Document:

Rules of Barclays PLC Executive Share Award Scheme

 Exhibit 4.41 
 SCHEDULE 
 BARCLAYS PLC 
 RULES OF THE EXECUTIVE SHARE AWARD SCHEME 

 INDEX 
 RULES OF THE EXECUTIVE SHARE AWARD SCHEME 
  

					
	1.	  	DEFINITIONS AND INTERPRETATION	  	1
			
	2.	  	GRANT OF AWARDS AND OPTIONS	  	3
			
	3.	  	AWARDS AND OPTIONS	  	4
			
	4.	  	DIVIDENDS 	  	4
			
	5.	  	GRANT OF MANDATORY ESAS OPTION	  	4
			
	6.	  	MANNER OF EXERCISE OF AN OPTION AND RIGHTS OF
PARTICIPANTS	  	5
			
	7.	  	RELEASE OF SHARES ON THE RELEASE DATE	  	6
			
	8.	  	MANNER OF RELEASE OF SHARES AND RIGHTS OF PARTICIPANTS
ON RELEASE	  	6
			
	9.	  	FURTHER CONDITIONS OF RELEASE AND WAIVER OF CONDITIONS	  	7
			
	10.	  	CESSATION OF EMPLOYMENT OF PARTICIPANT	  	7
			
	11.	  	TAKEOVER, RECONSTRUCTION AND WINDING-UP OF BARCLAYS	  	8
			
	12.	  	VARIATION OF CAPITAL	  	8
			
	13.	  	ADMINISTRATION OF THE SCHEME	  	9
			
	14.	  	AMENDMENT OF THE SCHEME	  	9
			
	15.	  	TERMINATION OF THE SCHEME	  	9
			
	16.	  	GENERAL PROVISIONS	  	9
		
	APPENDIX 1	  	12
			
		  	MANDATORY ESAS OPTION DEED 	  	12
		
	APPENDIX 2	  	20
			
		  	VOLUNTARY ESAS OPTION DEED	  	20

 BARCLAYS PLC  
 RULES OF THE EXECUTIVE SHARE AWARD SCHEME 

The following rules shall apply in relation to payments or applications of the Trust Fund in accordance with clause 2 of the Trust Deed. 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	In the Scheme: 

 “Adoption Date” means
24 March 1994; 
 “Auditors” means the auditors for the time being of Barclays PLC or such other independent suitably
qualified person as the Trustee may from time to time nominate; 
 “Award” means a provisional allocation of Shares including
any Bonus Shares made by the Trustee as described in clause 2.4 of the Trust Deed in accordance with paragraph 2 and ‘awarded’ shall be construed accordingly; 
 “Award Date” means the date specified as the award date in the Award Letter by the Trustee, after consultation between the Trustee and the Board; 
 “Award Letter” means the letter in such form as may be prescribed from time to time by the Trustee sent by the Trustee to a Participant
informing the Participant of the grant of an Award to him; 
 “Barclays” means Barclays PLC, registered in England No.48839;

 “Board” means the board of directors for the time being of Barclays or a duly appointed committee thereof PROVIDED THAT if
any person obtains Control of Barclays the Board or relevant committee as appropriate shall mean the members of the Board or such committee as the case may be immediately before such Control is obtained; 
 “Bonus Shares” means such number of Shares described as Bonus Shares in the Award Letter; 
 “Company” means Barclays Bank PLC, registered in England No.1026167; 
 “Companies Act” means the Companies Act 1985; 
 “Control” means the control of a company within the meaning of section 840 of the Taxes Act and a person shall be deemed to have control of a company if he and others acting in concert with him have
together obtained control of a company within such meaning; 
 “Eligible Employee” means any person who is a Beneficiary as
defined in the Trust Deed; 
 “Grant Date” means any date specified in an Award Letter following which a Mandatory ESAS
Option may be granted to a Participant or such other date as may be specified by the Trustee from time to time; 
 “Group”
means Barclays, the Company and all of the Subsidiaries and “member of the Group” shall be construed accordingly; 

 “Mandatory ESAS Option” means a Nil Cost Option granted to an Eligible Employee at the
discretion of the Trustee after consultation with the Board on the third anniversary of an Award (or on such other date as may be specified from time to time by the Trustee) by deed on the terms and conditions and in the form set out in Appendix 1
hereto (or in such other form as may be prescribed from time to time by the Trustee); 
 “Market Value” means the market
value of a Share as determined by the Trustee on any day having consulted the Board; 
 “Nil Cost Option” means a right to
acquire Shares; 
 “Option” means a Mandatory ESAS Option or a Voluntary ESAS Option; 
 “Option Period” means the period during which an Option shall be exercisable being no later than two years from the Grant Date in the
case of a Mandatory ESAS Option or ten years in the case of a Voluntary ESAS Option unless the Trustee having first consulted the Board shall decide otherwise PROVIDED THAT such period shall not exceed ten years in any circumstances whatsoever;

 “Participant” means a person who holds an Award or an Option or where applicable his personal representatives; 

“Release Date” means the date specified in an Award Letter on which Shares may be released to a Participant in accordance with
paragraph 8 being five years from the Award Date or such other date as may be specified by the Trustee from time to time; 
 “Retirement Age” means the earliest age at which an employee can be required to retire by any member of the Group; 
 “Shares” means ordinary shares in the capital of Barclays or any other class of share in the capital of Barclays admitted to the Official List of the UK Listing Authority; 
 “Scheme” means the Executive Share Award Scheme herein contained as amended from time to time in accordance with paragraph 14;

 “Subsidiaries” mean those companies which are subsidiaries of the Company within the meaning of section 736 of the
Companies Act; 
 “Taxes Act” means the Income and Corporation Taxes Act 1988; 
 “Trust” means the Barclays Group (ESAS) Employees’ Benefit Trust established by the Trust Deed; 
 “Trust Deed” means the deed dated 27 September 1996 between the Company (1) and Mourant & Co. Trustees Limited
(2) as modified or amended from time to time; 
 “Trustee” means the trustee for the time being of the Trust;

 “UK Listing Authority” means the UK Listing Authority within the meaning given to that expression in the Listing Rules
made by the Financial Services Authority pursuant to its appointment as the relevant competent authority under the Official Listing of Securities (Change of Competent Authority) Regulations 2000; and 
 “Voluntary ESAS Option” means a Nil Cost Option granted to an Eligible Employee at the discretion of the Trustee after consultation with
the Board and on the request of an Eligible Employee following waiver of any entitlement to a bonus to which he may 
  
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otherwise have become entitled for any financial period of Barclays by deed on the terms and conditions and in the form set out in Appendix 3 hereto (or in
such other form as may be prescribed from time to time by the Trustee). 
  

	1.2	Any reference herein to a statutory provision shall include a reference to that provision as amended or re-enacted from time to time. Where the context permits the singular shall
include the plural and vice versa and the masculine gender shall include the feminine and vice versa. 

  

	1.3	The Scheme is subject to the terms of the Trust Deed. If there is any conflict between such terms and the terms of the Scheme, the terms of the Trust Deed shall prevail.

  

	2.	GRANT OF AWARDS AND OPTIONS 

  

	2.1	Subject to paragraphs 2.5 and 2.6, the Trustee may, in its absolute discretion, having first consulted the Board, grant an Award and/or an Option in accordance with the rules of the
Scheme to any Eligible Employee. 

  

	2.2	An Award or an Option shall, unless the Trustee determines otherwise, be granted: 

  

	 	(a)	in respect of a fixed number of Shares; 

  

	 	(b)	in the case of an Award on the basis that the Shares in respect of which the Award is made shall, subject to paragraph 7 be released on the Release Date if any related Mandatory
ESAS Option granted on the Grant Date shall not have been exercised. 

  

	2.3	The grant of an Award shall be evidenced by an Award Letter which shall specify: 

  

	 	(a)	the number of Shares awarded or the formula by which such number may be determined, if relevant; 

  

	 	(b)	the Award Date and the Grant Date(s); and 

  

	 	(c)	any conditions which may have to be satisfied before either the grant of an Option over any of the Shares awarded or the release of any such Shares. 

  

	2.4	The grant of an Option shall be made by deed substantially in the form set out either in Appendices 1 and 2 as appropriate and shall specify: 

  

	 	(a)	the number of Shares subject to the Option or the formula by which such number may be determined if relevant; 

  

	 	(b)	the period during which the Option is exercisable; and 

  

	 	(c)	any conditions which may have to be satisfied before the exercise of the Option. 

  

	2.5	The Trustee may only grant an Award or an Option under the Scheme within the period of 42 days following the Adoption Date and thereafter only during the periods of 42 days
following the preliminary announcement of the final results of Barclays or the announcement of the half-year results of Barclays in respect of any accounting period or at any time thereafter when the Trustee, having first consulted the Board,
considers the circumstances sufficiently exceptional to justify the grant of an Award. 

  

	2.6	The grant of any Award or any Option by the Trustee is subject to the obtaining of any approval or consent as may be required by the Listing Rules of the UK Listing Authority, The
City Code on Take-Overs and Mergers or by any other regulation or enactment. 

  
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	2.7	The grant of an Award shall not in any circumstances whatsoever: 

  

	 	(a)	constitute the acquisition by a Participant of an interest in the Shares awarded to him or the acquisition of a right to acquire the Shares awarded to him; or

  

	 	(b)	entitle a Participant to claim any interest in the Trust Fund or to compel the Trustee to pay or apply any of the capital or income comprised in the Trust Fund to or for the benefit
of a Participant. 

 Until their release on the Release Date, a Participant shall have no interest in the Shares subject to his
Award. A Participant shall not be entitled to any dividends or other distributions made in respect of the Shares awarded to him or subject to any Option granted to him. A Participant shall have no right until their transfer to a Participant on the
exercise of an Option or their release on the Release Date to vote in respect of the Shares subject to his Option or his Award. There shall be no consideration payable for the grant of an Award or an Option. 
  

	3.	AWARDS AND OPTIONS 

  

	3.1	Any Award or Option granted to a Participant is personal to him and shall not be capable of being transferred or otherwise disposed of by a Participant. Any such Award or Option
shall lapse forthwith if it is so transferred or otherwise disposed of or if a Participant is adjudicated bankrupt. 

  

	3.2	A Participant shall be entitled at any time to renounce, surrender or cancel or agree to the cancellation of an Award or an Option. 

  

	4.	DIVIDENDS 

  

	4.1	The Trustee may, in its absolute discretion, apply any dividends (net of any tax payable in respect of such dividends by the Trustee) which it receives in respect of any Shares
which are available for release or exercise under any subsisting Award or Option to purchase further Shares. 

  

	4.2	The Trustee may, in its absolute discretion, release such further Shares acquired pursuant to paragraph 4.1 (or Shares received by the Trustee as a result of the Trustee electing to
receive any Scrip Dividend offered by Barclays) to a Participant at the same time as the exercise of a Mandatory ESAS Option (having consulted the Board) or at the same time as the release of any Shares available for release on the Release Date.

  

	4.3	The Trustee may, in its absolute discretion, include such further Shares acquired pursuant to paragraph 4.1 (or Shares received by the Trustee as a result of the Trustee electing to
receive any Scrip Dividend offered by Barclays) in the number of Shares subject to a Mandatory ESAS Option. 

  

	5.	GRANT OF MANDATORY ESAS OPTION 

  

	5.1	The Trustee shall determine, in its absolute discretion having first consulted the Board, on each Grant Date specified in an Award Letter whether or not: 

 

	 	(a)	the conditions specified in the Award Letter have been satisfied; 

  

	 	(b)	any conditions which may have been set by the Trustee after the Award Date as permitted under paragraph 9 have been satisfied. 

  
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 The Trustee shall be entitled to rely on any information given by the Board for these purposes.

  

	5.2	If the Trustee determines that paragraphs 5.1(a) and (b) have been fulfilled, the Trustee may in its absolute discretion grant a Mandatory ESAS Option to the Participant over
the number of Shares specified in the Award Letter as available for the grant of a Mandatory ESAS Option to the Participant on the relevant Grant Date including some or all of the Bonus Shares and any Shares acquired by the Trustee pursuant to
paragraph 4. 

  

	5.3	If the Trustee determines that paragraphs 5.1(a) and (b) have not been fully satisfied or have not been satisfied at all, the Trustee may in its absolute discretion grant
a Mandatory ESAS Option to the Participant over: 

  

	 	(a)	the number of Shares specified as available for the grant of a Mandatory ESAS Option to the Participant on the relevant Grant Date together with some or all of the Bonus Shares and
any Shares acquired by the Trustee pursuant to paragraph 4; 

  

	 	(b)	a lower number of such Shares; or 

  

	 	(c)	no Shares at all. 

  

	5.4	The grant of a Mandatory ESAS Option over any Shares under the Scheme shall be subject to obtaining such approval or consent as is mentioned in paragraph 2.6.

  

	5.5	The Trustee shall, subject to paragraphs 5.1, 5.2, 5.3 and 5.4 grant a Mandatory ESAS Option to a Participant in the period of 21 days following a Grant Date. Any Shares available
for the grant of a Mandatory ESAS Option which are not made subject to the grant of a Mandatory ESAS Option within the period of 21 days following a Grant Date shall cease to be so available at the end of such period. 

  

	6.	MANNER OF EXERCISE OF AN OPTION AND RIGHTS
OF PARTICIPANTS 

  

	6.1	Subject to paragraph 6.2, on exercise of an Option, £1 will be payable in total for the Shares acquired on each such exercise (whether a total or partial exercise) and
thereafter: 

  

	 	(a)	the Trustee shall inform the Participant in writing within the period of 21 days following such exercise, of the Market Value of the Shares acquired; 

  

	 	(b)	the Participant shall from the date of such exercise become beneficially entitled to any such Shares and shall have the right to receive all dividends paid to the Trustee on such
Shares (net of any tax payable on such dividends by the Trustee) and the right to direct the Trustee how to vote in respect of such Shares. The Trustee shall vote in accordance with any such instructions; and 

  

	 	(c)	the Trustee shall transfer legal title to such Shares to the Participant. 

  

	6.2	The Trustee may sell such number of the Shares in respect of which a Participant exercises an Option to meet any obligation of the Trustee to deduct tax and/or for national
insurance contributions in respect of such Shares. 

  

	6.3	Shares transferred shall have the same beneficial rights as other Shares in issue on such date except that they will not entitle holders to receive any dividends or other
distributions from the Trustee where such dividends or other distributions were declared for payment to holders of Shares on the Register of Members at a record date which precedes the date on which the Shares in question were transferred.

  
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	7.	RELEASE OF SHARES ON THE RELEASE DATE

  

	7.1	If at the end of its Option Period a Mandatory ESAS Option has not been exercised, it shall lapse and the Trustee shall then determine, in its absolute discretion having first
consulted the Board, on each Release Date specified In an Award Letter whether or not: 

  

	 	(a)	any conditions specified in the Award Letter have been satisfied; 

  

	 	(b)	any conditions which may have been set by the Trustee after the Award Date as permitted under paragraph 9 have been satisfied. 

 The Trustee shall be entitled to rely on any information given by the Board for these purposes. 
  

	7.2	Subject to paragraph 7.6, if the Trustee determines that paragraphs 7.1(a) and (b) have been fulfilled, the Trustee may in its absolute discretion release to the
Participant the number of Shares specified in the Award Letter as available for release to the Participant on the relevant Release Date Including some or all of the Bonus Shares and any Shares acquired by the Trustee as described in paragraph 4.

  

	7.3	If the Trustee determines that paragraphs 7.1(a) and, if relevant, (b) have not been fully satisfied or have not been satisfied at all, the Trustee may in its absolute
discretion release to the Participant: 

  

	 	(a)	the number of Shares specified as available for release to the Participant on the relevant Release Date together with some or all of the Bonus Shares and any Shares acquired by the
Trustee pursuant to paragraph 4; 

  

	 	(b)	a lower number of such Shares; or 

  

	 	(c)	no Shares at all. 

  

	7.4	The release of any Shares under the Scheme shall be subject to obtaining such approval or consent as is mentioned in paragraph 2.6. 

  

	7.5	The Trustee shall, subject to paragraphs 7.1, 7.2, 7.3 and 7.4 release Shares to a Participant in the period of 21 days following a Release Date, Any Shares available for release
which are not released within the period of 21 days following a Release Date shall cease to be available for release at the end of such period. 

  

	7.6	Notwithstanding anything in the Scheme to the contrary, Shares under an Award shall be actually or constructively received by a Participant by the later of:

  

	 	 (i)
	 the date that is 2 1/2 months from the end of the Participant’s first taxable year in which the Trustee determines in its absolute discretion to release Shares under an Award to the Participant; or 

 

	 	 (ii)
	 the date that is 2 1/2 months from the end of Barclays’ first taxable year in which the Trustee determines in its absolute discretion to release Shares under an Award to a Participant. 

  

	8.	MANNER OF RELEASE OF SHARES AND RIGHTS OF
PARTICIPANTS ON RELEASE 

  

	8.1	If the Trustee determines that any Shares shall be released to a Participant pursuant to paragraphs 7, 10 or 11 then: 

  
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	 	(a)	the Trustee shall inform the Participant in writing within the period of 21 days following such release, of the number of Shares released, the date of release and the Market Value
of the Shares released; 

  

	 	(b)	the Participant shall from the date of such determination become beneficially entitled to any such Shares and shall have the right to receive all dividends paid to the Trustee on
such Shares (net of any tax payable on such dividends by the Trustee) and the right to direct the Trustee how to vote in respect of such Shares. The Trustee shall vote in accordance with any such instructions; and 

  

	 	(c)	the Participant shall be entitled to require the Trustee to transfer legal title to such Shares to the Participant. 

  

	8.2	The Trustee may sell such number of the Shares which it has determined to release to a Participant pursuant to paragraph 7 to meet any obligation of the Trustee to deduct tax and
national insurance contributions in respect of the Shares which it has so determined to release. 

  

	8.3	Shares released shall have the same beneficial rights as other Shares in issue on such date except that they will not entitle holders to receive any dividends or other distributions
from the Trustee where such dividends or other distributions were declared for payment to holders of Shares on the Register of Members at a record date which precedes the date on which the Shares in question were released. 

 

	9.	FURTHER CONDITIONS OF RELEASE AND WAIVER OF
CONDITIONS 

  

	9.1	The Trustee may, at any time after an Award Date, impose such further conditions on the release of Shares subject to an Award as it may deem appropriate, having first consulted the
Board. The Trustee shall notify the Participant in writing of its decision as soon as reasonably practicable. 

  

	9.2	The Trustee may, having first consulted the Board, subsequently waive or amend any condition imposed in respect of any Award. 

  

	10.	CESSATION OF EMPLOYMENT OF PARTICIPANT 

  

	10.1	If a Participant ceases to be employed by the Group by reason of: 

  

	 	(a)	death; 

  

	 	(b)	injury; 

  

	 	(c)	disability; 

  

	 	(d)	ill-health; 

  

	 	(e)	dismissal for redundancy within the meaning of the Employment Rights Act 1996; 

  

	 	(f)	the company by which he is employed ceasing to be a member of the Group; or 

  

	 	(g)	the undertaking in which he is employed being transferred to a transferee which is not a member of the Group, 

 the Trustee may in its absolute discretion, having first consulted the Board, either release to the Participant, or, if the cessation is by reason of his
death, to his wife, children under the age of 18 or step-children under the age of 18 as the Trustee shall determine, such number of: unreleased Shares, or if relevant Shares which were subject to an Option 
  
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which has lapsed as a result of such cessation, the Bonus Shares; and/or Shares acquired by the Trustee pursuant to paragraph 4, as the Trustee shall in its
absolute discretion determine in accordance with paragraphs 7.4, 7.5 and paragraph 8. If the Trustee decides not to release any such Shares the Award shall not lapse on such cessation of employment and paragraph 7 other than paragraph
7.1(a) shall continue to apply. 
  

	10.2	If a Participant ceases to be employed by the Group by reason of retirement on or after Retirement Age the Trustee may, in its absolute discretion having first consulted the Board,
release to him such number of unreleased Shares or if relevant Shares which were subject to an Option which has lapsed as a result of such cessation; the Bonus Shares; and/or Shares acquired by the Trustee pursuant to paragraph 4 as the Trustee
shall in its absolute discretion determine in accordance with paragraphs 7.4, 7.5 and paragraph 8. If the Trustee decides not to release any such Shares the Award shall not lapse on such cessation of employment and paragraph 7 other than paragraph
7.1(a) shall continue to apply. 

  

	10.3	If a Participant ceases to be employed by the Group for any other reason, any unreleased Shares shall immediately cease to be available for release to such Participant unless the
Trustee, having first consulted the Board, shall in its absolute discretion decide to release all or some only of: any such unreleased Shares; the Bonus Shares; and /or any Shares acquired by the Trustee pursuant to paragraph 4 in accordance with
paragraphs 7.4, 7.5 and paragraph 8. 

  

	10.4	For the purposes of this paragraph 10 where a Participant’s employment is terminated without notice or on terms in lieu of notice it shall be deemed to cease on the date on
which the termination takes effect and where such employment is terminated with notice it shall be deemed to cease upon the date that notice expires. 

  

	11.	TAKEOVER, RECONSTRUCTION AND WINDING-UP OF BARCLAYS

 If any person obtains Control of Barclays (within the meaning of section 840 of the Taxes Act) as a result of making a
general offer to acquire Shares, or having obtained Control makes such an offer, or if any person becomes bound or entitled to acquire Shares under sections 428-430F of the Companies Act, or if under section 425 of the Companies Act the Court
sanctions a compromise or arrangement of Barclays or if Barclays passes a resolution for voluntary winding up, or if an order is made for compulsory winding up of Barclays, the Trustee having first consulted the Board shall in its absolute
discretion determine the manner in which: any unreleased Shares available for release under an Award or which were subject to an Option which has lapsed as a result of such event; the Bonus Shares; and any Shares purchased by the Trustee pursuant to
paragraph 4, shall be dealt with. 
  

	12.	VARIATION OF CAPITAL 

  

	12.1	Subject to paragraph 12.2, in the event of any increase or variation of the share capital of Barclays (whenever effected) by way of capitalisation or rights issue, or sub-division,
consolidation or reduction of capital or other variation, the Trustee may make such adjustments as it considers appropriate to the number of Shares comprised in any Award and in any Option, 

  

	12.2	Any adjustment under paragraph 12.1 shall be subject to the Auditors confirming that such adjustment is in their opinion fair and reasonable. 

  

	12.3	The Trustee shall give notice in writing to the Participant of any adjustments made under paragraph 12.1 as soon as practicable following the making of such adjustments.

  
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	13.	ADMINISTRATION OF THE SCHEME 

 If there is any dispute as to the rights and obligations of any person under the Scheme or any question concerning the construction or effect of the
Scheme or any other question in connection with the Scheme, the Trustee shall determine the same and (other than in the case of a matter to be certified by the Auditors in accordance with the Scheme) such determination shall be final and binding on
all persons. 
  

	14.	AMENDMENT OF THE SCHEME 

  

	14.1	The Scheme may be amended in any respect by resolution of the Trustee with the consent of the Company. 

  

	14.2	Written notice of any material amendment to the Scheme shall be given to all Participants. 

  

	15.	TERMINATION OF THE SCHEME 

 The Trustee may, having first consulted the Board, at any time suspend or terminate the operation of the Scheme in which case no further Awards or Options
will be granted but in all other respects the provisions of the Scheme will remain in force. 
  

	16.	GENERAL PROVISIONS 

  

	16.1	Terms of office or employment 

 The rights and
obligations of any Participant under the terms of his office or employment with any member of the Group shall not be affected by his participation in the Scheme or any right which he may have to participate in the Scheme. The Scheme shall not
entitle the Participant to any rights of continued employment with any member of the Group. Any Participant shall waive any and all rights to compensation or damages in consequence of the termination of his office of employment for any reason
whatsoever insofar as those rights arise or may arise from his ceasing to have rights under the Scheme as a result of such termination. 
  

	16.2	Tax and other similar liabilities 

 Any liability of
a Participant to taxation or social security contributions or similar liabilities in respect of an Award shall be for the account of the relevant Participant. The Trustee may make an Award and the transfer of Shares pursuant to it conditional on the
Participant complying with arrangements specified by the Trustee for the payment of any taxation, employee’s social security contributions or employer’s social security obligations (including, without limitation, the deduction of taxation
at source). 
  

	16.3	Auditors as experts 

 In any matter in which they
are required to act under the Scheme, the Auditors shall be deemed to be acting as experts and not arbitrators. 
  

	16.4	Notices 

 Any notice or other communication under or
in connection with the Scheme may be given by personal delivery electronically or by sending the same by post in the case of a company to its registered office, and in the case of an individual to his last known address, or, where he is a director
or employee of the Group, either to his last known address or to the address of the place of business at which he performs the whole or substantially the whole of the duties of his office or employment, and where a notice or 
  
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other communication is given by first-class post, it shall be deemed to have been received 48 hours after it was put into the post properly addressed and
stamped. 
  

	16.5	Regulation 

 Every Award shall be subject to the
condition that no Shares shall be released to or transferred to a Participant following the release of Shares under Award if such release or transfer would be contrary to any enactment or regulation for the time being in force of the United Kingdom
or any other country having jurisdiction in relation thereto. The Trustee shall not be bound to take any action to obtain the consent of any government or authority to such transfer or to take any action to ensure that any such transfer shall be in
accordance with any enactment or regulation if such action could in the opinion of the Trustee be unduly onerous. 
  

	16.6	Data Protection provisions 

  

	 	(a)	The Company and the Trustee will store and process information about a Participant on their computers and in other ways. By “information about a Participant” the Company
and the Trustee mean personal information they have obtained from the Participant, the Group employing company and any other Group companies or other organisations in anticipation of a Participant’s participation in the Scheme and during the
term of the Scheme. 

  

	 	(b)	The Company and the Trustee will use information about a Participant to manage and administer the Scheme, give the Participant information about the Scheme and his Award, to develop
and improve their services to the Participant and other customers and to protect their interests. The Trustee agrees to apply the same levels of protection to information about a Participant as the Company is required to apply in the UK.

  

	 	(c)	The Company and the Trustee may give information about a Participant and his participation in the Scheme to the following: 

  

	 	(i)	a Participant’s Group employing company and it agents or service providers where disclosure is necessary to enable the Company or the Trustee to discharge their duties and
obligations in the management and administration of the Scheme (including any disclosure of information as may be necessary to enable the Group employing company to comply with the requirements of any relevant tax, social security or other
governmental authority). (For the purposes of this clause “Group employing company” includes any company or other entity of the Group which may become the Participant’s employer during the term of the Scheme and any other company or
entity which has a duty to comply with any requirements imposed any relevant tax, social security or other governmental authority in connection with his participation in the Scheme.) 

  

	 	(ii)	people who provide a service to the Company or the Trustee or are acting as their agents on the understanding that they will keep the information confidential.

  

	 	(iii)	anyone to whom the Company or the Trustee transfers or may transfer its rights and duties under the Scheme. 

  

	 	(iv)	where the Company or the Trustee has a duty to do so or if the law allows the Company or the Trustee to do so (including any relevant tax, social security or other governmental
authority), 

  
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 otherwise the Company and the Trustee will keep information about a Participant confidential. 

 

	 	(d)	If the Company or the Trustee transfer information about a Participant to a service provider or agent in another country, they will procure that the service provider or agent agrees
to apply the same levels of protection as the Company and the Trustee are required to apply in the UK and other EU jurisdictions and to use information about a Participant only for the purpose of providing the service to the Company or the Trustee.

  

	16.7	Governing law 

 The Scheme shall be governed and
construed in accordance with English law. 
  
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 APPENDIX 1 
 DATED                         
200[    ] 
 [NAME OF OPTIONHOLDER] 
  
  
 MANDATORY ESAS OPTION DEED 
  
  
 Lovells 
 Atlantic House 
 50 Holborn Viaduct 

London EC1A 2FG 
 Ref: C2/LLW 

 MANDATORY ESAS OPTION DEED 
 THIS DEED is made the
[                    ] day of [    ] 
 BY: 
 Bailhache
Labesse Trustees Limited whose registered office is at PO Box 207, 13-14 Esplanade, St Helier, Jersey, Channel Islands, JE1 1BD, the trustee of the Barclays Group (ESAS) Employees’ Benefit Trust (the “Trustee”) 
 WHEREAS the Trustee has agreed to grant to [Name] of [address] (the “Optionholder”) a nil cost option to acquire shares in the
capital of Barclays PLC pursuant to and in accordance with the rules of the Barclays Group Executive Share Award Scheme on the following terms and conditions. 
 THIS DEED WITNESSES: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	In this Deed: 

 “Auditors” means the
auditors for the time being of Barclays or such other independent suitably qualified person as the Trustee may from time to time nominate; 
 “Barclays” means Barclays PLC, registered in England No.48839; 
 “Board” means the board of
directors for the time being of Barclays or a duly appointed committee thereof PROVIDED THAT if any person obtains Control of Barclays the Board or relevant committee as appropriate shall mean the members of the Board or such committee as the case
may be immediately before such Control is obtained; 
 “Control” means the control of a company within the meaning of section
840 of the Taxes Act and a person shall be deemed to have control of a company if he and others acting in concert with him have together obtained control of a company within such meaning; 
 “Group” means Barclays, and all of its Subsidiaries and “member of the Group” shall be construed accordingly; 
 “Option” means the right granted hereby by the Trustee to the Optionholder to acquire the Option Shares; 
 “Option Period” means the period ending on
[                        ]; 
 “Option Shares” means subject to clause 6, [            ] Shares; 
 “Retirement Age” means the earliest age at which an employee can be required to retire by any member of the Group: 
 “Scheme” means the Executive Share Award Scheme established by the Trustee pursuant to the Trust Deed and as constituted by its rules set out in the second schedule to the Trust Deed and as amended
from time to time in accordance with paragraph 14 thereof; 
  
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 “Shares” mean ordinary shares in the capital of Barclays; 
 “Stamp Duty Regulations” mean the Stamp Duty (Exempt Instruments) Regulations 1987; 
 “Subsidiaries” means those companies which are subsidiaries of Barclays within the meaning of section 736 of the Companies Act 1985:

 “Taxes Act” means the Income and Corporation Taxes Act 1988; and 
 “Trust Deed” means the deed dated 27 September 1996 establishing the Barclays Group (ESAS) Employees’ Benefit Trust.

  

	1.2	Any reference herein to a statutory provision shall include a reference to that provision as amended or re-enacted from time to time. Where the context permits the singular shall
include the plural and vice versa and the masculine gender shall include the feminine and vice versa. 

  

	1.3	If there is any conflict between the terms and conditions of this Deed and the terms and conditions of the Trust Deed and the Scheme, the terms and conditions of the Trust Deed and
Scheme shall prevail. 

  

	2.	GRANT OF OPTION 

 The Trustee hereby grants the Option to the Optionholder subject to and in accordance with the terms and conditions of this Deed. 
  

	3.	EXERCISE OF OPTION 

  

	3.1	Subject to clauses 4 and 5, the Option may be exercised on one occasion only in whole or in part by the Optionholder at any time within the Option Period by his giving to the
Trustee at its registered office at least 10 working days’ written notice. Such notice shall be substantially in the form set out in the appendix hereto or in such other form and manner as the Trustee may from time to time prescribe. Such
notice shall specify the number of Shares in respect of which the Option is being exercised. The date of exercise of the Option (or the relevant portion of the Option as the case may be) shall be the date on which the period of notice expires (or
such earlier date specified by the Trustee following receipt of a valid written notice of exercise from the Optionholder). On exercise of the Option, £1 will be payable by the Optionholder in total for the Option Shares acquired.

  

	3.2	The Optionholder shall: 

  

	 	(a)	supply with such notice this Deed and such other documentation as the Trustee may require; 

  

	 	(b)	supply a cheque for £1; and 

  

	 	(c)	subject to clause 3.3, pay any such additional amount of which the Trustee may notify the Optionholder in respect of any deduction on account of tax or similar liabilities including
social security contributions for which the Optionholder is or may be liable as may be required by law as a result of the exercise of the Option in such manner as the Trustee may from time to time prescribe. 

  

	3.3	The Trustee shall within 30 days after the date of exercise of the Option transfer the appropriate number of Option Shares to the Optionholder (or to his nominee at the

  
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Optionholder’s written direction). The appropriate number of Option Shares shall, unless otherwise agreed by the Trustee and the Optionholder, be the
number of Option Shares specified in the notice served pursuant to clause 3.1, PROVIDED THAT where any member of the Group or the Trustee is obliged to account for any tax or similar liabilities including social security contributions for which the
Optionholder is or may be liable in any jurisdiction as a result of the exercise of the Option the Trustee may sell sufficient of the Option Shares to meet such liability. The Trustee shall pay such proceeds of sale to the relevant member of the
Group to be held on trust on behalf of the Trustee to be paid to the relevant tax or other authority to meet such liability. 

  

	4.	LIMITATIONS ON EXERCISE OF THE OPTION 

  

	4.1	Subject to clauses 4.2, 4.3, 4.4, 4.5 and 5, the Option may be exercised by the Optionholder at any time during the Option Period. If the Option is not so exercised it shall lapse
at the end of the Option Period. 

  

	4.2	If the Optionholder dies the Option shall lapse forthwith unless the Trustees determines otherwise. 

  

	4.3	If the Optionholder ceases to be employed by the Group by reason of: 

  

	 	(a)	injury; 

  

	 	(b)	disability; 

  

	 	(c)	ill health; 

  

	 	(d)	retirement at Retirement Age; 

  

	 	(e)	redundancy within the meaning of the Employment Rights Act 1996; 

  

	 	(f)	the company by which he is employed ceasing to be a member of the Group; or 

  

	 	(g)	the undertaking in which he works having been sold to a purchaser which is not a member of the Group, 

 the Optionholder may exercise the Option in accordance with clause 3 at any time before the earlier of the expiry of 6 months from the date of cessation
and the end of the Option Period. If the Option is not so exercised it shall lapse. 
  

	4.4	If the Optionholder ceases to be employed by the Group for any other reason the Option shall lapse forthwith unless the Trustee determines otherwise. 

  

	4.5	For the purposes of this clause, where the employment of an Optionholder is terminated without notice or on terms in lieu of notice it shall be deemed to cease on the date on which
the termination takes effect and where such employment is terminated with notice it shall be deemed to cease upon the date on which that notice is given. 

  

	5.	TAKEOVERS’ RECONSTRUCTION AND WINDING-UP OF
BARCLAYS 

  

	5.1	If any person obtains control of Barclays as a result of making: 

  

	 	(a)	a general offer to acquire the whole of the issued share capital of Barclays (other than that which is already owned by such person) made on a condition such that if it is satisfied
the person making the offer will have Control of Barclays; or 

  
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	 	(b)	a general offer to acquire all the Shares (or such Shares as are not already owned by such person); or 

  

	 	(c)	pursuant to a compromise or arrangement between Barclays and its creditors or members which is sanctioned by the Court under section 425 of the Companies Act 1985

 the Option shall lapse forthwith unless the Trustee determines otherwise. 
  

	5.2	If Barclays gives notice of a general meeting to consider a resolution for the winding-up or liquidation of Barclays, the Option shall lapse unless the Trustee determines otherwise.

  

	6.	VARIATION OF CAPITAL 

  

	6.1	Subject to paragraph 6.2, in the event of any increase or variation of the share capital of Barclays (whenever effected) by way of capitalisation or rights issue, or subdivision,
consolidation or reduction of capital or other variation, the Trustee may make such adjustments as it considers appropriate to the number of Shares comprised in the Option. 

  

	6.2	Any adjustment under paragraph 6.1 shall be subject to the Auditors confirming that such adjustment is in their opinion fair and reasonable. 

  

	6.3	The Trustee shall notify the Optionholder in writing of any adjustments made under paragraph 6.1 as soon as practicable following the making of such adjustments.

  

	7.	ADMINISTRATION 

  

	7.1	Any dispute regarding the interpretation of this Deed shall be determined by the Trustee, having consulted the Board and after seeking such advice as it shall consider necessary,
and its decision shall be final and binding. 

  

	7.2	Any notice or other communication in connection with this Deed may be given by personal delivery or by sending the same by post: 

  

	 	(a)	in the case of a company to its registered office; and 

  

	 	(b)	in the case of an individual to his last known address, or, where he is a director or employee of the Group, either to his last known address or to the address of the place of
business at which he performs the whole or substantially the whole of the duties of his office or employment. 

 Where a notice
or other communication is given by first-class post, it shall be deemed to have been received 48 hours after it was put into the post properly addressed and stamped. 
  

	8.	ADDITIONAL PROVISIONS 

  

	8.1	The Option is personal to the Optionholder and may not be transferred to or subject to the provisions of clause 4.3, exercised by any other person. 

  

	8.2	The Option shall be subject to the condition that no Option Shares shall be transferred to the Optionholder by the Trustee following the exercise of the Option if such transfer
would be contrary to any enactment or regulation for the time being in force of the United Kingdom or of any other country having jurisdiction in relation thereto. The Trustee shall not be bound to take any action to obtain the consent of any
governmental authority to such transfer or to take any action to ensure that any such transfer shall be in accordance 

  
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with any such enactment or regulation if such action could in the opinion of the Trustee be unduly onerous. 

  

	8.3	The rights and obligations of the Optionholder under his terms of employment with any member of Group shall not be affected by the grant of the Option and this Deed shall not afford
to the Optionholder any right to continued employment or any additional right to compensation in consequence of the termination of his employment for any reason whatsoever. 

  

	8.4	In any matter in which they are required to act hereunder the Auditors shall be deemed to be acting as experts and not as arbitrators. 

  

	8.5	In accordance with the Stamp Duty Regulations the Trustee hereby certifies this Deed as an instrument falling within category L specified in the Schedule to the Stamp Duty
Regulations and in accordance with the Stamp Duty Regulations it will not require to be stamped with a stamp denoting that it is duly stamped or that it is not chargeable with any duty. 

  
 Lovells 

 [Example] 
 APPENDIX 
 NOTICE OF
EXERCISE OF MANDATORY ESAS OPTION 
  

	To:	Bailhache Labesse Trustees Limited 

 PO Box 207 

13-14 Esplanade 
 St Helier 
 Jersey 
 Channel Islands, JE1 1BD, 

I wish to exercise my Option granted on [                    ]
1 over [                     ]2 Shares. I enclose my cheque for £1 made payable to Bailhache Labesse Trustees Limited. 
 I hereby request you to treat this notice as my application to the Trustee to transfer the above number of fully paid Shares to me/my nominee. I acknowledge that the Trustee will sell such number of Shares which will
(after deducting the costs of sale) provide sufficient funds to account for tax and similar liabilities on my behalf and then procure that my name/my nominee’s name3 is placed on the Register of Members as the holder of the remaining Shares and arrange for me/my nominee to be sent a share certificate (or such other evidence of allotment and issue as may be applicable) in respect
of the same to the address given below. 
 Please note: 
 When completing your tax return for the relevant tax year you will need to declare the exercise of the Option (but you should indicate that the taxable amount has already been included in your taxable pay for the year) and the disposal of
Shares on your behalf by the Trustee. You will be sent details of the relevant transaction after the exercise has taken place. 
  

									
	Dated	 		  		  		  	

									
				
	Signed	 	  
	  		 	Name of Nominee
	(Optionholder)	 		  		 	(if applicable) (Block capitals)

									
				
	Full Name	 	  
	  		 	Address of Nominee
	(Block Capitals)	 		  		 	(Block Capitals)

									
				
	Full Address	 	  
	  		 	  

				
	(Block Capitals)	 	  
	  		 	  

									
					
	Contact telephone number	 	  
	  		 	Reference	  	  

  

	1	Insert date of Option Deed. 

	2	Insert the number of Shares you want if you are exercising in part or ALL if you want to exercise in full 

	3	If you wish the Shares to be registered in the name of your nominee please delete the references to “you” and give your nominee’s details below.

  
 Lovells 

 IN WITNESS whereof this document has been executed as a deed the day
and year first before written. 
  

			
	EXECUTED as a deed by	  	    )
	Bailhache Labesse Trustees Limited	  	    )
	acting by:	  	    )

  

	
	 Authorised Signatory

	
	 Authorised Signatory

  
 Lovells 

 APPENDIX 2 
 DATED                         
200[    ] 
 [NAME OF OPTIONHOLDER] 
  
  
 VOLUNTARY ESAS OPTION DEED 
  
  
 Lovells 
 Atlantic House 
 50 Holborn Viaduct 

London EC1A 2FG 
 Ref: C2/LLW 
  
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 VOLUNTARY ESAS OPTION DEED 
 THIS DEED is made the
[                    ] day of [    ] 
 BY: 
 Bailhache Labesse Trustees Limited whose registered office is at PO Box 207, 13-14
Esplanade, St Helier, Jersey, Channel Islands, JE1 1BD, the trustee of the Barclays Group (ESAS) Employees’ Benefit Trust (the Trustee”) 
 WHEREAS the Trustee has agreed to grant to [Name] of [address] (the “Optionholder”) a nil cost option to acquire shares in the capital of Barclays PLC pursuant to and in
accordance with the rules of the Barclays Group Executive Share Award Scheme on the following terms and conditions. 
 THIS DEED WITNESSES: 
  

	1.	DEFINITIONS AND INTERPRETATION  

  

	1.1	In this Deed: 

 “Auditors” means the
auditors for the time being of Barclays or such other independent suitably qualified person as the Trustee may from time to time nominate; 
 “Barclays” means Barclays PLC, registered in England No. 48839; 
 “Board” means the board of
directors for the time being of Barclays or a duly appointed committee thereof PROVIDED THAT if any person obtains Control of Barclays the Board or relevant committee as appropriate shall mean the members of the Board or such committee as the case
may be immediately before such Control is obtained; 
 “Control” means the control of a company within the meaning of section
840 of the Taxes Act and a person shall be deemed to have control of a company if he and others acting in concert with him have together obtained control of a company within such meaning; 
 “Group” means Barclays, and all of its Subsidiaries and “member of the Group” shall be construed accordingly; 
 “Option” means the right granted hereby by the Trustee to the Optionholder to acquire the Option Shares; 
 “Option Period” means the period of ten years from the Start Date; 
 “Option Shares” means subject to clause 6, [            ] Shares; 

“Scheme” means the Executive Share Award Scheme established by the Trustee pursuant to the Trust Deed and constituted by its rules set
out in the Second Schedule to the Trust Deed as amended from time to time in accordance with paragraph 14 thereof; 
 “Shares” means ordinary shares in the capital of Barclays (or such other class of shares as may represent the same as a result of any reorganisation, reconstruction or other variation of share capital of Barclays to which
the provisions of this Deed apply from time 

 
to time) PROVIDED THAT if an Option is exercised at any time when the Trustee does not hold such Shares in Barclays following an event as described in clause
5, references to shares in clauses 3 and 5 shall include any consideration received by the Trustee for the Shares in respect of which an Option is being exercised; 
 “Stamp Duty Regulations” means the Stamp Duty (Exempt Instruments) Regulations 1987; 
 “Start Date” means
[                                    ]; 
 “Subsidiaries” means those companies which are subsidiaries of Barclays within the meaning of section 736 of the Companies Act 1985;

 “Taxes Act” means the Income and Corporation Taxes 1988; and 
 “Trust Deed” means the deed dated 27 September 1996 establishing the Barclays Group (ESAS) Employees’ Benefit Trust.

  

	1.2	Any reference herein to a statutory provision shall include a reference to that provision as amended or re-enacted from time to time. Where the context permits the singular shall
include the plural and vice versa and the masculine gender shall include the feminine and vice versa. 

  

	1.3	If there is any conflict between the terms and conditions of this Deed and the terms and conditions of the Trust Deed and the Scheme, the terms and conditions of the Trust Deed and
the Scheme shall prevail. 

  

	2.	GRANT OF OPTION 

 The Trustee hereby grants the Option to the Optionholder subject to and in accordance with the terms and conditions of this Deed. 
  

	3.	EXERCISE OF OPTION 

  

	3.1	Subject to clauses 4 and 5, the Option may be exercised on one occasion only in whole or in part by the Optionholder at any time within the Option Period by his giving to the
Trustee at its registered office at least 10 working days’ written notice. Such notice shall be substantially in the form set out in the appendix hereto or in such other form and manner as the Trustee may from time to time prescribe. Such
notice shall specify the number of Option Shares in respect of which the Option is being exercised. The date of exercise of the Option (or the relevant portion of the Option as the case may be) shall be the date on which the period of notice expires
(or such earlier date specified by the Trustee following receipt of a valid written notice of exercise from the Optionholder). On exercise of the Option, £1 will be payable by the Optionholder or his personal representative(s)) in total for
the Option Shares acquired. 

  

	3.2	The Optionholder shall: 

  

	 	(a)	supply with such notice this Deed and such other documentation as the Trustee may require; 

  

	 	(b)	supply a cheque for £1; and 

  

	 	(c)	subject to clause 3.3, pay any such additional amount of which the Trustee may notify the Optionholder in respect of any deduction on account of tax or similar liabilities including
social security contributions for which the Optionholder is or 

  
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may be liable as may be required by law as a result of the exercise of the Option in such manner as the Trustee may from time to time prescribe.

  

	3.3	The Trustee shall within 30 days after the date of exercise of the Option transfer the appropriate number of Option Shares to the Optionholder (or to his nominee at the
Optionholder’s written direction). The appropriate number of Option Shares shall, unless otherwise agreed by the Trustee and the Optionholder, be the number of Option Shares specified in the notice served pursuant to clause 3.1, PROVIDED THAT
where any member of the Group or the Trustee is obliged to account for any tax or similar liabilities including social security contributions for which the Optionholder is or may be liable in any jurisdiction as a result of the exercise of the
Option, the Trustee may sell sufficient of the Option Shares to meet such liability. The Trustee shall pay such proceeds of sale of such Option Shares to the relevant member of the Group to be held on trust on behalf of the Trustee to be paid to the
relevant tax or other authority to meet such liability. 

  

	4.	LIMITATIONS ON EXERCISE OF THE OPTION 

  

	4.1	Subject to clauses 4.2, 4.3, 4.4 and 5, the Option may be exercised by the Optionholder at any time during the Option Period. If the Option is not so exercised it shall lapse at the
end of the Option Period. 

  

	4.2	The Option shall be exercisable during the following consecutive periods over the number of Option Shares specified below: 

  

	 	(a)	the Option shall be exercisable in respect of [            ] of the Option Shares on or after the Start Date up to but
not including the third anniversary of the Start Date. If the Option is exercised in whole or in part during this period the Option shall forthwith lapse in respect of the remaining [    ] Option Shares; 

 

	 	(b)	the Option shall be exercisable in respect of [            ] of the Option Shares on or after the third anniversary of
the Start Date up to but not including the fifth anniversary of the Start Date. If the Option is exercised, in whole or in part, during this period the Option shall lapse forthwith in respect of the remaining [    ] Option
Shares; and 

  

	 	(c)	the Option shall be exercisable in respect of all of the Option Shares on or after the fifth anniversary of the Start Date for the remainder of the Option Period.

  

	4.3	if the Optionholder ceases to be employed by the Group, the Option shall continue to be exercisable in respect of the number of Option Shares in respect of which the Option would
have been exercisable in accordance with clause 4.2 as at the date of cessation of the Optionholder’s employment with the Group. The Option may be exercised by the Optionholder at any time before the earlier of the end of the Option Period and
12 months from the date of cessation of employment and if not so exercised the Option shall lapse PROVIDED THAT if the Optionholder ceases to be employed by the Group as a result of the relevant member of the Group terminating the
Optionholder’s employment by applying any provision for summary dismissal in the Optionholder’s service contract with such member of the Group the Option shall lapse on the date of such termination. 

  

	4.4	If the Optionholder dies his personal representative(s) may exercise the Option to the extent that it was exercisable at the date of his death in accordance with clause 4.2. The
Option may be exercised at any time before the earlier of the end of the Option Period and within 12 months of the Optionholder’s death. If the Option is not so exercised it shall lapse. 

  

	4.5	For the purposes of this clause 4, where the employment of an Optionholder is terminated without notice or on terms in lieu of notice it shall be deemed to cease on the date on

  
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which the termination takes effect and where such employment is terminated with notice it shall be deemed to cease upon the date on which that notice is
given. 

  

	5.	TAKEOVER, RECONSTRUCTION AND WINDING-UP OF BARCLAYS

  

	5.1	Clause 5.2 shall apply: 

  

	 	(a)	if any person obtains Control of Barclays as a result of making: 

  

	 	(i)	a general offer to acquire the whole of the issued share capital of Barclays (other than that which is already owned by such person) made on a condition such that if it is satisfied
the person making the offer will have Control of Barclays; or 

  

	 	(ii)	a general offer to acquire all the Shares (or such Shares as are not already owned by such person); or 

  

	 	(b)	if under section 425 of the Companies Act 1985 the Court sanctions an arrangement between Barclays and its creditors or its members which, if it becomes effective will result in a
person obtaining Control of Barclays. 

  

	5.2	The Optionholder may exercise the Option at any time to the extent that it was exercisable in accordance with clause 4.2 on the date on which a person obtains Control before the
earlier of the end of the Option Period and the end of the appropriate period, as defined in clause 5.3. If the Option is not so exercised it shall lapse. 

  

	5.3	The appropriate period referred to in clause 5.2 is: 

  

	 	(a)	in a case falling within clause 5.1 (a), a period commencing on the date when the person making the offer has obtained Control of Barclays and any condition subject to which the
offer is made is satisfied and ending on the earlier of: 

  

	 	(i)	six months after such date; and 

  

	 	(ii)	30 days before the last date on which the person making the offer is permitted to issue a notice pursuant to section 429 of the Companies Act 1985; and 

  

	 	(b)	in a case falling within clause 5.1(b), a period of six months commencing with the time when the Court sanctions the compromise or arrangement 

  

	5.4	If Barclays gives notice of a general meeting to consider a resolution for the voluntary winding-up of Barclays, the Optionholder may exercise the Option at any time to the extent
that it was exercisable on the date of such notice in accordance with clause 4.2 before the earlier of the end of the Option Period and the period until such resolution is duly passed or defeated or withdrawn PROVIDED THAT any exercise pursuant to
this clause 5.4 shall be conditional upon the said resolution being duly passed. If the Optionholder exercises the Option pursuant to this clause 5.4 he shall be entitled to share in the assets of Barclays with existing holders of the Shares in the
same manner as he would have been entitled had the Option Shares been registered in his name before the resolution was passed. 

  

	5.5	On the commencement of any liquidation of Barclays subject to clause 5.4 and otherwise than in connection with a compromise or arrangement as referred to in clause 5.1(b) the Option
shall lapse. 

  
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	6.	VARIATION OF CAPITAL 

  

	6.1	Subject to paragraph 6.2, in the event of any increase or variation of the share capital of Barclays (whenever effected) by way of capitalisation or rights issue, or sub-division,
consolidation or reduction of capital or other variation, the Trustee may make such adjustments as it considers appropriate to the number of Shares comprised in the Option. 

  

	6.2	Any adjustment under paragraph 6.1 shall be subject to the Auditors confirming to the Trustee that such adjustment is in their opinion fair and reasonable. 

 

	6.3	The Trustee shall notify the Optionholder in writing of any adjustments made under paragraph 6.1 as soon as practicable following the making of such adjustments.

  

	7.	ADMINISTRATION 

  

	7.1	Any dispute regarding the interpretation of this Deed shall be determined by the Trustee, having consulted the Board and after seeking such advice as it shall consider necessary,
and its decision shall be final and binding. 

  

	7.2	Any notice or other communication in connection with this Deed may be given by personal delivery or by sending the same by post: 

  

	 	(a)	in the case of a company to its registered office; and 

  

	 	(b)	in the case of an individual to his last known address, or, where he is a director or employee of the Group, either to his last known address or to the address of the place of
business at which he performs the whole or substantially the whole of the duties of his office or employment. 

 Where a notice
or other communication is given by first-class post, it shall be deemed to have been received 48 hours after it was put into the post property addressed and stamped. 
  

	8.	ADDITIONAL PROVISIONS 

  

	8.1	The Option is personal to the Optionholder and may not be transferred to or subject to the provisions of clause 4.4, exercised by any other person. 

  

	8.2	The Option shall be subject to the condition that no Option Shares shall be transferred to the Optionholder by the Trustee following the exercise of the Option if such transfer
would be contrary to any enactment or regulation for the time being in force of the United Kingdom or of any other country having jurisdiction in relation thereto. The Trustee shall not be bound to take any action to obtain the consent of any
governmental authority to such transfer or to take any action to ensure that any such transfer shall be in accordance with any such enactment or regulation if such action could in the opinion of the Trustee be unduly onerous.

  

	8.3	The rights and obligations of the Optionholder under his terms of employment with any member of Group shall not be affected by the grant of the Option and this Deed shall not afford
to the Optionholder any right to continued employment or any additional right to compensation in consequence of the termination of his employment for any reason whatsoever. 

  

	8.4	In any matter in which they are required to act hereunder the Auditors shall be deemed to be acting as experts and not as arbitrators. 

  
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	8.5	In accordance with the Stamp Duty Regulations the Trustee hereby certifies this Deed as an instrument falling within category L specified in the Schedule to the Stamp Duty
Regulations and in accordance with the Stamp Duty Regulations it will not require to be stamped with a stamp denoting that it is duly stamped or that it is not chargeable with any duty. 

  
 Lovells 

 [Example] 
 APPENDIX 
 NOTICE OF EXERCISE OF
VOLUNTARY ESAS OPTION 
  

	To:	Bailhache Labesse Trustees Limited 

 PO Box 207 

13-14 Esplanade 
 St Helier 
 Jersey 
 Channel Islands, JE1 1BD, 

I wish to exercise my Option granted on
[                    ]1
over [                    ]2 Shares. I enclose
my cheque for £1 made payable to “Bailhache Labesse Trustees Limited 
 I hereby request
you to treat this notice as my application to the Trustee to transfer the above number of fully paid Shares to me/my nominee.3
I acknowledge that the Trustee will sell such number of Shares which will (after deducting the costs of sale) provide sufficient funds to account for tax and similar liabilities on my behalf and then procure that my name/my nominee’s name is
placed on the Register of Members as the holder of the remaining Shares and arrange for me/my nominee to be sent a share certificate in respect of the same (or such other evidence of allotment and issue as may be applicable) to the address given
below. 
 Please note: 
  

	1.	When completing your tax return for the relevant tax year you will need to declare the exercise of the Option (but you should indicate that the taxable amount has already been
included in your taxable pay for the year) and the disposal of Shares on your behalf by the Trustee. You will be sent details of the relevant transaction after the exercise has taken place. 

  

	2.	If you are the personal representatives of the optionholder you should include a certified copy of the letters of administration or grant of probate when you return this notice
together with details of the name and address of the nominee in which you would like the Shares registered. References in the above notice will be deemed altered accordingly. 

  

									
	Dated	 		  		  		  	

									
				
	Signed	 	  
	  		  	Name of Nominee
	(Optionholder)	 		  		  	(if applicable) (Block capitals)

									
				
	Full Name	 	  
	  		  	Address of Nominee
	(Block Capitals)	 		  		  	(Block Capitals)

									
				
	Full Address	 	  
	  		  	  

	(Block Capitals)	 		  		  	

  

	1	Insert date of Option Deed. 

	2	Insert the number of Shares you want to acquire if you are exercising in part or ALL if you want to exercise in full. 

	3	If you wish the Shares to be registered in the name of your nominee please delete the references to “you” and give your nominee’s details below.

  
 Lovells 

									
		 	  
	  		  	  

					
	Contact telephone number	 	  
	  		  	Reference	  	  

  
 Lovells 

 IN WITNESS whereof this document has
been executed as a deed the day and year first before written. 
  

			
	EXECUTED as a deed by	  	    )
	Bailhache Labesse Trustees Limited	  	    )
	acting by:	  	    )

  

	
	 Authorised Signatory

	
	 Authorised Signatory

  
 LovellsSeparation Agreement - Michael L. Bailey

 EXHIBIT 10.39 
 December 28, 2007 
 Mr. Michael Bailey 
 1655
Mallard Drive 
 Eagan, MN 55122 
 Re: Separation Agreement

 Dear Mike: 
 This letter agreement (the “Letter
Agreement”) will confirm our agreement regarding your separation from service with Visant Corporation (“VC”) and its direct and indirect subsidiaries, including Jostens, Inc. (“Jostens”) (together with VC,
“Visant”). You will separate from employment with Visant, and resign from any officer or director positions you may hold with Visant, effective January 7, 2008 (the “Effective Date of Separation”), so long as
your employment is not terminated for Cause by Visant or Jostens prior to such date. Any capitalized terms used but not defined herein will have the meaning set forth in the 2004 Stock Option Plan for Key Employees of Visant Holding Corp. (f/k/a
Jostens Holding Corp.) and Its Subsidiaries, that certain Management Stockholder’s Agreement entered into by and between you and Jostens Holding Corp. dated March 17, 2005 (the “Management Stockholder’s Agreement”),
and/or those certain Stock Option Agreements entered into by and between you and Visant Holding Corp. dated March 17, 2005, as applicable (collectively, the “Equity Documents”). In consideration for the promises and mutual
covenants contained herein, each of you and VC agree to the following: 
 1. Part-Time Employment and Release: 
 (a) For the period commencing on the Effective Date of Termination and ending on June 30, 2009, you will be employed by VC as a non-executive,
part-time employee of VC, subject to earlier termination by VC for Cause or by you for any reason. As such a part-time employee, you will provide such services to VC as may reasonably be requested by Marc Reisch (or such other person as he may
designate) from time to time and will report to Marc Reisch (or such other person as he may designate). You and VC each acknowledge that your role as a part-time employee is contemplated to require only that you perform services from time to time,
that such services as you may perform will be provided primarily by you from locations other than any Visant property (and that in fact you will not be provided with any office space at any Visant property) and that such part-time employment does
not constitute employment for purposes of Section 409A of the Code. However, you shall devote your full time business efforts to VC during the period of time you remain employed by VC hereunder. 
 (b) Subject to the provisions of Paragraph 1(c) below, VC will pay you, beginning on Visant’s first payroll date occurring in calendar year 2008
following your Effective Date of Separation and execution and non-revocation of the Release (as defined below) and ending on VC’s last payroll date occurring in June of 2009, an aggregate amount equal to $600,000.00, payable as follows:
(i) $500,000.00 shall be paid in substantially equal installments, on a bi-monthly basis, during the calendar year 2008 and (ii) the remaining 

 
$100,000.00 shall be paid in substantially equal installments, on a bi-monthly basis, between January 1, 2009, through June 30, 2009 (each such
installment payment, a “Severance Payment”). Notwithstanding the foregoing, you will forfeit any unpaid Severance Payments if your part-time employment with VC is terminated for Cause by VC or by you for any reason other than due to
your Permanent Disability or death at such time as such employment ceases for any such reason. 
 (c) Payment to you of the Severance
Payments provided for in Paragraph 1(b) above shall be conditioned on your execution of: first, on the Effective Date of Separation, a Release and Waiver of Claims in the form attached hereto on Appendix A (the “Release”), and
second, the non-revocation of such Release within the time period described in paragraph 7 of such Release. Please do not sign this Letter Agreement or the Release until your last date of employment with Jostens. 
 (d) From January 7, 2008 through the earlier of (x) the date your part-time employment with VC provided for above is terminated by VC for Cause
or by you for any reason (including due to your death or Permanent Disability) or (y) June 30, 2009, you will continue to be eligible to participate in the group medical, dental and vision plans provided to other employees of VC, as they
may change from time to time; except that you will be required to pay the full cost of the premiums (which includes both the employer and employee portion) payable in respect of such coverage. Upon expiration of your services to
VC as a part-time employee on June 30, 2009 (or such earlier date of termination or resignation, as applicable), you will be entitled to commence receiving such health insurance benefits as VC may, pursuant to the Consolidated Omnibus Budget
Reconciliation Act of 1985 (“COBRA”), be required to provide to you (upon your election to receive them), for the full length of the period that you (and your dependents, as applicable) are eligible under COBRA to receive such
benefits and subject to your payment of the COBRA premiums. (You hereby acknowledge that you understand, as of the date hereof, that COBRA permits VC to require you to pay up to 102% of the cost to VC of providing such benefits to similarly situated
employees of VC). You will be advised separately of coverage continuation rights under COBRA by Acclaim Benefits, the COBRA administrator, or its successor. The benefit election form must be returned to Acclaim Benefits or its successor along with
your premium payments before benefits will be continued. In all cases, benefits under this paragraph (d) will be subject to the same terms and conditions of the group benefits plan as apply to active VC employees (including Visant’s right
to modify or terminate such benefits). In addition to the foregoing, VC hereby acknowledges and agrees that you will become eligible to participate in the applicable Jostens’ retiree medical plan on such date as you achieve age 55, subject to
and in accordance with the terms and conditions of such plan, as the same may be in effect from time to time, taking into account your service with Jostens. 
 (e) For so long as you remain a part-time employee as provided in Paragraph 1(a) above: (i) subject to the terms and conditions of the Visant 401(k) Retirement Savings Plan and applicable law, you will remain
eligible to participate in such plan and (ii) you will only be permitted to continue to participate in (and become vested under) any other tax-qualified or non-qualified retirement plans in which you participated prior to the Effective Date of
Separation to the extent permitted under the terms of such plans and applicable law; provided that, for clarity, commencement of your benefits under your Executive Supplemental Retirement Agreement dated April 23, 1998, as amended, will be
triggered by your separation from employment with Jostens on January 7, 2008, and you will not be eligible to earn or accrue any additional benefits thereunder. 
  

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 (f) At all times during the period that you are employed by VC as provided in Paragraph 1(a) above, you
will be reimbursed for all reasonable business expenses that you incur in performing any services under this Letter Agreement (provided this shall not include auto or gas expenses). Such expenses will be reimbursed upon presentation by you from time
to time of a documented expense report in the manner required and otherwise pursuant to applicable business expense reimbursement policies maintained by VC during your period of part-time employment with Visant for executive-level employees.

 (g) Except as expressly provided as set forth in this Paragraph 1 above or Paragraph 2 below or as may be required by applicable law, you
hereby acknowledge and agree that at no time while you are employed as provided in Paragraph 1(a) above will you be eligible or entitled to participate in any bonus or other incentive compensation plan or program, retirement, severance, perquisite,
fringe benefit or other employee benefit plan, program or policy maintained by Visant. 
 2. Treatment of Equity: 

(a) Effective as of the Effective Date of Separation: (i) all then unvested options that you hold (“Options”) to purchase Visant
Holding Corp. Class A Common Stock (“Visant Stock”) will expire and be cancelled without payment; and (ii) all then vested Options to purchase Visant Stock (including any such Options that vest based on the performance of
Visant and/or its any of its subsidiaries as of the end of fiscal year 2007, even if such determination will not be made until the availability of the VC’s consolidated audit results on or about March 15, 2008) will remain exercisable
through December 31, 2008, so long as you continue to be employed as a part-time employee under Paragraph 1(a) until such date (or if such part-time employment is terminated by VC without Cause or due to your resignation, death or
Permanent Disability, prior to such date). 
 (b) In exchange for the cancellation, on January 1, 2009, of all Options to purchase
Visant Stock that are, as of January 1, 2009, outstanding, Visant Holding Corp. will pay to you an amount equal to the product of (x) the excess, if any, of the Fair Market Value (as determined under the Management Stockholder’s
Agreement and approved by the Visant Holding Corp. Board of Directors or the compensation committee thereof) of one share of Visant Stock on December 31, 2008, over the per share exercise price of such cancelled Options, and (y) the number
of shares of Visant Stock that were subject to such cancelled Options. Such payment will be made to you following the availability of such Fair Market Value valuation, on or about April 1, 2009, so long as you continue to be employed as
a part-time employee under Paragraph 1(a) until such date (or if such part-time employment is terminated by VC without Cause or due to your resignation, death or Permanent Disability, prior to such date of payment based on the Fair Market Value of
the Visant Stock as of such date of separation of service). 
  

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 (c) On or about April 1, 2009, Visant Holding Corp. will purchase all shares of Visant Stock then
held by you, at a per share purchase price equal to the Fair Market Value (determined as provided in Paragraph 2(b) above) of such shares as of December 31, 2008, so long as you continue to be employed as a part-time employee under
Paragraph 1(a) until such date (or if such part-time employment is terminated by VC without Cause or due to your resignation, death or Permanent Disability, prior to such date of payment based on the Fair Market Value of the Visant Stock as of such
date of separation of service). 
 (d) Until the applicable dates of the payments provided for in Paragraph 2(b) and (c), above,
respectively, you hereby agree and acknowledge that you will continue to hold all of your shares of Visant Stock pursuant to the Management Stockholder’s Agreement and other Equity Documents and to hold all of your Options to purchase Visant
Stock pursuant to the Equity Documents under which such Options were granted (subject to the extension of the exercise term of vested Options as set forth in Paragraph 2(a) above). 
 3. Accrued Rights upon Effective Date of Separation: Visant shall pay you, in a lump sum, all unpaid base salary you earned through the
Effective Date of Separation while still employed as a full-time employee of Visant, promptly after the Effective Date of Separation. For the avoidance of doubt, you will not accrue any vacation days for 2008. 
 4. Withholding; Set-Off: Notwithstanding any other provision of this Letter Agreement, Visant may, to the extent permitted by law, withhold
applicable federal, state and local income and other taxes from any payments due to you hereunder in respect of any payments and benefits provided to you hereunder in respect of which there exists an obligation of Visant to withhold taxes or other
amounts. 
 5. Return of Visant Property; Expense Reports: On or before the Effective Date of Separation, you shall return to
Visant all documents, manuals, computers, computer programs, CDs and/or diskettes, customer lists, notebooks, reports and other written or graphic materials, including all copies thereof, relating in any way to Visant’s business and prepared by
you or obtained by you from Visant, its affiliates, clients or its suppliers during the course of your employment with Visant, as well as all expense reimbursement requests and reports, prepared and provided in accordance with the terms of
Jostens’ expense reimbursement policy to which you are currently subject. 
 6. Entire Agreement; Restrictive Covenants:
This Letter Agreement constitutes the entire agreement between the parties on the subject of payments and benefits due to you from Visant and its affiliates and supersedes all other prior agreements concerning the terms of any and all payments and
benefits to which you may be entitled upon termination of employment (including, without limitation, that certain Summary of Executive Arrangements previously provided to you by VC), except that (a) to the extent required
to give full effect to the provisions of Paragraph 2 above, the applicable provisions of the Equity Documents shall remain in effect and (b) the provisions of Section 24 (Confidential Information; Covenant Not to Compete) of your
Management Stockholder’s Agreement (the “Restrictive Covenants”) shall continue to apply and are hereby made a part of this Letter Agreement by reference, except that (i) in consideration of the payments and
benefits hereunder to which you would not otherwise have 

  

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been entitled, for purposes of the periods during which you are to be subject to the Restrictive Covenants, your employment will be deemed terminated as of
January 11, 2011, and shall not be considered to have terminated on the Effective Date of Separation and (ii) all references to payments contained in Section 24(c) of your Management Stockholder’s Agreement shall be deemed to
refer to the payments provided for in Paragraph 2 above. 
 7. Deferred Compensation Tax Rules: The arrangements contemplated
under this Letter Agreement shall be interpreted in accordance with Section 409A of the Code and Department of Treasury Regulations and other interpretive guidance issued thereunder, including, without limitation, any such regulations or other
guidance that may be issued after the Effective Date of Separation. In the event that VC determines that any amounts payable or benefits provided hereunder will be immediately taxable to you under Section 409A of the Code and related Department
of Treasury guidance, VC may (a) adopt such amendments to this Letter Agreement and appropriate policies and procedures, including amendments and policies with retroactive effect, that VC determines necessary or appropriate to preserve the
intended tax treatment of the benefits provided by the contemplated agreement and/or (b) take such other actions as VC determines necessary or appropriate to comply with the requirements of Section 409A of the Code and related Department
of Treasury guidance, including such Department of Treasury guidance and other interpretive materials as may be issued after the date hereof. Nothing herein or contemplated hereby shall be deemed tax advice by VC. 
 8. No Mitigation; Offset: You shall have no duty to mitigate or to seek or accept employment or work elsewhere following the Effective Date
of Separation; provided, however, if you do become employed or engaged elsewhere, the payments and benefits set forth in this Letter Agreement shall be offset or reduced, as applicable, by any compensation or benefits you may receive
from such other source. 
 9. Severability: The provisions of this Letter Agreement shall be deemed severable, and the
invalidity or unenforceability of any provision hereof shall not affect the validity or enforceability of the other provisions hereof. In the event that the provisions of Section 6 (including, by incorporation by reference, any provisions of
Section 24 of the Management Stockholder’s Agreement), or any portion thereof, should ever be adjudicated by a court of competent jurisdiction in proceedings to which you or any Visant party is a proper party to exceed the time or
geographic or other limitations permitted by applicable law, then such provisions shall be deemed reformed to the maximum time or geographic or other limitations permitted by applicable law, as determined by such court in such action, the parties
hereby acknowledging their desire that in such event such action be taken. Notwithstanding the foregoing, you affirmatively represent, acknowledge and agree that this Letter Agreement and each of its provisions are enforceable in accordance with
their terms, and expressly agree not to challenge the validity or enforceability of this Letter Agreement or any of its provisions, or portions or aspects thereof, in the future. Visant is expressly relying upon this representation, acknowledgement
and agreement in determining to enter into this Letter Agreement and provide you with the payments and benefits hereunder. 
  

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 10. Applicable Law; Arbitration: This Letter Agreement shall be governed by and construed
in accordance with the laws of the State of New York, without regard to conflicts of laws principles thereof. In the event of any controversy among the parties hereto arising out of, or relating to, this Letter Agreement which cannot be settled
amicably by the parties, such controversy shall be finally, exclusively and conclusively settled by mandatory arbitration conducted expeditiously in accordance with the American Arbitration Association rules by a single independent arbitrator,
except that each of VC and Visant Holding Corp. may seek injunctive or other relief in order to enforce the Restrictive Covenants incorporated by reference herein. Such arbitration process shall take place within the New York
City-metropolitan area. The decision of the arbitrator shall be final and binding upon all parties hereto and shall be rendered pursuant to a written decision, which contains a detailed recital of the arbitrator’s reasoning. Judgment upon the
award rendered may be entered in any court having jurisdiction thereof. 
 11. Amendment; No Waiver: This Letter Agreement may
only be amended or modified by a written agreement executed by you, Visant Holding Corp. and Visant Corporation (or any respective successor to Visant Holding Corp. and/or Visant Corporation). As an exception to the foregoing, the parties
acknowledge and agree that an executive officer of Visant Holding Corp. shall have the right, in his or her sole discretion, to reduce the scope of any covenant set forth in this Letter Agreement or any portion thereof, effective as to you
immediately upon receipt by you of written notice thereof from Visant. No waiver of any of the provisions of this Letter Agreement, whether by conduct or otherwise, in any or more instances, shall be deemed or construed as a further, continuing or
subsequent waiver of any such provision or as a waiver of any other provision of this Letter Agreement. No failure to exercise and no delay in exercising any right, remedy or power hereunder will preclude any other or further exercise of any other
right, remedy or power provided herein or by law or in equity. 
 12. Assignment: Neither this Letter Agreement nor any of the
rights or obligations hereunder may be assigned or delegated by you without the prior written consent of the other parties of this Letter Agreement. Visant’s obligations and rights hereunder may be assigned to any of its successor or assigns.

 13. Notice: For the purpose of this Letter Agreement, notices and all other communications provided for in this Letter
Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or three days after it has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to
the respective addresses set forth below in this Letter Agreement, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon
receipt. 
 If to Visant (including any of Jostens, VC or Visant Holding Corp.): 
 Visant Corporation 
 357 Main Street

 Armonk, New York 10504 
 Attention: General Counsel 
  

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 If to Executive: 
 To the most recent address of Executive set forth in the personnel records of the Company. 
 14.
Counterparts: This Letter Agreement may be executed in one or more counterparts, which shall, collectively or separately, constitute one agreement. 
 Please sign the enclosed copy of this Letter Agreement to signify your understanding and acceptance of the terms and conditions contained herein and return a copy to Marie Hlavaty by no later than January 28,
2008. 
 Mike, let me extend my thanks to you for your longstanding services to Jostens. 
  

	
	Sincerely,
	
	 /s/ Marc Reisch

	Marc Reisch
	Chief Executive Officer
	Visant Corporation

 Agreed this 21st day of December, 2007. 
  

			
	VISANT HOLDING CORP.
		
	By:	 	 /s/ Marc Reisch

	Title:	 	
	
	VISANT CORPORATION
		
	By:	 	 /s/ Marc Reisch

	Title:	 	
	
	JOSTENS, INC.
		
	By:	 	 /s/ Marc Reisch

	Title:	 	

  

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 The foregoing Letter Agreement has been read and accepted as a
binding agreement between Visant Holding Corp., Visant Corporation, Jostens, Inc. and me, Michael Bailey as the undersigned, this 7th day of
January, 2008. 
  

	
	 /s/ Michael Bailey

	Michael Bailey

  

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 APPENDIX A 
 Release and Waiver of Claims 
 1. In consideration for the payments provided for under the letter
agreement between me, Michael Bailey, and Visant Corporation dated December 28, 2007 (the “Letter Agreement”), and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, I hereby
enter into this Release and Waiver of Claims (the “Release”) and agree on behalf of myself, my spouse, agents, assignees, attorneys, successors, assigns, heirs and executors, to fully and completely release Visant (which term shall
be deemed to include Visant Holding Corp. and all subsidiary and affiliated and successor companies and persons of Visant Holding Corp. or other entity in which Visant Holding Corp. or its subsidiaries or affiliates has an equity interest in excess
of ten percent (10%)), its predecessors and successors and all of their respective past and/or present officers, directors, partners, members, managing members, managers, employees, agents, representatives, administrators, attorneys, insurers and
fiduciaries in their individual and/or representative capacities (hereinafter collectively referred to as the “Company Releasees”), from any and all causes of action and claims whatsoever, which I or my heirs, executors,
administrators, successors and assigns ever had, now have or may have against the Company Releasees or any of them, in law, admiralty or equity, whether known or unknown to me, for, upon, or by reason of, any matter, action, omission, course or
thing in connection with or in relationship to: (a) my employment or other service relationship with Visant; (b) the termination of any such employment or service relationship; (c) any applicable employment, benefit, compensatory or
equity arrangement with Visant occurring or existing up to the date this Release is signed; and (d) any equity or stock plans of Visant, subject to the provisions of paragraph 3 of this Release, below (such released claims are collectively
referred to herein as the “Released Claims”). 
 2. The Released Claims include, without limitation of the language of
paragraph 1, (i) any and all claims under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Civil Rights Act of 1991, the Fair Labor Standards Act, the Employee Retirement Income Security Act of
1974, the Americans with Disabilities Act, The Equal Pay Act, The Sarbanes-Oxley Act of 2002, the Minnesota Human Rights Act, Minn. Stat. Ch. 363, and any and all other federal, state or local laws, statutes, rules and regulations pertaining to
employment, discrimination in employment, the payment of wages and benefits or otherwise and (ii) any claims for wrongful discharge, breach of contract or public policy, fraud, misrepresentation or any claims relating to benefits, compensation
or equity, or any other claims under any statute, rule or regulation or under the common law, including compensatory damages, punitive damages, attorney’s fees, costs, expenses and all claims for any other type of damage or relief. 

3. The Released Claims shall not include any vested benefits which I hold under any Visant pension or welfare benefit plan nor any rights to receive
the payments and benefits promised me under the Letter Agreement (which are inclusive of any rights I would have had under the Equity Documents with respect to the equity retained by me by the terms of the Letter Agreement), unless and until such
payments and benefits are provided to the full extent set forth in the Letter Agreement. In addition, I affirm that I have been paid and/or received all leave 

  

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(paid or unpaid), compensation, wages, bonuses, commissions , vacation pay and/or benefits to which I may be entitled and that no other leave (paid or
unpaid), compensation, wages, bonuses, commissions, vacation pay, severance and/or benefits are due to me, except as provided in the Letter Agreement. I affirm I have not filed, caused to be filed, or presently are a party to a claim or cause of
action against any of the Company Releasees. I further affirm that I have no known workplace injuries or occupation diseases, and have been granted and/or not denied any leave to which I was entitled under the Family Medical Leave Act or any related
state or local leave or disability accommodation laws. I acknowledge that I have not been retaliated against for reporting any allegation of corporate fraud or other wrongdoing by any of the Company Releasees, or for exercising any rights protected
by law, including any rights protected by the Fair Labor Standards Act, the Family Medical Leave Act, or the Minnesota worker’s compensation laws. 
 I acknowledge and agree that the waiver and release is given in exchange for fair and adequate consideration. 
 Both I and Visant acknowledge that this Letter Agreement does not limit my right or Visant’s right, where applicable, to file or participate in an investigation or proceeding of any federal, state or local governmental agency.

 4. I expressly understand and agree that the obligations of Visant as set forth in the Letter Agreement are in lieu of any and all other
amounts which I might be, are now, or may become, entitled to receive from Visant upon any claim released herein and, without limiting the generality of the foregoing (and except as otherwise provided in paragraph 3 of this Release), I expressly
waive any right or claim that I may have or assert with respect to any employment, benefit, compensatory or equity arrangement with Visant, and any damages and/or attorney’s fees and costs. 
 5. To ensure that the provisions of this Release are fully enforceable in accordance with its terms, I agree to waive any and all rights of
Section 1542 of the California Civil Code (to the extent applicable) as it exists from time to time or a successor provision thereto, which provides: 
 “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the
debtor.” 
 In addition, to ensure that the provisions of this Release are fully enforceable in accordance with its terms, I agree to waive any
protection that may exist under any comparable or similar statute and under any principle of common law of the Untied States or any and all states, or any foreign jurisdiction. 
 6. I represent that I have read carefully and fully understand the terms of this Release and that I have been advised by this writing to consult with an
attorney and further have had the opportunity to consult with an attorney prior to signing this Release. I further acknowledge that I fully understand the Release that I am signing. I acknowledge that I am 

  

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signing this Release voluntarily and knowingly and that I have not relied on any representations, promises or agreements of any kind made to me in connection
with my decision to accept the terms of this Release, other than those set forth in this Release. I acknowledge that I have been given at least twenty-one (21) days to consider whether I want to sign this Release. 
 7. I acknowledge that the (a) federal Age Discrimination in Employment Act gives me the right to revoke this Release within seven
(7) days after it is signed by me and (b) applicable Minnesota law gives me the right to revoke this Release for a period of fifteen (15) days after it is signed by me by mailing or delivering a written notice of revocation stating
that “I hereby revoke my acceptance of the agreement with Visant Holding Corp., Visant Corporation and Jostens, Inc. dated December 28, 2007” to Marie D. Hlavaty, at Visant Holding Corp., 357 Main Street, Armonk, New York 10504, by
means of certified mail, return receipt requested or hand delivery, no later than the close of business on the fifteenth day after the day on which I signed this agreement. 
 8. I further acknowledge that I will not receive any payments or benefits due to me under the Letter Agreement before the fifteen (15) day
revocation period under the Minnesota law (the “Revocation Period”) has passed and then, only if I have not revoked this Release. To the extent I have executed this Release within less than twenty-one (21) days
after its delivery to me, I hereby acknowledge that my decision to execute this Release prior to the expiration of such twenty-one (21) day period was entirely voluntary. 
 [Continued on next page] 
  

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 This Release shall take effect on the first business day following the expiration of the Revocation Period, provided this
Release has not been revoked by me as provided above, during such Revocation Period. 
  

	
	 /s/ Michael Bailey

	Michael Bailey

 Date: January 7, 2008 
  

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 RECEIPT 
 On this 28th
day of December, 2007, I, Michael Bailey, was personally given a copy of the Separation Agreement, dated as of December 28, 2007. 
  

	
	 /s/ Michael Bailey

	Michael Bailey

 Date: 12/28/07 
  

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