiaries of GasD HoldCo from time to
time and “GasD Group Company” means any one of them; 
 “GasD HoldCo” means
Quadgas HoldCo Limited, a company incorporated in the United Kingdom with registered number 10614254 and whose registered office is at 1-3 Strand, London, WC2N 5EH, United Kingdom; 

“GasD MidCo” means Quadgas MidCo Limited, a company incorporated in the United Kingdom with registered
number 10615396 and whose registered office is at 1-3 Strand, London, WC2N 5EH, United Kingdom; 
 “GasD OpCo” means National Grid Gas Distribution Limited, a company incorporated in the United Kingdom with registered number 10080864 and whose registered office is at 1-3 Strand, London, WC2N 5EH, United Kingdom; 

  
  

3 

 “GasD PledgeCo” means Quadgas PledgeCo Limited, a company
incorporated in the United Kingdom with registered number 10614954 and whose registered office is at 1-3 Strand, London, WC2N 5EH, United Kingdom; 

“GasD PropCo” means Gas Distribution Property Holdings Limited, a company incorporated in the United
Kingdom with registered number 10080921 and whose registered office is at 1-3 Strand, London, WC2N 5EH, United Kingdom; 
 “Interest” has the meaning given to it in the Shareholders’ Agreement; 
 “Investor Loan Amount” has the meaning given to it in the Acquisition Agreement, being the amount drawn down at Closing under the loan agreement entered into between the Investor and GasD
HoldCo on the Closing Date (as adjusted pursuant to clause 7.3.3 of the Acquisition Agreement) excluding, for the avoidance of doubt, any other drawdowns or repayment of such loan; 

“Investor Shareholder Affiliate” has the meaning given to it in the Shareholders’ Agreement;

 “Investor’s Group” means the Investor and its subsidiaries from time to time;

 “Investor’s Lawyers” means Clifford Chance LLP of 10 Upper Bank Street London, E14 5JJ;

 “Laws” means the laws and regulations applicable to any member of the GasD Group or any
Shareholder (as appropriate) including, where applicable, the rules of any stock exchange on which the securities of a Shareholder are listed or other governmental or regulatory body to which a Shareholder is subject; 

“LIBOR” means the London interbank offered rate administered by ICE Benchmark Administration Limited (or
any other person which takes over the administration of that rate) for pounds Sterling for the relevant period displayed on page LIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate);

 “Long Stop Date” means 31 January 2020; 

“Losses” means all losses, liabilities (including to Tax), costs (including reasonably incurred legal
costs and experts’ and consultants’ fees), charges, expenses, actions, proceedings, claims and demands, other than VAT that is recoverable; 
 “NG plc” means National Grid plc, a company incorporated in the United Kingdom with registered number 4031152 and whose registered office is at 1-3
Strand, London WC2N 5EH, United Kingdom; 
 “parties” means the parties to this Agreement from
time to time, and “party” means any one of them; 
 “Permitted Regulatory
Condition” means any bona fide mandatory and suspensory material consent, clearance, approval or permission (including, without limitation, any mandatory and suspensory regulatory or anti-trust approvals) necessary to enable the Seller to
be able to complete a transfer of the Further Sale Assets to the Investor under: (a) the rules or regulations of any stock exchange on which the Investor, the Seller or any of their Affiliates is quoted; or (b) the rules or regulations of
any governmental, statutory or regulatory body in those jurisdictions where the Seller, the Investor, GasD HoldCo or any of their Affiliates carries on business; 

  
  

4 

 “Post-Closing Implementation Steps” means the
reorganisation steps to be taken in connection with the reorganisation of the GasD Group following Closing in accordance with steps 15 to 17 (inclusive) of the document entitled “Project Piccadilly Summarised Structuring Steps” dated
8 December 2016 in the Agreed Form; 
 “Purchase Notice” has the meaning given to it in
Clause 4.2; 
 “Relief” includes any right to repayment of Taxation from a Tax Authority and any
relief, loss, allowance, set-off or credit in respect of Taxation and any deduction in computing or against profits for Taxation purposes; 

“SDRT” means Stamp Duty Reserve Tax; 

“Sell Notice” has the meaning given to it in Clause 4.1; 

“Seller Debt” means any Debt owed by GasD HoldCo to the Seller and/or its Affiliates immediately
following the Debt Capitalisation and any new Debt contributed by the Seller and/or its Affiliates between Closing and Further Closing, reduced by the amount of any principal repayment made by GasD HoldCo prior to Further Closing; 

“Seller’s Group” means the Seller and its subsidiaries from time to time excluding, for the
avoidance of doubt, the GasD Group from the Closing Date; 
 “Seller’s Lawyers” means
Linklaters LLP of One Silk Street, London EC2Y 8HQ, United Kingdom; 
 “Seller’s
Warranties” means the warranties given by the Seller set out in Schedule 2, and “Seller’s Warranty” means any one of them; 
 “Shareholder” has the meaning given to it in the Shareholders’ Agreement; 
 “Shareholders’ Agreement” means the shareholders’ agreement to be entered into on the Closing Date between the Seller, the Investor, GasD HoldCo, GasD OpCo and certain other
members of the GasD Group pursuant to the Acquisition Agreement; 
 “Shares” means the ordinary
shares of £1.00 each in the capital of GasD HoldCo; 
 “Surviving Clauses” means Clauses
1, 5.4, 8 and 9.2 to 9.14, and “Surviving Clause” means any one of them; 
 “Tax
Authority” means any taxing or other authority competent to impose any liability in respect of Taxation or responsible for the administration, assessment and/or collection of Taxation or enforcement of any law in relation to Taxation;

 “Taxation” or “Tax” means all forms of taxation whether direct or indirect
and whether levied by reference to income, profits, gains, net wealth, asset values, turnover, added value or other reference and statutory, governmental, state, provincial, local governmental or municipal impositions, duties, contributions rates
and levies (including social security contributions and other payroll taxes), whenever and wherever imposed (whether imposed by way of a withholding or deduction for or on account of tax or otherwise) and in respect of any person and all penalties,
charges, costs and interest relating thereto;  
 “Transaction” means the proposed sale
of the Further Sale Assets by the Seller to the Investor pursuant to the terms of this Agreement; 

“Transaction Documents” means this Agreement and all agreements entered into pursuant to this Agreement,
and “Transaction Document” means any one of them; 

  
  

5 

 “Transfer” has the meaning given to it in the
Shareholders’ Agreement; and 
 “VAT” means within the European Union such Taxation as may
be levied in accordance with (but subject to derogations from) Council Directive 2006/112/EC and outside the European Union any similar Taxation levied by reference to added value or sales. 

 

	1.2	 Singular, plural, gender 

 References to one gender include all genders and references to the singular include the plural and vice versa. 
  

	1.3	 References to persons and companies 

References to: 
  

	 	1.3.1	 a person include any company, partnership or unincorporated association (whether or not having separate legal personality); and

  

	 	1.3.2	 a company include any company, corporation or body corporate, wherever incorporated. 

 

	1.4	 References to subsidiaries and holding companies 

The words “holding company”, “parent undertaking”, “subsidiary” and “subsidiary
undertaking” shall have the same meaning in this Agreement as their respective definitions in the Companies Act 2006. 
  

	1.5	 Connected persons 

 A person shall be deemed to be connected with another if that person is connected with such other within the meaning of Section 1122 of CTA 2010. 

 

	1.6	 Schedules etc. 

 References to this Agreement shall include any Recitals and Schedules to it and references to Clauses and Schedules are to Clauses of, and Schedules to, this Agreement. References to paragraphs and Parts
are to paragraphs and Parts of the Schedules. 
  

	1.7	 Headings 

 Headings shall be ignored in interpreting this Agreement. 
  

	1.8	 Reference to documents 

 References to any document (including this Agreement), or to a provision in a document, shall be construed as a reference to such document or provision as amended, supplemented, modified, restated or
novated from time to time. 
  

	1.9	 Modification etc. of statutes 

 References to a statute or statutory provision include that statute or provision as from time to time modified or re-enacted or consolidated whether before or after
the date of this Agreement so far as such modification or re-enactment or consolidation applies or is capable of applying to any transactions entered into in accordance with this Agreement provided that
nothing in this Clause 1.9 shall operate to increase the liability of any party beyond that which would have existed had this Clause been omitted. 

  
  

6 

	1.10	 Information 

 References to books, records or other information mean books, records or other information in any form including paper, electronically stored data, magnetic media, film and microfilm. 

 

	1.11	 Legal terms 

 References to any English legal term shall, in respect of any jurisdiction other than England, be construed as references to the term or concept which most nearly corresponds to it in that jurisdiction.

  

	1.12	 Non-limiting effect of words 

The words “including”, “include”, “in particular” and words of similar effect shall not be
deemed to limit the general effect of the words that precede them. 
  

	1.13	 Extent of obligation to “procure” or “ensure” 

If: 
  

	 	1.13.1	 a party (the “Obligor”) is obliged under any provision of this Agreement to “procure” or “ensure” that
another person performs (or refrains from performing) any act; and 

  

	 	1.13.2	 the Obligor does not Control (as that term is defined in the Shareholders’ Agreement) the other person, 

then the Obligor’s obligations under that provision shall be limited to: 

 

	 	1.13.3	 if the Obligor holds any voting securities in the capital of the other party, exercising all voting rights attaching to those securities; and

  

	 	1.13.4	 if the Obligor is party to any agreement relating to the management and control of the other person (including, in the case of the GasD
Group, the Shareholders’ Agreement), exercising all rights available to it under such agreement, 

 in each case for the purposes set out in the relevant provision of this Agreement. 
  

	1.14	 Payments 

 All payments to be made pursuant to or in connection with this Agreement shall be made in pounds Sterling, being the lawful currency of the United Kingdom, unless otherwise indicated. 

 

	1.15	 Effective time 

 Other than in respect of the Surviving Clauses: (a) the obligations of the parties hereunder are conditional upon Closing; and (b) no party shall have any liability to the other party under this
Agreement until and unless Closing occurs. 
  

	2	 Acquisition of the Further Sale Assets 

  

	2.1	 Further Shares 

  

	 	2.1.1	 On and subject to the terms of this Agreement the Seller shall sell, and the Investor shall purchase, the Further Shares.

  
  

7 

	 	2.1.2	 The Further Shares shall be sold by the Seller with full title guarantee, free from any Encumbrances and together with all rights and
advantages attaching to them as at Further Closing (including the right to receive all dividends or distributions declared in respect of such Further Shares on or after Further Closing). 

 

	 	2.1.3	 All of the Further Shares (and not some only) shall be acquired by the Investor. 

 

	2.2	 Further Debt 

 On and subject to the terms of this Agreement the Seller shall, or shall procure that any of its Affiliates shall, assign to the Investor the Further Debt (including any accrued but unpaid interest).

  

	2.3	 Additional Investment 

 If any Shares (other than the Debt Capitalisation Shares) are to be issued for value or new Debt is to be contributed by any of the Shareholders between Closing and Further Closing (the
“Additional Investment”), the parties undertake, following the date of this Agreement and prior to Further Closing, to enter into good faith discussions to agree, prior to such Additional Investment being completed, such amendments
to this Agreement as the parties deem necessary or appropriate to reflect the impact of (and any further consideration for) the Additional Investment, it being the intention of the parties to ensure that under this Agreement the Investor will
acquire from the Seller: (i) 14 per cent. of the entire issued share capital of GasD HoldCo; and (ii) a portion equal to 14/39 of any Debt owed by GasD HoldCo to the Seller and/or its Affiliates. For the avoidance of doubt, no amendment
made to this Agreement pursuant to this Clause 2.3 shall result in a reduction of the amount of the Further Acquisition Payment to be paid for the Further Sale Assets (as defined before giving effect to such amendment to this Agreement in respect of
the Additional Investment) in accordance with this Agreement. 
  

	2.4	 Seller undertaking 

 The Seller undertakes that it will not: 
  

	 	2.4.1	 Transfer any Interest in any Shares, including any Debt Capitalisation Shares or sell, assign, transfer or otherwise dispose of, or grant any
option over, or create or permit to subsist any Encumbrance over Debt if and to the extent that such Transfer or such sale, transfer, disposal, grant or Encumbrance (as the case may be) would prevent the Seller from satisfying its obligations under
this Agreement consequent upon the giving of a Sell Notice or a Purchase Notice (as the case may be); or 

  

	 	2.4.2	 issue an Offer Notice prior to the expiry of the NGHO Lock-up Period (as each such term is defined in
the Shareholders’ Agreement). 

  

	3	 Consideration 

  

	3.1	 Amount 

  

	 	3.1.1	 The amount of the consideration for the assignment of the Further Debt under this Agreement shall be an amount equal to the sum of the
outstanding principal of, and accrued but unpaid interest on, such Further Debt as at the Further Closing Date (the “Further Debt Consideration”). 

  
  

8 

	 	3.1.2	 The amount of the consideration for the purchase of the Further Shares under this Agreement shall be an amount equal to:

  

	 	(i)	 the Further Acquisition Payment; less 

  

	 	(ii)	 the Further Debt Consideration, 

(the “Further Share Consideration”). 

 

	3.2	 Payment of Further Acquisition Payment 

The Further Acquisition Payment shall be paid by way of cash payment pursuant to Clause 6.3. 

 

	3.3	 Adjustment to the Further Share Consideration 

If any payment is made by the Seller to the Investor in respect of any claim for any breach of this Agreement (or any
agreement entered into under this Agreement), the payment shall be treated so far as lawfully possible as an adjustment of the Further Share Consideration that is paid by the Investor on the Further Closing Date for the Further Shares under this
Agreement and the Further Share Consideration shall be deemed to have been reduced by the amount of such payment. 
  

	4	 Sell Notice and Purchase Notice 

  

	4.1	 Sell Notice 

  

	 	4.1.1	 In consideration of the promise by the Investor, if demanded, to pay £1 to the Seller with effect from the date of this Agreement, the
Seller may require the Investor to acquire the Further Sale Assets on the terms of this Agreement by giving the Investor not less than six months’ prior written notice substantially in the form set out in Schedule 6 (the “Sell
Notice”). 

  

	 	4.1.2	 The Sell Notice shall specify the Further Closing Date which shall be a Business Day in the period between 1 March 2019 and 30 June
2019 (inclusive), or such other time period as the parties may agree in writing. 

  

	 	4.1.3	 The Sell Notice, once given by the Seller, may not be revoked without the written consent of the Investor. 

 

	 	4.1.4	 If the Seller has not given a Sell Notice to the Investor by 5.00 p.m. on 31 December 2018 in accordance with Clause 4.1 then Clause
4.1.1 shall terminate and the Seller shall cease to have any further rights thereunder. 

  

	4.2	 Purchase Notice 

	 	4.2.1	 In consideration of the promise by the Seller, if demanded, to pay £1 to the Investor with effect from the date of this Agreement, if
the Seller has not given a Sell Notice to the Investor by 5.00 p.m. on 31 December 2018 in accordance with Clause 4.1, the Investor may at any time in the period between 1 January 2019 and 30 April 2019 require the Seller to sell the
Further Sale Assets on the terms of this Agreement by giving not less than six months’ prior written notice substantially in the form set out in Schedule 7 (the “Purchase Notice”). 

  
  

9 

	 	4.2.2	 The Purchase Notice shall specify the Further Closing Date which shall be a Business Day in the period between 1 July 2019 and
31 October 2019 (inclusive), or such other time period as the parties may agree in writing. 

  

	 	4.2.3	 The Purchase Notice, once given by the Investor, may not be revoked without the written consent of the Seller. 

 

	 	4.2.4	 If: (a) if the Seller has not given a Sell Notice to the Investor by 5.00 p.m. on 31 December 2018 in accordance with Clause 4.1;
and (b) the Purchaser has not given a Purchase Notice to the Seller in accordance with Clause 4.2.1 by 5.00 p.m. on 30 April 2019, then this Agreement (other than the Surviving Clauses) shall automatically terminate with immediate effect
at 5.00 p.m. on 30 April 2019 and neither the Seller nor the Investor shall have any Claim against the other under it, save in relation to any breach that occurred prior to the time of such termination. 

 

	4.3	 No obligation to Serve Sell Notice or Purchase Notice 

This Agreement does not impose any obligation on: 

 

	 	4.3.1	 the Seller to serve a Sell Notice; or 

  

	 	4.3.2	 the Investor to serve a Purchase Notice. 

  

	5	 Conditions 

  

	5.1	 Permitted Regulatory Conditions 

 The Investor and the Seller shall, subject to Clause 5.2.3, have the right to require that Further Closing is conditional on the satisfaction of any Permitted Regulatory Conditions or adjustments to
existing Permitted Regulatory Conditions, but only to the extent the parties agree (acting reasonably) that such permitted Regulatory Conditions (or adjustments to the same) are necessary to be able to complete lawfully the transfer of the Further
Sale Assets. This right can be exercised by the party: 
  

	 	5.1.1	 delivering a Sell Notice or a Purchase Notice, by identifying any Permitted Regulatory Condition in its notice; or

  

	 	5.1.2	 receiving a Sell Notice or a Purchase Notice, by delivering written notice to the other party of any Permitted Regulatory Condition within
ten (10) Business Days of its receipt of such notice. 

  

	5.2	 Responsibility for satisfaction 

  

	 	5.2.1	 If either the Seller or the Investor exercises its rights under Clause 5.1, then each of the Seller and the Investor shall use all reasonable
endeavours and take all steps necessary to ensure the satisfaction of any Permitted Regulatory Condition applying to it as soon as reasonably practicable after the delivery of a Sell Notice or a Purchase Notice (as the case may be) and in any event
so as to enable Further Closing to occur before the Long Stop Date, which shall include, but not be limited to, each of the Seller and the Investor promptly providing such information in relation to itself and the Seller’s Group or the
Investor’s Group (respectively) and any explanation or clarification of or further information in relation to any aspect of any Permitted Regulatory Condition as may be reasonably necessary to procure the satisfaction of such condition before
the Long Stop Date provided that this shall not require either party to take such action which would be likely to have such a 

  
  

10 

	 	 
detrimental effect on the current or future development of the business of that party that it would be unreasonable to expect that party to take it. 

 

	 	5.2.2	 Each of the Seller and the Investor shall give notice to the other of the satisfaction of any relevant Permitted Regulatory Condition
applying to it within two Business Days of becoming aware of the same. 

  

	 	5.2.3	 Any party to whom a Permitted Regulatory Condition applies may, in its sole discretion, elect to waive, by notice in writing to the other
Parties, compliance with that requirement insofar as it relates to itself. 

  

	5.3	 Process for satisfaction 

  

	 	5.3.1	 Without prejudice to Clause 5.2, the Seller and the Investor agree that all requests and enquiries from any government, governmental,
supranational or trade agency, court or other regulatory body which relate to the satisfaction of any Permitted Regulatory Condition shall be dealt with by the Seller and the Investor in consultation with each other and the Seller and the Investor
shall promptly co-operate with and provide all necessary information and assistance reasonably required by such government, agency, court or body upon being requested to do so by the other.

  

	 	5.3.2	 The Seller and the Investor undertake to one another to prepare and submit any necessary notifications to the relevant Competent Authority
which are necessary to obtain the relevant clearance for a Permitted Regulatory Condition as soon as reasonably practicable after the date of delivery of a Sell Notice or a Purchase Notice. 

 

	 	5.3.3	 The Seller and the Investor undertake to one another to keep one another fully informed as to progress towards satisfaction of any Permitted
Regulatory Condition applying to it and each of them shall provide the other or their nominated advisors with draft copies of the initial submissions and all material communications to the Competent Authority in relation to satisfying such
condition, allowing the other party a reasonable opportunity to provide comments on such submissions and communications before they are submitted (other than any part of such documentation and information that contains commercially sensitive
information relating to the business of the Investor’s Group or the Seller’s Group (as the case may be) and/or is otherwise confidential in the reasonable assessment of the Investor or the Seller (respectively)).

  

	5.4	 Non-satisfaction/waiver 

If any Permitted Regulatory Condition is not satisfied or waived by 5.00 p.m. on the Long Stop Date the Investor or the
Seller may, in its sole discretion, terminate this Agreement (other than the Surviving Clauses) and neither the Seller nor the Investor shall have any Claim against the other under it, save for any Claim arising from breach of any obligation
contained in Clause 5.2. 
  

	6	 Further Closing 

  

	6.1	 Date and place 

 Subject to Clause 5, Further Closing shall take place at 10.00 a.m. at the offices of the Seller’s Lawyers on: 

  
  

11 

 FOIA confidential treatment requested: [***] indicates that certain information
contained herein has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to such omitted portions. 

 

	 	6.1.1	 the date set out in the Sell Notice; or, if applicable 

 

	 	6.1.2	 the date set out in the Purchase Notice; or 

 

	 	6.1.3	 if the fulfilment or waiver of the requirement to satisfy any Permitted Regulatory Conditions (as contemplated in Clause 5) has not occurred
prior to the Further Closing Date (being such date as set out in a Sell Notice or Purchase Notice (as the case may be)), on the date being 15 Business Days following fulfilment or waiver of any Permitted Regulatory Conditions provided such date is
not later than the Long Stop Date; or 

  

	 	6.1.4	 at such other location and at such other time or on such other date as may be agreed in writing between the Investor and the Seller.

  

	6.2	 Further Closing events 

  

	 	6.2.1	 On Further Closing: 

  

	 	(i)	 the Seller shall deliver or take (or cause to be delivered or taken) the documents and actions listed in Part A of Schedule 1; and

  

	 	(ii)	 the Investor shall deliver or take (or cause to be delivered or taken) the documents and actions listed in Part B of Schedule 1.

  

	 	6.2.2	 The Seller may waive some or all of the obligations of the Investor as set out in Part B of Schedule 1 and the Investor may waive some or all
of the obligations of the Seller as set out in Part A of Schedule 1. 

  

	6.3	 Payment on Further Closing 

 At Further Closing, the Investor shall pay the Further Acquisition Payment in cleared funds to the Seller. 
  

	6.4	 [***] 

  

	6.5	 Breach of Further Closing obligations 

If a party fails to comply with any material obligation in Clauses 6.2, 6.3, 6.4 or Schedule 1, the Investor, in the case
of non-compliance by the Seller, or the Seller, in the case of non-compliance by the Investor, shall be entitled (without prejudice to the right to claim damages or
other compensation) by written notice to the other served on the Further Closing Date: 
  

	 	6.5.1	 provided that Further Closing has been deferred under Clause 6.5.3 by the party serving notice hereunder on not less than two occasions, to
terminate this Agreement (other than the Surviving Clauses) without liability on their part; 

  

	 	6.5.2	 to effect Further Closing so far as practicable having regard to the defaults which have occurred; or 

 

	 	6.5.3	 to fix a new date for Further Closing in which case the provisions of Schedule 1 shall apply to Further Closing as so deferred.

  
  

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	7	 Warranties 

  

	7.1	 The Seller’s Warranties 

 The Seller warrants to the Investor that: 
  

	 	7.1.1	 the statements set out in Schedule 2 are true and accurate as of the date of this Agreement; and 

 

	 	7.1.2	 the statements set out in Schedule 2 will be true and accurate at Further Closing as if they had been repeated at Further Closing.

  

	7.2	 The Investor’s warranties 

 The Investor warrants to the Seller that: 
  

	 	7.2.1	 the statements set out in Schedule 3 are true and accurate as of the date of this Agreement; and 

 

	 	7.2.2	 the statements set out in Schedule 3 will be true and accurate at Further Closing as if they had been repeated at Further Closing.

  

	8	 Confidentiality 

  

	8.1	 Announcements 

 Until the earlier of Further Closing and the Long Stop Date, no announcement, communication or circular in connection with the existence or the subject matter of this Agreement shall be made or issued by
or on behalf of any member of the Seller’s Group or any member of the Investor’s Group or any GasD Group Company without the prior written approval of the Seller and the Investor. This shall not affect any announcement, communication, or
circular required by law or any governmental or regulatory body or the rules of any stock exchange on which the shares of either party or its holding company are listed, but the party with an obligation to make an announcement or communication or
issue a circular (or whose holding company has such an obligation) shall consult with the other party (or shall procure that its holding company consults with the other party) insofar as is reasonably practicable before complying with such an
obligation. 
  

	8.2	 Confidentiality 

  

	 	8.2.1	 Subject to Clauses 8.1 and 8.2.2, each of the Seller and the Investor shall treat as strictly confidential and not disclose or use any
confidential information received or obtained as a result of entering into this Agreement (or any agreement entered into pursuant to this Agreement) which relates to: 

 

	 	(i)	 the existence and the provisions of this Agreement and of any agreement entered into pursuant to this Agreement; or 

 

	 	(ii)	 the negotiations relating to this Agreement (and any such other agreements); 

 

	 	(iii)	 (in the case of the Seller) any information relating to the business, financial or other affairs (including future plans and targets) of the
Investor’s Group; or 

  
  

13 

	 	(iv)	 (in the case of the Investor) any information relating to the business, financial or other affairs (including future plans and targets) of the
Seller’s Group as constituted after Further Closing. 

  

	 	8.2.2	 Clause 8.2.1 shall not prohibit disclosure or use of any information if and to the extent: 

 

	 	(i)	 the disclosure or use is required by the Laws, any governmental or regulatory body or any stock exchange on which the shares of a party or its
holding company are listed (including where this is required as part of any actual or potential offering, placing and/or sale of securities of any member of the Seller’s Group or the Investor’s Group); 

 

	 	(ii)	 the disclosure or use is required to vest the full benefit of this Agreement in the Seller or the Investor; 

 

	 	(iii)	 the disclosure or use is required for the purpose of any judicial proceedings arising out of this Agreement or any other Transaction Document;

  

	 	(iv)	 the disclosure is made to a Tax Authority in connection with the Tax affairs of the disclosing party or any other entity with which it is grouped
for Tax purposes; 

  

	 	(v)	 the disclosure is made to a party to whom assignment is permitted under Clause 9.3.2 on terms that such assignee undertakes to comply with the
provisions of Clause 8.2.1 in respect of such information as if it were a party to the Agreement; 

  

	 	(vi)	 the disclosure is made to professional advisers of either party on terms that such professional advisers undertake to comply with the provisions of
Clause 8.2.1 in respect of such information as if they were a party to this Agreement; 

  

	 	(vii)	 the information is or becomes publicly available (other than by breach of a Confidentiality Agreement, the Acquisition Agreement, the
Shareholders’ Agreement or of this Agreement); 

  

	 	(viii)	 the other party has given prior written approval to the disclosure or use; 

 

	 	(ix)	 permitted by the Shareholders’ Agreement; or 

  

	 	(x)	 the information is independently developed after Further Closing, 

provided that prior to disclosure or use of any information pursuant to Clause 8.2.2(i), (ii) or (iii), the party
concerned shall, where not prohibited by law, consult with the other party insofar as is reasonably practicable before making such disclosure or use. 
  

	9	 Other Provisions 

  

	9.1	 Further assurances 

 Each of the parties shall, and shall use reasonable endeavours to procure that any necessary third party shall, from time to time execute such documents and perform such acts and things as either of them
may reasonably require to give the other the full benefit of this Agreement. 

  
  

14 

	9.2	 Whole agreement 

  

	 	9.2.1	 This Agreement, the Acquisition Agreement and the Shareholders’ Agreement contain the whole agreement between the parties relating to
the subject matter of this Agreement to the exclusion of any terms implied by law which may be excluded by contract and supersede any previous written or oral agreement between the Seller and the Investor in relation to the Transaction.

  

	 	9.2.2	 Each party agrees and acknowledges that, in entering into this Agreement, it is not relying on any representation, warranty or undertaking
not expressly incorporated into it. 

  

	 	9.2.3	 Each party agrees and acknowledges that its only right and remedy in relation to any representation, warranty or undertaking made or given in
connection with this Agreement shall be for breach of the terms of this Agreement and each of the Seller and the Investor waives all other rights and remedies (including those in tort or arising under statute) in relation to any such representation,
warranty or undertaking. 

  

	 	9.2.4	 No party shall be entitled to rescind or terminate this Agreement (whether before or after Further Closing) for breach of any representation,
warranty or undertaking set out in this Agreement, other than pursuant to any such rights which arise in respect of fraud. 

  

	 	9.2.5	 Nothing in this Clause 9.2 excludes or limits any liability for fraud. 

 

	9.3	 Assignment 

  

	 	9.3.1	 Except as permitted by Clause 9.3.2 or Clause 9.3.3, no party may without the prior written consent of the other party assign, grant any
security interest over, hold on trust or otherwise transfer the benefit of the whole or any part of this Agreement. 

  

	 	9.3.2	 The Seller may without the consent of the Investor assign to a member of the Seller’s Group the benefit of the whole or any part of this
Agreement provided that: 

  

	 	(i)	 if the assignee ceases to be a member of the Seller’s Group, it shall, before ceasing to be so, assign the benefit so far as assigned to it
back to that party or assign the benefit to another member of the Seller’s Group, as the case may be; and 

  

	 	(ii)	 the assignee shall not be entitled to receive under this Agreement any greater amount than that to which the Seller would have been entitled.

  

	 	9.3.3	 The Investor may at any time assign by way of security or grant any charge or other security interest over, all or any part of the benefit
of, or its rights or benefits under, this Agreement and/or any other Transaction Document to any person who has agreed at any time to provide finance to the Investor or any other member of the GasD Group and/or to any agent or trustee of such
person, provided that, where the Investor or any member of the GasD Group assigns the benefit of, or grants any charge or other security interest over, this Agreement and/or any other Transaction Document in whole or in part to any other person, the
liabilities of the Seller under this Agreement, or any other Transaction Document so assigned, to the Investor or the relevant member of the GasD Group and the assignee(s) (taken together) shall be no greater than such liabilities would have been
had the assignment not occurred. 

  
  

15 

	9.4	 Third party rights 

 A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of, or enjoy any benefit under, this Agreement. 

 

	9.5	 Variation 

 No variation of this Agreement shall be effective unless in writing and signed by or on behalf of each of the parties. 
  

	9.6	 Method of payment and set off 

  

	 	9.6.1	 Any payments pursuant to this Agreement shall be made in full, without any set off, counterclaim, restriction or condition and without any
deduction or withholding (save as may be required by law or as otherwise agreed). 

  

	 	9.6.2	 Any payments pursuant to this Agreement shall be effected by crediting for same day value the account specified by the Seller or the Investor
(as the case may be) on behalf of the party entitled to the payment (reasonably in advance and in sufficient detail to enable payment by telegraphic or other electronic means to be effected) on or before the due date for payment.

  

	 	9.6.3	 Payment of a sum in accordance with this Clause 9.6 shall constitute a payment in full of the sum payable and shall be a good discharge to
the payer (and those on whose behalf such payment is made) of the payer’s obligation to make such payment and the payer (and those on whose behalf such payment is made) shall not be obliged to see to the application of the payment as between
those on whose behalf the payment is received. 

  

	9.7	 Costs 

  

	 	9.7.1	 The Seller shall bear all costs incurred by it and the Seller’s Group in connection with the preparation, negotiation and entry into of
this Agreement and the sale of the Further Sale Assets. 

  

	 	9.7.2	 The Investor shall bear all such costs incurred by it in connection with the preparation, negotiation and entry into of this Agreement and
the purchase of the Further Sale Assets. 

  

	9.8	 Stamp Duty and Transfer Taxes 

 The Investor shall bear the cost of all stamp duty, SDRT and all registration and transfer taxes and duties or their equivalents (and, in each case, any interest thereon or penalty in respect thereof) in
all jurisdictions where such fees, taxes and duties are payable as a result of the sale and purchase of the Further Sale Assets. The Investor shall be responsible for arranging the payment of such stamp duty, SDRT and all other such fees, taxes and
duties, including fulfilling any administrative or reporting obligation imposed by the jurisdiction in question in connection with such payment. The Investor shall indemnify the Seller or any other member of the Seller’s Group against any
Losses suffered by the Seller or member of the Seller’s Group as a result of the Investor failing to comply with its obligations under this Clause 9.8. 

  
  

16 

 FOIA confidential treatment requested: [***] indicates that certain information
contained herein has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to such omitted portions. 

 
  

	9.9	 Interest 

 If a party defaults in the payment when due of any sum payable under this Agreement, its liability shall be increased to include interest on such sum from the date when such payment is due until the date
of actual payment (after as well as before judgment) at a rate per annum of 2 per cent. above LIBOR. Such interest shall accrue from day to day. 
  

	9.10	 VAT 

  

	 	9.10.1	 Where under the terms of this Agreement one party is liable to indemnify or reimburse another party in respect of any costs, charges or
expenses, the payment shall include an amount equal to any VAT thereon not otherwise recoverable by the other party or the representative member of any VAT group of which it forms part, subject to that person or representative member using
reasonable endeavours to recover such amount of VAT as may be practicable. 

  

	 	9.10.2	 If any payment under this Agreement constitutes the consideration for a taxable supply for VAT purposes, then: (i) the supplier shall
provide to the payer a valid VAT invoice; and (ii) except where the reverse charge procedure applies, and subject to the provision of a valid VAT invoice in accordance with (i), in addition to that payment the payer shall pay any VAT due.

  

	9.11	 Notices 

  

	 	9.11.1	 Any notice or other communication in connection with this Agreement (each, a “Notice”) shall be:

  
  

	 	(i)	 in writing; and 

  

	 	(ii)	 delivered by hand, email, recorded or special delivery or courier. 

 

	 	9.11.2	 A Notice to the Seller shall be sent to the following address, or such other person or address as the Seller may notify to the Investor from
time to time: 

 NATIONAL GRID HOLDINGS ONE PLC 

Registered office of National Grid Holdings One plc from time to time 

Email: [***] 
 Attention: Group General Counsel and Company Secretary 
 With a
copy by email to: 
 Email: [***] 

 

	 	9.11.3	 A Notice to the Investor shall be sent to the following address, or such other person or address as the Investor may notify to the Seller
from time to time: 

 QUADGAS INVESTMENTS BIDCO LIMITED 

18 St Swithin’s Lane London EC4N 8AD 
 Attention: The Directors 
 With a copy by email to: 

Email: [***] 

  
  

17 

	 	9.11.4	 A Notice shall be effective upon receipt and shall be deemed to have been received: 

 

	 	(i)	 at 9.00 a.m. on the second Business Day following the date of posting, in the case of recorded delivery; 

 

	 	(ii)	 at the time of delivery, if delivered by hand or courier; or 

 

	 	(iii)	 at the time of sending, if sent by email, provided that receipt shall not occur if the sender receives an automated message indicating that the
email has not been delivered to the recipient. 

  

	9.12	 Invalidity 

  

	 	9.12.1	 If any provision in this Agreement shall be held to be illegal, invalid or unenforceable, in whole or in part, the provision shall apply with
whatever deletion or modification is necessary so that the provision is legal, valid and enforceable and gives effect to the commercial intention of the parties. 

 

	 	9.12.2	 To the extent it is not possible to delete or modify the provision, in whole or in part, under Clause 9.12.1, then such provision or part of
it shall, to the extent that it is illegal, invalid or unenforceable, be deemed not to form part of this Agreement and the legality, validity and enforceability of the remainder of this Agreement shall, subject to any deletion or modification made
under Clause 9.12.1, not be affected. 

  

	9.13	 Counterparts 

 This Agreement may be entered into in any number of counterparts, all of which taken together shall constitute one and the same instrument. The parties may enter into this Agreement by executing any such
counterpart. 
  

	9.14	 Governing law and submission to jurisdiction 

 

	 	9.14.1	 This Agreement and the documents to be entered into pursuant to it, save as expressly referred to therein, and any non-contractual obligations arising out of or in connection with the Agreement and such documents shall be governed by English law. 

 

	 	9.14.2	 Each of the Seller and the Investor irrevocably agrees that the courts of England are to have exclusive jurisdiction to settle any dispute
which may arise out of or in connection with this Agreement and the documents to be entered into pursuant to it and that accordingly any proceedings arising out of or in connection with this Agreement and the documents to be entered into pursuant to
it shall be brought in such courts. Each of the Seller and the Investor irrevocably submits to the jurisdiction of such courts and waives any objection to proceedings in any such court on the ground of venue or on the ground that proceedings have
been brought in an inconvenient forum. 

  

	9.15	 Compliance with anti-bribery and anti-corruption laws 

 

	 	9.15.1	 Each party hereby warrants, represents and undertakes to each other party hereto that, in relation to the negotiation, conclusion and
performance of this Agreement: 

  
  

18 

	 	(i)	 neither it nor any of its Affiliates, or any of its or their respective directors, officers, employees and authorized agents, has conducted any act
in violation of applicable anti-bribery laws; and 

  

	 	(ii)	 it shall promptly notify each other party if it becomes aware of or has specific suspicions that any corruption or bribery occurred.

  
  

19 

 In witness whereof this Agreement has been duly executed and delivered as a
deed on the date first stated above. 
  

					
	 SIGNED as a DEED by
  

Christopher Waters
 on behalf of NATIONAL GRID
 HOLDINGS ONE PLC:
	  	 

	  	  
 /s/ Christopher Waters

 In the presence of: 
  

	
	 /s/ Gabrielle Smith

	 Name: Gabrielle Smith

	
	 Address: 1-3 Strand

London WC2N 5EH

	
	 Occupation: Solicitor

  

					
	 SIGNED as a DEED by QUADGAS INVESTMENTS

BIDCO LIMITED acting by
	 		  	
			
	 Martin Bradley

a Director
	 	

	  	 /s/ Martin Bradley

 

			
	 Peter Hofbauer

a Director
	 	

	  	 /s/ Peter Hofbauer

 

  

  
  

Signature page to Further Acquisition Agreement 

 Schedule 1 
 Further Closing Obligations 
 (Clause 6.2) 

Part A: Seller’s Obligations 
 On Further Closing, the Seller shall deliver or make available to the Investor the following: 
  

	(i)	 duly executed instrument(s) for the transfer of the Further Shares; 

 

	(ii)	 duly executed instrument(s) for the assignment of the Further Debt; 

 

	(iii)	 a power of attorney in such form and in favour of such person as the Investor may nominate to enable the Investor to exercise all rights of
ownership over the Further Shares, including without limitation, voting rights; 

  

	(iv)	 the share certificates representing the Further Shares; and 

 

	(v)	 evidence that the Seller is authorised to execute this Agreement and each of the Transaction Documents to be executed by the Seller.

 Part B: Investor’s Obligations 
 On Further Closing, the Investor shall deliver or make available to the Seller evidence that the Investor is authorised to execute this Agreement and any other Transaction Document due to be executed by
the Investor. 

  
  

21 

 Schedule 2 
 Seller’s Warranties 
 (Clause 7.1) 

 

	1	 Further Shares 

  

	1.1	 The Seller is the sole legal and beneficial owner of the Further Shares and has the right to exercise all voting and other rights over the
Further Shares. 

  

	1.2	 The Further Shares have been properly and validly issued and allotted, are fully paid or credited as fully paid and free from all
Encumbrances. 

  

	1.3	 No person has the right (whether exercisable now or in the future and whether contingent or not) to call for the allotment, conversion,
issue, registration, sale or transfer or repayment of any share or loan capital or any other security giving rise to a right over the Further Shares under any option, agreement or other arrangement (including conversion rights and rights of pre-emption) other than pursuant to this Agreement or the Shareholders’ Agreement. 

  

	2	 Further Debt 

  

	2.1	 The Seller is the sole legal and beneficial owner of the Further Debt and has the right to receive all amounts of outstanding principal and
accrued but unpaid interest in respect of the Further Debt from time to time. 

  

	2.2	 The Further Debt is free from all Encumbrances. 

 

	3	 Incorporation 

 The Seller is validly existing and is a company duly incorporated under the laws of England and Wales. 
  

	4	 Authority to enter into Agreement 

  

	4.1	 The Seller has the legal right and full power and authority to enter into and perform this Agreement. 

 

	4.2	 This Agreement will, when executed, constitute valid and binding obligations on the Seller in accordance with its terms.

  

	5	 Authorisation 

 The Seller has taken or will have taken by Further Closing all corporate action required by it to authorise it to enter into and perform this Agreement. 

  
  

22 

 Schedule 3 
 Warranties given by the Investor 
 (Clause 7.2) 

 

	1	 Authority and Capacity 

  

	1.1	 Incorporation 

 The Investor is validly existing and is a company duly incorporated under the laws of England and Wales. 
  

	1.2	 Authority to enter into Agreement 

  

	 	1.2.1	 The Investor has the legal right and full power and authority to enter into and perform this Agreement. 

 

	 	1.2.2	 This Agreement will, when executed, constitute valid and binding obligations on the Investor in accordance with its respective terms.

  

	1.3	 Authorisation 

 The Investor has taken or will have taken by Further Closing all corporate action required by it to authorise it to enter into and perform this Agreement. 

 

	2	 Insolvency etc. 

  

	2.1	 The Investor is not insolvent or unable to pay its debts as they fall due. 

 

	2.2	 There are no proceedings in relation to any compromise or arrangement with creditors or any winding up, bankruptcy or other insolvency
proceedings concerning any member of the Investor’s Group which may adversely affect the ability of the Investor to comply with this Agreement and no events have occurred which, under applicable laws, would justify such proceedings.

  

	2.3	 So far as the Investor is aware, no steps have been taken to enforce any security over any assets of any member of the Investor’s Group
which may adversely affect the ability of the Investor to comply with this Agreement and no event has occurred to give the right to enforce such security. 

  
  

23 

 Schedule 4 
 Limits and Claims 
 Part A – Seller’s Warranties

  

	1	 Limitation of Liability 

  

	1.1	 Time limitation for breach of the Seller’s Warranties 

The Seller shall not be liable for a breach of any of the Seller’s Warranties unless the Investor has notified the
Seller of the claim specifying the matters set out in paragraph 2.1 within 12 months following the Further Closing Date. 
  

	1.2	 Maximum liability 

 The aggregate liability of the Seller for breach of any of the Seller’s Warranties shall not exceed the Further Acquisition Payment. 

 

	1.3	 No double recovery and no double counting 

No party may recover for breach of or under this Agreement or otherwise more than once in respect of the same Losses
suffered or amount for which the party is otherwise entitled to claim (or part of such Losses or amount), and no amount (including any Relief) (or part of any amount) shall be taken into account, set off or credited more than once for breach of or
under this Agreement or otherwise, with the intent that there will be no double counting for breach of or under this Agreement or otherwise. 
  

	1.4	 Mitigation of Losses 

 The Investor shall procure that all reasonable steps are taken and all reasonable assistance is given to avoid or mitigate any Losses which in the absence of mitigation might give rise to a liability for
any claim for breach of the Seller’s Warranties. 
  

	1.5	 Fraud 

 None of the limitations contained in this paragraph 1 shall apply to any claim for breach of the Seller’s Warranties to the extent it arises or is increased as a result of fraud by the Seller.

  

	2	 Claims 

  

	2.1	 Notification of potential Claims 

 If the Investor becomes aware of any fact, matter or circumstance that may give rise to a claim for breach of any of the Seller’s Warranties then the Investor shall as soon as reasonably practicable
give a notice in writing to the Seller setting out such information as is available to the Investor concerning the potential claim. 
  

	2.2	 Notification of Claims 

 Notice of any claim arising from a breach of any of the Seller’s Warranties shall be given by the Investor to the Seller within the time limit specified in paragraph 1.1. 

  
  

24 

	2.3	 Commencement of Proceedings 

 Any claim notified pursuant to paragraph 2.2 shall (if it has not been previously satisfied, settled or withdrawn) be deemed to be irrevocably withdrawn six months after the notice is given pursuant to
paragraph 2.2, unless at the relevant time legal proceedings in respect of the claim have been commenced by being both issued and served. 
 Part B – Claims Only 
 For the avoidance of doubt, this Part B of
Schedule 4 does not apply to claims for breach of any of the Seller’s Warranties. 
  

	1	 Limitation of Liability 

  

	1.1	 Time limitation for Claims 

 The Seller shall not be liable for any Claim unless a notice of the Claim is given by the Investor to the Seller within 24 months following the Further Closing Date. 

 

	1.2	 Minimum Claims 

  

	 	1.2.1	 The Seller shall not be liable for any individual Claim (or a series of Claims arising from substantially identical facts or circumstances)
where the liability agreed or determined for any such Claim or series of Claims does not exceed £4,600,000. 

  

	 	1.2.2	 Where the liability agreed or determined in respect of any Claim or series of Claims (as the case may be) exceeds the amount referred to in
paragraph 1.2.1, the Seller shall be liable for the full amount of all such Claims and not just the excess. 

  

	1.3	 Aggregate minimum Claims 

  

	 	1.3.1	 The Seller shall not be liable for any Claim unless the aggregate amount of all Claims for which the Seller would otherwise be liable exceeds
an amount equal to 2 per cent. of the Further Acquisition Payment. 

  

	 	1.3.2	 Where the liability agreed or determined in respect of all Claims referred to in paragraph 1.3.1 exceeds the amount referred to in paragraph
1.3.1, the Seller shall be liable for the full amount of all such Claims and not just the excess. 

  

	1.4	 Maximum liability 

 The aggregate liability of the Seller for all Claims shall not exceed an amount equal to 10 per cent. of the Further Acquisition Payment. 

 

	1.5	 Contingent liabilities 

 The Seller shall not be liable for any Claim in respect of any liability which is contingent unless and until such contingent liability becomes an actual liability and is due and payable. 

 

	1.6	 Losses 

 The Seller shall not be liable for any Claim in respect of any loss of profit, loss of goodwill or any indirect or consequential losses. 

  
  

25 

	1.7	 Matters arising subsequent to this Agreement 

The Seller shall not be liable for any Claim to the extent that the Losses occasioned by the Claim have arisen as a result
of: 
  

	 	1.7.1	 Agreed matters 

 any matter or thing done or omitted to be done pursuant to and in compliance with this Agreement or any other Transaction Document or otherwise at the request in writing or with the approval in writing of
the Investor; 
  

	 	1.7.2	 Acts of the Investor 

 any act, omission or transaction of the Investor or any member of the Investor’s Group or any of the GasD Group Companies, or their respective directors, officers, employees or agents or successors
in title, after Further Closing: 
  

	 	(i)	 outside the ordinary course of business; or 

 

	 	(ii)	 otherwise than in order to comply with law, pursuant to a legally binding commitment to which the GasD Group is subject on or before Further Closing
or in accordance with or approved under the Shareholders’ Agreement; 

  

	 	1.7.3	 Changes in legislation, regulation or practice 

 

	 	(i)	 the passing of, or any change in, after the date of this Agreement, any law, rule, regulation or administrative practice of any government,
governmental department, agency or regulatory body, including (without prejudice to the generality of the foregoing) any increase in the rates of Taxation or any imposition of Taxation or any withdrawal of relief from Taxation not actually (or
prospectively) in effect at the date of this Agreement; 

  

	 	(ii)	 any change after the date of this Agreement of any generally accepted interpretation or application of any legislation; or

  

	 	(iii)	 any change after the date of this Agreement of any generally accepted accounting principles, procedure or practice; or 

 

	 	1.7.4	 Accounting and Taxation policies 

 any change in accounting or Taxation policy, bases or practice of the Investor, the Investor’s Group or the GasD Group Companies introduced or having effect after the date of this Agreement.

  

	1.8	 Insurance 

 The Seller shall not be liable for any Claim to the extent that the Losses in respect of which the Claim is made: (i) are covered by a policy of insurance; or (ii) would have been covered if the
policies of insurance for the benefit of the GasD Group Companies in force at the date of Further Closing had been maintained after Further Closing on no less favourable terms. 

 

	1.9	 Investor’s, GasD MidCo’s and GasD HoldCo’s right to recover 

 

	 	1.9.1	 Recovery for Actual Liabilities 

  
  

26 

 The Seller shall not be liable to pay an amount in discharge of any Claim
unless and until the liability for which the Claim is made has become due and payable. 
  

	 	1.9.2	 Prior to recovery from the Seller etc. 

If, before the Seller pays an amount in discharge of any Claim, the Investor, any member of the Investor’s Group or
any GasD Group Company recovers or is entitled to recover (whether by payment, discount, credit, relief, insurance or otherwise) from a third party a sum which indemnifies or compensates the Investor, any member of the Investor’s Group or any
GasD Group Company (in whole or in part) for the loss or liability which is the subject matter of the Claim, the Investor shall procure that, before steps are taken to enforce a Claim against the Seller following notification under paragraph 2.2 or
under any other Transaction Document, all reasonable steps are taken to enforce the recovery against the third party and any actual recovery (less any Taxation suffered thereon and any reasonable costs incurred in obtaining such recovery) shall
reduce or satisfy, as the case may be, such Claim to the extent of such recovery. 
  

	 	1.9.3	 Following Recovery from the Seller etc. 

  

	 	(iii)	 If the Seller has paid an amount in discharge of any Claim and subsequently the Investor, any member of the Investor’s Group or any GasD Group
Company is entitled to recover (whether by payment, discount, credit, relief, insurance or otherwise) from a third party a sum which indemnifies or compensates the Investor, any member of the Investor’s Group or any GasD Group Company (in whole
or in part) for the loss or liability which is the subject matter of the Claim, the Investor shall procure that all steps are taken as the Seller may reasonably require to enforce such recovery and shall pay to the Seller as soon as practicable
after receipt an amount equal to: (i) any sum recovered from the third party less any Taxation suffered thereon and less any costs and expenses incurred in obtaining such recovery; or, if less, (ii) the amount previously paid by the Seller
to the Investor; and  

  

	 	(iv)	 Any payment made by the Investor to the Seller under this paragraph 1.9.3 shall, to the extent possible, be made by way of further adjustment of the
Further Share Consideration and the provisions of Clause 3.3 shall apply mutatis mutandis. 

  

	1.10	 No double recovery and no double counting 

No party may recover for breach of or under this Agreement or otherwise more than once in respect of the same Losses
suffered or amount for which the party is otherwise entitled to claim (or part of such Losses or amount), and no amount (including any Relief) (or part of any amount) shall be taken into account, set off or credited more than once for breach of or
under this Agreement or otherwise, with the intent that there will be no double counting for breach of or under this Agreement or otherwise. 
  

	1.11	 Mitigation of Losses 

 The Investor shall procure that all reasonable steps are taken and all reasonable assistance is given to avoid or mitigate any Losses which in the absence of mitigation might give rise to a liability for
any claim for breach of or under this Agreement. 

  
  

27 

	1.12	 Fraud 

 None of the limitations contained in this Part B shall apply to any claim for breach of or under this Agreement to the extent it arises or is increased as a result of fraud by the Seller. 

 

	2	 Claims 

  

	2.1	 Notification of potential Claims 

 If the Investor becomes aware of any fact, matter or circumstance that may give rise to a Claim or a Cornerstone Claim then the Investor shall as soon as reasonably practicable give a notice in writing to
the Seller setting out such information as is available to the Investor concerning the potential Claim or Cornerstone Claim. 
  

	2.2	 Notification of Claims 

 Notice of any Claim shall be given by the Investor to the Seller within the time limits specified in paragraph 1.1 of this Part B. 

 

	2.3	 Commencement of proceedings 

 Any Claim notified pursuant to paragraph 2.1 or 2.2 shall (if it has not been previously satisfied, settled or withdrawn) be deemed to be irrevocably withdrawn six months after: 

 

	 	2.3.1	 the notice is given pursuant to paragraph 2.1 or 2.2 (as the case may be); or 

 

	 	2.3.2	 where paragraph 1.5 applies, a contingent liability becomes an actual liability, 

unless at the relevant time legal proceedings in respect of the Claim have been commenced by being both issued and served.

  

	2.4	 Investigation by the Seller 

 In connection with any matter or circumstance that may give rise to a Claim: 
  

	 	2.4.1	 the Investor on the one hand and the Seller on the other hand shall allow, and shall procure that the relevant GasD Group Company allows, the
other party and its financial, accounting or legal advisers to investigate the matter or circumstance alleged to give rise to the Claim and whether and to what extent any amount is payable in respect of such Claim; and 

 

	 	2.4.2	 the Investor on the one hand shall disclose to the Seller on the other hand all material of which the Investor is aware which relates to the
Claim and shall procure that any other GasD Group Companies shall give, subject to their being paid all reasonable costs and expenses, all such information and assistance, including access to premises and personnel, making such personnel available
for factual interviews, preparation for testimony, giving evidence, producing affidavits and other similar activities, and the right to examine and copy or photograph any assets, accounts, documents and records, as the Seller or its financial,
accounting or legal advisers may reasonably request subject to the Seller agreeing in such form as the Investor may reasonably require to keep all such information confidential and to use it only for the purpose of investigating and defending the
Claim in question. 

  
  

28 

 FOIA confidential treatment requested: [***] indicates that certain information
contained herein has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to such omitted portions. 

 
 Schedule 5 

[***] 

  
  

29 

 FOIA confidential treatment requested: [***] indicates that certain information
contained herein has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to such omitted portions. 

 
 Schedule 6 

Sell Notice 
  

	To:	 Quadgas Investments Bidco Limited 

 18 St Swithin’s Lane 
 London EC4N 8AD 

United Kingdom 
 Attention: The Directors 
 With a copy to: [***] 

[Date] 2018 
 Dear
Sirs, 
 We, National Grid Holdings One plc, refer to the Further Acquisition Agreement dated [•] 2017 and made between
yourselves, and ourselves (the “Agreement”) and to the right granted to us pursuant to Clause 4.1 of the Agreement to require you to purchase the Further Sale Assets. Defined terms in this notice shall have the meanings set out in
the Agreement. 
 This is the Sell Notice referred to in the Agreement. 

 

	1	 Further Sale Assets 

 We hereby give notice under and pursuant to Clause 4.1 of the Agreement that we wish to sell to you the Further Sale Assets. The Further Sale Assets comprise the following: 

 

	 	(i)	 Further Shares: [Insert number] 

  

	 	(ii)	 Further Debt: [Insert amount] 

  

	2	 Permitted Regulatory Conditions 

 [Insert details of any Permitted Regulatory Conditions] 
  

	3	 Further Closing Date 

 The Further Closing Date shall be [•] 2019. 
 Yours faithfully, 

 
  
 For and on behalf of 
 National Grid Holdings One plc 

  
  

30 

 FOIA confidential treatment requested: [***] indicates that certain information
contained herein has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to such omitted portions. 

 
 Schedule 7 

Purchase Notice 
  

	To:	 National Grid Holdings One plc 

 1-3 Strand 
 London WC2N
5EH 
 United Kingdom 
 Attention: Group General Counsel and Company Secretary 
 Email:
[***] 
 With a copy by email to: 

Email: [***] 
 [Date] 2019 
 Dear Sirs, 

We, Quadgas Investments Bidco Limited, refer to the Further Acquisition Agreement dated [•] 2017 and made between yourselves, and
ourselves (the “Agreement”) and to the right granted to us pursuant to Clause 4.2 of the Agreement to require you to transfer to us the Further Sale Assets. Defined terms in this notice shall have the meanings set out in the
Agreement. 
 This is the Purchase Notice referred to in the Agreement. 

 

	1	 Further Sale Assets 

 We hereby give notice under and pursuant to Clause 4.2 of the Agreement that we wish to acquire the Further Sale Assets from you. The Further Sale Assets comprise the following: 

 

	 	(i)	 Further Shares: [Insert number] 

  

	 	(ii)	 Further Debt: [Insert amount] 

  

	2	 Permitted Regulatory Conditions 

 [Insert details of any Permitted Regulatory Conditions] 
  

	3	 Further Closing Date 

 The Further Closing Date shall be [•] 2019. 
 Yours faithfully, 

 
  
 For and on behalf of 
 Quadgas Investments Bidco Limited 

  
  

31EX-4(c).4

 EXHIBIT 4 (c).4 

Dated March 2016 

NATIONAL GRID ELECTRICITY TRANSMISSION PLC 
 and 
 NICOLA SHAW 

SERVICE AGREEMENT 
  

 
 Linklaters LLP 
 One Silk Street 
 London EC2Y 8HQ 
 Telephone (44-20) 7456 2000 
 Facsimile (44-20) 7456 2222 

 This Agreement is made on March 2016 between 

 

	(1)	 NATIONAL GRID ELECTRICITY TRANSMISSION PLC incorporated in the UK whose registered office is at 1-3 Strand, London WC2N 5EH (the
“Company”); and 

  

	(2)	 NICOLA SHAW of Flat 7 132-136, St John Street, London EC1V 4JT (the “Executive”). 

This agreement records the terms on which the Executive will serve the Company. 

 

	1	 Interpretation 

 In this agreement: 
  

	1.1	 Definitions 

 “Board” means the board of directors of National Grid plc at any time or any person or committee nominated by the board of directors as its representative for the purposes of this
agreement; 
 “Employment” means the employment governed by this agreement;

 “Group” means National Grid plc, the Company, its ultimate holding company from
time to time and the Company’s associates (as defined in section 435 of the Insolvency Act 1986) from time to time; 
 “Group Company” means a member of the Group and “Group Companies” will be interpreted accordingly; 

“holding company” has the meaning given in section 1159 of the Companies Act 2006; 

 “Listing Rules” means the listing rules made by the Financial Conduct Authority in
exercise of its functions as a competent authority pursuant to Part VI of the Financial Services and Markets Act 2000; and 
 “Termination Date” means the date on which the Employment terminates. 
  

	2	 Commencement of Employment 

  

	2.1	 The Employment will start on a date to be agreed in writing between the parties (the “Commencement Date”). The Employment
will continue until termination in accordance with the provisions of this agreement. The Executive’s period of continuous service will start on the Commencement Date.  

 

	2.2	 The Executive warrants that she is not prevented from taking up the Employment or from performing her duties in accordance with the terms of
this agreement by any obligation or duty owed to any other party, whether contractual or otherwise. 

  

	3	 Appointment and Duties of the Executive 

  

	3.1	 The Executive will serve as Executive Director with direct responsibility for all National Grid businesses within the UK and interconnectors
services to and from Europe or in any other executive capacity as the Executive and the Company may agree from time to time. In such capacity the Executive shall as soon as practicable following the Commencement Date be appointed to the Board and to
the board of the Company and, subject to the  

  
  

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provisions of clause 13.6 below, shall be entitled to remain as a member of the Board and a director of the Company throughout the Employment. 

 

	3.2	 The Executive will: 

  

	 	3.2.1	 devote the whole of her working time, attention and skill to the Employment; 

 

	 	3.2.2	 properly perform her duties and exercise her powers; 

 

	 	3.2.3	 accept any offices or directorships as reasonably required by the Board;  

 

	 	3.2.4	 comply with all rules and regulations issued by the Company as amended from time to time, including without limitation, the Code of Employee
Conduct and the Standards of Ethical Business Conduct; 

  

	 	3.2.5	 comply with personal shareholding requirements and clawback and malus provisions applicable to variable remuneration as set out in the
Executive’s reward letter from time to time; 

  

	 	3.2.6	 obey the lawful directions of the Board; and 

 

	 	3.2.7	 use all reasonable endeavours to promote the interests and reputation of every Group Company in a manner which is consistent with her role
and status and within her professional experience and capabilities. 

  

	3.3	 The Executive accepts that with her consent (which she will not unreasonably withhold or delay): 

 

	 	3.3.1	 the Company may require her to perform duties, consistent with her role and status, for any other Group Company whether for the whole or part
of her working time. In performing those duties clause 3.2.4 will apply as if references to the Company are to the appropriate Group Company. The Company will remain responsible for the payments and benefits she is entitled to receive under this
agreement;  

  

	 	3.3.2	 the Company may appoint any other person to act jointly with her; and 

 

	 	3.3.3	 the Company may transfer the Employment to any other Group Company. 

 

	3.4	 The Executive will keep the Board (and, where appropriate the board of directors of any other Group Company) fully informed, in accordance
with the reporting procedures prescribed by the Board (if any) and, in any event, in a prompt and timely manner having regard to the relevant facts and circumstances, of her conduct of the business, finances or affairs of the Company or any other
Group Company. She will provide information to the Board in writing if requested. 

  

	3.5	 The Executive will promptly disclose to the Board any facts or matters of which she becomes aware which to her knowledge constitute
wrongdoing by any employee of any Group Company where that wrongdoing is material to that employee’s employment by the relevant company or to the interests or reputation of any Group Company. 

 

	3.6	 At any time during the Employment the Company may require the Executive to undergo a medical examination by a medical practitioner appointed
by the Company. The Executive authorises that medical practitioner to disclose to the Company any report or test results prepared or obtained as a result of that examination, upon condition that a copy of such report and any correspondence related
thereto is promptly supplied to the Executive, and to discuss with it any matters arising out of the examination which are relevant to the  

  
  

A31424839 22 Mar 2016 
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Employment or which might prevent the Executive properly performing the duties of the Employment. If the Executive is required to undergo a medical examination more than once in any period of 12
calendar months the Company shall provide in writing the reasonable grounds for such requirement. 

  

	3.7	 The Executive is required to comply with the Company’s policies and procedures which may be amended or introduced from time to time,
these are available on the Company intranet. If there is any conflict between those polices and this agreement, the terms of this agreement shall prevail.  

 

	4	 Hours 

  

	4.1	 The Executive will comply with the Company’s normal hours of work and will also work any additional hours which may be reasonably
necessary to perform her duties to the satisfaction of the Board. She will not receive any further remuneration for any hours worked in addition to the normal working hours.  

 

	4.2	 The Executive and the Company agree that the Executive is a managing executive for the purposes of the Working Time Regulations 1998 (the
“Regulations”) and is able to determine the duration of her working time herself. As such, the exemptions in Regulation 20 of the Regulations will apply to the Employment. 

 

	4.3	 The Executive agrees to keep records of her working hours as reasonably required by the Company from time to time in order to comply with its
obligations under the Regulations. 

  

	5	 Interests of the Executive 

  

	5.1	 The Executive will disclose promptly in writing to the Board all her interests (for example, shareholdings or directorships) whether or not
of a commercial or business nature except her interests in any Group Company. The Executive shall be entitled to hold one other external non-executive directorship or equivalent position, provided it is first approved by the Board (which approval
shall not be unreasonably withheld, where the holding of such a directorship or position does not conflict with the business interests of any Group Company, nor interfere with the proper performance by the Executive of her duties hereunder). The
Executive shall be entitled to retain any fees derived from such directorship or position. 

  

	5.2	 Subject to clause 5.3, during the Employment the Executive will not be directly or indirectly engaged or concerned in the conduct of any
activity which is similar to or competes with any activity carried on by any Group Company (except as a representative of the Company or with the written consent of the Board). 

 

	5.3	 The Executive may not hold or be interested in investments which amount to more than three per cent of the issued investments of any class of
any one company whether or not those investments are listed or quoted on any recognised Stock Exchange or dealt in on the Alternative Investments Market. 

 

	5.4	 The Executive will (and will procure that her spouse and dependent children) comply with all rules of law, including Part V of the
Criminal Justice Act 1993, the Model Code as set out in the annex to Chapter 9 of the Listing Rules as amended from time to time and rules or policies applicable to the Company from time to time in relation to the holding or trading of
securities. 

  
  

A31424839 22 Mar 2016 
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	6	 Location 

  

	6.1	 The Executive will be based at National Grid House, Warwick Technology Park, Gallows Hill, Warwick CV34 6DA or anywhere else within the
United Kingdom with her consent, which shall not be unreasonably withheld. She may be required to travel and work both within and outside the United Kingdom from time to time but, unless otherwise agreed with the Board, will not be required to live
outside the United Kingdom. 

  

	7	 Base salary and Benefits 

  

	7.1	 From the Commencement Date the Company will pay the Executive a base salary of £450,000 per annum. Base salary will be paid in
equal monthly instalments, partly in arrears and partly in advance, by bank credit transfer on or about the 15th day of each month and will accrue from day to day. Base salary will be reviewed annually. The review will usually take place in June,
with the first such review for the Executive being in June 2017. The Company is under no obligation to award an increase following a salary review, but the salary will not be reduced. There will be no review of salary after notice has been given by
either party to terminate this agreement under clause 12. 

  

	7.2	 The base salary referred to in clause 7.1 includes director’s fees from the Group Companies and any other companies in which the
Executive is required to accept a directorship under the terms of this Employment. To achieve this:  

  

	 	7.2.1	 the Executive will repay any fees she receives to the Company; 

 

	 	7.2.2	 her base salary will be reduced by 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	 Subject to the Executive providing reasonable evidence that she has been deprived by her previous employer of her annual bonus for 2016 and
her long term incentive award which was due to vest in 2016 (together “the Awards”), the Company will pay to the Executive a sum in cash equal to the lost compensation relating to the Awards lost of up to a maximum of £485,000. 

 The payment to be made under this clause 7.3: 

 

	 	(a)	 is conditional upon the Executive being employed by the Company at the time the payment is due to be made unless she has not become employed as a
result of fundamental breach of this agreement by the Company or, having become employed, employment is terminated otherwise than (i) as a result of her voluntary resignation (except on account of constructive dismissal); or (ii) in
circumstances where the Company is entitled to dismiss her summarily pursuant to the provisions of clause 12.5 before payment has been made; 

  

	 	(b)	 is non-pensionable, and will be made subject to such deductions as are required to be made by law; 

 

	 	(c)	 will be made in the payroll of the month following the Commencement Date; and 

 

	 	(d)	 must be repaid to the Company in full if the Executive resigns (otherwise than on account of provable constructive dismissal) or in circumstances
where the Company is entitled to dismiss her summarily pursuant to the provisions of clause 12.5 within 24 months of the payment being made. 

  
  

A31424839 22 Mar 2016 
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	7.4	 The Executive may at the discretion of the Remuneration Committee be invited to participate in any bonus and/or incentive plan operated by
the Company and as introduced or amended from time to time. The Executive will be considered for eligibility for any bonus and/or incentive plan in a manner consistent with other directors on the Board. If so invited the Executive’s
participation in such bonus and / or incentive plan and the amount (if any) payable under it will be at the discretion of the Remuneration Committee (acting reasonably and in good faith) and/or in accordance with the rules of any such plan in force
from time to time. Participation in a bonus and/or incentive plan for one year does not entitle the Executive to participation in any bonus plan for any other year.  

 

	7.5	 The Company will either: 

  

	 	7.5.1	 provide a car for the Executive’s use in accordance with the rules of the Company car scheme, as amended, from time to time; or

  

	 	7.5.2	 pay the Executive a taxable, non-pensionable car allowance of £12,000 per annum. The car allowance will be paid monthly, half in
arrears and half in advance, and in the same manner as the Executive’s salary. 

  

	7.6	 In lieu of making a contribution into a pension scheme, the Company will pay you an annual cash allowance equal to 30% of your base salary
alone (as referred to in clause 7.1, at the rate in force at the time such payment is made). The Company reserves the right to amend the level of cash allowance to be paid to you under this clause 7.6 in order to comply with relevant legislation.

  

	7.7	 Subject to the arrangements regarding holiday which are set out at clause 7.9 below and which take precedence, the Executive is eligible to
participate in the Company’s flexible benefits scheme as introduced or amended from time to time, currently “Your Flexible Benefits”, which provides access to a range of optional benefits. The Executive should note that some of the
benefits provided under the scheme may be taxable benefits. The Executive should note the range of flexible benefits offered and the flexible benefits package itself does not form part of the Executive’s contract of employment and the Company
reserves the right, at any time, to withdraw and/or amend the flexible benefits scheme and the benefits provided under it at its absolute discretion. 

 

	7.8	 If the Executive complies with any eligibility requirements or other conditions set by the Company and any insurer appointed by the Company
(“Insurer”), the Executive and her spouse and children under 21 years of age who reside with the Executive or in full time education up to the age of 24 may participate in the Company’s private health insurance arrangements at
the Company’s expense and subject to the terms of those arrangements in force from time to time. The Company reserves the right at any time to withdraw this benefit or to amend the terms upon which it is provided (including, without limitation,
to cease to allow the Executive’s spouse and children to participate in any such private health insurance arrangements). The Executive understands and agrees that if the Insurer fails or refuses to provide her with any benefit under the
insurance arrangement provided by the Company, the Executive will have no right of action against the Company in respect of such failure or refusal. 

 

	7.9	 The Company shall provide life insurance for the benefit of the Executive equal to four times the base salary from time to time payable
hereunder.  

  
  

A31424839 22 Mar 2016 
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	7.10	 If and whenever permanent health insurance is provided for the benefit of the executive directors of National Grid Plc and / or the
Company, the Executive will also be afforded the benefit of such cover. 

  

	7.11	 The Executive is entitled to 28 days’ paid holiday each year (in addition to English bank and other public holidays) subject to any
election the Executive may choose to make pursuant to the Company’s flexible benefits scheme. Any election the Executive may choose to make pursuant to the Company’s flexible benefits scheme to increase her holiday entitlement will be
subject to prior Board or Chief Executive approval. All holiday must be taken at times approved in advance by the Board or by the Chief Executive. The Executive’s holiday year commences in the month of her birth and ends on the preceding month
in the following year. Holidays may not be carried forward from one holiday year to the next without the Board’s prior approval. The Executive agrees the provisions of Regulations 15(1)-(4) inclusive of the Regulations (dates on which
leave is taken) do not apply to the Employment. 

 Holiday entitlement will accrue from
day to day. For part years, the Executive’s holiday entitlement for the year will be pro-rated to the length of her service in that year. The Executive will be paid for any accrued holiday not taken at the Termination Date unless the Employment
is terminated for gross misconduct or in accordance with clause 12.5. The Company may require the Executive to take any accrued holiday during any notice period. If on the Termination Date the Executive has exceeded her accrued holiday entitlement,
the excess may be deducted from any sums due to him. The formula for calculating the amount of holiday due to the Executive and any payments or repayments to be made is 1/260 of the Executive’s annual base salary. 

 

	7.12	 The rules governing sickness absence are set out in the Company’s Sickness Absence Policy which is available on the intranet. The
Executive must comply with these rules. Without prejudice to any right of the Company to terminate the Employment at any time pursuant to clause 12, if the Executive is absent from work as a result of sickness or injury then provided that the rules
are complied with, the Executive shall be entitled to sick pay in accordance with the rules of the Company sick pay scheme as detailed below: 

  

	 	7.12.1	 After the Executive has accrued at least twelve months’ continuous service: 

 

	 	(i)	 an allowance equal to base salary will be paid for the first six months of such absence; 

 

	 	(ii)	 after the expiration of the six month period, an allowance equal to half of base salary will be paid for a further period of up to six months.

  

	 	7.12.2	 The amount of any benefit which the Executive is entitled to claim during that period of absence under any Social Security or National
Insurance Scheme in England and Wales and/or any scheme of which the Executive is a non-contributory member by virtue of the Employment will be deducted from any base salary paid to her. The Company will pay
the Executive statutory sick pay under the Social Security Contributions and Benefits Act 1992 (as amended) (“SSP”) and any base salary paid to her will be deemed to include statutory sick pay. The Company reserves the right to
offset the amount of these benefits against base salary paid to the Executive even if the Executive has not recovered them. 

  

	 	7.12.3	 Any sick pay or allowances in excess of SSP paid after the end of the periods referred to above is entirely at the Company’s
discretion. 

  
  

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	7.13	 If the Executive is absent from work due to sickness or injury which is caused by the fault of another person, and as a consequence recovers
from that person or another person any sum representing compensation for loss of base salary under this agreement, the Executive will repay to the Company any money it has paid to her as base salary in respect of the same period of absence. 

  

	7.14	 Notwithstanding any other provision in this agreement, any payments to be made, and benefits to be provided under this agreement or otherwise
in relation to the Employment, may be subject to shareholder approval and will be subject to compliance with the Company’s remuneration policy as approved by shareholders from to time. To the extent that any such shareholder approval is needed,
the Company will seek it at the next scheduled Annual General Meeting and any deadline in relation to the delivery of such payments or benefits will be delayed accordingly. 

 

	8	 Directors’ and Officers’ protection 

 

	8.1	 The Company will maintain appropriate directors’ and officers’ liability insurance for the benefit of the Executive in respect of
her period as a director of the Company and any Group Company on terms no less favourable than those applied to any current director or officer of the Company. 

 

	9	 Expenses 

  

	9.1	 The Company will refund to the Executive all reasonable expenses properly incurred by her in performing her duties under this agreement,
provided that these are incurred in accordance with Company policy in force from time to time. The Company will require the Executive to produce receipts or other documents as proof that she has incurred any expenses she claims.

  

	9.2	 If the Executive is provided with a credit or charge card by the Company this must normally be used for expenses which she incurs in
performing the duties of the Employment. It may be used for personal expenses only in exceptional circumstances. 

  

	10	 Confidentiality 

  

	10.1	 Without prejudice to the common law duties which she owes to the Company the Executive agrees that she will not, except in the proper
performance of her duties, copy, use or disclose to any person any of the Company’s trade secrets or confidential information. This restriction will continue to apply after the termination of the Employment without limit in time but will not
apply to trade secrets or confidential information which become public other than through unauthorised disclosure by the Executive. The Executive will use all reasonable endeavours to prevent the unauthorised copying use or disclosure of such
information. 

 For the purposes of this agreement, “trade secrets” and
“confidential information” include but will not be limited to technical data, know-how, information technology and know-how relating to the Company, customer lists, pricing information, information relating to the Company’s marketing
and financial strategies, marketing materials, financial information and any other information concerning the affairs of the Company which is for the time being confidential, which the Executive is told is confidential or which by its nature is

  
  

A31424839 22 Mar 2016 
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obviously confidential and whether such information is in written, oral, visual, electronic or any other form. 

 

	10.2	 In the course of the Employment the Executive is likely to obtain trade secrets and confidential information belonging or relating to other
Group Companies and other persons. She will treat such information as if it falls within the terms of clause 9.1 and clause 9.1 will apply with any necessary amendments to such information. If requested to do so by the Company the Executive
will enter into an agreement with other Group Companies and any other persons in the same terms as clause 10.1 with any amendments necessary to give effect to this provision. 

 

	10.3	 Nothing in this agreement will prevent the Executive from making a “protected disclosure” in accordance with the provisions of the
Employment Rights Act 1996. 

  

	11	 Intellectual Property Rights 

 For the purposes of this clause, “Intellectual Property” means patents, trade marks, service marks, registered designs (including applications for and rights to apply for any of
them), inventions, unregistered design rights, logos, trade or business names, copyrights, database rights, confidential information, knowhow and any similar rights in any country. 

 

	11.1	 The Executive acknowledges that (i) it is part of her normal duties to develop the products and services of the Company; and
(ii) because of the nature of her position she has a special obligation to further the interests of the Company. All Intellectual Property which the Executive develops or produces in the course of her employment duties, or outside such duties
but relating to the business of the Company, will be owned by the Company to the fullest extent permitted by law. The Executive agrees, at the Company’s expense, to sign all documents and carry out all such acts as will be necessary to vest
such Intellectual Property in the Company, and to obtain protection and enforce the Company’s rights anywhere in the world. The Executive also hereby waives all moral rights in all Intellectual Property which is owned by the Company, or will be
owned by the Company, further to this clause. The Executive will not copy, disclose or make use of any Intellectual Property belonging to the Company (whether or not subject to this clause) except to the extent necessary for the proper performance
of her duties. Rights and obligations under this clause will continue after the termination of this agreement in respect of all Intellectual Property arising during the Employment. 

 

	11.2	 The Executive must disclose immediately to the Company any discovery or invention, secret process or improvement in procedure made or
discovered by the Executive during her employment in connection with or in any way affecting or relating to the business of the Company or any Group Company or capable of being used or adapted for use in or in connection with any such company
(“Inventions”) which Inventions will belong to and be the absolute property of the Company or such other person, firm, company or organisation as the Company may require. 

 

	11.3	 If requested by the Board (whether during or after the termination of her employment) the Executive will, at the expense of the Company,
apply or join in applying for letters patent or other similar protection in the United Kingdom or any other part of the world for all Inventions and will do everything necessary (including executing documents) for vesting letters patent or other
similar protection when obtained; and all rights and title to and  

  
  

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interest in all Inventions in the Company absolutely and as sole beneficial owner or in such other person, firm, company or organisation as the Company may require. 

 

	11.4	 The Executive will (both during and after the termination of her employment) at the Company’s expense anywhere in the world and at any
time promptly do everything (including executing documents) that may be required by the Board to defend or protect for the benefit of the Company all Inventions and the right and title of the Company to them. 

 

	11.5	 The provisions of clause 11.1 to 11.4 (inclusive) are without prejudice to the provisions of the Patents Act 1977.

  

	11.6	 The entire copyright and all similar rights (including future copyright, the right to register trade marks or service marks and the right to
register designs and design rights) throughout the world in works of any description produced by the Executive in the course of or in connection with her employment (“Works”) will vest in and belong to the Company absolutely
throughout the world for the full periods of protection available in law including all renewals and extensions. 

  

	11.7	 The Executive will (both during and after the termination of her employment) at the Company’s request and expense anywhere in the world
and at any time promptly do everything (including executing documents) that may be required by the Board to assure, defend or protect the rights of the Company in all Works. 

 

	11.8	 For the purposes of this clause 11 the Executive hereby irrevocably and unconditionally waives in favour of the Company the moral rights
conferred on the Executive by Chapter IV Part 1 of the Copyright Designs and Patents Act 1988 in respect of any Inventions or Works in which the copyright is vested in the Company under this clause 11 or otherwise.

  

	11.9	 The Executive will not make copies of any computer files belonging to any Group Company or their service providers and will not introduce any
of her own computer files into any computer used by any Group Company in breach of any Group Company policy, unless she has obtained the consent of the Board. 

 

	11.10	 By entering into this agreement the Executive irrevocably appoints the Company to act on her behalf to execute any document and do anything
in her name for the purpose of giving the Company (or its nominee) the full benefit of the provision of clause 11 or the Company’s entitlement under statute. If there is any doubt as to whether such a document (or other thing) has been carried
out within the authority conferred by this clause 11.10, a certificate in writing (signed by any director or the secretary of the Company) will be sufficient to prove that the act or thing falls within that authority.

  

	12	 Termination and Suspension 

  

	12.1	 The Employment will continue until terminated by either party giving written notice as set out in clause 12.2.

  

	12.2	 Either party may terminate the Employment by giving not less than 12 months’ written notice to the other.

  

	12.3	 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). For the avoidance of doubt, the Executive is not entitled to participate in or benefit from any

  
  

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severance, termination or redundancy plan operated by any member of the Group. The Company may pay any sums to the Executive under this clause in equal monthly instalments until the date on which
the notice period under clause 12.2 would have expired if full notice had been given. The Executive shall be under an obligation to seek alternative income during such period and to notify the Company of any alternative income received during this
period derived from employment or the provision of services. Any monthly instalments shall be reduced by the amount of any such alternative income which the Executive receives during or in relation to such part (other than fees derived from the
position permitted under clause 5.1). 

  

	12.4	 The Company may terminate the Employment by giving written notice to take immediate effect whether or not the Executive’s entitlement to
sick pay, contractual or otherwise, has been exhausted if the Executive does not perform the duties of the Employment for a period of 364 days (whether or not consecutive) in any period of 2 years. This notice can be given whilst the Executive
continues not to perform her duties or on expiry of the 364 day period. In this clause, ‘days’ includes Saturdays, Sundays and public holidays.  

 

	12.5	 The Company may terminate the Employment by giving written notice to take immediate effect if the Executive:

  

	 	12.5.1	 has consistently and in material respects failed to perform her duties under this agreement to a standard reasonably to be expected of a
person performing her role; 

  

	 	12.5.2	 commits any serious or (after warning) persistent breach of her obligations under this agreement; 

 

	 	12.5.3	 does not comply in a material respect with any fundamental term of this agreement; 

 

	 	12.5.4	 does not comply in a material respect with any lawful and reasonable order or direction given to her by the Board;

  

	 	12.5.5	 is guilty of any gross misconduct or conducts herself (whether in connection with the Employment or not) in a way which is harmful to any
Group Company; 

  

	 	12.5.6	 is guilty of or confesses to a dishonesty offence or is convicted of or confesses to any criminal offence tending to bring herself, the
Company or any Group Company into disrepute (other than a motoring offence which does not result in imprisonment) whether in connection with the Employment or not; 

 

	 	12.5.7	 commits (or is reasonably believed by the Board to have committed) a material breach of any legislation in force which may affect or relate
to the business of any Group Company; 

  

	 	12.5.8	 becomes of unsound mind, bankrupt or has a receiving order made against her or makes any general composition with her creditors or takes
advantage of any statute affording relief for insolvent debtors; 

  

	 	12.5.9	 becomes disqualified from being a director of a company or the Executive’s directorship of the Company terminates without the consent or
concurrence of the Company; and/or 

  

	 	12.5.10	 fails to maintain or becomes disqualified from maintaining registration with any regulatory body, membership of which is reasonably required
by the Company for the Executive to carry out her duties. 

  
  

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	12.6	 Where the Company terminates the Employment by giving written notice to take immediate effect in accordance with either clause 12.4 or 12.5,
for the avoidance of doubt there is no obligation to give notice as set out in clause 12.1 or any other period of notice or to make any payment in lieu of notice. 

 

	12.7	 The Executive will have no claim for damages or any other remedy against the Company if the Employment is validly terminated for any of the
reasons set out in clause 12.4 or 12.5. 

  

	12.8	 When the Employment terminates the Company may deduct from any money due to the Executive (including remuneration) any amount which she owes
to any Group Company. 

  

	12.9	 The Company may suspend the Executive from the Employment on full base salary and other benefits at any time for a reasonable period to
investigate any matter in which the Executive is implicated or involved (whether directly or indirectly) where the Company has reason to believe that the Executive may have been guilty of any impropriety, and to conduct any related disciplinary
proceedings. Any investigation shall be conducted so far as possible in confidence and shall be conducted and concluded as expeditiously as is reasonably practicable. 

 

	13	 Garden Leave 

  

	13.1	 Neither the Company nor any Group Company is under any obligation to provide the Executive with any work. At any time after notice to
terminate the Employment is given by either party under clause 12 above, or if the Executive resigns without giving due notice and the Company does not accept her resignation, the Company may, at its absolute discretion, require the Executive to
take a period of absence called garden leave for a maximum period of 6 months (the “Garden Leave Period”). The provisions of this clause shall apply to any Garden Leave Period. 

 

	13.2	 The Company may require that the Executive will not, without prior written consent of the Board, be employed or otherwise engaged in the
conduct of any activity, whether or not of a business nature during the Garden Leave Period. Further, if so requested by the Company, the Executive will not: 

 

	 	13.2.1	 enter or attend the premises of the Company or any other Group Company; 

 

	 	13.2.2	 contact or have any communication with any customer or client of the Company or any other Group Company in relation to the business of the
Company or any other Group Company (other than purely social contact); 

  

	 	13.2.3	 contact or have any communication with any employee, officer, director, agent or consultant of the Company or any other Group Company in
relation to the business of the Company or any other Group Company (other than purely social contact); 

  

	 	13.2.4	 remain or become involved in any aspect of the business of the Company or any other Group Company except as required by such companies;
and/or 

  

	 	13.2.5	 access the Company’s or any Group Company’s information technology systems. 

 

	13.3	 The Company may require the Executive during the Garden Leave Period: 

 

	 	13.3.1	 to comply with the provisions of clause 16, save that she will not be required to return any Company car during any Garden Leave Period;
and 

  
  

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	 	13.3.2	 to immediately resign from any directorship, trusteeships or other offices which she holds in any Group Company or any other company where
such directorship or other office is held as a consequence or requirement of the Employment, unless she is required to perform duties to which any such directorship, trusteeship or other office relates in which case she may retain such
directorships, trusteeships or other offices while those duties are ongoing. The Executive hereby irrevocably appoints the Company to be her attorney to execute any instrument and do anything in her name and on her behalf to effect her resignation
if she fails to do so in accordance with this clause 13.3.2. 

  

	13.4	 During the Garden Leave Period, the Executive will be entitled to receive her base salary and receive all contractual benefits in accordance
with the terms of this agreement, save that she will not accrue any bonuses or be entitled to receive any new grants or awards under any long term incentive arrangements. Any unused holiday accrued at the commencement of the Garden Leave Period and
any holiday accrued during any such period will be deemed to be taken by the Executive during the Garden Leave Period. 

  

	13.5	 At the end of or at any time during the Garden Leave Period, the Company may, at its sole and absolute discretion, pay the Executive base
salary alone (as defined in clause 7.1) in lieu of the balance of any period of notice given by the Company or the Executive (less any deductions the Company is required by law to make). 

 

	13.6	 During the Garden Leave Period: 

  

	 	13.6.1	 the Executive shall provide such assistance as the Company or any Group Company may require to effect an orderly handover of her
responsibilities to any individual or individuals appointed by the Company or any Group Company to take over her role or responsibilities; 

  

	 	13.6.2	 the Executive shall make herself available to deal with requests for information, provide assistance, be available for meetings and to advise
on matters relating to work (unless the Company has agreed that the Executive may be unavailable for a period); and/or 

  

	 	13.6.3	 the Company may appoint another person to carry out her duties either jointly with her or in substitution for the Executive.

  

	13.7	 All duties of the Employment (whether express or implied), including without limitation the Executive’s duties of fidelity, good faith
and exclusive service, shall continue throughout the Garden Leave Period save as expressly varied by this clause 13. 

  

	13.8	 The Executive agrees that the exercise by the Company of its rights during the Garden Leave Period pursuant to this clause 13 shall not
entitle the Executive to claim that she has been constructively dismissed.  

  

	14	 Restrictions after Termination of Employment 

 

	14.1	 In this clause: 

 “Prohibited Area” means the United Kingdom, New York State, Rhode Island, Massachusetts and any other country in the world or US State in which the Company or any Group Company has
material business interests in the period of 12 months ending on the Relevant Date; 

  
  

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 “Relevant Date” means the Termination Date or, if
earlier, the date on which the Executive commences any Garden Leave Period; and 

“Restricted Period” means the period of 12 months (less any Garden Leave Period) commencing on the
Termination Date. 
  

	14.2	 The Executive is likely to obtain trade secrets and confidential information and personal knowledge of and influence over customers clients
and employees of the Group during the course of the Employment. To protect these interests of the Company, the Executive agrees with the Company that she will be bound by the following covenants: 

 

	 	14.2.1	 during the Restricted Period and within the Prohibited Area she will not be engaged in, employed in, act as a consultant to or agent for or
carry on for her own account or for any other person, whether directly or indirectly, (or be a director of any company engaged in) any business which, by virtue of its location or otherwise, is or is about to be in competition with any business of
the Company or any other Group Company being carried on by such company at the Relevant Date provided she was concerned or involved with that business to a material extent at any time during the 12 months prior to the Relevant Date; and

  

	 	14.2.2	 during the Restricted Period she will not (either on her own behalf or for or with any other person, whether directly or indirectly), entice
or try to entice away from the Company or any other Group Company any person who was a senior employee, director, officer, agent, senior consultant or senior associate of such a company at the Termination Date and who had been a senior employee,
director, officer, agent, senior consultant or senior associate at any time during the six months prior to the Relevant Date and with whom she had worked closely at any time during that period. 

 

	14.3	 Each of the paragraphs contained in clause 14.2 constitutes an entirely separate and independent covenant. If any covenant is found to be
invalid this will not affect the validity or enforceability of any of the other covenants. 

  

	14.4	 Following the Termination Date, the Executive will not represent herself as being in any way connected with the businesses of the Company or
of any other Group Company (except to the extent agreed by such a company). 

  

	14.5	 Any benefit given or deemed to be given by the Executive to any Group Company under the terms of clause 14 is received and held on trust by
the Company for the relevant Group Company. The Executive will enter into appropriate restrictive covenants directly with other Group Companies if asked to do so by the Company. 

 

	15	 Offers on Liquidation 

 The Executive will have no claim against the Company if the Employment is terminated by reason of liquidation in order to reconstruct or amalgamate the Company or by reason of any reorganisation of the
Company and the Executive is offered employment with the company succeeding to the Company upon such liquidation or reorganisation and the new terms of employment offered to the Executive are no less favourable to her than the terms of this
agreement. 

  
  

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	16	 Return of Company Property 

  

	16.1	 At any time during the Employment (at the request of the Company) and in any event when the Employment terminates, the Executive will
immediately return to the Company: 

  

	 	16.1.1	 all documents and other materials (whether originals or copies) made or compiled by or delivered to the Executive during the Employment and
concerning all the Group Companies. The Executive will not retain any copies of any materials or other information; and 

  

	 	16.1.2	 all other property belonging or relating to any of the Group Companies. 

The Company shall procure that the Executive shall be given access to all agendas and minutes of board meetings (and
documents circulated therewith) of Group Companies which relate to the period during which the Executive was a director of such Group Company whenever reasonably requested in connection with any regulatory enquiry or regulatory or other legal
proceedings in which the Executive is a party or in which or in relation to which she is required to give evidence. 
  

	16.2	 When the Employment terminates the Executive will immediately return to the Company any car provided to the Executive which is in the
possession or under the control of the Executive. The Company car must be returned in good condition (allowing for fair wear and tear). 

  

	16.3	 If the Executive commences Garden Leave in accordance with clause 13 she may be required to comply with the provisions of clause 16.1.
 

  

	17	 Directorships 

  

	17.1	 The Executive’s office as a director of the Company or any other Group Company is subject to the Articles of Association of the relevant
company (as amended from time to time). If the provisions of this agreement conflict with the provisions of the Articles of Association, the Articles of Association will prevail. 

 

	17.2	 Subject to and without prejudice to the provisions of clause 3.1, the Executive must promptly resign from any office held in any Group
Company if she is asked to do so by the Company.  

  

	17.3	 If the Executive does not resign as an officer of a Group Company, having been requested to do so in accordance with clause 17.2, the
Company will be appointed as her attorney to effect her resignation. By entering into this agreement, the Executive irrevocably appoints the Company as her attorney to act on her behalf to execute any document or do anything in her name necessary to
effect her resignation in accordance with clause 17.2. If there is any doubt as to whether such a document (or other thing) has been carried out within the authority conferred by this clause 17.3, a certificate in writing (signed by any
director or the secretary of the Company) will be sufficient to prove the act or thing falls within that authority. 

  

	17.4	 The termination of any directorship or other office held by the Executive will not terminate the Executive’s employment or amount to a
breach of terms of this agreement by the Company. 

  

	17.5	 During the Employment the Executive will not do anything which could cause her to be disqualified from continuing to act as a director of any
Group Company.  

  
  

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	17.6	 The Executive must not resign her office as a director of any Group Company without the agreement of the Company.

  

	18	 Notices 

  

	18.1	 Any notices given under this agreement must be given by letter or fax. Notice to the Company must be addressed to its registered office at
the time the notice is given. Notice to the Executive must be given to her personally or sent to her last known address. 

  

	18.2	 Except for notices given by hand, notices given by post will be deemed to have been given on the next working day after the day of posting
and notices given by fax will be deemed to have been given in the ordinary course of transmission. 

  

	19	 Statutory Particulars 

  

	19.1	 The written particulars of employment which the Executive is entitled to receive under the provisions of Part I of the Employment Rights Act
1996 are set out below, insofar as they are not set out elsewhere in this agreement. 

  

	 	19.1.1	 The Company’s disciplinary rules and dismissal, disciplinary and grievance procedures as set out in the Staff Handbook and as amended
from time to time are applicable to the Executive. The disciplinary rules are contractual. The dismissal, disciplinary and grievance procedures are non-contractual. 

 

	 	19.1.2	 The Company’s normal hours of work are 9.00am to 5.00pm Monday to Friday. 

 

	 	19.1.3	 There are no terms and conditions relating to collective agreements or to the requirement to work outside the United Kingdom.

  

	20	 Data Protection Act 1998 

  

	20.1	 For the purposes of the Data Protection Act 1998 (the “Act”) the Executive gives her consent to the holding, processing and
disclosure of personal data (including sensitive data within the meaning of the Act) provided by the Executive to the Company for all purposes relating to the performance of this agreement including, but not limited to:

  

	 	20.1.1	 administering and maintaining personnel records; 

 

	 	20.1.2	 paying and reviewing base salary and other remuneration and benefits; 

 

	 	20.1.3	 providing and administering benefits (including if relevant, pension, life assurance, permanent health insurance and medical insurance);

  

	 	20.1.4	 undertaking performance appraisals and reviews; 

 

	 	20.1.5	 maintaining sickness and other absence records; 

 

	 	20.1.6	 taking decisions as to the Executive’s fitness for work; 

 

	 	20.1.7	 providing references and information to future employers, and if necessary, governmental and quasi-governmental bodies for social security
and other purposes, HMRC and the Contributions Agency; 

  

	 	20.1.8	 providing information to future purchasers of the Company or of the business in which the Executive works; and

  
  

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	 	20.1.9	 transferring information concerning the Executive to a country or territory outside the EEA. 

 

	20.2	 The Executive acknowledges that during her Employment she will have access to and process, or authorise the processing of, personal data and
sensitive personal data relating to employees, customers and other individuals held and controlled by the Company. The Executive agrees to comply with the terms of the Act in relation to such data and to abide by the Company’s data protection
policy issued and updated from time to time. 

  

	21	 Contracts (Rights of Third Parties) Act 1999 

 

	21.1	 To the extent permitted by law, no person other than the parties to this agreement and the Group Companies shall have the right to enforce
any term of this agreement under the Contracts (Rights of Third Parties) Act 1999. For the avoidance of doubt, save as expressly provided in this clause the application of the Contracts (Rights of Third Parties) Act 1999 is specifically excluded
from this agreement, although this does not affect any other right or remedy of any third party which exists or is available other than under this Act. 

 

	22	 Miscellaneous 

  

	22.1	 This agreement may be entered into in any number of counterparts, all of which taken together shall constitute one and the same instrument.
Any party may enter into this agreement by executing any such counterpart. 

  

	22.2	 This agreement may only be modified by the written agreement of the parties. 

 

	22.3	 The Executive cannot assign this agreement to anyone else. 

 

	22.4	 References in this agreement to rules, regulations, policies, handbooks or other similar documents which supplement it, are referred to in it
or describe any pensions or other benefits arrangement are references to the versions or forms of the relevant documents as amended or updated from time to time. 

 

	22.5	 This agreement supersedes any previous written or oral agreement between the parties in relation to the matters dealt with in it. It
(together with the Company rules and policies) contains the whole agreement between the parties relating to the Employment at the date the agreement was entered into (except for those terms implied by law which cannot be excluded by the agreement of
the parties). The Executive acknowledges that she has not been induced to enter into this agreement by any representation, warranty or undertaking not expressly incorporated into it. The Executive agrees and acknowledges that her only rights and
remedies in relation to any representation, warranty or undertaking made or given in connection with this agreement (unless such representation, warranty or undertaking was made fraudulently) will be for breach of the terms of this agreement, to the
exclusion of all other rights and remedies (including those in tort or arising under statute). 

  

	22.6	 Neither party’s rights or powers under this agreement will be affected if: 

 

	 	22.6.1	 one party delays in enforcing any provision of this agreement; or 

 

	 	22.6.2	 one party grants time to the other party. 

  
  

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	22.7	 The Interpretation Act 1978 shall apply to this agreement in the same way as it applies to an enactment. 

  

	22.8	 References to any statutory provisions include any modifications or re-enactments of those provisions.  

 

	22.9	 Headings will be ignored in construing this agreement. 

 

	22.10	 If either party agrees to waive its rights under a provision of this agreement, that waiver will only be effective if it is in writing and it
is signed by that party. A party’s agreement to waive any breach of any term or condition of this agreement will not be regarded as a waiver of any subsequent breach of the same term or condition or a different term or condition.

  

	22.11	 This agreement is governed by and will be interpreted in accordance with the laws of England and Wales. Each of the parties submits to the
exclusive jurisdiction of the English Courts as regards any claim or matter arising under this agreement. 

 THE
COMMON SEAL of NATIONAL GRID 
 ELECTRICITY TRANSMISSION PLC was 

affixed to this DEED in the presence of: 
 /s/ Alison Kay 
 Authorised Signatory 
 Member of Board Sealing Committee 
  

					
		  	}	 	
	 EXECUTED as a DEED by
 NICOLA SHAW in the presence of:
	  	 	 /s/ Nicola Shaw

		  	 	
			
	 Witness’s signature
	  	 L Innes
	 	
			
	 Name
	  	 Lynne Innes
	 	
	 Address
	  	 18 Heron Lane
 Stratford Upon Avon
	 	
			
	 Occupation
	  	 PA
	 	

  
  

A31424839 22 Mar 2016 
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