Document:

exv4w8

 

Exhibit 4.8

 

 

Exhibit 4.8

DATED                                        2004

 

 

BARCLAYS BANK PLC (1)

 

- And -

 

MATTHEW W BARRETT (2)

CONTRACT OF EMPLOYMENT

(21/06/04)

 

 

This Agreement is made the          day of                    2004

 

 

BETWEEN:

	(1)	 	BARCLAYS BANK PLC (a company registered in England and
Wales under no. 1026167) whose registered office is at 54 Lombard Street, London EC3P 3AH (“Barclays”) and;
	 
	(2)	 	Matthew W Barrett – Detail Omitted

WHEREAS:

Mr Barrett has been employed by Barclays as Group Chief Executive and the parties wish his
employment to continue on the terms and conditions set out in this Agreement in substitution
for any previous agreement or arrangement.

IT IS HEREBY AGREED:

	1.	 	DEFINITIONS
	 
	1.1	 	In this Agreement:
	 
	 	 	“Associated Company” means any company which for the time being is:

	 	(i)	 	a holding company (as defined by Section 736 of the Companies Act 1985) of
Barclays;
	 
	 	(ii)	 	a subsidiary (as defined by Section 736 of the Companies Act 1985) of
Barclays or of its holding company;
	 
	 	(iii)	 	a company over which Barclays has control within the meaning of Section 840
of the Income and Corporation Taxes Act 1988; or
	 
	 	(iv)	 	a subsidiary undertaking of Barclays as defined by Section 258 of the
Companies Act 1985.
	 
	 	 	 	“Barclays Group” means Barclays and any Associated Company and “member of the Barclays
Group” shall be construed accordingly;

 

 

	 	 	“Board” means the Board of Directors of Barclays and any duly appointed committee of the
Board.

	1.2	 	References to any statute includes any modification or re-enactment of it.
	 
	2.	 	APPOINTMENT AND TERM
	 
	2.1	 	This Agreement shall take effect on 1 September 2004 (“the Effective Date”) and continue
until terminated as provided in this Agreement.
	 
	2.2	 	From the Effective Date Barclays shall continue to employ Mr Barrett and Mr Barrett shall
serve Barclays as Group Chairman. The principal accountabilities are set out in the attachment
to this contract. Mr Barrett shall remain a director of Barclays PLC and Barclays Bank PLC,
but cease to be Group Chief Executive and cease to be a member of the Group Executive
Committee. Mr Barrett’s duties as a director of Barclays or any member of the Barclays Group
are subject to the Articles of Association of the relevant company for the time being.
	 
	2.3	 	Subject to clause 13, Mr Barrett’s employment may be terminated on:

	 	2.3.1	 	12 months’ written notice given at any time by Barclays to Mr Barrett; or

	 	2.3.2	 	6 months’ written notice given at any time by Mr Barrett to Barclays.

	3.	 	DUTIES
	 
	3.1	 	During his employment, Mr Barrett shall:

	 	3.1.1	 	diligently perform such duties and exercise such powers and functions not
inconsistent with the role referred to in Clause 2.2 above as may reasonably
be assigned to or vested in him from time to time by the Board in relation to the
Barclays Group;

 

 

	 	3.1.2	 	faithfully and loyally serve Barclays to the best of his ability and use his
utmost endeavours to promote the interests of the Barclays Group to the best of his
ability;
	 
	 	3.1.3	 	comply with all reasonable requests, instructions and regulations given by
the Board, and promptly provide such explanations, information and assistance as to
his activities in the business of the Barclays Group as they may reasonably require;
	 
	 	3.1.4	 	neither engage in any activities which would detract from the proper
performance of his duties under this Agreement, nor without the prior written consent
of the Board (such consent not to be unreasonably withheld) in any capacity including
as director, shareholder, principal, consultant, agent, partner or employee engage or
be concerned or interested directly or indirectly in any other trade, business or
occupation whatsoever. This clause shall not prevent Mr Barrett holding shares for
investment purposes only of securities, which do not exceed five per cent (5%) in
nominal value of the share capital or stock of any class of any company quoted on a
recognised stock exchange;
	 
	 	3.1.5	 	without prejudice to Mr Barrett’s obligations under this clause 3, it is
acknowledged by the parties that they currently expect that from 1 January 2005, Mr
Barrett’s duties will require him to devote on average over the year approximately 60%
of the time required in a full-time role. Mr Barrett will continue to work on a
full-time basis from the Effective date until 31 December 2004.

	3.2	 	Notwithstanding the provisions of clause 3.1, Barclays shall:

	 	3.2.1	 	be entitled during any period when Mr Barrett is prevented by illness,
accident or other incapacity from properly performing his duties or when Mr Barrett is
suspended pursuant to 3.2.3 or 3.3 below to appoint another person or persons to act
jointly with him so long as such circumstances prevail;

 

 

	 	3.2.2	 	have the right to suspend at any time Mr Barrett from the performance of any
duties or exclude him from any premises of Barclays to allow it to undertake any
investigation including, but not limited to, any investigation under the disciplinary
procedure or failure to obtain or hold any regulatory authorisations necessary to
fulfil the position held by Mr Barrett, provided that such period of suspension lasts
28 days unless it is reasonably necessary to carry out a longer investigation.

	3.3	 	If either party has given notice to terminate employment, Barclays may, in its absolute
discretion, at any time require Mr Barrett to cease performing his job and/or not to attend at
his place of work for the whole or part of his notice period (not exceeding six months in
aggregate). Mr Barrett’s salary and contractual benefits will not be affected by reason of
Barclays exercise of its powers under this clause. For the avoidance of doubt, during any
period of garden leave under this clause, Mr Barrett shall remain bound by the terms and
conditions of his employment (except as expressly included in this clause) and, in particular,
by his obligations of confidentiality and good faith to Barclays.
	 
	3.4	 	During any period of suspension under clause 3.2.2 or any period of garden leave under clause
3.3, Barclays shall have the right to require Mr Barrett not to speak to or otherwise
communicate with any director or employee of any member of the Barclays Group or any person,
firm or company who at the date of such suspension or exclusion is a client or customer of any
member of the Barclays Group, without the prior consent of the Board (not to be unreasonably
withheld). It is agreed that this sub-clause shall not apply to non-business communications.
	 
	4.	 	DEALING RULES
	 
	4.1	 	Mr Barrett hereby agrees to be bound by and comply with the Barclays Group Share Dealing Code
or with any more stringent dealing rules that Barclays notifies to Mr Barrett are applicable
to him.

 

 

	5.	 	REMUNERATION AND REIMBURSEMENT OF EXPENSES
	 
	5.1	 	Mr Barrett will continue to receive his existing basic salary at a rate of £1,100,000 per
annum from the Effective Date until 31 December 2004. He will also continue to be eligible
for the existing notional pension investment of £990,000 per annum until 31 December 2004, and
will also be eligible for discretionary performance-related bonus in respect of the full 2004
performance year.
	 
	5.2	 	Barclays shall pay Mr Barrett a basic salary at the rate of £650,000 per annum from 1 January
2005, payable in arrears by equal monthly instalments on or by the last day of each month. Mr
Barrett’s basic salary is inclusive of any fees to which Mr Barrett may be entitled as a
director of any member of the Barclays Group. Mr Barrett’s basic salary shall be reviewed
from time to time and may in the sole discretion of the Board on the recommendation of the
Remuneration Committee be increased following any such review.
	 
	5.2	 	Barclays shall reimburse to Mr Barrett all travelling, hotel, entertainment and other
expenses properly and reasonably incurred by him in the performance of his duties under this
Agreement and properly claimed and vouched for in accordance with Barclays current expense
reporting procedure.
	 
	6.	 	PREVIOUSLY ACCUMULATED PENSION, AND LIFE ASSURANCE
	 
	6.1	 	During his term as Group Chief Executive, pension benefits were provided for Mr Barrett via
an unfunded unapproved pension arrangement (the “Unapproved Scheme”) to which Barclays made a
notional investment each month. Notional investments will cease to be made from 1 January
2005. However, the notional fund will continue to accrue notional investment return fixed at
0.6% per month compound. The Unapproved Scheme will be valued by reference to the accrued notional value
(ie the previously accumulated notional investment and notional return in that notional
investment) (the “Notional Fund”). Appropriate records will be kept of the value of the
Notional Fund held for the Unapproved Scheme and a statement 

 

 

	 	 	will be sent to Mr Barrett at regular intervals (no less frequently than quarterly).
	 
	6.2	 	At any time after the termination of Mr Barrett’s employment and before attaining age 75 and
upon Mr Barrett giving at least one month’s written notice, Barclays will, in accordance with
the terms of that written notice:

	 	6.2.1	 	exchange all or part of the accumulated value of the Notional Fund for a
pension (the design of which must come within the Inland Revenue rules for tax-approved
Occupational Pension Schemes). Barclays will offer such a pension on the same terms as
are made available by an authorised UK insurance company for purchased life annuities.
Any tax or employee’s National Insurance resulting from the exchange of the lump sum
for a pension would be borne by Mr Barrett;
	 
	 	6.2.2	 	pay to Mr Barrett (less any deductions it is obliged by law to withhold),
within one calendar month of receipt of Mr Barrett’s written notice, the accumulated
value of the Notional Fund as at the date of payment in the Unapproved Scheme as a lump
sum.

	 	 	For the avoidance of doubt, Mr Barrett is entitled to choose 6.2.1 or 6.2.2, or a
combination of the two options.
	 
	6.3	 	In the event of Mr Barrett’s death, whether or not Mr Barrett is employed by Barclays, the
Notional Fund accumulated to that date will be paid to such person or persons as Mr Barrett
nominates. Barclays will deduct any taxes it is obliged by law to withhold.
	 
	6.4	 	Barclays will provide, for the duration of Mr Barrett’s employment, death in service cover of
four times the basic salary referred in clause 5.1 of this Agreement as follows:

	 	6.4.1	 	To the extent permitted by the Inland Revenue, cover will be provided through
the Barclays Bank UK Retirement Fund. The Inland Revenue limits the coverage Mr
Barrett may receive through the 

 

 

	 	 	 	Barclays Bank UK Retirement Fund by a cap on
pensionable earnings, currently £102,000 per annum.
	 
	 	6.4.2	 	Death lump sum coverage on Mr Barrett’s salary above the Inland Revenue cap
will be provided, if Mr Barrett so chooses, by an unapproved life cover arrangement.
Barclays will pay the costs of this cover, but Mr Barrett will be responsible for
paying any income tax due on the benefit.
	 
	 	6.4.3	 	Apart from the death in service lump sum cover set out above, Mr Barrett will
not become a member of the Barclays Bank UK Retirement Fund.

	7.	 	OTHER BENEFITS
	 
	7.1	 	Subject to the rules of the relevant schemes from time to time in force, Barclays will
continue to provide the following benefits, referred to in 7.1.1, to Mr Barrett. For the
avoidance of doubt, these benefits are provided at the discretion of Barclays and do not
create enforceable contract terms under the Contracts (Rights of Third Parties) Act 1999.
Barclays shall have the right to change these arrangements or withdraw the provision of these
benefits as it sees fit, and/or give notice to lawfully terminate this Agreement as specified
in clause 2.3, provided that, in changing or withdrawing such benefits, Mr Barrett is treated
no less favourably compared with the general treatment of the executive directors of Barclays.

	 	7.1.1	 	Medical cover will be available through the Barclays Healthcare Trust or any
substitute scheme operated by Barclays for its employees. Medical cover may be
provided for Mr Barrett’s spouse and dependants at his cost through a separate scheme.
All cover will cease on leaving employment whether on retirement, resignation or for
any other reason.

	7.2	 	Barclays will pay the costs of tax and/or financial advice, provided by advisers chosen by Mr
Barrett, subject to a maximum cost of £20,000 per 

 

 

	 	 	annum. Barclays will pay the costs of
this advice, but Mr Barrett will be responsible for paying any income tax due on the benefit.
	 
	7.3	 	Mr Barrett will cease to be eligible for further awards under the Incentive Share Option Plan
(ISOP). However, because his employment with Barclays continues under this Agreement, he will
retain his outstanding awards under the ISOP subject to the Rules of the plan. Mr Barrett
will also retain his outstanding awards under the Executive Share Award Scheme (ESAS), subject
to the Rules of the plan.
	 
	8.	 	HOLIDAYS
	 
	8.1	 	Mr Barrett shall be entitled to 23 working days’ paid holiday, including Bank and Public
Holidays, during each holiday year, which runs from 1 March to the end of February the
following year. Regulation 15(1-4) of the Working Time Regulations 1998 (dates on which leave
is taken) do not apply. Any unused part of his holiday entitlement cannot be carried over to a
subsequent holiday year.
	 
	8.2	 	If Mr Barrett leaves during a holiday year, his holiday entitlement will be recalculated as 2
day’s holiday, including Bank and Public Holidays, for each completed month worked in the
year. If when Mr Barrett is leaving his employment he has taken less holiday than his accrued
entitlement, he will be paid salary in lieu of any outstanding holiday entitlement. If when
Mr Barrett is leaving he has taken more holiday than his accrued entitlement, he will have to
repay to Barclays any salary received in
excess of his proportionate holiday entitlement. One day’s holiday pay will be deemed to be
1/156th of his annual basic salary.
	 
	9.	 	INCAPACITY
	 
	9.1	 	If Mr Barrett shall at any time be prevented by illness or accident or other incapacity from
properly performing the duties of his employment, he shall report this fact forthwith to the
Company Secretary . Mr Barrett may be asked to submit to a medical examination as directed by
Barclays.

 

 

	9.2	 	Subject to Mr Barrett complying with clause 9.1, if as a result of illness or accident or
other incapacity Mr Barrett is unable to perform his duties, he will be eligible to receive
his basic salary for a period of 26 weeks (whether consecutive or not) in any period of 12
consecutive months. Thereafter Barclays may by notice to Mr Barrett discontinue payment in
whole or in part of his salary until such incapacity shall cease or terminate this Agreement.
Any payment will be subject to the deduction of any Statutory Sick Pay or social security or
other benefits payable to Mr Barrett including any sums recoverable from a third party. The
qualifying days for Statutory Sick Pay purposes are Monday to Friday. For the avoidance of
doubt, Barclays has the right at any time to serve notice to terminate this Agreement under
clause 2.3.
	 
	10.	 	INTELLECTUAL PROPERTY
	 
	10.1	 	Mr Barrett will promptly disclose to Barclays and keep confidential all inventions, copyright
works, designs or technical know-how conceived or made by him alone or with others in the
course of his employment. Mr Barrett will hold all such intellectual property in trust for
Barclays and will do everything necessary or desirable at Barclays expense to vest the
intellectual property fully in Barclays and/or to secure patent or other appropriate forms of
protection for the intellectual property. Decisions as to the protection or exploitation of
any intellectual property shall be in the absolute discretion of Barclays.
	 
	11.	 	CONFIDENTIAL INFORMATION
	 
	11.1	 	Mr Barrett shall not during his employment (except as necessary for the proper performance of
his duties) or at any time after its termination (save for the right to comment appropriately
to the extent that the same affects his reputation, upon any information in the public domain
otherwise than as a result of breach of duty by him) for any reason whatsoever disclose to any
person whatsoever or otherwise make use of any confidential or secret information which he has
or may have acquired in the course of his 

 

 

	 	 	employment concerning the business or affairs of any
member of the Barclays Group or any of their suppliers or customers.

	11.2	 	Confidential information includes but is not limited to:

	 	11.2.1	 	corporate and marketing strategy, business development plans, sales reports and
research results;
	 
	 	11.2.2	 	business methods and processes, technical information and know-how relating to the
Barclays Group’s business and which is not available to the public generally,
including inventions, designs, programmes, techniques, database systems, formulae and
ideas;
	 
	 	11.2.3	 	business contacts, lists or details of customers and suppliers and details of
contacts with them, their business or affairs;
	 
	 	11.2.4	 	information on employees and the terms and conditions of their employment, details
of employee benefits, incentive schemes/plans, salary scales, trade union/employee
disputes current or anticipated;
	 
	 	11.2.5	 	information or details of any actual, potential or threatened litigation, legal
action, claim, dispute or arbitration against or with any member of the Barclays Group
or any director, officer or employee of the Barclays Group in such capacity and any
information in respect of provisions for any such action;
	 
	 	11.2.6	 	budgets, management accounts, trading statements and other financial
reports; and
	 
	 	11.2.7	 	unpublished price sensitive information relating to shares or securities listed or
dealt in on any recognised stock exchange.

	11.3	 	Mr Barrett shall at all times comply with any relevant Barclays policies on the security of
information and shall use his best endeavours to prevent any unauthorised publication or
disclosure of any confidential or secret information.

 

 

	11.4	 	The restrictions in this clause 11 shall not apply in respect of information in the public
domain (save as a result of default by Mr Barrett) or if such information is required to be
produced by a court of law, or by a governmental or regulatory body.
	 
	12.	 	RESTRICTIVE COVENANTS
	 
	12.1	 	Mr Barrett shall not without the prior written consent of the Board (such
consent to be withheld only so far as may be reasonably necessary to protect the
legitimate interests of the Barclays Group) either on his own behalf or on behalf of any
other person, firm or company:

	 	12.1.1	 	for a period of 6 months from the termination of Mr Barrett’s employment be engaged or
interested (whether as a director, shareholder, principal, consultant, agent, partner or
employee) in any business within the European Union which is competitive or likely to be
competitive with any business of the Barclays Group in the provision of banking or
financial services and which is carried on by the Group as at the date Mr Barrett’s
employment terminates;
	 
	 	12.2.2	 	for a period of 12 months from the termination of Mr Barrett’s employment (directly or
indirectly) induce or attempt to induce or entice away any director, officer or employee
of executive status to leave the employment of the Barclays Group and with whom Mr
Barrett had material dealings in the 12 months prior to the termination of his
employment.

	12.2	 	Each of the restrictions contained in clauses 12.1.1, and 12.1.2 of this clause are
considered by the parties to be reasonable in all the circumstances as at the date of this
Agreement. However, the parties agree that if any one or more of such restrictions shall be
judged to be void as going beyond what is reasonable in all the circumstances for the
protection of the interests of the Barclays Group but if words were deleted or the period was
reduced or the range of activities or area covered was reduced 

 

 

	 	 	in scope would be valid the
restrictions shall be deemed to apply with such modifications as may be necessary to make them
valid and effective. Any such modification shall not affect the validity of any other
restriction contained in this Agreement.
	 
	12.3	 	The period of restriction stated in clause 12.1 shall be reduced by the length of time, if
any, that Mr Barrett is suspended from his duties pursuant to clause 3.3.
	 
	13.	 	TERMINATION ON THE HAPPENING OF CERTAIN EVENTS
	 
	13.1	 	Without prejudice to any remedy Barclays may have against Mr Barrett for breach or
non-performance of any of the provisions of this Agreement, and irrespective of whether the
grounds for termination arose before or after Mr Barrett’s employment began, Barclays may,
without thereby incurring any obligation to pay compensation (including, but without
limitation, any payment in lieu of notice, save in relation to payments accrued and owing at
the date of termination) immediately determine Mr Barrett’s employment by notice in writing to
him if he shall:

	 	13.1.1	 	become bankrupt (or equivalent in any other jurisdiction) or become the subject of an
interim order under the Insolvency Act 1986 or make any arrangements or composition
with his creditors; or
	 
	 	13.1.2	 	be convicted of any criminal offence (other than a road traffic offence not
involving a custodial sentence or an offence which, in the reasonable opinion of
Barclays, does not affect Mr Barrett’s position as an employee of Barclays, bearing in
mind the nature of his duties and the capacity in which he is employed); or
	 
	 	13.1.3	 	commit any act of dishonesty whether relating to any member of the Barclays Group,
other employees or otherwise; or
	 
	 	13.1.4	 	be guilty of any serious misconduct or any conduct calculated or tending to bring
any member of the Barclays Group or himself into 

 

 

	 	 	 	disrepute or be guilty of any
material breach or material non-observance of any of the provisions of this Agreement
or be guilty of any serious negligence in carrying out his duties properly assigned to
him under this Agreement; or
	 
	 	13.1.5	 	cease to hold or fail to obtain any regulatory approvals or consents which are
required for the effective discharge by Mr Barrett of any duties assigned to him save
where such cessation or failure is as a result of a default by any member of the
Barclays Group.

	13.2	 	Barclays reserves the option, in its absolute discretion, to give notice that Mr Barrett’s
employment will terminate with immediate effect and to pay him his basic salary subject to
deductions for income tax and national insurance contributions (as appropriate) in equal
instalments at such time(s) as he would have received such payment(s) of basic salary had he
been required to remain in employment for the whole or remainder of his notice period. The
amount of such payment(s) shall be pro rated for the applicable period of the notice period.
Benefits referred to in clauses 6.4 and 7 will be provided to Mr Barrett as if he had remained
in service for the applicable period of the notice period. Mr Barrett acknowledges and accepts
his obligation to mitigate his loss by seeking comparable new employment. If Mr Barrett
mitigates his loss by commencing alternative employment or by obtaining employment for his
services during the period in which payments of basic salary are due, Barclays reserves the
right to cease or reduce further payment and to cease providing or reduce the benefits
referred to in clauses 6.4 and 7.
	 
	14.	 	RETURN OF BARCLAYS DOCUMENTS
	 
	14.1	 	Upon the termination of his employment for whatever reason, Mr Barrett shall deliver up to
Barclays all vehicles, keys, credit cards, correspondence, documents, specifications, reports,
papers and records (including any computer material such as discs or tapes) and any other
property of any kind relating to the business of or belonging to any member of the Barclays
Group which may be in his possession or under his control. Mr Barrett shall also deliver up
all copies of such documents, which he has in his possession 

 

 

	 	 	or under his control. Mr Barrett
shall be entitled to have reasonable access to Board minutes and documentation referred to
them in respect of a period during which he is a director of Barclays.
	 
	14.2	 	Following the termination of his employment for whatever reason, Mr Barrett shall not at any
time represent himself as still being connected with any member of the Barclays Group.
	 
	15.	 	STAFF HANDBOOK
	 
	15.1	 	The employment of Mr Barrett shall also be governed by the terms and conditions applicable to
Barclays staff contained in the Barclays Staff Handbook ‘You & Barclays’ (as may be amended
from time to time) except where these are inconsistent with, or specifically dealt with by,
the provisions of this Agreement, in which case the provisions of this Agreement shall apply.
	 
	16.	 	STATUTORY REQUIREMENTS
	 
	16.1	 	The following particulars are given in compliance with the requirements of Section 1 of the
Employment Rights Act 1996.

	 	16.1.1	 	the employment of Mr Barrett by Barclays began on 15 September 1999. No employment
with a previous employer will count as part of his continuous employment with
Barclays.
	 
	 	16.1.2	 	Mr Barrett agrees that the maximum weekly working time as set out in Regulation 4 of
the Working Time Regulations 1998 shall not apply in relation to his employment
because his working time is not measured or predetermined or can be determined by Mr
Barrett.
	 
	 	16.1.3	 	Barclays has a disciplinary and grievance procedure, details of which are in the
staff manual. Barclays’ disciplinary procedure is not incorporated by reference in
this Agreement and therefore does not form part of Mr Barrett’s contract of
employment. If Mr Barrett has a grievance in relation to his employment or is
dissatisfied with a 

 

 

	 	 	 	disciplinary decision against him he may apply in writing to the
Company Secretary.
	 
	 	16.1.4	 	While Mr Barrett’s initial place of work will be London, he will work at and/or
travel to such places (inside and outside the United Kingdom) as Barclays may require
from time to time provided that he shall not be required to be based at a location
outside a reasonable commuting distance of his current home address. If Mr Barrett is
required to work outside the UK for a period in excess of one month, the additional
terms that will apply will be notified to him.
	 
	 	16.1.5	 	There are no collective agreements with any trade unions which directly affect the
terms and conditions of Mr Barrett’s employment.

	17.	 	NOTICES
	 
	17.1	 	Any notice to be given under this Agreement shall be in writing. Notice to Mr Barrett shall
be sufficiently given by being delivered personally to him or by being sent by first class
post addressed to him at the address stated in this Agreement or the last place of residence
in the UK notified to Barclays by Mr Barrett. Notice to Barclays shall be sufficiently given
by being delivered to the Group Secretary or by being sent by first class post to the
registered office of Barclays addressed for the attention of the Group Secretary. Any notice
if posted shall be deemed served upon the third day following that on which it was posted.
	 
	18.	 	APPLICABLE LAW
	 
	18.1	 	English law shall apply to this Agreement and the parties submit to the jurisdiction of the
English courts.
	 
	19.	 	MISCELLANEOUS
	 
	19.1	 	This Agreement, together with any documents referred to in it, sets out the whole agreement
between the parties relating to and cancels all previous 

 

 

	 	 	agreements, representations and
arrangements in connection with Mr Barrett’s employment by Barclays.
	 
	19.2	 	No omission to exercise or delay in exercising any right, power or remedy provided to
Barclays by law or under this Agreement will be a waiver of it.
	 
	19.3	 	Termination of this Agreement shall not affect any provisions, which are intended to operate
after termination.
	 
	19.4	 	For the purposes of the Employment Rights Act 1996 or otherwise, Mr Barrett hereby consents
to the deduction of any sums owing by him to any Barclays at any time from his salary or any
other payment due from Barclays to Mr Barrett and he hereby also agrees to make a payment to
Barclays of any sums owed by him to Barclays upon demand by Barclays at any time.
	 
	19.5	 	During Mr Barrett’s employment, he must comply with Barclay’s policies and procedures
relating to the Data Protection Act 1998. This means that Mr Barrett consents to Barclays
processing any data relating to him, where it is necessary or reasonably required for the
conduct of Barclays business. This may include personal data as well as documentation
relating to Mr Barrett’s absence from work through sickness or injury. Further details of the
type of data that is covered by this provision can be found in the Barclays Staff Handbook.
	 
	 	 	IN WITNESS the hands of the parties hereto

	 	 	 	 	 	 	 
	

	 	 	 	(SIGNED BY a duly

	

	 	 	 	(Authorised signatory for

	

	 	 	 	(and on behalf of Barclays

	

	 	 	 	 

	

	 	SIGNED BY Mr Barrett	 	 

	

	 	 	 	 

 

 

Attachment

Group Chairman, Principal accountabilities

	•	 	Manage the business of the Board and set its agenda, taking full account of the issues and the concerns of Board
members. Ensure that agendas are forward looking and concentrate on strategic matters.
	 
	•	 	Ensure that members of the Board receive accurate, timely and clear information in particular about the company’s
performance, to enable the Board to take sound decisions, monitor effectively and provide advice to promote the
success of the company.
	 
	•	 	Keep under review, with the Board, the general progress and long-term development of the Group.
	 
	•	 	Ensure effective communication with shareholders and ensure that members of the Board develop and maintain an
understanding of the views of major investors and other key stakeholders.
	 
	•	 	Manage the Board to ensure that sufficient time is allowed for discussion of complex or contentious issues, where
appropriate arranging for informal meetings beforehand to enable thorough preparation for the Board discussion.
	 
	•	 	Promote the highest standards of corporate governance, seeking compliance with the provisions of the Combined Code
wherever possible.
	 
	•	 	Ensure that the Board is able to discharge its duties and comply with the requirements of statutory/regulatory
bodies that affect the functioning and responsibilities of the Board.
	 
	•	 	Ensure that a properly constructed induction programme is provided for new directors.
	 
	•	 	Consider and address the development needs of individual directors, and the Board as a whole, to maintain the
necessary depth and breadth of knowledge and skills, and enhance the effectiveness of the Board as a team.
	 
	•	 	Ensure that the performance of individual Board members, and of the Board as a whole, is evaluated at least once a
year.
	 
	•	 	Ensure, subject to the views of the Remuneration Committee, that members of the Board are appropriately rewarded.
	 
	•	 	Encourage active engagement by members of the Board.

The Chairman will also:

	•	 	Establish a close relationship of trust with the Chief Executive, providing support and advice while respecting
executive responsibility.
	 
	•	 	Uphold the highest standards of integrity and probity.
	 
	•	 	Set the style and tone of Board discussions to promote effective decision-making and constructive debate.
	 
	•	 	Promote effective relationships and open communication, both inside and outside the Boardroom, between
non-executive directors and the executive team.
	 
	•	 	Build an effective and complementary Board, initiating change and planning succession and Board appointments,
working with the Nominations Committee.
	 
	•	 	Ensure clear structure for and the effective running of Board committees.
	 
	•	 	Provide coherent leadership for the company, including representing the company and understanding the views of
shareholders.exv4w14

 

Exhibit 4.14

 

 

Exhibit 4.14

 

DATED 15 June 1992

 

 

BARCLAYS BANK PLC (1)

 

- and -

 

CHRISTOPHER JOHN LENDRUM (2)

 

 

CONTRACT OF EMPLOYMENT

 

 

CONTRACT OF EMPLOYMENT

DATE 15 June 1992

PARTIES:

	(1)	 	BARCLAYS BANK PLC of
	 
	 	 	54 Lombard Street, London EC3 (“The Bank”)
	 
	(2)	 	CHRISTOPHER JOHN LENDRUM
	 
	 	 	Detail Omitted

WHEREAS The Bank and the Executive wish the employment of the Executive to continue on the terms
and conditions set out in this Agreement to the exclusion of any others:-

IT IS AGREED as follows:-

	1.	 	APPOINTMENT AND TERM

	 	(1)	 	The Bank shall employ the Executive and the Executive shall serve the Bank as
Deputy Managing Director, Banking Division or in such other capacity as the Bank may
reasonably require. This Agreement shall take effect from 15th June 1992.

 

 

	 	 	 	Subject to all the terms and conditions of this Agreement the Executive’s
employment may be terminated at any time on 364 days’ written notice by the Bank
to the Executive or on 6 months’ written notice by the Executive to the Bank.
The Executive’s appointment shall in any event terminate on his normal
retirement date, currently the day before his 60th birthday.

	 	(2)	 	The Bank shall be entitled at any time to appoint another person or persons to
act jointly with the Executive in his position.

	2.	 	DUTIES

	 	(1)	 	During his employment hereunder, the Executive shall:-
	 
	 	(a)	 	perform such duties and exercise such powers and functions as may be assigned
to or vested in him by the Board of Directors (“the Board”) of the Bank in relation to
any member of the Barclays Group (as defined in this Agreement);
	 
	 	(b)	 	faithfully and loyally serve and promote the interests of the Bank to the best
of his ability and to this end during working hours devote his time and attention
exclusively to his duties under this Agreement;

- 2 -

 

	 	(c)	 	comply with all reasonable requests, instructions and regulations made by the
Board or by anyone authorised by it, and promptly provide such explanations, information
and assistance as to his activities in the business of the Barclays Group as the Board
may reasonably require;

	 	(d)	 	not engage in any activities which would detract from the proper performance of his
duties under this Agreement, nor (without the prior written consent of a Director of the Bank)
engage or be concerned or interested directly or indirectly in any other trade business or
occupation whatsoever or become director, manager, agent, partner or employee of any other
company, firm or person. This Clause shall not prevent the Executive holding shares for
investment purposes only of securities not exceeding 5% in nominal value of the share capital
of any Company quoted on a recognised Stock Exchange.
	 
	 	(2)	 	The Bank shall:-

	 	(a)	 	have the right to require the Executive at any time to carry out such
special projects or functions as the Bank shall in its absolute discretion
determine;

- 3 -

 

	 	(b)	 	be under no obligation to assign to or vest in the Executive any
powers, duties or functions or to provide any work for the Executive
and may at any time suspend the Executive from the performance of any
duties or exclude him from any premises of the Bank or any member of
the Barclays Group.

	 	(c)	 	without derogating from the Bank’s rights in (b) above, if the Executive
shall give notice pursuant to Clause 1(1) above, the Bank may, in its absolute
discretion, require the Executive not to attend his place of work for the whole
or part of the Executive’s notice period, without affecting the Executive’s
obligations to attend and serve the Bank during any part of the notice period
at such location/s as it may reasonably require.

	3.	 	DEALING RULES
	 
	 	 	The Executive hereby agrees to be bound by and comply with the Bank’s Employee Dealing
Rules or with any more stringent Dealing Rules which the Bank notifies the Executive
applicable to him. The Executive hereby acknowledges receipt of a copy of the Employee
Dealing Rules.
	 
	4.	 	REMUNERATION AND REIMBURSEMENT OF EXPENSES

	 	(1)	 	The Bank shall pay the Executive a salary at the rate of
£105,000 [one hundred and five thousand] pounds per annum

payable in arrears by equal monthly instalments on the last
day of each month.

- 4 -

 

	 	 	 	This salary shall be reviewed from time to time and may in the sole discretion of
the Board be increased following any such review.
	 
	 	(2)	 	The Executive may be entitled to participate in the Barclays PLC Renewed 1986
Executive Share Option Scheme or such other share or bonus schemes or arrangements as
the Board in its sole discretion may from time to time determine.
	 
	 	(3)	 	The Bank shall reimburse to the Executive all travelling,
hotel, entertainment and other expenses properly and reasonably incurred by him
in the performance of his duties under this Agreement and properly claimed and
vouched for in accordance with the Bank’s current expense reporting procedure.

	5.	 	HOLIDAY
	 
	 	 	In addition to the normal Bank and Public Holidays the Executive shall be entitled to thirty
working days’ paid holiday during each holiday year, which runs from 1st March to the end of
February the following year. The Executive’s holiday dates must be agreed with the Director
or Executive to whom he reports. The Executive may not carry forward any unused part of his
holiday entitlement to a subsequent holiday year without the consent of that Director or
Executive.

- 5 -

 

	6.	 	CONFIDENTIALITY
	 
	 	 	The Executive shall not during his employment (except as necessary for the proper
performance of his duties) or at any time after its termination for any reason whatsoever
disclose to any person whatsoever or otherwise make use of any confidential or secret
information which he has or may have acquired in the course of his employment
concerning the business or affairs of any member of the Barclays Group or any of their
customers. The Executive shall use his best endeavours to prevent the unauthorised
publication or disclosure of any such confidential or secret information.

	7.	 	RESTRICTIVE COVENANTS

	 	(1)	 	The Executive shall not without the prior written consent of the Board (such
consent to be withheld only so far as may be reasonably necessary to protect the
legitimate interests of any member of the Barclays Group) for a period of six months
after the termination for whatever reason of. his employment either on his own behalf
or on behalf of any other person, firm or company:-

	 	(a)	 	in connection with the provision of services or the sale of
products with which the Executive was concerned to a material extent within
the year before termination of his employment, directly or indirectly deal
with any customer or client of the Bank or of any member of the Barclays Group
with whom the Executive had business dealings within the year before the
termination of his employment;

- 6 -

 

	 	(b)	 	directly or indirectly canvass, solicit, entice away or cause to be canvassed or
solicited or enticed away from the Bank or from any member of the Barclays Group any
person, firm or company who at the date of the termination of his employment or within
one year prior to such date is or was a customer or client of the Bank or of any member
of the Barclays Group or was in the habit of dealing under contract with the Bank or
with any member of the Barclays Group and with whom or which the Executive had business
contact during the said period;
	 
	 	(c)	 	solicit or entice away or endeavour to solicit or entice away from the Bank or from any
member of the Barclays Group any director, officer or employee of the Bank or any member of
the Barclays Group;
	 
	 	(d)	 	the restricted area to which the restrictions set out in (a), (b) and (c) above apply is as
follows:

	 	(i)	 	if at the time of termination of his employment or six months prior
thereto the Executive’s duties and responsibilities are countrywide in nature, the
restricted area shall be the United Kingdom or
England or Wales or Scotland (as may be appropriate to the geographical scope
of the Executive’s responsibilities);

- 7 -

 

	 	(ii)	 	if at the time of termination of his
employment or within six months prior thereto the Executive’s duties
are regional or local in nature, the restricted area shall be the
region or locality to which the Executive’s responsibilities extend.

	 	(2)	 	Each of the restrictions in sub-clauses 1(a), (b), (c) and (d) of this Clause
are considered by the parties to be reasonable in all the circumstances as at the date
of this Agreement. However, the parties agree that if any one or more of such
restrictions shall be judged to be void as going beyond what is reasonable in all the
circumstances for the protection of the interests of the Bank and the Barclays Group
but would be valid if words were deleted therefrom or the period thereof
reduced or the range of activities or area covered thereby reduced in scope the said
restrictions shall be deemed to apply with such modifications as may be necessary to
make them valid and effective. Any such modification shall not thereby
affect the validity of any other restriction contained in this Agreement.

	8.	 	TERMINATION ON THE HAPPENING OF CERTAIN EVENTS
	 
	 	 	The Bank may immediately determine this Agreement by notice in writing to the Executive
if he shall:-

	 	a)	 	become bankrupt or make any composition or enter into any deed of arrangement with his creditors; or

- 8 -

 

	 	(b)	 	become a patient as defined in the Mental Health Act 1983; or
	 
	 	(c)	 	be convicted of any criminal offence (other than a minor road traffic
offence); or
	 
	 	(d)	 	commit any act of dishonesty whether relating to any member of the Barclays
Group, other employees or otherwise; or
	 
	 	(e)	 	be prevented by illness or otherwise from performing his duties hereunder for
a consecutive period of six months or for an aggregate period of six months in any
period of 12 months; or
	 
	 	(f)	 	be guilty of any serious misconduct or any conduct tending to bring any
member of the Barclays Group or himself into disrepute or be guilty of any material
breach or non-observance of any of the provisions of this Agreement or shall neglect
fail or refuse to carry out duties properly assigned to him under this Agreement.

	9.	 	CHANGE OF CONTROL

	 	(1)	 	If at any time during the Executive’s employment under this Agreement there is
a change of control (as defined below) of the Bank the Executive shall be entitled to
treat such a change

- 9 -

 

	 	 	 	in control as a repudiation by the Bank of this Agreement and shall be entitled by written
notice given to the Bank within six months of the change of control taking effect to resign
with immediate effect and to claim damages for such repudiation by reference to whichever
is the lesser of 364 days or the period until the Executive’s normal retirement date.
	 
	 	(2)	 	For the purposes of this Clause a change in control of the Bank shall mean any circumstance
by which the Bank becomes a subsidiary within the meaning of Section 736 of the Companies Act
1985 of any company other than a member of the Barclays Group or any other circumstances by
which the effective voting control of the Bank or the right to appoint or remove a majority of
the Directors of the Bank becomes vested in any individual or body, or group of individuals or
bodies, or group of individuals or bodies acting in concert, or all or substantially all of
the business, assets and undertaking of the Bank become owned by any person, firm or company
other than a member of the Barclays Group.
	 
	 	(3)	 	If before the Executive purports to exercise his right pursuant to Clause 9(1) above, he has
already given notice to the Bank of his intended termination of this Agreement, the Executive
shall not be entitled to resign his employment hereunder in accordance with the said Clause 9(1).

- 10 -

 

	10.	 	RETURN OF BANK’S DOCUMENTS
	 
	 	 	Upon the termination of his employment for whatever reason the Executive shall deliver up
to the Bank all vehicles, credit cards, correspondence, documents, specifications, reports,
papers, records (including any computer material such as discs or tapes) and any other
property (of any kind) relating to the business of or belonging to the Bank or any member
of the Barclays Group. The Executive shall also deliver up all copies of such documents
which he has in his possession or under his control.

	11.	 	STATUTORY REQUIREMENTS
	 
	 	 	The following particulars are given in compliance with the

Requirements of Section 1 of the Employment Protection
(Consolidation) Act 1978:–

	 	(a)	 	The employment of the Executive by the Bank began on 6th January 1969. No
employment with a previous employer counts as part of his continuous employment with
the Bank.
	 
	 	(b)	 	The Executive is required to work such hours as may be necessary for the
proper discharge of his duties hereunder.

- 11 -

 

	 	(c)	 	There is a pension scheme in operation in relation to the employment of the
Executive particulars of which are available in the Staff Manual. Any entitlement
to credited service is the subject of separate correspondence between the Executive
and the Bank. A Contracting-Out Certificate is in force in respect of the
Executive’s employment.
	 
	 	(d)	 	The grievance and disciplinary procedures applicable to the Executive are set
out in the Staff Handbook.

	12.	 	STAFF HANDBOOK
	 
	 	 	The employment of the Executive shall also be governed by the terms and conditions
applicable to the Bank’s staff contained in the booklet “Barclays Staff ‘Handbook Rules and
General Information” (as may be amended from time to time) except where these are
inconsistent with the provisions of this Agreement.

	13.	 	DEFINITION
	 
	 	 	this Agreement “the Barclays Group” means the Bank, its holding company (Barclays PLC)
and those companies which are for the time being subsidiaries or associated companies of
the Bank or such holding company and “member of the Barclays Group” shall be construed
accordingly.

- 12 -

 

	14.	 	APPLICABLE LAW
	 
	 	 	This Agreement and any disputes or differences arising out of it (whether relating to
interpretation, compensation or termination) shall in all respects be interpreted in
accordance with and governed by English law and the parties submitted to the jurisdiction of
the courts.

IN WITNESS whereof the parties have caused this Agreement to be executed the day and year first
before written

 

( THE COMMON SEAL of

( BARCLAYS BANK PLC was

( hereunto affixed in

( the
presence of:–

(

	 	 	 	 	 
	 		 	 	 
	 	 	[•]	 Secretary	 
	 	
	 	 	 

SEC/92/2300 Authorized Sealing Officer

	 	 	 	 	 	 	 
	SIGNED by The Executive
	 	 	)	 	 	
	in the
presence of:–
	 	 	)	 	 	 
	 
	
	 	 	 	 	 	 

- 13 -

 

Barclays Bank PLC

Group Human Resources

54 Lombard Street

London

EC3P 3AH

Telephone: (0171) 699 5000

Strictly private and
confidential

C. Lendrum Esq.

Chief Executive

Corporate Banking

54 Lombard Street

LONDON EC3P 3AH

3rd June 1998

Dear Chris

Contract of Employment

This letter is to confirm the
amendment to your contract of employment (dated 15 June 1992) as
discussed and agreed with you.

With immediate effect,
clause 9 of the contract is deleted and therefore no longer a
term of your contract. The removal of this clause means that, in the
event of a change of control of Barclays, you will not be able to, within 6 months of the change of control, leave without giving notice and claim
damages. You will however, still be entitled to resign on notice or
be given 12 months notice (save for gross misconduct). All other
terms and conditions of your employment will remain as before.

Please confirm by signing and
returning the enclosed copy of this letter your agreement to the
above change.

Yours sincerely

 

Sally Bott

Director, Group Human Resources

 

	 	 	 	 	 
	Signature:

	 	/s/  Sally Bott	 	 
	 	 	 	 	 
	 

	 	(SALLY
BOTT)	 	 
	Date:

	 	04.06.98	 	 
	 	 	 	 	 

Regulated by IMRO and the
Personal Investment Authority.

Barclays Bank PLC represents only the Barclays Marketing Group for
life assurance, pensions and unit trust business.

Registered in London, England. Reg. No: 1026167. Reg. Office: 54 Lombard Street,
London EC3P 3AH

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