Document:

Exhibit

      Exhibit 10.1.8

DESCRIPTION OF DIRECTORS’ COMPENSATION

The following tables show, effective as of December 31, 2018, the annual retainer amounts and committee meeting fees payable, in quarterly installments, to the members of the Board of Directors of Consolidated Edison, Inc. (the “Company”) who were not employees of the Company or its subsidiaries:
 
	
				
	 
	 

	 
	Amount

	Annual Retainer(1)
	$
	115,000
	

	Lead Director Retainer
	$
	35,000
	

	Chair of Audit Committee Retainer(2)
	$
	30,000
	

	Member of Audit Committee Retainer (excluding the Audit Committee Chair)(3)
	$
	15,000
	

	Chair of Corporate Governance and Nominating Committee Retainer(4)
	$
	15,000
	

	Chair of Management Development and Compensation Committee Retainer
	$
	15,000
	

	Retainer for Chairs of: Environment, Health and Safety Committee; Finance Committee; and Operations Oversight Committee
	$
	5,000
	

	Acting Committee Chair Fee (where the regular Chair is absent)
	$
	200
	

	Audit Committee member fee (for each meeting of the Audit Committee attended)(5)(
	$
	2,000
	

	Committee member fee (for each Committee meeting attended)(5)
	$
	1,500
	

	Annual equity award (deferred stock units)(6)(
	$
	150,000
	

Footnotes:
		
	(1)
	Effective April 1, 2018, the annual retainer was increased from $100,000 to $115,000.

		
	(2)
	Effective April 1, 2018, the annual retainer for the Chair of the Audit Committee was increased from $25,000 to $30,000.

		
	(3)
	Effective April 1, 2018, the annual retainer for the members of the Audit Committee (excluding the Chair of the Audit Committee) was increased from $10,000 to $15,000

		
	(4)
	Effective April 1, 2018, the annual retainer for the Chair of the Corporate Governance and Nominating Committee was increased from $10,000 to $15,000.

		
	(5)
	Effective April 1, 2018, all Committee member fees were eliminated.

		
	(6)
	Effective April 1, 2018, the annual equity award was increased from $135,000 to $150,000.

Non-employee Directors participate in the Company’s Long Term Incentive Plan (the “LTIP”). Pursuant to the LTIP, each non-employee Director is allocated an annual equity award of $150,000 of deferred stock units on the first business day following the Annual Meeting (increased from $135,000 effective April 1, 2018). If a non-employee Director is first appointed to the Board after an annual meeting, his or her first annual equity award is pro rated. 
Settlement of the annual equity awards of stock units are automatically deferred until the Director’s termination of service from the Board of Directors. Each non-employee Director may elect to receive some or all of his or her annual equity awards of stock units on another date or to further defer any other prior annual equity award of stock units, including any related dividend equivalents earned on such prior annual equity awards of stock units, in accordance with the terms of the LTIP and Section 409A of the Internal Revenue Code. 

      Exhibit 10.1.8

Each non-employee Director may also elect to defer all or a portion of his or her retainers and meeting fees into additional deferred stock units, which are deferred until the Director’s termination of service. 
Dividend equivalents are payable on deferred stock units in the amount and at the time that dividends are paid on Company Common Stock and are credited in the form of additional deferred stock units which are fully vested as of the date the dividends would have been paid to the Director or, at the Director’s option, are paid in cash. 
All payments on account of deferred stock units are made in shares of Company Common Stock. The LTIP provides that cash compensation deferred into stock units, the annual equity awards, and the dividend equivalents granted to non-employee Directors that are credited in the form of additional deferred stock units, are fully vested, and payable in a single one-time payment of whole shares (rounded to the nearest whole share) within sixty days following separation from Board service unless the Director elected to defer distribution to another date.
The Company reimburses non-employee Directors for reasonable expenses incurred in attending Board and Committee meetings. No person who serves on both the Company’s Board and on the Board of its subsidiary, Consolidated Edison Company of New York, Inc., and corresponding Committees, is paid additional compensation for concurrent service. Directors who are employees of the Company or its subsidiaries do not receive retainers, meeting fees, or annual equity award of deferred stock units for their service on the Board.
Members of the Board are also eligible to participate in the Company’s Stock Purchase Plan (“Stock Purchase Plan”).
Copies of the LTIP and the Company’s Stock Purchase Plan, and amendments thereto, have been (or, as to amendments that may be adopted after the date of this description, will be) included as exhibits to the Company’s Annual Report on Form 10-K or Quarterly Reports on Form 10-Q.Exhibit

 Exhibit 10.2.7.2

CLARIFYING AMENDMENT TO
THE
CONSOLIDATED EDISON
COMPANY OF
NEW YORK, INC.
DEFERRED INCOME PLAN
Amending the Deferred Income Plan to Update 
the Definition of Retirement for 
Requirement for Death Benefit 
Effective as of January 1, 2018

Page 1 of 3

 Exhibit 10.2.7.2

Whereas, pursuant to the authority delegated to the Plan Administrator, as set forth in Section 6.02 of the Consolidated Edison Company of New York, Inc. Deferred Income Plan (the "DIP" or the "Plan"), to modify or amend the Plan, in whole or in part, at any time; provided, however, that no modification or amendment shall adversely affect the right of any Participant to receive the benefits credited under the Plan as of the date of such modification or amendment and no modification or amendment by action of the Plan Administrator shall have a material effect on the benefits payable under the Plan.
Whereas, certain officers are eligible for a death benefit, over and above any other payments, in an amount equal to such officer's annual base salary (at the date of death or Retirement, as applicable), in a lump sum, if such officer dies prior to a Separation from Service, or terminates employment due to Retirement from the Company;
Now, therefore, the DIP is amended as set forth below: 
Article I, Definitions, definition for Retirement, is amended, effective as of 

January 1, 2018, by revising the entire definition to read as follows:
Retirement means a Separation from Service either: (i) under circumstances in which the Participant is eligible to receive an early retirement or normal retirement pension benefit under a defined benefit plan maintained by the Company or an Affiliated Company; or (ii) in the case of any Participant who is employed after age 60 and who is not eligible to receive an early retirement or normal retirement pension benefit under any defined benefit plan, on or after 

Page 1 of 3

 Exhibit 10.2.7.2

the Participant's 65th birthday; or (iii) in the case of any Officer who incurs a Separation from Service at age 65 due to the Company's mandatory retirement policy for Officers, provided that he or she has completed at least one year of service with the Company or a Participating Affiliated Company; or (iv) in the case of any Officer who  has a Separation from Service on or after attaining age 55 and completing at least five years of service with the Company or a Participating Affiliated Company.
IN WITNESS WHEREOF, the undersigned has caused this instrument to be executed effective as of January 1, 2018

/s/ Nancy Shannon
Nancy Shannon
Vice President of Human Resources
Consolidated Edison Company of New York, Inc.
And the Plan Administrator of the DIP

Page 1 of 3

 Exhibit 10.2.7.2

Page 1 of 3Exhibit

March 25, 2010

Mr. Michael Tucker
2215 Bellflower Lane
New Hope, PA  18938

Dear Michael:

We are pleased to confirm our offer of employment with Avis Budget Car Rental LLC as Executive Vice President, General Counsel.  This position reports to Ronald Nelson, Chairman & CEO.  We anticipate your start date to be on or about April 19, 2010.  Your salary, paid on a bi-weekly basis, will be $13,461.54, which equates to an annualized salary of $350,000.00.  This offer is contingent upon satisfactory employment, education, drug screening, and reference verifications, as well as compliance with Federal immigration employment law requirements.

You are eligible to participate in the Avis Budget Car Rental Management Incentive Plan for 2010 specific to your role, which currently provides for a target payment of 65% of your eligible earnings, as applicable within the plan guidelines.  The plan is based on the performance factors of Avis Budget’s EBITDA goals.  The incentive distribution is typically in the first quarter of the following year. Your eligibility under the 2010 Plan will reflect a pro-rated portion for time worked.

You are also eligible to participate in the Executive Management Car Program and Employee Lease Program.

You will be eligible to participate in the Company’s long-term incentive plan (LTIP).  All awards are subject to approval by the Compensation Committee of Avis Budget’s Board of Directors and generally take place annually in the first quarter of the year. Generally, awards are based upon, or denominated as, a dollar value and may be all or partially granted in the form of Restricted Stock Units, Performance-based Restricted Stock Units, Cash and Stock-Settled SARs at the Company’s discretion.  We anticipate that your initial grant at a value of $250,000 will be approved per the Compensation Committee process.  Your grant is expected to take the form of Performance-based Restricted Stock Units (30% of value) and time-based Restricted Stock Units (70% of value). The number of shares represented by any award is based on the fair market value of Avis Budget Group stock at time of the Committee’s action.  Vesting of performance-based RSUs is determined in accordance with the Plan and occurs depending upon the Company’s performance over the measurement period.

Health and welfare benefits under Avis Budget will become effective on the first calendar day of the month following your date of hire.  You will be eligible to participate in the 401K plan as soon as administratively possible, following your start date and subject to the terms and conditions of the plan guidelines.  Currently, Avis Budget will match your individual contributions of up to 3% of your annual salary, after one year of service.  

In addition, you are eligible to elect participation in certain executive level benefits including financial planning and tax preparation services provided by AYCO Financial Advisory Services, the group Umbrella Liability Plan, and the executive deferred compensation plan.  Details of these employee benefits will be provided.   You will be provided with modified relocation assistance.

In the event your position with Avis Budget Car Rental LLC is eliminated or your employment is terminated for any reason (other than for Cause and other than your resignation), then you shall be entitled to receive a severance payment from Avis Budget Car Rental LLC (or its successor) in an amount equal to twelve (12) months of your then current annual base salary, plus target bonus, in lieu of any other severance payment under any other severance plan or policy, also pursuant to your signing a release and agreement.  In addition, the Company will subsidize COBRA medical benefits to ensure you pay the same rate as an active employee for a period of twelve (12) months, as well as use of the Company car and AYCO Financial Services.  For purposes of the foregoing, “Cause” shall mean:  (i) your willful failure to substantially perform your duties as an employee of Avis Budget or any of its subsidiaries (other than any such failure resulting from incapacity due to physical or mental illness); (ii) any act of fraud, misappropriation, dishonesty, embezzlement or similar conduct against Avis Budget or any of its subsidiaries; (iii) your conviction of a felony or any crime involving moral turpitude (which conviction, due to the passage of time or otherwise, is not subject to further appeal); or (iv) your gross negligence in the performance of your duties.  After five (5) years of continued service your severance benefit will increase to twenty-four (24) months salary, plus target bonus as well as twenty-four (24) months COBRA subsidization, car use and AYCO financial services.

As part of your on-going employment and prior to receipt of severance you may be eligible for, you are required to adhere to the Rules of Professional Conduct; 

1.  You acknowledge your obligations to Avis Budget Car Rental, LLC (the “Company”) as an attorney and agree that you will not act in violation of or create an appearance of impropriety with respect to the Rules of Professional Conduct.  You will not disclose at any time (except for business purposes on behalf of the Company) any confidential or proprietary material of the Company.  That material shall include, but is not limited to, the names and addresses of customers, customer contacts, contracts, bidding information, business strategies, pricing information, and the Company’s policies and procedures.  Nothing in this provision is intended to restrict your ability to practice law, nor does it seek to expand the confidential nature of information obtained by you in the course of performing legal functions beyond the scope of the Rules of Professional Conduct.  

2.  You agree that all documents (paper or electronic) and other information related in any way to the Company shall be the property of the Company, and will be returned to the Company upon the end of your employment with the Company.

3.  You agree that should a court issue injunctive relief to enforce any term of this letter, or if a court (or jury) determine that you breached any provision of this letter, you will reimburse the Company for all attorney’s fees and costs incurred in enforcing the terms of the letter, and you will also be liable for any other damages or relief permitted by law.

4.  You agree that any disputes over the above terms shall be governed by New Jersey law, shall be resolved in a New Jersey Court or in a federal Court located in New Jersey, and that the terms of this letter may be enforced by the Company or its successors or assigns.

Prior to beginning employment with Avis Budget Car Rental LLC, you will need to take a drug-screening test (enclosed is the vendor’s form for your use), establish your U.S. employment eligibility and your identity.  Examples of proper identification include a valid passport, or a valid driver’s license, and social security card; alternate acceptable documents are stated on the enclosed list.  You must bring this identification with you on your first day of employment.  

Please indicate your acceptance of this offer by signing the enclosed copy of this letter and returning to me in the enclosed envelope.  In addition, please complete the W-4, I-9 and fax to me at 973/496-3322 prior to your first day of employment.

Per Avis Budget’s standard policy, this letter is not intended nor should it be considered as an employment contract for a definite or indefinite period of time.  Employment with Avis Budget Car Rental LLC is at will, 

and either you or the Company may terminate employment at any time, with or without cause.  In addition, by signing this letter, you acknowledge that this letter sets forth the entire agreement between you and the Company regarding your employment with the Company, and fully supersedes any prior agreements or understandings, whether written or oral. 

Michael, we are excited that you are joining our organization and look forward to having you as part of the Avis Budget Car Rental team.  If there is anything further I can do to assist you, please do not hesitate to contact me at (973) 496-7797.

Regards,

/s/ Mark J. Servodidio
Mark. J. Servodidio
Executive Vice President – Human Resources

Understood and accepted:

/s/ Michael Tucker
Michael Tucker

3-30-2010
Date

Enclosures
cc:      R. Nelson
E. Pictroski
M. Gebhard

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