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Unassociated Document

     

    EXHIBIT
      4.9

     

     

    SERVICE
      AGREEMENT

     

    between

     

    THE
      ROYAL BANK OF SCOTLAND plc

     

    and

     

    Mark
      Andrew Fisher

     

    
      

    

     

     

     

     

    

     

    27
      February 2007

     

     

     

     

     

    The
      Royal Bank of Scotland plc

    36
      St Andrew Square

    Edinburgh

    EH2
      2YB

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    INDEX

     

    Clause

     

    1. Definitions,
      Interpretation and Construction

    2. Position

    3. Commencement
      of Employment

    4. Duties

    5. Other
      Interests

    6. Place
      of
      Employment

    7. Hours
      of
      Work

    8. Remuneration
      (RBSelect)

    9. Deductions

    10. Bonuses

    11. Profit
      Sharing

    12. Executive
      Long Term Incentives

    13. YourBank

    14. Expenses

    15. Dealings
      in Investments

    16. Pension
      and Life Cover

    17. Holidays

    18. Sickness

    19. Confidentiality

    20. Group
      Property

    21. Intellectual
      Property

    22. Power
      of
      Attorney

    23. Grievance
      Procedure

    24. Disciplinary
      Procedure

    25. Summary
      Termination

    26. Termination
      by Notice

    27. Change
      of
      Control

    28. Redundancy
      and Early Retirement

    29. Garden
      Leave

    30. Events
      on
      Termination

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    31. Restrictions
      after termination of employment

    32. Declaration
      of Secrecy

    33. Data
      Protection

    34. Notices

    35. Continuing
      Provisions

    36. Whole
      Agreement and Severability

    37. Collective
      Agreements

    38. Governing
      Law

    

    The
      Schedule   Executive Severance Arrangements

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    SERVICE
      AGREEMENT

     

    Between

     

    THE
      ROYAL BANK OF SCOTLAND plc having
      its registered office at 36 St Andrew Square, Edinburgh EH2 2YB (hereinafter
      called the “Company”)

     

    and

     

    Mark
      Andrew Fisher, residing at
      [                                       ]
      (hereinafter called the “Executive”)

     

    THE
      AGREEMENT BETWEEN THE PARTIES IS AS FOLLOWS:-

     

    
      	1.	
              Definitions,
                Interpretation and
                Construction

            

    

     

    In
      this
      Agreement, unless otherwise stated, the following definitions
      apply:

     

    
      	 	
              1.1.1.

            	
              “Associated
                Company” means any company (i) having an ordinary share capital of which
                not less than 25 per cent is owned directly or indirectly by RBSG
                or (ii)
                a holding company of the Company or any direct or indirect subsidiary
                of
                any such holding company or (iii) any company or other entity in
                respect
                of which the Group exercises management control, including joint
                venture
                operations;

            

    

     

    
      	 	
              1.1.2.

            	
              “the
                Board” means the Board of Directors of the Company or an authorised
                committee of the Board of Directors of the
                Company;

            

    

     

    
      	 	
              1.1.3.

            	
              “the
                Main Board” means the Board of Directors of the
                Company;

            

    

     

    
      	 	
              1.1.4.

            	
              “the
                Group” means the Company and its Associated
                Companies;

            

    

     

    
      	 	
              1.1.5.

            	
              “the
                Remuneration Committee” means the Remuneration Committee of the Board or
                any committee empowered by the Board in substitution for the Remuneration
                Committee;

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	 	
              1.1.6.

            	
              “RBSG
                “ means The Royal Bank of Scotland Group plc having its registered
                office
                at 36 St Andrew Square, Edinburgh EH2
                2YB;

            

    

     

    
      	 	
              1.1.7.

            	
              the
                expressions “subsidiary” and “holding company” have the same meanings in
                this Agreement as they have in Section 736 of Companies Act
                1985;

            

    

     

    
      	 	
              1.2.

            	
              In
                this Agreement:

            

    

     

    
      	 	
              1.2.1.

            	
              unless
                otherwise stated, references to statutes, rules or regulations or
                their
                provisions will also include amendments, extensions, consolidations
                or
                replacements and will refer to any orders or regulations, instruments
                or
                subordinate legislation;

            

    

     

    
      	 	
              1.2.2.

            	
              the
                masculine gender shall include the feminine gender and singular number
                shall include the plural and vice
                versa;

            

    

     

    
      	 	
              1.2.3.

            	
              unless
                otherwise stated, references to clauses and sub-clauses are references
                to
                clauses and sub-clauses of this Agreement and references to clauses
                shall
                be deemed to include references to the sub clauses of that
                clause;

            

    

     

    
      	 	
              1.2.4.

            	
              the
                headings to clauses are for convenience only and shall not affect
                the
                construction or interpretation of this Agreement;
                and

            

    

     

    
      	 	
              1.2.5.

            	
              the
                provisions of the Schedule shall be read and construed as part of
                this
                Agreement and shall be enforceable
                accordingly.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      	2.	
              Position

            

    

     

    
      	 	
              2.1.

            	
              The
                Executive will be employed as Chief Executive, Manufacturing or in
                such
                other capacity of like status with the Group as the Company requires
                and
                the Executive agrees to accept the position on the terms and conditions
                set out in this Agreement. The Company shall be entitled from time
                to time
                to appoint any other person or persons to act jointly with the
                Executive.

            

    

     

    
      	 	
              2.2.

            	
              The
                Executive warrants that by virtue of entering into this Agreement,
                he will
                not be in breach of any express or implied terms of any contract
                or other
                obligation binding upon him.

            

    

     

    
      	3.	
              Commencement
                of Employment

            

    

     

    
      	 	
              3.1.

            	
              The
                Executive’s continuous employment with the Company commenced on 15
                September 1981.

            

    

     

    
      	 	
              3.2.

            	
              No
                period of employment with a previous employer counts as part of the
                Executive’s period of continuous employment with the
                Company.

            

    

     

    
      	4.	
              Duties

            

    

     

    
      	 	
              4.1.

            	
              The
                Executive is responsible as Chief Executive Officer,
                Manufacturing.

            

    

     

    
      	 	
              4.2.

            	
              The
                Executive will report to Sir Fred Goodwin, Group Chief Executive,
                or to
                such other person as the Board may specify from time to
                time.

            

    

     

    
      	 	
              4.3.

            	
              The
                Executive shall, in his role as Chief Executive,
                Manufacturing

            

    

     

    
      	 	
              4.3.1.

            	
              devote
                the whole of his time, attention and skill to the business of the
                Group
                and shall faithfully, efficiently, competently and diligently perform
                such
                duties and exercise such powers, authorities and discretions which
                may be
                assigned to or vested in him by the
                Board;

            

    

     

    
      	 	
              4.3.2.

            	
              comply
                with the Group’s rules, policies and regulations as varied from time to
                time and obey all reasonable and lawful directions given by or under
                the
                authority of the Board;

            

    

     

    
      	 	
              4.3.3.

            	
              comply
                with the terms of the Group’s Code of
                Conduct;

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	 	
              4.3.4.

            	
              not
                do anything prejudicial to the interests and reputation of the Group
                and
                shall promote and extend the business of the Group and protect and
                further
                its interests and reputation; and

            

    

     

    
      	 	
              4.3.5.

            	
              accept
                secondment to the employment of any Associated Company. Any such
                secondment may be for a fixed period (which may be extended by the
                Company
                according to business requirements) and may apply to all of the
                Executive’s employment duties or only some of them. Notwithstanding the
                foregoing, the Executive will not be required to perform any services
                which he cannot reasonably be expected to perform or which are not
                commensurate with his skills and experience or which are inconsistent
                with
                his duties. During any period of secondment, the Executive will continue
                to receive his normal salary and benefits and will remain subject
                to the
                terms of this Agreement except as otherwise provided in any secondment
                agreement.

            

    

     

    
      	 	
              4.4.

            	
              Additionally
                the Executive may be required to undertake such other duties as the
                Company considers necessary to meet the needs of the business. The
                Executive may also be required to perform services for any Associated
                Company and may be required to undertake the role and duties of a
                non-executive Director of other companies within the Group. No additional
                remuneration will be paid in respect of these
                appointments.

            

    

     

    
      	 	
              4.5.

            	
              The
                duties of the Executive as an officer of the Company or of any Associated
                Company shall be subject to the Articles of Association (or equivalent)
                of
                the relevant company and shall be separate from and in addition to
                his
                duties under this Agreement. If the Executive ceases to be a director
                or
                officer of the Company or of any Associated Company (otherwise than
                by
                resignation from employment, termination by the Company of the Executive’s
                employment under this Agreement or where the Executive is prohibited
                by
                law from acting as a director or officer of the Company or an Associated
                Company) this Agreement shall nevertheless remain in force as if
                the
                Executive’s employment is that of executive manager rather than that of
                director. The parties agree that in such circumstances the Executive
                will
                not be entitled to any compensation in respect of the loss of his
                position
                as director or officer.

            

    

     

    
      	 	
              4.6.

            	
              The
                Executive’s performance and discharge of his duties and responsibilities
                hereunder shall be the subject of regular review, the object of which
                is
                to assess performance during the period under review and to set agreed
                performance standards for future review periods. In the event that,
                in the
                opinion of the Board or

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    such
      other person or body as the Board shall nominate, the Executive fails to achieve
      the agreed performance standards, the Company may terminate the Executive’s
      employment in accordance with the provisions of Clause 26.

     

    
      	5.	
              Other
                Interests

            

    

     

    
      	 	
              5.1.

            	
              The
                Executive shall not (except with the Board’s prior written consent) be
                directly or indirectly engaged or concerned in any capacity in the
                conduct
                of, or have any financial interest in: any business, trade, profession
                or
                organisation (other than Associated Companies) save through holding
                or
                being interested in investments (quoted or unquoted) not representing
                more
                than two per cent of the issued equity capital or any other class
                of share
                or debenture capital of any one
                company.

            

    

     

    
      	 	
              5.2.

            	
              The
                Executive will not, without the Board’s prior consent, give lectures,
                speak in public or publish anything in any form or medium relating
                to the
                affairs of, or matters which may affect
                RBSG.

            

    

     

    
      	6.	
              Place
                of Employment

            

    

     

    
      	 	
              6.1.

            	
              The
                Executive will normally work in Edinburgh at Gogarburn but may be
                required
                to travel elsewhere in the world in the performance of his
                duties.

            

    

     

    
      	 	
              6.2.

            	
              The
                Executive may be required to move temporarily or permanently to any
                other
                location, as may be reasonably specified by the Company in which
                case a
                minimum of 4 weeks’ notice of the move will be given and reasonable
                travel, subsistence and relocation expenses will be paid by the
                Company.

            

    

     

    
      	7.	
              Hours
                of Work

            

    

     

    
      	 	
              7.1.

            	
              The
                normal hours of work are from 9.00 a.m. to 5.00 p.m. (Monday to Friday)
                inclusive of one hour for lunch daily, but the Executive is expected
                to
                work reasonable additional hours when necessary for the performance
                of his
                duties without additional
                remuneration.

            

    

     

    
      	 	
              7.2.

            	
              The
                Executive will not receive any additional remuneration for working
                more
                than 35 hours per week.

            

    

     

    
      	8.	
              Remuneration
                (RBSelect)

            

    

     

    
      	 	
              8.1.

            	
              The
                Company operates a flexible compensation and benefits package called
                RBSelect
                which comprises

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
      	 	
              8.1.1.

            	
              individually
                calculated basic salary (the ‘Salary
                Element’)

            

    

     

    
      	 	
              8.1.2.

            	
              any
                regional allowances the Executive is entitled to
                receive

            

    

     

    
      	 	
              8.1.3.

            	
              value
                of the Managers’ Car Scheme

            

    

     

    
      	 	
              8.1.4.

            	
              value
                of private medical cover

            

    

     

    
      	 	
              8.1.5.

            	
              value
                of Managers’ medicals

            

      	 	 	 

      	 	 	The residual amount may be used by the Executive
              to
              select preferred benefits from RBSelect.

      	 	 	 

      	 	 	The ‘Salary Element’ is used to calculate certain
              benefits such as pension, Profit Share and any discretionary bonus
              payment
              or any other payment directly linked to salary. The Salary Element
              is also
              used to calculate severance payments including redundancy.
              

      	 	 	 

      	 	 	The total ValueAccount is £838,064.50, which includes the
              Salary Element of £650,000, per annum. Full details of RBSelect
              contained in the Company’s guidebook and on the Group intranet in relation
              to the scheme. A copy of this is
              attached.

    

     

    
      	 	
              8.2.

            	
              The
                monthly value of the Executive’s ValueAccount less the cost of any
                benefits elected through RBSelect
                will be paid on the 18th day of each month (or on the last preceding
                working day where the 18th day falls on a weekend or public holiday)
                directly into the Executive’s bank account. Salary will be paid partly in
                advance and partly in arrears up to the last day of each calendar
                month.

            

    

     

    
      	 	
              8.3.

            	
              The
                Executive’s salary will be reviewed annually on the 1st day of April of
                each year or any other day approved by the Remuneration Committee
                with any
                adjustments having immediate effect. Any review of salary will be
                entirely
                at the Company’s discretion. The Executive has no automatic right to any
                increase in salary.

            

    

     

    
      	 	
              8.4.

            	
              All
                remuneration payable in cash to the Executive under this Agreement
                shall
                only be credited to a bank account held with the Company or with
                another
                company in the Group, which shall be maintained by the
                Executive.

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
      	9.	
              Deductions

            

    

     

    
      	 	
              9.1.

            	
              The
                Executive agrees that the Company may, at any time during, or in
                any event
                upon termination of the Executive’s employment, deduct from his
                remuneration, any monies due by him to the Company including any
                overpayment made and/or outstanding loans, advances, relocation expenses,
                the cost (including the legal and other costs involved) of repairing
                any
                damage or loss to the Company’s property (including intellectual property)
                caused by him, salary paid in respect of excess holidays and any
                other
                monies owed by him to the Company or any Associated
                Company.

            

    

     

    
      	10.	
              Bonuses

            

    

     

    
      	 	
              10.1.

            	
              Subject
                to Clause 10.2 below, the Executive may, at the discretion of the
                Remuneration Committee, be entitled to participate in any Bonus Scheme
                as
                approved by the Remuneration
                Committee.

            

    

     

    
      	 	
              10.2.

            	
              lf,
                on or before the relevant qualifying date for payment of the bonus,
                the
                Executive has given or been issued with notice of termination of
                employment or has been dismissed, the Executive will not be entitled
                to
                receive any bonus payment which would or may otherwise be due to
                the
                Executive (whether paid in cash or in shares) as set out in Clause
                10.1
                above.

            

    

     

    
      	11.	
              Profit
                Sharing

            

    

     

    
      	 	
              11.1.

            	
              The
                Executive shall be eligible to participate in RBSG’s Profit Sharing
                Scheme, the terms and conditions of which will be made available
                to the
                Executive. Any entitlement is calculated by reference to the Executive’s
                Salary Element.

            

    

     

    
      	12.	
              Executive
                Long Term Incentives

            

    

     

    
      	 	
              12.1.

            	
              The
                Executive may, at the absolute discretion of the Remuneration Committee,
                be eligible to participate in the Company’s long term incentive plans,
                subject to the rules of these
                plans.

            

    

     

    
      	13.	
              YourBank

            

    

     

    
      	 	
              13.1.

            	
              The
                Executive shall be eligible to access preferential rates across a
                range of
                financial products and services from the RBS Group through YourBank.
                YourBank is available to all UK and Offshore employees and eligible
                Group
                pensioners.

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
      	
              14.

            	
              Expenses

            

    

     

    
      	 	
              14.1.

            	
              The
                Company shall reimburse the Executive for all reasonable out-of-pocket
                expenses properly incurred in the performance of his duties, subject
                to
                the Executive producing all relevant receipts or other satisfactory
                evidence and his compliance with the Company’s travel and expenses policy
                as amended from time to time.

            

    

     

    
      	 	
              14.2.

            	
              In
                order to facilitate payment of expenses, the Executive may be supplied
                with a credit card for use solely in this
                connection.

            

    

     

    
      	15.	
              Dealing
                in Investments

            

    

     

    
      	 	
              15.1.

            	
              The
                Executive is subject to the Company’s Staff Dealing Rules (and divisional
                rules where applicable) which may require prior permission to be
                obtained
                before the Executive is permitted to deal in most types of securities
                transactions. Requests must be submitted in writing on the appropriate
                Company form. The Company also operates a closed period during which
                the
                Executive will not be permitted to deal in RBSG shares. Failure to
                abide
                by these rules will constitute serious misconduct for the purposes
                of any
                disciplinary action and may lead to criminal proceedings and / or
                the
                summary dismissal of the Executive.

            

    

     

    
      	 	
              15.2.

            	
              Details
                of the Company’s Staff Dealing Rules are contained in the Group compliance
                manual (known as the Group Regulatory Risk Policy Handbook) and any
                local
                compliance manual.

            

    

     

    
      	16.	
              Pension
                and Life Cover

            

    

     

    
      	 	
              16.1.

            	
              The
                Executive shall remain a member of The Royal Bank of Scotland Group
                Pension Fund in respect of the Executive’s pensionable service up to 5
                April 2006. The Executive’s benefits from the Fund will be based upon
                Final Pensionable Salary, as defined in the rules of that Fund, at
                the
                date of leaving service, retiring or dying. An allowance in lieu
                of
                continued accrual of pensionable service after 5 April 2006 is included
                in
                the Executive’s ValueAccount.

            

    

     

    
      	 	
              16.2.

            	
              To
                the extent that any salary related lump-sum payment made by the Group
                Fund
                in respect of the death of the Executive while in service before
                the
                Normal Pension Date as defined in the Group Fund is less than four
                times
                the Executive’s Salary Element by reason only of Section 590C of the
                Income and Corporation Taxes Act 1988 (which deals with the Pension
                Cap
                and continues to apply to the Fund by reason of the Registered Pension
                Schemes (Modification of the Rules of Existing

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    Schemes)
      Regulations 2006 or any replacement of this cap imposed under legislation or
      the
      rules of the Fund or otherwise), the Company shall ensure that a payment is
      made
      equal to the amount of the difference. This benefit will be subject to any
      restrictions imposed by an insurance company with which it is
      insured.

     

    
      	17.	
              Holidays

            

    

     

    
      	 	
              17.1.

            	
              The
                Executive will be entitled to paid holidays, subject to the undernoted
                conditions;

            

    

     

    
      	 	
              17.1.1.

            	
              The
                Executive will be entitled to 30 working days holiday to be taken
                at such
                time or times as the Executive shall request and agree in advance
                with the
                Company plus a further 8 days to be taken at times to be determined
                by the
                Company (which will normally be Bank Holidays). The Company reserves
                the
                right to request the Executive to work on Bank Holidays in return
                for
                which he will be entitled to holiday, equal to the period worked,
                to be
                taken at another time.

            

    

     

    
      	 	
              17.1.2.

            	
              The
                Company’s holiday year runs from 1 January to 31 December
                inclusive.

            

    

     

    
      	 	
              17.1.3.

            	
              If
                the Executive’s employment commences or terminates part way through the
                holiday year, holiday entitlement will be assessed on a pro-rated
                basis
                for each complete month of service during the holiday
                year.

            

    

     

    
      	 	
              17.1.4.

            	
              The
                Executive may carry over a maximum of 5 days unused holiday entitlement
                not taken in one year, to the next, but only with the prior written
                consent of the Company.

            

    

     

    
      	 	
              17.2.

            	
              On
                termination of employment the Executive will be entitled to payment
                in
                respect of any accrued unused holiday entitlement except where the
                Executive’s employment is terminated by the Company for misconduct or
                gross misconduct when only accrued unused statutory holiday will
                be
                paid.

            

    

     

    
      	 	
              17.3.

            	
              Upon
                termination of this Agreement the Executive will repay to the Company
                any
                salary received for holidays taken by him in excess of his accrued
                entitlement. The Executive agrees that any sums due to the Company
                by the
                Executive may be deducted by the Company from any monies owed to
                the
                Executive in accordance with clause
                9.

            

    

     

    
      	 	
              17.4.

            	
              During
                any period of notice (whether given by the Company or the Executive)
                whether being worked or on garden leave the Company shall be entitled,
                at
                its own

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    discretion,
      to require the Executive to take accrued and outstanding holiday entitlement
      or
      to make payment in lieu of such outstanding entitlement.

     

    
      	18.	
              Sickness

            

    

     

    
      	 	
              18.1.

            	
              There
                is no contractual right to payment in respect of any period of absence
                due
                to sickness or incapacity and any such payments will be made at the
                Company’s sole discretion.

            

    

     

    If
      the
      Executive is absent from work due to illness, injury, or accident the Company
      may, at its sole discretion, pay Company sick pay (inclusive of any statutory
      sickness benefit) at 100% of the Executive’s ValueAccount rate for the first 182
      days of incapacity. Beyond the initial 182 days, the Executive will be eligible
      to be considered on a discretionary basis for the Company’s Long Term Disability
      scheme (LTD). Continued receipt of payments under the scheme will be at the
      Company’s discretion and will be subject to the rules of the scheme which the
      Company has the right to vary from time to time.

     

    
      	 	
              18.2.

            	
              If
                accepted on LTD, a payment equal to 55% of the Executive’s ValueAccount
                rate may be paid for up to a further five years subject to the scheme
                rules and the qualifying criteria set out in sub-clauses 18.3 - 18.5
                and
                18.9 being met. Other factors during sickness absence
                are:

            

    

     

    
      	 	
              18.2.1.

            	
              Any
                benefit paid during the initial 182 days absence will include an
                allowance
                in lieu of holiday entitlement. Consequently normal holiday entitlement
                will cease to accrue;

            

    

     

    
      	 	
              18.2.2.

            	
              During
                any period of LTD, the overall level of benefit will increase in
                January
                in line with any increase applied to payments under the Company’s Group
                Pension Fund;

            

    

     

    
      	 	
              18.2.3.

            	
              During
                the entire period of LTD, the Executive will continue to receive
                additional Company benefits, including non-contributory pension scheme
                and
                RBSG’s Profit Sharing Scheme and will remain eligible to participate in
                the RBSG Sharesave Scheme. All salary-related benefits will be linked
                to
                the current level of LTD payments as defined in clause 18.2. Pension
                benefits will be based on the Executive’s Salary Element before his
                sickness absence and will be increased each year in line with any
                increase
                applied to payments under the Company’s pension
                fund;

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    
      	 	
              18.2.4.

            	
              At
                any time during a period of sickness absence and, in any event, at
                the end
                of the LTD Period, if the Executive is unable to return to work he
                will be
                considered for ill-health retirement. Ill-health retirement will
                only be
                considered where the Executive satisfies the relevant ill-health
                retirement criteria set out in the relevant pension scheme
                documentation;

            

    

     

    
      	 	
              18.2.5.

            	
              All
                periods of long-term sickness absence will be regarded as continuous
                service for the purpose of pension and other benefit
                calculations.

            

    

     

    
      	 	
              18.3.

            	
              The
                Executive may self-certify his incapacity for absences of up to seven
                consecutive days (including weekends and statutory
                holidays).

            

    

     

    
      	 	
              18.4.

            	
              A
                doctor’s certificate must be submitted to the Company for absences of more
                than seven consecutive days. Thereafter, the Executive must submit
                a new
                doctor’s certificate as and when necessary to ensure that all periods of
                absence are covered.

            

    

     

    
      	 	
              18.5.

            	
              The
                Company reserves the right to request the Executive to provide evidence
                for any period of absence including those that would normally be
                self-certified.

            

    

     

    
      	 	
              18.6.

            	
              For
                the purposes of assessing the Executive’s entitlement to Statutory Sick
                Pay, the qualifying days will be Monday to Friday
                inclusive.

            

    

     

    
      	 	
              18.7.

            	
              If
                the Executive is incapable of performing his duties because of injuries
                sustained wholly or partly as a result of actionable negligence,
                nuisance
                or breach of any statutory duty on the part of any person other than
                a
                company in the Group (a “third party”) or if the Executive is covered by
                any health or other insurance scheme (an “insurance policy”) all payments
                made to the Executive under Clause 18.2 above shall (to the extent
                that
                compensation for loss of earnings is recoverable from the third party
                or
                under the insurance policy), constitute loans by the Company (or
                by any
                Associated Company from whom the Company may have procured payment
                of the
                Executive’s salary) to the Executive and shall be repaid when the
                Executive recovers compensation for loss of earnings from the third
                party
                by action or otherwise or under the insurance
                policy.

            

    

     

    
      	 	
              18.8.

            	
              Without
                prejudice to the provisions of Clause 18.7, in the event that the
                Executive has been incapacitated from performing his duties by reason
                of
                injuries sustained wholly or partly as a result of actionable negligence
                or as a result of matters which are covered by an insurance policy,
                the
                Company shall be entitled to require the Executive
                either:-

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    
      	 	
              18.8.1.

            	
              (subject
                to the Company agreeing to indemnify the Executive against all reasonable
                legal expenses) to raise legal proceedings to enforce his rights
                against
                any third party who has committed such an actionable negligence against
                him and/or to pursue a claim under the insurance policy;
                or

            

    

     

    
      	 	
              18.8.2.

            	
              to
                assign his right to raise legal proceedings to recover from such
                third
                party and/or the relevant insurance company compensation for any
                loss of
                earnings sustained by the Executive to the Company or any Associated
                Company.

            

    

     

    
      	 	
              18.9.

            	
              The
                Executive shall at any time (including during any period of incapacity)
                at
                the request and expense of the Company submit to medical examinations
                by a
                medical practitioner nominated by the Company. The results shall,
                subject
                to the provisions of the Access to Medical Reports Act 1988, be disclosed
                to the Company.

            

    

     

    
      	19.	
              Confidentiality

            

    

     

    
      	 	
              19.1.

            	
              During
                the Executive’s employment, he must treat the business of the Company and
                any Associated Company and any information received during the course
                of
                or as a result of his employment about or provided by any third party
                as
                strictly confidential.

            

    

     

    
      	 	
              19.2.

            	
              The
                Executive may not at any time (whether during his employment or after
                its
                termination) disclose to any unauthorised person, firm or corporation
                or
                use or attempt to use for his own or any other person, firm or
                corporation’s advantage, any confidential information relating to the
                business affairs or trade secrets of the Company or any Associated
                Company, or any confidential information about (howsoever obtained)
                or
                provided by any third party received during the course of or as a
                result
                of his employment (“Confidential Information”). Confidential Information
                includes without being limited to, information relating to employees,
                customers and suppliers (former, actual and potential), Group contracts,
                pricing structures, financial and marketing details, business plans,
                any
                technical data, designs, formulae, product lines, Intellectual Property
                (as defined in clause 21), research activities and any Group information
                which may be deemed to be commercially or price sensitive in nature.
                It
                also includes, again without limitation, any information contained
                in
                documents marked “confidential” or documents of a higher security
                classification and other information which, because of its nature
                or the
                circumstances in which the Executive receives it, he should reasonably
                consider to be confidential.

            

    

     

    
      	 	
              19.3.

            	
              The
                Company reserves the right to modify the categories of Confidential
                Information from time to time.

            

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    
      	 	
              19.4.

            	
              The
                Executive is not permitted to make any copy, abstract, summary or
                précis
                of the whole or any part of any document belonging to the Group unless
                he
                has been authorised to do so by the Company, and shall not at any
                time use
                or permit to be used any such items otherwise than for the benefit
                of the
                Group.

            

    

     

    
      	 	
              19.5.

            	
              The
                obligations contained in this clause 19 shall not
                apply:

            

    

     

    
      	 	
              19.5.1.

            	
              to
                information or knowledge which subsequently comes into the public
                domain
                other than by way of unauthorised use or disclosure (whether by the
                Executive or a third party);

            

    

     

    
      	 	19.5.2.	
              where
                the Executive’s use or disclosure of the information has been properly
                authorised by the Company;

            

    

     

    
      	 	19.5.3.	
              to
                any information which the Executive discloses in accordance with
                applicable public interest disclosure
                legislation;

            

    

     

    
      	 	19.5.4.	
              to
                any information which is required to be disclosed in accordance with
                an
                order of a Court of competent
                jurisdiction.

            

    

     

    
      	 	
              19.6.

            	
              The
                Executive shall exercise all due care and diligence and shall take
                all
                reasonable steps to prevent the publication or disclosure of any
                Confidential Information relating, in particular, but not limited
                to,
                actual or proposed transactions, of any employee, customer, client
                or
                supplier (whether former, actual or potential) of the Company or
                any
                Associated Company including the partnerships, companies, bodies,
                and
                corporations having accounts with or in any way connected to or in
                discussion with the Group and all other matters relating to such
                customers, clients or suppliers and
                connections.

            

    

     

    
      	 	
              19.7.

            	
              Any
                breach by the Executive of the provisions of this Clause 19 will
                be
                regarded by the Company as a serious disciplinary matter and may,
                if
                committed while the Executive is employed by the Company, result
                in
                disciplinary action being taken against the Executive up to and including
                dismissal without notice.

            

    

     

    
      	 	
              19.8.

            	
              The
                Executive agrees that the undertakings comprised in this Clause 19
                are
                reasonable and necessary to protect the legitimate business interests
                of
                the Group both during and after the termination of the Executive’s
                employment.

            

    

     

    
      	
              20.

            	
              Group
                Property

            

    

     

    
      	 	
              20.1.

            	
              All
                reports, files, notes, memoranda, e mails, accounts, documents or
                other
                material (including all notes and memoranda of any Confidential
                Information as defined in 

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    clause
      19.1 and the items referred to in clause 19.4) and any copies made or received
      by the Executive in the course of his employment (whether during or after)
      are
      and shall remain the sole property of the Company or the appropriate Associated
      Company and shall be surrendered by the Executive to someone duly authorised
      by
      the Company in accordance with Clause 30.

     

    
      	21.	
              Intellectual
                Property

            

    

     

    
      	 	
              21.1.

            	
              For
                the purposes of this clause, “Intellectual Property” means patents, trade
                marks, service marks, registered designs (including applications
                for and
                rights to apply for any of them), unregistered design rights, trade
                or
                business names, copyright, database rights, Confidential Information
                or
                know how and any similar rights in any
                country.

            

    

     

    
      	 	
              21.2.

            	
              All
                Intellectual Property which the Employee develops or produces in
                the
                course of his employment duties, or which the Employee derives from
                any
                material produced by the Employee or any other employee of the Company
                in
                the course of their employment duties, will be owned by the Company
                absolutely. The Executive agrees, at the Company’s expense, to sign all
                documents and carry out all such acts as will be necessary to achieve
                this. The Executive waives all moral rights in all Intellectual Property
                which is owned by the Company, or will be owned by the Company, further
                to
                this clause.

            

    

     

    
      	22.	
              Power
                of Attorney

            

    

     

    
      	 	
              22.1.

            	
              The
                Executive irrevocably appoints any Director or the Secretary of the
                Company to be his authorised attorney to do all such things and to
                execute
                all such documents in his name and on his behalf, which may be necessary
                or desirable for the Company to obtain for itself, or its nominees
                or any
                Associated Company the full benefit of the provisions in clauses
                21 and
                30.

            

    

     

    
      	 	
              22.2.

            	
              A
                letter, signed by any Director or Secretary of the Company certifying
                that
                anything has been done or that any document has been executed in
                accordance with the authority conferred by this clause, shall be
                conclusive evidence that such is the case as far as any third party
                is
                concerned save that the Executive may not sign such a letter
                himself.

            

    

     

    
      	23.	
              Grievance
                Procedure

            

    

     

    
      	 	
              23.1.

            	
              If
                the Executive has a grievance relating directly to his employment
                the
                grievance and the basis for it should be raised in writing with the
                ultimate executive director to 

            

    

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    whom
      the
      Executive reports for his consideration. Such executive director will meet
      with
      the Executive and will notify the Executive in writing of his findings and
      of
      any action to be taken to redress any justifiable grievance found to exist.
      If
      the Executive considers that the matter remains unresolved he should raise
      an
      appeal with the Group Director, Human Resources or such other person as the
      Group Director, Human Resources may nominate, whose decision, following a
      further meeting with the Executive, will be final and binding on the
      Executive.

     

    
      	 	
              23.2.

            	
              At
                any stage of the grievance procedure, the Executive may be accompanied
                by
                either a work colleague or a trade union
                representative.

            

    

     

    
      	24.	
              Disciplinary
                Procedure

            

    

     

    
      	 	
              24.1.

            	
              Without
                prejudice to the terms of clause 25, the Company may take disciplinary
                action against the Executive for, but not limited
                to,

            

    

     

    
      	 	
              24.1.1.

            	
              conduct
                incompatible with the Executive’s status (whether during working hours or
                not); or

            

    

     

    
      	 	
              24.1.2.

            	
              poor
                attendance; or

            

    

     

    
      	 	
              24.1.3.

            	
              a
                breach by the Executive of any of the terms and conditions of his
                employment; or

            

    

     

    
      	 	
              24.1.4.

            	
              unsatisfactory
                performance by the Executive of his
                duties.

            

    

     

    
      	 	
              24.2.

            	
              Such
                action may include a verbal or written warning (including a final
                written
                warning), suspension with or without pay or dismissal with or without
                notice.

            

    

     

    
      	 	
              24.3.

            	
              The
                Company may suspend the Executive with or without pay and benefits
                to
                enable it to carry out an investigation into any matter in respect
                of
                which it is considering taking disciplinary action against the Executive
                or for any other good reason. The period of suspension will not normally
                exceed 12 weeks.

            

    

     

    
      	 	
              24.4.

            	
              After
                the investigation the ultimate executive director to whom the Executive
                reports (or his nominated deputy) will write to the Executive setting
                out
                the alleged conduct and basis for the disciplinary action and inviting
                the
                Executive to a meeting to discuss the
                matter.

            

    

     

    
      	 	
              24.5.

            	
              After
                the meeting such executive director or deputy will write to the Executive
                advising him of the outcome and of the disciplinary sanction to be
                imposed.

            

    

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    
      	 	
              24.6.

            	
              If
                the Executive is unhappy with the outcome he may appeal the decision
                by
                raising it with the Group Director, Human Resources (or his nominated
                deputy).

            

    

     

    
      	 	
              24.7.

            	
              If
                the Executive appeals the decision the Group Director, Human Resources
                (or
                his nominated deputy) will hold an appeal meeting with the
                Executive.

            

    

     

    
      	 	
              24.8.

            	
              After
                the meeting the Group Director, Human Resources (or his nominated
                deputy)
                will write to the Executive advising him of the outcome. The decision
                of
                the Group Director, Human Resources (or his nominated deputy) will
                be
                final.

            

    

     

    
      	 	
              24.9.

            	
              The
                procedure set out in clauses 24.4 to 24.8 does not confer any contractual
                rights on the Executive.

            

    

     

    
      	 	
              24.10.

            	
              The
                Company’s Disciplinary Policy does not apply to the Executive’s employment
                hereunder.

            

    

     

    
      	 	
              24.11.

            	
              At
                any stage of the disciplinary procedure, the Executive may be accompanied
                by either a work colleague or a trade union
                representative.

            

    

     

    
      	 	
              24.12.

            	
              For
                the purposes of this clause the following are examples of conduct
                which
                will be treated as ‘Gross Misconduct’ and therefore likely to result in
                the dismissal of the Executive without
                notice:

            

    

     

    
      	 	
              24.12.1.

            	
              theft

            

    

     

    
      	 	
              24.12.2.

            	
              damage
                to Company property

            

    

     

    
      	 	24.12.3.	
              misuse
                of Company property or resources including computers and any other
                part of
                the Company’s telecommunication
                system.

            

    

     

    
      	 	
              24.12.4.

            	
              fraud

            

    

     

    
      	 	24.12.5.	
              incapacity
                for work due to being under the influence of alcohol or illegal
                drugs

            

    

     

    
      	 	
              24.12.6.

            	
              physical
                assault

            

    

     

    
      	 	
              24.12.7.

            	
              gross
                insubordination

            

    

     

    
      	 	
              24.12.8.

            	
              serious
                harassment on any grounds

            

    

     

    For
      the
      avoidance of doubt this list is not exhaustive.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    
      	25.	
              Summary
                Termination

            

    

     

    
      	 	
              25.1.

            	
              Notwithstanding
                the provisions of Clauses 24 and 26 of this Agreement, the Company
                shall
                (without prejudice to the other rights and remedies of the Company)
                be
                entitled to dismiss the Executive without notice or payment in lieu
                of
                notice if the Executive

            

    

     

    
      	 	
              25.1.1.

            	
              commits
                any serious or persistent breach of his duties, refuses or neglects
                to
                comply with any term of this Agreement, refuses or neglects to comply
                with
                any reasonable order or direction given to him by the Company, or
                is
                guilty of any gross default or incompetence or misconduct in connection
                with or affecting the business of the Company or conducts himself
                (whether
                or not in connection with his employment) in a manner which, in the
                reasonable opinion of the Company, is prejudicial to the Company
                or may
                bring him or the Company into disrepute;
                or

            

    

     

    
      	 	
              25.1.2.

            	
              is
                guilty of dishonesty, gross incompetence, willful neglect of duty,
                or of
                mismanagement of his financial affairs through failure to observe
                rules
                and procedures for the operation of bank accounts and/or borrowing;
                or

            

    

     

    
      	 	
              25.1.3.

            	
              is
                found guilty of any criminal offence (other than a minor offence
                under the
                Road Traffic Acts which does not result in imprisonment) whether
                or not in
                connection with employment; or

            

    

     

    
      	 	
              25.1.4.

            	
              is
                or becomes, in the reasonable opinion of the Company, of unsound
                mind;
                or

            

    

     

    
      	 	
              25.1.5.

            	
              becomes
                a patient for any purpose of any statute relating to mental health;
                or

            

    

     

    
      	 	
              25.1.6.

            	
              is
                declared bankrupt or takes advantage of any statute for the time
                being in
                force offering relief to insolvent debtors;
                or

            

    

     

    
      	 	
              25.1.7.

            	
              resigns
                as an officer of the Company or any Associated Company without the
                agreement of the Board; or

            

    

     

    
      	 	
              25.1.8.

            	
              if,
                as the result of any default on the part of the Executive, is prohibited
                by law from acting as an officer of the Company or any Associated
                Company;

            

    

     

    
      	 	
              25.1.9.

            	
              loses
                any Registration or Regulatory Status necessary to fulfill his
                duties.

            

    

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    
       

      
        	 	
                25.2.

              	
                
                  Notwithstanding
                    the provisions of clause 2 and clause 4 the Executive agrees
                    that he shall
                    have no remedy against the Company if his employment is terminated
                    by
                    reason of the liquidation of the Company for the purposes of
                    amalgamation
                    or reconstruction provided that he is offered employment with
                    any concern
                    or undertaking resulting from such amalgamation or reconstruction
                    on terms
                    and conditions which taken as a whole are not substantially less
                    favourable than the terms of this
                    Agreement.

                

              

      

    

     

    
      	26.	
              Termination
                by Notice

            

    

     

    
      	 	
              26.1.

            	
              The
                length of notice which the Executive is obliged to give the Company
                when
                seeking to leave employment is twelve months. Notice must be given
                in
                writing.

            

    

     

    
      	 	
              26.2.

            	
              Subject
                to clauses 24 and 25 above, the length of notice which the Executive
                is
                entitled to receive from the Company to terminate his employment
                is twelve
                months. Notice by the Company will be given in
                writing.

            

    

     

    
      	 	
              26.3.

            	
              The
                Company reserves the right to make a payment in lieu of notice. Any
                payment in lieu of notice will represent a payment in lieu of the
                Salary
                Element of the Executive’s ValueAccount only. No payment will be made in
                respect of any other benefit.

            

    

     

    
      	 	
              26.4.

            	
              The
                Executive’s normal retirement age is 65. This Agreement will automatically
                terminate without notice on the Executive reaching the age of
                65.

            

    

     

    
      	27.	
              Change
                of Control

            

    

     

    
      	 	
              27.1

            	
              If
                there is a change of control of the ultimate holding company of the
                Company (being at the date of this Agreement RBSG) and if within
                one year
                of such a change of control the Company serves notice to terminate
                the
                employment of the Executive (otherwise than under clauses 25 or where
                payment in lieu of notice is made under clause 26 hereof) then the
                Executive’s employment will be terminated forthwith and the Company shall
                pay and provide the following by way of liquidated
                damages:-

            

    

     

    
      	 	
              27.1.1

            	
              a
                payment equivalent to the Executive’s Salary Element in respect of the
                period of notice required for the Company to terminate this Agreement
                under clause 26,

            

    

     

    
      	 	
              27.1.2

            	
              a
                payment equivalent to all other contractual benefits which the Executive
                would reasonably have expected to receive during such period of
                notice.

            

    

     

    
      	 	
              27.2

            	
              For
                the purposes of this clause 27, “change of control” means that share
                capital conferring voting rights of at least 50% of the votes entitled
                to
                be cast comes under

            

    

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    the
      control of any person (or persons acting in concert) not having such control
      at
      the date of this Agreement.

     

    
      	 	
              27.3

            	
              Any
                payment made under 27.1 above shall be in full and final settlement
                of any
                claim which the Executive may then have against the Company arising
                out of
                the contract of employment or the termination
                thereof.

            

    

     

    
      	28.	
              Redundancy
                and Early Retirement

            

    

     

    
      	 	
              28.1.

            	
              The
                provisions set out in Schedule 1 (Executive Severance Arrangements)
                to
                this Agreement shall apply to the
                Executive.

            

    

     

    
      	29.	
              Garden
                Leave

            

    

     

    
      	 	
              29.1.

            	
              At
                any stage of the Executive’s notice period referred to in clause 26 above
                (whether notice was given by the Executive or by the Company), the
                Company
                may, at its absolute discretion and without being required to give
                any
                reasons, require the Executive to remain away from work on garden
                leave.

            

    

     

    
      	 	
              29.2.

            	
              During
                any period of garden leave;

            

    

     

    
      	 	
              29.2.1.

            	
              the
                Executive must be available for work but the Company is not obliged
                to
                provide him with any work and may require him to perform different
                duties
                and/or tasks from his normal
                duties.

            

    

     

    
      	 	
              29.2.2.

            	
              the
                Executive will be entitled to receive the salary element of his
                ValueAccount together with any benefits under this Agreement but
                excluding
                any discretionary or performance bonus which will not accrue while
                the
                Executive is not carrying out his normal
                duties.

            

    

     

    
      	 	
              29.2.3.

            	
              the
                Executive may not, without the prior written consent of the Company
                contact or attempt to contact any client, customer, agent, professional
                adviser, employee, supplier or broker of the Company, any Associated
                Company or any other company within RBS
                group.

            

    

     

    
      	 	
              29.2.4.

            	
              the
                Executive will not be permitted to work for any other organisation
                or on
                his own behalf without the Company’s prior written
                consent.

            

    

     

    
      	 	
              29.2.5.

            	
              all
                other terms and conditions of the Executive’s employment (both express and
                implied) will remain in full force and effect until the end of the
                notice
                period.

            

    

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    
      	 	
              29.2.6.

            	
              The
                Executive continues to owe the Company a duty of fidelity and good
                faith.

            

    

     

    
      	 	
              29.3.

            	
              Any
                period of garden leave shall count towards any period of restriction
                set
                out in clause 31.2.

            

    

     

    
      	30.	
              Events
                on Termination

            

    

     

    
      	 	
              30.1.

            	
              Upon
                termination of the Executive’s employment for any reason whatsoever or at
                any other time at the request of the Company, the Executive shall
                immediately:

            

    

     

    
      	 	
              30.1.1.

            	
              deliver
                to the Company, in accordance with its instructions all items referred
                to
                in clause 20 and all other property of the Company (including, but
                not
                limited to, company car, credit cards, equipment, correspondence,
                data,
                disks, tapes, records, specifications, software, models, notes, reports
                and other documents together with any extracts or summaries, removable
                drives or other computer equipment, keys and security passes) or
                of any
                Associated Company in his possession or under his
                control.

            

    

     

    
      	 	
              30.1.2.

            	
              resign,
                without claim for compensation, from all directorships and other
                offices
                within the Group then held by him and the Executive hereby irrevocably
                authorises the Company to appoint some person in his name and on
                his
                behalf to sign any documents and do any things necessary to effect
                such
                resignation should he fail to do
                so.

            

    

     

    
      	 	
              30.1.3.

            	
              transfer
                (without payment) to the Company or, if requested by the Company,
                to the
                Company’s nominee, any qualifying or nominee shares registered in the name
                of the Executive (either solely or jointly) and held by the Executive
                as
                nominee, beneficial owner or trustee on behalf of the Company or
                any
                Associated Company.

            

    

     

    
      	 	
              30.2.

            	
              The
                Executive shall, if so required by the Company, confirm in writing
                that he
                has complied with his obligations under this Clause
                30.

            

    

     

    
      	31.	
              Restrictions
                after termination of
                employment

            

    

     

    
      	 	
              31.1.

            	
              In
                this clause the following definitions shall
                apply;

            

    

     

    
      	 	
              31.1.1.

            	
              Termination
                Date” means the date on which the Executive’s employment
                ends,

            

    

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    
      	 	
              31.1.2.

            	
              “Restricted
                Period” means the period of 12 months starting with the Termination Date
                (or such period less than 12 months as reduced by any period spent
                on
                garden leave),

            

    

     

    
      	 	
              31.1.3.

            	
              “Business”
                means the business carried on at the Termination Date by the Company
                and
                any Associated Company with which the Executive has been closely
                associated during the 12 months preceding the Termination
                Date,

            

    

     

    
      	 	
              31.1.4.

            	
              “Key
                Employee” means any employee of the Company or any Associated Company at
                appointed, managerial or senior managerial level with whom the Executive
                has worked during the 12 months preceding the Termination
                Date,

            

    

     

    
      	 	
              31.1.5.

            	
              “Customer”
                means any person, firm, company, organisation who or which was a
                customer
                of, an investor with or an exclusive supplier of services to, the
                Group,
                or any such entity who was negotiating with or contemplating doing
                business with the Group as at the Termination
                Date.

            

    

     

    
      	 	
              31.2.

            	
              The
                Executive agrees and undertakes in favour of the Company, as separate
                and
                independent obligations, that he will not, without first obtaining
                the
                written consent of the Company:-

            

    

     

    
      	 	
              31.2.1.

            	
              during
                the Restricted Period hold any position as employee, director, officer,
                consultant, partner, agent or principal in or
                with:

            

    

     

    
      	 	31.2.1.1.	
              any
                business which is the same or similar to the Business and which is
                or is
                likely to be or which becomes (during the Restricted Period) a business
                in
                competition with the Business,

            

    

     

    
      	 	31.2.1.2.	
              any
                person, firm or company which requires or might reasonably be thought
                by
                the Company to require the Executive to disclose or make use of any
                of the
                Confidential Information (as defined in clause 19) of the Business
                in
                order properly to discharge his duties to or to further his interest
                in
                such person, firm or company.

            

    

     

    
      	 	
              31.2.2.

            	
              during
                the Restricted Period directly or indirectly and whether on his own
                or
                someone else’s behalf canvass or solicit the custom of any person, firm or
                company, with whom he has had dealings, responsibility for or material
                knowledge of in the course of his employment and, who has within
                the 12
                months immediately prior to the Termination Date been a
                Customer;

            

    

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    
      	 	
              31.2.3.

            	
              during
                the Restricted Period, seek to influence, be engaged in or have any
                dealings with any business, including but not limited to any Customer,
                where he is or may be able to influence any trading relationship
                which has
                existed during the period of 12 months immediately prior to the
                Termination Date between any business or Customer and the Company
                or an
                Associated Company;

            

    

     

    
      	 	
              31.2.4.

            	
              during
                the Restricted Period or at any time beforehand, induce or seek to
                induce
                or entice or seek to entice away from the Company or any Associated
                Company, any Key Employee.

            

    

     

    
      	 	
              31.3.

            	
              Nothing
                in clause 31.2 will prevent the Executive from being involved in
                any
                business where his duties relate primarily to goods, services and
                activities not sold, provided or carried on by the Company or any
                Associated Company.

            

    

     

    
      	 	
              31.4.

            	
              The
                Executive agrees and acknowledges that the restrictions contained
                in
                clause 19 (Confidentiality), clause 20 (Group Property), clause 29
                (garden
                leave), clause 30 (Events on Termination) and clause 31 (Restrictions
                after Termination of Employment) are reasonable and necessary to
                protect
                the business and the Confidential Information of the Company and
                that the
                benefits he receives under this Agreement are sufficient compensation
                for
                these restrictions. However, if any such restriction or restrictions,
                are
                together or individually found to be void or unenforceable but would
                be
                valid and effective if some part or parts of them were deleted, the
                restriction or restrictions shall apply with any deletions or amendments
                necessary to make it or them valid, effective and
                enforceable.

            

    

     

    
      	 	
              31.5.

            	
              The
                Executive shall not, following the termination of his employment
                with the
                Company, represent himself or hold himself out as being in any way
                connected with the business of the
                Group.

            

    

     

    
      	32.	
              Declaration
                of Secrecy

            

    

     

    
      	 	
              32.1.

            	
              The
                Executive will be required to sign a Declaration of Secrecy in such
                form
                as may be required by the Company from time to
                time.

            

    

     

    
      	33.	
              Data
                Protection

            

    

     

    
      	 	
              33.1.

            	
              The
                Executive undertakes to familiarise himself with the Data Protection
                policy, procedures and accountabilities set down by the Company as
                a
                result of the Data Protection Act 1998. The Executive acknowledges
                that
                the Company will view any breach of these procedures as a serious
                matter
                of discipline.

            

    

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    
      	 	
              33.2.

            	
              By
                signing this statement, the Executive acknowledges and agrees that
                the
                Company is permitted to hold personal information about him as part
                of its
                personnel and other business records and may use such information
                in the
                course of the Company’s business. The Executive agrees that the Company
                may disclose such information to third parties in the event that
                such
                disclosure is in the Company’s view required for the proper conduct of the
                Company’s business or that of any Associated Company. This clause applies
                to information held, used or disclosed in any
                medium.

            

    

     

    
      	 	
              33.3.

            	
              The
                Group reserves the right to carry out searches about the Executive
                through
                credit reference agencies or through our own customer records at
                any time
                during the employment of the Executive. These searches will provide
                us
                with information that we may use for the purposes of identifying
                any
                serious debt or other significant financial difficulties that the
                Executive may have. This will allow us to raise this with the Executive
                in
                order to detect or eliminate any particular risk of employee fraud
                or
                theft, and thereafter to take any steps that we consider necessary
                to
                mitigate that risk. We will only retain the information about the
                Executive which we obtain from these searches for as long as we need
                it
                for the purposes set out above (subject to any legal (including any
                regulatory) obligation which requires us to retain that information
                for a
                longer period). The credit reference agency will record details of
                the
                search but these will not be available for use by lenders to assess
                the
                ability of the Executive to obtain credit. The Executive has the
                right of
                access to his personal records held by credit reference agencies.
                We will
                supply their names and addresses upon request, to help the Executive
                to
                exercise his right of access to those
                records.

            

    

     

    
      	 	
              33.4.

            	
              For
                the reasons referred to above, it is important that the Executive
                manages
                his personal finances responsibly. The Group requires that the Executive
                draws to the attention of his manager any serious debt or significant
                financial difficulties that he may have including those which result
                in
                court action being taken against
                him.

            

    

     

    
      	 	
              33.5.

            	
              In
                signing this contract the Executive hereby gives permission for the
                Group
                or its subsidiary companies and/or their appointed agents to carry
                out
                such credit reference searches in relation to him, including searches
                of
                customer credit records, during the term of this contract, as it
                considers
                necessary from time to time for the purposes set out in this
                clause.

            

    

     

    
      
        	
                34.

              	
                Notices

              

      

       

      
        	 	
                34.1.

              	
                Any
                  notice or other communication may be given by either party by personal
                  delivery or prepaid first class mail to the other party at (in
                  the case of
                  the Company) its 

              

      

    

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    registered
      office for the time being marked “For the Attention of the Company Secretary” or
      (in the case of the Executive) his last known usual address and any such notice
      shall be deemed to have been served (in the case of first class mail) at the
      expiry of 48 hours after the same was posted or (in the case of personal
      delivery) at the time of such delivery.

     

    
      	35.	
              Continuing
                Provisions

            

    

     

    
      	 	
              35.1.

            	
              The
                termination of this Agreement shall not affect the provisions of
                clause 19
                (Confidentiality), clause 20 (Group Property), clause 29 (garden
                leave),
                clause 30 (Events on Termination) and clause 31 (Restrictions after
                Termination of Employment).

            

    

     

    
      	36.	
              Whole
                Agreement and Severability

            

    

     

    
      	 	
              36.1.

            	
              These
                terms and conditions constitute a written statement of the terms
                of the
                Executive’s employment in accordance with the provisions of the Employment
                Rights Act 1996. These terms and conditions supersede any previous
                agreement, whether oral or in writing, between the Executive and
                the
                Company in relation to the matters dealt with herein and, together
                with
                the Executive’s letter of appointment represent the entire agreement
                between the Executive and the
                Company.

            

    

     

    
      	 	
              36.2.

            	
              In
                addition to the terms of this Agreement, the Executive is also required
                to
                comply with all other applicable statutory, divisional or company
                rules,
                as amended from time to time.

            

    

     

    
      	 	
              36.3.

            	
              The
                various provisions and sub-provisions of this Agreement and the Schedule
                are severable. If any provision or sub-provision (or identifiable
                part
                thereof) is held to be invalid or unenforceable, then such invalidity
                or
                unenforceability shall not affect the remaining provisions (or
                identifiable parts thereof) in this Agreement or the
                Schedule.

            

    

     

    
      	37.	
              Collective
                Agreements

            

    

     

    
      	 	
              37.1.

            	
              There
                are no collective agreements applicable to the Executive’s
                employment.

            

    

     

    
      	
              38.

            	
              
                Governing
                  Law

              

            

    

     

    
      	 	
              38.1.

            	
              The
                interpretation and enforcement of this Agreement shall be governed
                by and
                construed in all respects in accordance with the Law of Scotland
                and the
                parties submit to the non-exclusive jurisdiction of the Scottish
                courts.

            

    

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    

    
      	
              Signed
                for and on behalf of

            	 	 	 
	
              THE
                ROYAL BANK OF SCOTLAND plc

            	 	
              /s/Neil
                Roden

            	 
	
              on
                [                            ]

            	 	
              Neil
                Roden

            	 
	
              by
                Neil Roden, Group Director, Human Resources

            	 	 	 
	 	 	 	 
	
              Signed
                by /s/ Mark Andrew Fisher

            	 	 	 
	
              on
                27/2/07

            	 	
              /s/
                Mark Andrew Fisher

            	 
	
              before
                the undernoted witness:-

            	 	 	 
	 	 	 	 
	
              /s/
                Michael Hodgson (Witness)

            	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
              Full
                Name

            	
              /s/Michael
                Hodgson

            	 	 	 
	
              Address

            	
              14
                Scotland St. Lane West

            	 	 	 
	 	
              Edinburgh

            	 	 	 
	
              Occupation

            	
              Assistant
                Manager

            	 	 	 

    

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    ROYAL
      BANK OF SCOTLAND plc

    EXECUTIVE
      SEVERANCE ARRANGEMENTS

     

    
      	1.	
              Introduction

            

    

     

    It
      is the
      policy of the Company to seek to provide security of employment for every member
      of staff whilst having regard to the need for continued profitability and
      efficiency. The Company shall strive to cope with future fluctuations in
      staffing requirements by endeavouring to find alternative employment for
      employees within the Group. However, should circumstances arise where the
      Company’s policy of safeguarding the current or future employment of staff
      cannot be maintained in respect of members of the executive staff of the Company
      (“the Executives”), then, as a last resort, the methods and arrangements for
      terminating the employment of Executives as outlined in this Schedule will
      apply.

     

    
      	2.	
              Notification
                of Potential Redundancies and
                Redeployment

            

    

     

    Where
      Executive redundancies are anticipated, the Company shall, wherever
      possible:

     

    
      	(a)	
              as
                soon as practicable notify Executives who are likely to be affected;
                and

            

    

     

    
      	
              (b)

            	
              attempt
                to re-deploy surplus Executives in one area to suitable alternative
                employment elsewhere within the Group. The Company will in the first
                instance, conduct an executive assessment process using the Company’s
                chosen executive selection partner. This process combines a systematic
                interview and completion of a range of occupational questionnaires
                designed to measure

            

    

     

    
      	 	
              ·

            	
              Functional,
                Technical Competence

            

    

    
      	 	
              ·

            	
              Achieved
                Results

            

    

    
      	 	
              ·

            	
              Intellectual
                Calibre

            

    

    
      	 	
              ·

            	
              Personal
                Qualities

            

    

    
      	 	
              ·

            	
              Business
                Acumen

            

    

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    If
      there
      are no distinguishing differences between individuals, additional factors which
      will then be taken into account in order to identify the most suitable candidate
      for any suitable alternative role include, in no particular order:-

     

    
      	 	
              ·

            	
              Current
                levels of performance and conduct

            

    

    
      	 	
              ·

            	
              Specific
                knowledge or skills

            

    

     

    All
      offers of redeployment (whether suitable alternative employment or alternative
      employment), including any training, shall be made by the Company in writing
      and
      acceptance by the Executive should be in writing. In certain circumstances
      the
      Company may require the Executive to accept suitable alternative employment.
      Should the Executive unreasonably refuse to accept suitable alternative
      employment, the Executive may forfeit any entitlement to a redundancy
      payment.

     

    
      	3.	
              Voluntary
                Early Retirement

            

    

     

    When
      the
      Company has, in accordance with paragraph 2 of this Schedule, advised Executives
      of a situation which may involve surplus Executives and the redeployment
      arrangements have not identified any suitable alternative employment or the
      Executive has not been identified as the most suitable candidate for any
      suitable alternative role which exists, the Company, other than in exceptional
      circumstances, may invite applications from affected Executives for voluntary
      early retirement. Whether or not such applications are accepted will be at
      the
      absolute discretion of the Company. Since no pension can be paid to staff below
      age 50 (age 55 from 6 April 2010), this section covers only Executives in excess
      of that age who are also members of the Company’s Pension Fund. The terms of
      Voluntary Early Retirement are as follows:-

     

    
      	(a)	
              Pension

            

    

     

    For
      Executives who qualify for a pension, such pension is payable immediately,
      as
      calculated within the terms of the Company’s Pension Fund, without actuarial
      discount, including commutation rights, based on pensionable service at the
      date
      of termination of service.

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

     

    
      	 	(b)        
              Cash Payment	 
	 	 	 
	 	
              1
                year’s service and over

            	
              -
                13 weeks’ pay

            
	 	
              2
                years’ service and over

            	
              -
                17 weeks’ pay

            
	 	
              3
                years’ service and over

            	
              -
                22 weeks’ pay

            
	 	
              4
                years’ service and over

            	
              -
                27 weeks’ pay

            
	 	
              5
                to 9 years’ service

            	
              -
                32 weeks’ pay

            
	 	
              10
                to 14 years’ service

            	
              -
                38 weeks’ pay

            
	 	
              15
                to 19 years’ service

            	
              -
                46 weeks’ pay

            
	 	
              20
                to 24 years’ service

            	
              -
                57 weeks’ pay

            
	 	
              25
                to 29 years’ service

            	
              -
                68 weeks’ pay

            
	 	
              30
                to 34 years’ service

            	
              -
                79 weeks’ pay

            
	 	
              35
                years’ service and over

            	
              -
                90 weeks’ pay

            

    

    

    The
      following conditions shall apply to such Cash Payment:-

     

    
      	 	
              (i)

            	
              service
                is continuous service calculated as at the date of termination by
                reference to the commencement date specified in Clause 3 of the Service
                Agreement;

            

    

     

    
      	 	
              (ii)

            	
              the
                calculation of a week’s or month’s (where appropriate) pay is on basic
                salary (the Salary Element as defined in Clause 8 of the Agreement)
                and
                excludes all other allowances or
                payments;

            

    

     

    
      	 	
              (iii)

            	
              the
                cash payment is inclusive of entitlement to a statutory redundancy
                payment
                (if any); and

            

    

     

    
      	 	
              (iv)

            	
              the
                number of weeks or months (where appropriate) on which the cash payment
                is
                based will not exceed the period of employment remaining prior to
                normal
                retirement date regardless of whether payment in lieu of notice is
                made.

            

    

     

    
      	(c)	
              Staff
                House Purchase Loans

            

    

     

    Existing
      loans under the Company’s Staff House Purchase Scheme shall be allowed to
      continue on the existing terms and conditions arranged, provided they allow
      for
      the loan to be repaid by the normal retirement date.

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    If
      the
      Executive obtains employment with an employer which offers mortgage facilities,
      the Staff House Purchase loan shall be repaid as soon as eligibility under
      the
      new employer’s scheme is attained.

     

    The
      Company will not consider applications for increases in borrowing. However,
      it
      will consider applications to move house, within the existing facility and
      subject to the Company’s approval of the property to be purchased. In such
      cases, the retention of any surplus arising on sale within the facility will
      be
      subject to the provisions of the Company’s Staff House Purchase Scheme in force
      at the time of sale.

     

    All
      other
      conditions of the Company’s Staff House Purchase Scheme shall apply to the
      loan.

     

    
      	(d)	
              Other
                Banking Facilities

            

    

     

    All
      other
      banking facilities shall be on the Company’s terms and conditions for the
      conduct of staff pensioners’ accounts.

     

    
      	(e)	
              Car
                Schemes

            

    

     

    The
      same
      arrangements will apply to members of the Company’s Executive Car Scheme as
      apply to Executives retiring at the normal retirement age and in accordance
      with
      the scheme rules under RBSelect.

     

    
      	4.	
              Voluntary
                Redundancy

            

    

     

    Where
      the
      arrangements for redeployment have not identified a suitable alternative role
      for the Executive and voluntary early retirement has not resolved, or is
      unlikely to resolve, the situation, the Company may, other than in exceptional
      circumstances, invite applications from Executives for voluntary redundancy.
      Whether or not such applications are accepted will be at the absolute discretion
      of the Company. This section applies only to Executives not covered by voluntary
      early retirement, i.e. those below age 50 or those aged 50 or over who do not
      qualify for a pension under the Company’s Pension Fund.

     

    If
      the
      Application is accepted the following will apply to the Executive:-

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    Voluntary
      Redundancy and Pension

     

    Executives
      below age 50 who are members of the Company’s Pension Fund will have payment of
      their pensions deferred and paid at normal retirement age. Deferred pensions
      of
      such Executives will be increased during the period of deferment by the greater
      of:-

     

    
      	1.	
              the
                annual increases as awarded in respect of pensions in payment;
                or

            

    

     

    
      	2.	
              the
                statutory increases in accordance with the Social Security Act
                1985.

            

    

     

    The
      Social Security Act 1985 requires that the deferred pension in excess of the
      Guaranteed Minimum Pension will be increased by the lower of the increase in
      the
      Retail Price Index or 5% per annum, over the period of deferment. 

     

    Voluntary Redundancy
      and Payments

     

    
      	(a)	
              Cash
                payments will be made on the basis of the higher of:-

            

    

     

    
      	 	
              (i)

            	
              a
                cash payment calculated by reference to the Executive’s period of
                employment as outlined in paragraph 3(b) of this Schedule; or if
                higher

            

    

     

    
      	 	
              (ii)

            	
              6
                months’ salary (see also paragraph 7) of this
                Schedule

            

    

     

    each
      on
      the conditions outlined in paragraph 3(b) of this Schedule.

     

    The
      Executive’s entitlement to payment under the Profit Sharing Scheme will be
      determined by the Profit Sharing Scheme Deeds of Trust and Supplementary
      Deeds.

     

    
      	(b)	
              Additional
                Payment

            

    

     

    In
      addition to the cash payment, and in respect of Executives aged 40 or over
      but
      under 50, a payment will be made related to age and service as at date of
      termination based on the following number of weeks’ pay for each year of
      service:-

     

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

     

    
      	 	
              Age
                in Years/Months

            	
              No
                of Weeks’ Pay

            	 
	 	
              40
                to 40/11

            	
              0.20

            	 
	 	
              41
                to 41/11

            	
              0.38

            	 
	 	
              42
                to 42/11

            	
              0.55

            	 
	 	
              43
                to 43/11

            	
              0.71

            	 
	 	
              44
                to 44/11

            	
              0.86

            	 
	 	
              45
                to 45/11

            	
              1.00

            	 
	 	
              46
                to 46/11

            	
              1.13

            	 
	 	
              47
                to 47/11

            	
              1.25

            	 
	 	
              48
                to 48/11

            	
              1.36

            	 
	 	
              49
                to 49/11

            	
              1.47

            	 

    

    

     

    
      	(c)	
              Staff
                House Purchase Loans

            

    

     

    Existing
      Loans under the Company’s Staff House Purchase Scheme shall be allowed to
      continue on the existing terms and conditions arranged, subject to the
      additional conditions set out below, for a period of up to five years from
      the
      date of termination of employment. Five years after the date of termination
      of
      employment, any outstanding borrowing will be subject to the terms and
      conditions of House Purchase Loans which apply to customers of the
      Company.

     

    The
      rate
      of interest on each Staff House Purchase Loan shall be increased by 2% on each
      of the first four anniversaries of the date of termination of employment subject
      to the rate not exceeding that charged to the Company’s customers.

     

    Executives
      shall sign a mandate authorising variation of the monthly repayments in line
      with changes in the interest rate and these variations shall be calculated
      in
      such a way that repayment of the loan is achieved without extension of the
      original term of the loan.

     

    If
      employment is obtained which offers mortgage facilities, the Staff House
      Purchase loan shall be repaid as soon as eligibility under the new employer’s
      scheme is attained.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    The
      Company will not consider applications for increases in borrowing. However,
      it
      will consider applications to move house, within the existing facilities and
      subject to the Company’s approval of the property to be purchased, normally for
      the purpose of taking up new employment. In such cases, the retention of any
      surplus arising on sale within the facility will be subject to the provisions
      of
      the Company’s Staff House Purchase Scheme in force at the time of
      sale.

     

    All
      other
      conditions of the Company’s Staff House Purchase Scheme shall apply to the
      loan.

     

    
      	(d)	
              Other
                Banking Facilities

            

    

     

    On
      termination of employment, Current Accounts, Deposit Accounts and any other
      loans and accounts not mentioned elsewhere, shall immediately become subject
      to
      the rates and terms applicable to customers of the Company.

     

    Loans
      repayable within 4 years or less of being granted other than where a loan has
      been granted to purchase a car previously allocated under the terms of a Car
      Scheme - see paragraph 5(e) below, shall continue on the terms and conditions
      arranged at staff rates until the agreed repayment date, at which time any
      outstanding borrowing must be repaid.

     

    
      	(e)	
              Car
                Schemes

            

    

     

    The
      same
      arrangements will apply to members of the Company’s Executive Car Scheme as
      apply to Executives retiring at the normal retirement age and in accordance
      with
      the rules under RBSelect.

     

    
      	(f)	
              Full
                and final settlement

            

    

     

    The
      Voluntary Redundancy terms together with any payment made in respect of payment
      in lieu of notice in accordance with paragraph 6 below are paid in full and
      final settlement of all claims for statutory redundancy pay, wrongful dismissal
      or breach of contract (if any). It is a condition of the voluntary redundancy
      arrangements that the Executive enters into an agreement accepting the full
      and
      final nature of the payments.

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    

     

    
      	5.	
              Compulsory
                Redundancy

            

    

     

    Where
      the
      Company considers that compulsory redundancy is unavoidable, the terms for
      any
      compulsory redundancies deemed necessary by the Company will be those which
      apply in this Schedule in either Voluntary Early Retirement (paragraph 3) or
      Voluntary Redundancy (paragraph 4) depending on the age of the Executive and
      his
      or her membership of the Company’s Pension Fund. For the avoidance of doubt the
      Compulsory Redundancy terms together with any payment made in respect of payment
      in lieu of notice in accordance with paragraph 6 below are paid in full and
      in
      full and final settlement of all claims for statutory redundancy pay, wrongful
      dismissal or breach of contract (if any). The date of termination of employment
      shall be notified in writing by the Company.

     

    
      	6.	
              Notice
                of Redundancy to
                Employees

            

    

     

    The
      Company may at its absolute discretion insist that the Executive work their
      notice period or choose to apply the provisions of Clause 29 of the Service
      Agreement. The Company reserves the right, however, to make payment in lieu
      of
      notice in accordance with Clause 26.3 of the Service Agreement.

     

    
      	7.	
              Executives
                Leaving Prior to Completion of
                Notice

            

    

     

    Executives
      may apply to leave before their period of notice expires and hence waive part
      or
      all of their notice. Agreement to this shall not be unreasonably withheld but
      shall be judged in light of individual circumstances and the operational
      requirements of the Company. Where such agreement has been given in writing
      entitlement to redundancy or retirement terms shall not be withheld except
      that
      there shall be no payment in lieu of notice beyond the revised date of
      termination of employment. However, Executives who leave before their period
      of
      notice expires, without the agreement of the Company in writing, may forfeit
      their entitlement to redundancy payments or retirement terms outside of the
      scope of the Company’s Pension Fund.

     

    
      	8.	
              Assistance
                to Redundant
                Executives

            

    

     

    
      	
              (a)

            	
              In
                addition to the procedures in this Schedule, to minimise the effect
                of
                redundancy, the Company will endeavour to assist redundant Executives
                to
                find other employment.

            

    

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    
      	
              (b)

            	
              Any
                reasonable request for time off to seek other employment will be
                approved.

            

    

     

    
      	 	
              (c)

            	
              A
                counselling service will be offered to all Executives under notice
                of
                redundancy in accordance with this Schedule. Each Executive will
                be
                interviewed by the Director, Human Resources to discuss his or her
                personal position and severance
                entitlements.

            

    

     

    
      	
              9.

            	
              Dismissal
                other than on the Grounds of Redundancy or Early
                Retirement

            

    

     

    Where
      it
      is necessary to dismiss an Executive already under notice of redundancy or
      whose
      application for early retirement has been accepted, entitlement to all benefits
      under the terms of this Schedule will be lost other than those which apply
      under
      the terms of the Company’s Pension Scheme which include a right to set-off in
      favour of the Company in certain circumstances.

     

    
 

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        37EXHIBIT 4.10

This indemnity is given the Twenty Fourth day of March 2006 by The Royal Bank of Scotland Group plc which has its registered office situated at 36 St Andrew Square, Edinburgh EH2 2YB (the “Group”) to Sir Frederick Anderson Goodwin (“Sir Fred”).

In consideration of Sir Fred’s agreement to accept office and to continue to act as a director of Bank of China Limited, the Group hereby indemnifies Sir Fred and agrees to keep Sir Fred indemnified in respect of
such directorship on the same terms and conditions, mutatis mutandis, as the indemnity given to Sir Fred by the Group on 5 May 2005 (the “Indemnity”) (or
any substantially equivalent indemnity given by the Group in substitution therefor) provided that, for these purposes, Bank of China Limited shall be deemed to be an Investee Company (as defined in the Indemnity).

Signed for and on behalf of The Royal Bank of Scotland Group plc conform to Commission dated 27 October 2005 and registered in the Books of Council and Session 3 November 2005. 

	/s/ Miller McLean 
	........................................................
	Commissioner and Attorney

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