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                              ABN AMRO HOLDING N.V.

                              RULES OF THE ABN AMRO
                       GLOBAL KEY EMPLOYEE RETENTION PLAN

                Approved by the Managing Board 6(th) February 2007

                        Amended on the 19(th) February 2007

                                [GRAPHIC OMITTED]
                                  WHITE & CASE
                               5 Old Broad Street
                                 London EC2N 1DW

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                   ABN AMRO GLOBAL KEY EMPLOYEE RETENTION PLAN

1.   DEFINITIONS AND INTERPRETATION

1.1  Definitions

     In this Plan, unless the context otherwise requires, the following words
     and expressions shall have the following meanings:

     ASSOCIATE                an entity is an associate of any other entity
                              which it Controls, or which it is Controlled by,
                              or with which it is under common Control.

     AWARD                    an award of Units granted under this Plan.

     AWARD  DATE              the date on which the Committee has resolved
                              that an Award is granted under Rule 3.1.6.

     BANK                     ABN AMRO Bank N.V.

     BENEFICIARIES            one or more persons designated by a Participant or
                              the Committee to receive any payment under the
                              Plan following the Participant's death.

     BOARD                    the managing board of the Holding Company or a
                              duly authorised committee of the managing board of
                              the Holding Company.

     BONUS AMOUNT             the amount determined in accordance with Rule 3.4
                              or Rule 3.5.

     BUSINESS Day             any day on which the Euronext exchange is open
                              for business in Amsterdam.

     CESSATION DATE           the date which is the earlier of:

                              (i) the date on which a Participant ceases to be
                              employed or engaged as provided under Rule 6.1;
                              and

                              (ii) the date on which notice is given by the
                              Participant or his Employing Company to the other
                              to terminate the Participant's employment whether
                              or not with immediate effect.

     COMMITTEE                the committee appointed under Rule 2.1.

     COMPETITIVE ACTIVITY     (i)engaging in any activity following the
                              Cessation Date or accepting an offer of employment
                              with or being employed by or participating in or
                              being

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                              interested  in any business (directly or
                              indirectly, either alone or jointly with or on
                              behalf of any third party and whether on the
                              Participant's own account or as principal,
                              partner, shareholder, director, employee,
                              consultant or in any other capacity whatsoever) in
                              each case which in the opinion of the Committee in
                              its discretion competes with any business activity
                              of any Group Company; or

                              (ii) a deemed occurrence of Competitive Activity
                              under Rule 6.8.

     CONTROL                  (i) in the case of a company only, the possession
                              by a person or entity of at least 33 per cent of
                              the voting power attributable to the entire
                              issued share capital of that company; and

                              (ii) in the case of any entity including a
                              company, the ability by any means (including
                              without limitation by virtue of powers conferred
                              by the bye-laws, articles of association or any
                              other document regulating that entity) to secure
                              that the affairs of that entity are conducted in
                              accordance with the wishes of another person or
                              entity and "Controls" and "Controlled" shall be
                              construed accordingly.

     DECLARATION              the declaration to be made by a Participant as to
                              any Competitive Activity under Rule 6.8.

     DEFERRAL RATE            a percentage of a Participant's Bonus Amount.

     DETRIMENTAL ACTIVITY     where the Participant:

                              (i) uses or communicates (in either case) in a
                              manner which is not authorised in writing by a
                              Group Company or required by law, any secret,
                              confidential or proprietary information which is
                              not publicly available concerning any Group
                              Company or their respective clients or customers;

                              (ii) directly or indirectly persuades or attempts
                              directly or indirectly to persuade any employee of
                              any Group Company to breach any of the terms of
                              their employment with any Group Company;

                              (iii) solicits or induces or endeavours to solicit
                              or induce any person to cease working for any
                              Group Company where such person is or was on the
                              Cessation Date engaged at director level or above
                              of any Group Company;

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                              (iv) causes deliberate damage to the property of
                              any Group Company;

                              (v) commits theft from any Group Company or any
                              person on any Group Company premises;

                              (vi) commits or threatens to commit physical
                              violence (including fighting or assault on another
                              person who is employed or engaged by any Group
                              Company);

                              (vii) commits fraud or deliberate falsification of
                              records which affects any Group Company;

                              (viii) commits any breach of any personal account
                              dealing rules operated by any Group Company for so
                              long as any such personal account dealing rules
                              are applicable to former employees of the relevant
                              Group Company;

                              (ix) commits any breach of compliance rules or
                              procedures of any Group Company issued from time
                              to time for so long as such compliance rules or
                              procedures are applicable to former employees of
                              the relevant Group Company;

                              (x) commits serious negligence which causes or may
                              cause unacceptable loss, damage or injury (whether
                              physical, financial or otherwise) to any Group
                              Company;

                              (xi) engages in behaviour which in the reasonable
                              opinion of the Committee is deliberately
                              prejudicial to the good name of any Group Company;
                              or

                              (xii) discriminates on the grounds of sex, race,
                              ethnicity, nationality, religion, political
                              belief, marital status, gender reassignment,
                              sexual orientation, age or disability against
                              another employee, agency or contract worker, any
                              client or customer of any Group Company, any
                              visitor to any Group Company's premises or any
                              other third party to whom any Group Company may
                              owe a duty to prevent such discrimination. For
                              these purposes, discrimination shall include
                              harassment and victimisation,

                              and the Committee in its discretion shall
                              determine whether any of (i)-(xii) above has
                              occurred for the

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                              purposes of the Plan.

     ELIGIBLE PERSON          means:

                              (i) any employee (including a director who is an
                              employee) of a Group Company; or

                              (ii) any individual engaged on a fixed term
                              contract by a Group Company,

                              provided such an employee or individual has
                              neither given notice to nor received notice from
                              his Employing Company to terminate his employment
                              or engagement, whether or not with immediate
                              effect, unless he is to be employed or engaged by
                              another Group Company immediately following such
                              termination.

     EMPLOYING COMPANY        the Group Company by which a Participant is
                              employed or engaged on a fixed term contract or,
                              if the Participant is employed or engaged by more
                              than one Group Company, the Group Company so
                              designated by the Committee.

     FINAL VALUE              the final value of the Units determined in
                              accordance with Rule 4.3.

     GROSS MISCONDUCT         includes but is not limited to:

                              (i) physical violence (including fighting or
                              assault on another person) while employed or
                              engaged by a Group Company;

                              (ii) fraud or deliberate falsification of records
                              which affects any Group Company;

                              (iii) theft from any Group Company or any person
                              on any Group Company premises;

                              (iv) any breach of any personal account dealing
                              rules operated by any Group Company issued from
                              time to time;

                              (v) any breach of compliance rules or procedures
                              of any Group Company issued from time to time;

                              (vi) breach of confidentiality which affects any
                              Group Company;

                              (vii) serious negligence which causes or may cause
                              unacceptable loss, damage or injury (whether
                              physical, financial or otherwise) to any Group

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                              Company;

                             (viii) serious acts of insubordination while
                              employed or engaged by a Group Company;

                             (ix) deliberate damage to any Group Company
                              property;

                             (x) being charged with and/or convicted of a
                              criminal offence while employed or engaged by a
                              Group Company which in the opinion of the
                              Committee demonstrates unsuitability for further
                              employment with any Group Company;

                              (xi) serious incapability through alcohol or being
                              under the influence of illegal drugs or other
                              proscribed substances at any time while employed
                              or engaged by a Group Company (whether or not on
                              any Group Company's premises);

                              (xii) behaviour which in the reasonable opinion of
                              the Committee is prejudicial to the good name of
                              any Group Company;

                              (xiii) serious breach of health and safety
                              regulations while employed or engaged by a Group
                              Company;

                              (xiv) any misrepresentation or false statement
                              made during the application process for a job with
                              any Group Company;

                              (xv) discrimination on the grounds of sex, race,
                              ethnicity, nationality, religion, political
                              belief, marital status, gender reassignment,
                              sexual orientation, age or disability against
                              another employee, agency or contract worker, any
                              client or customer of any Group Company, any
                              visitor to any Group Company's premises or any
                              other third party to whom any Group Company may
                              owe a duty to prevent such discrimination. For
                              these purposes, discrimination shall include
                              harassment and victimisation; and

                              (xvi) any action(s) or omission(s) which would
                              allow the Employing Company to dismiss the
                              Participant due to a repudiatory breach of
                              contract,

                              and the Committee in its discretion shall
                              determine whether any such event has occurred for
                              the purposes of the Plan.

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     GROUP COMPANY            the Bank, the Holding Company and any entity which
                              is an Associate of either the Bank or the Holding
                              Company.

     HOLDING COMPANY          ABN AMRO Holding N.V.

     INITIAL VALUE            the Initial Value of the Units calculated in
                              accordance with Rule 3.3.

     INTERIM VALUE            the amount that would be received by a Participant
                              in the event that his Units become Vested and
                              payable on any given date, based on the value of
                              the Shares and Investments in which the
                              Participant's Units have been notionally invested
                              on such date.

     INVESTMENTS              Shares, interests in managed funds or other
                              shares, securities or investments of any kind
                              selected by the Committee under Rule 3.1.3.

     IRC                      US Internal Revenue Code of 1986, as amended from
                              time to time, including rules and regulations made
                              under it and any successor rules and regulations.

     MUTUAL TERMINATION       any termination of the employment of a Participant
                              with all Group Companies by mutual agreement
                              between the Participant and the Participant's
                              Employing Company and as approved by the Committee
                              in its discretion.

     NEW EMPLOYER             any person or entity from whom a Participant has
                              accepted an offer of employment or engagement or
                              by whom the Participant is employed or engaged or
                              in whose business the Participant is participating
                              or otherwise interested in, as a partner,
                              consultant, principal, shareholder, director or
                              otherwise howsoever, whether directly or
                              indirectly and whether on a paid or unpaid basis.

     PARTICIPANT              a person to whom Units have been granted which
                              have not been forfeited or lapsed in accordance
                              with Rule 6 which shall include, unless the
                              context otherwise requires, the personal
                              representatives or Beneficiaries of such a person
                              who has died.

     PLAN                     this plan, known as the "ABN AMRO Global Key
                              Employee Retention Plan" or "GKERP", as amended,
                              revised or substituted from time to time.

     QUALIFIED SALE           means a sale of the Holding Company or the Bank
                              that qualifies as a change in ownership or
                              effective

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                              control  of the Holding Company or the Bank, or in
                              the ownership of a substantial portion of the
                              assets of the Holding Company or the Bank, within
                              the meaning of Section 409A(a)(2)(A)(v) of the
                              IRC.

     REALISATION              a hypothetical sale on the open market (or
                              maturity or other realisation) of the Shares and
                              Investments in which the Participant's Units have
                              been notionally invested.

     REDUNDANCY               a Participant's cessation of office or employment
                              by a reason wholly or mainly attributable to:

                              (i) the cessation or intended cessation (whether
                              permanently or temporarily and for any reason) by
                              an Employing Company or business unit of the
                              business in which the Participant was employed
                              (including carrying out work in a particular
                              location); or

                              (ii) the cessation or reduction or expected
                              cessation or reduction (whether permanently or
                              temporarily and for any reason) in the
                              requirements of an Employing Company or business
                              unit for employees to carry out work of a
                              particular kind (including carrying out work in a
                              particular location).

     RULES                    these rules of the Plan, as amended, revised or
                              substituted from time to time.

     SALE                     in relation to a Participant:

                              (i) the sale of the Participant's Employing
                              Company; or

                              (ii) the sale or transfer of the business or part
                              of the business, in which the Participant works,

                              to (in either case) a person or entity other than
                              a Group Company.

     SECOND ANNIVERSARY DATE  in relation to any Units, the second anniversary
                              of the Award Date or, if that date is not a
                              Business Day, the first Business Day
                              following that date.

     SHARES                   ordinary shares of Euro 0.56 in the capital of the
                              Holding Company or, where determined by the
                              Committee, American Depository Receipts
                              representing interests in such ordinary shares.

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     THIRD ANNIVERSARY DATE   in relation to any Units, the third anniversary of
                              the Award Date or, if that date is not a Business
                              Day, the first Business Day following that date.

     THRESHOLD                the minimum amount of Bonus Amount awarded to an
                              Eligible Person in a Year in order for the
                              Eligible Person to be selected by the Committee
                              for participation in the Plan, except where Rule
                              3.6 applies.

     UNITS                    unfunded, unsecured notional credits, representing
                              notional interests in Shares or other Investments,
                              and whose status depends on whether they are
                              Vested or Unvested.

     UNVESTED                 in relation to any Units, that the Units have not
                              Vested and that the Participant to whom the Units
                              were granted has no present right to any payment
                              in relation to those Units.

     US TAXPAYER              a US Taxpayer is defined as

                              (i) an individual who is a US citizen or US
                              resident alien (as defined in the IRC) or who is
                              subject to US income tax when the individual first
                              has a legally binding right (as described in Rule
                              3.4.4) to a bonus or award subject to the
                              applicable Award; or

                              (ii) in the case of an individual who is not a US
                              citizen, US resident alien or subject to US income
                              tax on the date such individual first has a
                              legally binding right to such a bonus or award
                              which is subject to conditions but becomes a US
                              citizen, US resident alien or subject to US income
                              tax on or prior to the date any such conditions
                              applicable to such bonus or award are first
                              satisfied, then such individual is a US Taxpayer.

                              Notwithstanding the above, an Eligible Person who,
                              in accordance with the above definition, is a US
                              Taxpayer for the purposes of any bonus or award in
                              respect of a Year shall be treated as a US
                              Taxpayer for the purposes of all bonuses and
                              awards taken into account under the Plan for such
                              Eligible Person in respect of such Year.

     VESTED                   in relation to any Units, that the Units entitle
                              the Participant to whom the Units were granted to
                              payment of the Final Value of the Units, subject
                              to Rules 6 and 7.

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     VESTING DATE             in relation to any Units, the date on which the
                              Units become Vested in accordance with Rule 5 or
                              Rule 6.

     YEAR                     a financial year of the Bank.

1.2  Interpretation

     In this Plan, headings are for convenience only and are not to be
     considered part of the Rules and, where the context permits:-

     1.2.1     the singular shall include the plural and vice versa and the
               masculine shall include the feminine and vice versa; and

     1.2.2     any reference to any enactment includes a reference to that
               enactment as from time to time modified, extended or re-enacted.

2.   THE COMMITTEE

2.1  Appointment

     A committee shall be appointed by the Board for the purposes of
     administering the Plan. The Board may appoint and remove members of such
     committee as it determines from time to time.

2.2  Delegation

     The Committee may delegate any of its powers, authorities or discretions
     under the Plan to any person or entity or body as the Committee shall
     determine. For the avoidance of doubt, all references to the "Committee" in
     this Plan should be understood as being a reference to the Committee or any
     person or entity or body to whom the Committee has delegated its authority.

3.   AWARDS

3.1  Process

     The Committee may grant Awards in relation to a Year in the following
     manner at such time as the Committee shall determine:

     3.1.1     the Committee shall determine the Threshold in relation to the
               Year, which may be different for different Group Companies,
               different business units or divisions of the Bank, or Eligible
               Persons in different countries;

     3.1.2     the Committee shall determine the Deferral Rates which will apply
               to that Year for different Group Companies, different business
               units or divisions of the Bank, or Eligible Persons in different
               countries;

     3.1.3     the Committee shall determine the Investments in which Units may
               be notionally invested;

     3.1.4     the Committee shall select Eligible Persons to whom it shall make
               Awards;

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     3.1.5     in relation to each selected Eligible Person, the Committee shall
               calculate in accordance with Rule 3.3 the Initial Value of the
               Units to be awarded to that Eligible Person;

     3.1.6     Awards shall be granted by resolution; and

     3.1.7     the Committee shall notify each Participant of that Participant's
               Award and the Initial Value of Units comprised in the Award and
               shall invite the Participant to request for part of the Initial
               Value of the Participant's Units to be notionally invested in
               Investments in accordance with Rule 4.2.2.

3.2  Non-transferability

     The Units awarded under the Plan shall be personal to the Participant to
     whom the Units were awarded and, except where personal representatives or
     Beneficiaries are entitled to payment following the death of a Participant
     (under Rule 6.2), neither the Units nor the benefit thereof may be
     transferred, assigned, charged or otherwise alienated. For the avoidance of
     doubt, the Units may not be used as security for any loans or other
     borrowings.

3.3  Calculation of Initial Value

     The aggregate Initial Value of the Units awarded to an Eligible Person
     shall be calculated by multiplying the applicable Deferral Rate(s) by the
     Eligible Person's Bonus Amount, which shall be determined by the Committee
     as described in Rule 3.4 if the Eligible Person is a US Taxpayer and as
     described in Rule 3.5 if the Eligible Person is not a US Taxpayer.

3.4  Determination of Bonus Amount - US Taxpayer

     3.4.1     Subject to Rules 3.4.2 to 3.4.4, the Bonus Amount of an Eligible
               Person who is a US Taxpayer shall include and be limited to:

               o    any bonus (excluding any bonus that by its terms is
                    expressly stated not to be subject to the Plan) that may be
                    awarded to the Eligible Person by any Group Company; and

               o    to which the Eligible Person has a legally binding right
                    during a Year.

     3.4.2     If the Eligible Person is awarded more than one bonus (for
               example, a discretionary bonus and a guaranteed bonus) in respect
               of the relevant Year (excluding any bonus that by its terms is
               expressly stated not to be subject to the Plan) and has a legally
               binding right to at least one such bonus during that Year, the
               Eligible Person's Bonus Amount will be the aggregate of such
               bonuses.

     3.4.3     Any bonus which is included in the Bonus Amount in respect of a
               Year shall not be included in the Bonus Amount in respect of any
               subsequent Year or in the corresponding calculation under any
               successor to the Plan and the Bonus Amount shall not otherwise be
               calculated in a manner which would result in a duplication of
               benefits or payments under the Plan or any successor to the Plan.

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     3.4.4     For the purposes of this Rule 3.4, an Eligible Person has a
               "legally binding right" to a bonus if that bonus may not be
               reduced unilaterally or eliminated by any person after the
               Eligible Person performs the services creating the right to that
               bonus. If the right to the bonus is subject to a discretion which
               permits reduction or elimination of the bonus, then the Eligible
               Person shall be considered to have a legally binding right to the
               bonus if that discretion:

               o    is available or exercisable only upon a condition (such as
                    the failure to satisfy the vesting conditions of the Plan);
                    or

               o    lacks substantive significance.

3.5  Determination of Bonus Amount - other Eligible Persons

     The Bonus Amount of an Eligible Person who is not a US Taxpayer shall
     include any bonus or award that may be awarded to that Eligible Person by
     any Group Company in respect of the relevant Year and the Committee shall
     determine in its discretion what portion of such bonus or award does, or
     does not constitute a bonus or award for these purposes.

3.6  Discretion of the Committee

     Notwithstanding Rules 3.1 and 3.3-3.5, the Committee may, in its
     discretion, grant an Award to an Eligible Person that is not related to
     that Eligible Person's Bonus Amount (if any) and, in such circumstances,
     the Initial Value of the Units comprised in such Award shall be determined
     by the Committee in its discretion.

4.   NOTIONAL INVESTMENTS AND FINAL VALUE

4.1  General

     For the avoidance of doubt, a Participant's Units will not give that
     Participant any right to or interest in any Investments. However, the Final
     Value of a Participant's Units shall be determined by reference to the
     value of the Investments in which an amount equivalent to the Initial Value
     of those Units is notionally invested, as described in Rules 4.2 - 4.4.
     Notional investments shall be deemed acquired by hypothetical purchases
     occurring on a single date or a series of dates and, for the avoidance of
     doubt, hypothetical purchases may be made using an average price on a
     series of dates determined by the Committee in its discretion.

4.2  Notional investments

     4.2.1     A percentage determined by the Committee (which may be zero) of
               the Initial Value of a Participant's Units may be notionally
               invested in Shares or any other specified Investments.

     4.2.2     The Participant may, by submitting a form in a manner and within
               a timescale determined in the Committee's discretion, request
               that stated percentages of the balance of the Initial Value of
               the Units (after any required notional investment under Rule
               4.2.1) be notionally invested in a combination of all or any of
               the following:

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               o    Shares; and

               o    other Investments determined under Rule 3.1.3.

               The Committee shall not be bound by any such request made by a
               Participant and may determine in the Committee's discretion
               (after any required notional investment under Rule 4.2.1) that
               the balance of the Initial Value of a Participant's Units shall
               be notionally invested in any way the Committee may choose in
               accordance with Rule 4.2.3. below;

     4.2.3     At least seven working days prior to the latest date for the
               submission of the form referred to in Rule 4.2.2 above, the
               Committee shall inform the Participant of the notional
               investments that shall be made in respect of the Initial Value of
               the Participant's Units in the event that the Participant fails
               to submit such a form on or before the latest date for the
               submission of such form or in the circumstances referred to in
               Rule 4.2.2. above.

4.3  Final Value

     The Final Value of a Participant's Units shall be calculated by the
     Committee, by determining the amount that would be received on a
     Realisation. That Realisation may take place on a date or series of dates
     and, for the avoidance of doubt, the amount received on that Realisation
     may be calculated by reference to average amounts received on hypothetical
     sales occurring on a series of dates selected by the Committee in its
     discretion.

4.4  Interim Value

     The Committee may notify a Participant of the Interim Value of his Units
     from time to time. In order to determine this figure, the Committee shall
     perform the same calculation as set out in Rule 4.3.

5.   VESTING

     Subject to Rule 6, unless the Committee determines otherwise prior to the
     Award Date (or in the case of an Eligible Person who is a US Taxpayer,
     prior to the date on which that Eligible Person first has a legally binding
     right to the applicable bonus), the Units granted to a Participant shall
     become Vested proportionately as follows:

     PROPORTION OF UNITS VESTED             VESTING DATE

     50%                                    Second Anniversary Date
     Balance                                Third Anniversary Date

6.   TERMINATION OF EMPLOYMENT

6.1  Application of Rule

     If a Participant ceases to hold employment with any Group Company or the
     Participant's fixed term contract with any Group Company terminates (and
     the Participant does not remain or immediately become employed or engaged
     by any

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     other Group Company without any break in continuity of service) for
     whatever reason, then the provisions of this Rule 6 shall apply.

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6.2  Death of Participant

     If the cessation set out in Rule 6.1 shall occur by reason of the
     Participant's death then all the Participant's Units shall become Vested
     immediately.

6.3  Redundancy, Sale and Mutual Termination

     If the cessation set out in Rule 6.1 shall occur by reason of the
     Participant's Redundancy or Mutual Termination, or solely by reason of a
     Sale, then the Participant's Units shall continue to Vest on the Second
     Anniversary Date and Third Anniversary Date (as appropriate) as if the
     cessation had not occurred unless at any time prior to payment to the
     Participant under Rule 7.1, the Participant engages or has engaged in any
     Detrimental Activity, in which event the provisions of Rule 6.6 shall
     apply.

6.4  Other reasons

     If the cessation set out in Rule 6.1 shall occur for any reason other than
     the Participant's death, Redundancy, Mutual Termination or by reason of a
     Sale, then the Participant's Units shall continue to Vest on the Second
     Anniversary Date and Third Anniversary Date (as appropriate) and payment
     shall be made in due course under Rule 7.1 as if the cessation had not
     occurred unless:

     6.4.1     the cessation set out in Rule 6.1 occurred by reason of the
               Participant's Gross Misconduct, in which event the provisions of
               Rule 6.5 shall apply; or

     6.4.2     at any time prior to payment under Rule 7.1, the Participant
               engages or has engaged in any Detrimental Activity, in which
               event the provisions of Rule 6.6 shall apply; or

     6.4.3     at any time, on or prior to the Third Anniversary Date, the
               Participant engages or has engaged in any Competitive Activity,
               in which event the provisions of Rule 6.7 shall apply.

6.5  Gross Misconduct

     If this Rule 6.5 applies by virtue of Rule 6.4.1, unless the Committee in
     its discretion decides that Rule 6.4.1 does not apply, the Participant's
     Units shall be forfeited and the Participant shall not receive any payment
     (or where a payment has already been made, any further payment) or any
     rights under this Plan.

6.6  Detrimental Activity

     If Rule 6.4.2 applies or this Rule 6.6 applies by virtue of Rule 6.3,
     unless the Committee determines otherwise in its discretion, the
     Participant's Units shall be forfeited and the Participant shall not
     receive any payment (or where a payment has already been made, any further
     payment) or any rights under this Plan.

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6.7  Competitive Activity

     If Rule 6.4.3 applies, on the first date of Competitive Activity, the
     Participant shall:

     6.7.1     retain any Units which have Vested as at the first date of
               Competitive Activity; and

     6.7.2     cease to be entitled to any Unvested Units as at the first date
               of Competitive Activity, even if the Competitive Activity is
               discovered after that date, unless the Committee in its
               discretion determines otherwise.

6.8  Declaration

     If Rule 6.4 applies, the Participant shall be required at regular intervals
     (determined by the Committee and notified to the Participant) between the
     Cessation Date and the Third Anniversary Date to give notice and declare in
     such notice the name of the Participant's New Employer (if any) and to
     provide a description of that New Employer's business. Each declaration
     shall be made:

     6.8.1     in a form notified by the Committee to the Participant;

     6.8.2     by means notified by the Committee to the Participant; and

     6.8.3     before a due date notified by the Committee to the Participant.
               The due date shall fall no earlier than the date three weeks
               after the date on which the Committee notifies the Participant of
               the requirement to make the declaration,

     and in the event that the Participant fails to make such declaration by the
     due date notified to him by the Committee, the Participant shall be
     conclusively deemed to have engaged in Competitive Activity and Rule 6.4.3
     shall apply accordingly.

6.9  Discretion

     6.9.1     If Rule 6.3 or 6.4 applies, the Committee may in its discretion
               determine that the Participant's Units shall Vest immediately or
               at a particular date which falls prior to the date when the Units
               would otherwise Vest.

     6.9.2     In the event that the Committee exercises its discretion as set
               out in any of Rules 6.5 to 6.7, then the Committee in its
               discretion may determine when and to what extent the
               Participant's Units shall Vest.

     6.9.3     Where the Committee exercises its discretion under Rules 6.9.1 or
               6.9.2, the Committee may also determine in its discretion when
               payment under Rule 7.1 shall be made, except in the case of a
               Participant who is a US Taxpayer.

     6.9.4     In the case of a Participant who is a US Taxpayer, the Committee
               shall not have discretion under Rules 6.9.1 or 6.9.2 if such
               discretion is contrary to Rule 10.2.

     6.9.5     If a cessation set out in Rule 6.1 of a Participant who is a US
               Taxpayer shall occur under any circumstances following a
               Qualified Sale, then such

                                       15
<PAGE>

               Participant's Units shall Vest and be paid under Rule 7.1
               immediately following the occurrence of such cessation.

7.   PAYMENT

7.1  Method of Payment

     Subject to Rule 7.3, as soon as practicable after each Vesting Date (or, in
     the case of any part of a Participants' Units (the "Delayed Units") that
     have been notionally invested in an Investment the terms of which provide
     for distribution at a date later than the Vesting Date, as soon as
     practicable after that later date, provided that the later date is
     specified prior to the Award Date), the Committee shall determine the Final
     Value of a Participant's Vested Units (other than any Delayed Units) in
     accordance with Rule 4.3. As soon as practicable following this
     determination, the Committee shall procure payment to the Participant by
     means of either or a combination of the following, in the discretion of the
     Committee:

     7.1.1     a cash, cheque or direct transfer payment to a bank account
               nominated by the Participant;

     7.1.2     the transfer of assets of whatever form to a nominee or custodian
               account nominated by the Participant,

     provided that the aggregate value of the cash payment and assets (if any)
     transferred at the date of payment is equal to the Final Value of the
     Vested Units (other than any Delayed Units). At the due date of
     distribution in relation to Delayed Units the Committee shall determine the
     Final Value of the Delayed Units and follow the procedures of this Rule 7.1
     in relation to the payment to the Participant in respect of such Delayed
     Units.

7.2  Status of Units following payment

     Following payment in accordance with Rule 7.1, the Vested Units will be
     fully satisfied and shall lapse and cease to be of any effect or to carry
     any rights for the Participant.

7.3  Withholding

     The Bank, a Participant's Employing Company, or any agent of either may
     withhold any amount or make any arrangements which it considers necessary
     to satisfy any liability to tax, social security, social tax and similar
     contributions which may arise from the grant, Vesting, payment, transfer,
     release or cancellation of Units awarded to the Participant.

8.   TERMS OF EMPLOYMENT

     The Rules do not form part of any Eligible Person's terms of employment and
     nothing in the Plan may be construed as imposing on any Group Company a
     binding obligation, contractual or otherwise, to offer participation in the
     Plan to any Eligible Person or to continue the employment of any Eligible
     Person. If any Participant ceases to be an Eligible Person for any reason,
     he shall not be entitled by way of compensation for loss of office or
     otherwise howsoever to any sum or other benefit to

                                       16
<PAGE>

     compensate him for the loss of any rights under the Plan. The Plan should
     not be construed as giving any Eligible Person any right to be retained in
     the employment of any Group Company or to limit, restrict or affect the
     ability of any Group Company to terminate the employment of any Eligible
     Person's employment.

9.   POWER OF THE COMMITTEE

9.1  Decision of the Committee final

     The decision of the Committee shall be final and binding in all matters
     relating to the Plan. Any decision made by the Committee shall not bind or
     be a precedent for any future decisions of the Committee.

9.2  Power of amendment

     The Committee may at any time discontinue the grant of further Awards and
     may amend any of the Rules of the Plan or an Award in any way it thinks
     fit, subject to the exceptions set out in Rule 9.3.

9.3  Exceptions

     Subject to Rule 9.4:

     9.3.1     the Units may not be cancelled except under Rule 6 or where (i)
               the Participant shall have agreed in writing to such cancellation
               or (ii) the Units are replaced by any Group Company with new
               rights granted to the Participant under the Plan or any other
               plan or arrangement and the Committee determines in good faith
               that these new rights are no less favourable than the Units which
               they replace; and

     9.3.2     no amendment may materially adversely affect a Participant as
               regards Existing Units awarded prior to the amendment being made
               except where the Participant has agreed in writing to the
               amendment. The Committee shall have sole authority to determine
               whether an amendment materially adversely affects a Participant.

9.4  Amendment for certain purposes

     Notwithstanding Rule 9.3, the Committee may amend any of the Rules of the
     Plan or the terms of any Award without any requirement to obtain the
     agreement of any Participant if the Committee determines in its discretion
     that such amendment or amendments are required or advisable for any Group
     Company, the Participant, the Plan or Award to satisfy, comply with or meet
     the requirements of any administrative requirements, law, regulation, rule
     or accounting standard and/or to avoid adverse tax or other consequences.

9.5  Discretion

     For the avoidance of doubt, any reference made to the discretion of the
     Committee in these Rules shall mean the sole and absolute discretion of the
     Committee.

                                       17
<PAGE>

10.  GENERAL

10.1 Nature of obligation

     Nothing in the Plan shall give any Participant or third party any right,
     title, interest or claim in or to any specific asset, fund, reserve, amount
     or property of any kind whatsoever now or in the future owned by a Group
     Company.

10.2 Section 409A

     The Committee shall use its reasonable endeavours not to take any action
     that would cause an Award that is otherwise exempt from Section 409A of IRC
     to be subject to Section 409A of IRC, or that would cause an Award that is
     subject to Section 409A of IRC to fail to satisfy the requirements of
     Section 409A of IRC. To the extent that an Award is or becomes subject to
     Section 409A of IRC, notwithstanding any provision herein to the contrary,
     the Plan does not permit the acceleration of the time or schedule of any
     payment or distribution related to such Award, except as permitted by
     Section 409A of IRC.

11.  SEVERABILITY

     If any Rule, sub-Rule or provision of the Plan is or subsequently becomes
     void, unenforceable or illegal, that shall not affect the validity,
     enforceability or legality of the other Rules, sub-Rules and provisions of
     the Plan.

12.  DATA PROTECTION

     By participating in the Plan, a Participant consents to the holding and
     processing of personal data provided by the Participant to the Bank and the
     Bank's duly authorised agent for all purposes necessary for the operation
     of the Plan. These include, but are not limited to:

     12.1      administering and maintaining Participant records;

     12.2      providing information to third party administrators of the Plan;

     12.3      providing information to potential purchasers of the Bank or the
               business in which the Participant works; and

     12.4      exporting and importing such data inside and outside the European
               Economic Area.

13.  NOTICE

     Any notice to be given by any person for the purposes of the Plan must be
     in writing and must be given by delivery at or sending first class post or
     other faster postal service, facsimile transmission or electronic email to
     the last known postal address or relevant telecommunications number or
     electronic mail address of the person to whom the notice is addressed.
     Where notice is given by sending in a prescribed manner, it shall be deemed
     to have been received when in the ordinary course of the means of
     transmission it would be received by the addressee. To prove the giving of
     a notice, it shall be sufficient to show it was despatched. A notice shall
     have effect

                                       18
<PAGE>

     from the sooner of its actual and deemed receipt by the addressee.

14.  GOVERNING LAW AND JURISDICTION

     English law governs the Plan and all Awards and the English Courts shall
     have non-exclusive jurisdiction over any dispute arising from them.

                                       19exv10w1

 

Exhibit 10.1

CONFIDENTIAL TREATMENT REQUESTED — CONFIDENTIAL PORTIONS OF THIS

DOCUMENT HAVE BEEN REDACTED AND HAVE BEEN SEPARATELY FILED WITH THE COMMISSION

First Amendment to the

Stock Purchase Agreement

and the Escrow Agreement

THIS AMENDMENT (the “Amendment”) hereby amends that certain Stock Purchase Agreement, entered by
and between Hyundai Syscomm Corp., a California corporation (“Hyundai”) and US Dataworks, Inc., a
Nevada corporation (“UDW”), dated December 29, 2006, and all Exhibits and schedules attached
thereto (collectively, the “Stock Purchase Agreement”), in the following manner:

	 	I.	 	In each of Sections 1.3.1, 1.3.3 and 1.3.4, replace “At the Closing, or as soon
thereafter as the Escrow Agent shall receive the Purchase Money” with “Upon the Escrow
Agent’s receipt the Purchase Money, which shall not be later than March 26, 2007”.
	 
	 	II.	 	In Section 3 of the Escrow Agreement (as such term is defined in the Stock Purchase
Agreement) replace “Concurrently with the execution and delivery of this Agreement, or as
soon thereafter as practicable” with “Not later than March 26, 2007”.
	 
	 	III.	 	Exhibit A, Software Integration and Resale Agreement, add the following new Section
3.1.1:

	 	3.1.1.	 	The Inaugural Sale of 700 Units.

	 	3.1.1.1.	 	UDW, under the Parties’ mComm brand, shall sell seven hundred (700) ATM
Dispenser units to Hyundai RFmon Corp.(“RFM”), a wholly-owned subsidiary of
Hyundai, for the total sales price of Three Million Five Hundred Thousand
Dollars (US $3,500,000), in accordance with Purchase Order #601321, attached
hereto as Exhibit 1 (the “RFM Purchase Order”). RFM shall, in turn, sell
the seven hundred (700) ATM Dispenser units to a “major US ATM dealer.” A copy
of the purchase order from such “major US ATM dealer” shall be provided by RFM
to UDW at its request but USD shall treat the identity of such US ATM dealer
with the highest degree of confidentiality.
	 
	 	3.1.1.2.	 	At such time as the Parties shall mutually agree, UDW shall deliver to the
manufacturer of the seven hundred (700) ATM Dispenser units (the “Manufacturer”)
a purchase order in the amount of ***Dollars (US $***), substantially in the
form attached hereto as Exhibit 2 (the “UDW Purchase Order”).
	 
	 	3.1.1.3.	 	Hyundai, or its designee, shall deliver to the Manufacturer a Letter of
Credit in the amount of *** Dollars (US $***) as payment on the behalf of UDW
for the purchase of such 700 ATM units under the UDW Purchase Order. The form
and substance of the Letter of Credit shall be satisfactory to UDW and shall
contains provisions specifically; (i) authorizing Manufacturer to accept the UDW
Purchase Order, and (ii) to acknowledge sales of the 700 ATM units as being
UDW’s. This Letter of Credit shall be delivered to Manufacturer within such period of time as is reasonably practicable for securing a prime
US Bank Letter of Credit, but in no instance greater than two (2) weeks
after the

***CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE COMMISSION

 

 

	 	 	 	date of the UDW Purchase Order or such longer period as may be
required due to any delay caused by the issuing bank.
	 
	 	3.1.1.4.	 	RFM shall pay UDW the sales proceeds received from the “major US ATM dealer”
until the total sales price of Three Million Five Hundred Thousand Dollars (US
$3,500,000) is paid in full, less customary allowances for sales returns not
replaced. Before Gross Profits are allocated in accordance with this (Software
Integration and Resale) Agreement, certain expenses incidental to the sale of
the 700 ATM units may be reimbursed prior to such allocation, provided the
Parties mutually agree as to the amount and nature of any such reimbursement.
RFM shall permit UDW the right to audit and inspect the financial records
relating to the sales of the 700 ATM units to the “major US ATM dealer” provided
such rights are reasonably exercised and without undue burden to RFM.

	 	IV.	 	All other terms and conditions of the Stock Purchase Agreement and the Escrow Agreement
shall remain unchanged.

     IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed as of
the day and year first above written.

	 	 	 	 	 	 	 
	UDW	 	Hyundai
	 
	 	 	 	 	 	 
	US Dataworks, Inc.	 	Hyundai Syscomm Corp.
	 
	 	 	 	 	 	 
	By:

	 	/s/ Charles E. Ramey
	 	By:
	 	/s/ Samuel Lee
	 

	 	 
	 	 	 	 
	 

	 	Charles E. Ramey

Chief Executive Officer
	 	 	 	Samuel Lee

Chairman of the Board
	 
	 	 	 	 	 	 
	Date: February 13, 2007	 	Date: February 13, 2007
	Hirshfield Law	 	 	 	 
	(As to the Amendment of the Escrow Agreement Only)	 	 	 	 
	 
	 	 	 	 	 	 
	Hirshfield Law	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/ Peter B. Hirshfield	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Peter B. Hirshfield

Founder	 	 	 	 
	 
	 	 	 	 	 	 
	Date: February 13, 2007	 	 	 	 

 

 

Exhibit 1

Hyundai RFM Purchase Order

 

 

Exhibit 2

UDW Purchase Order

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