Document:

Exhibit

Exhibit 10.3

HESKA CORPORATION
1997 STOCK INCENTIVE PLAN

NOTICE OF STOCK OPTION GRANT

Name
Address
City, State Zip

You have been granted an option to purchase Public Common Stock of HESKA CORPORATION, (the "Company"):

Option No.    0000XXXX

Date of Grant    3/7/2018

Vesting Commencement Date    3/7/2018

Exercise Price Per Share    $69.77000

Total Number of Shares Granted    X,XXX

Total Price of Shares Granted    $XX,XXX.XX

Type of Option    Incentive or NonQualified Stock Option

Expiration Date    X/X/XXXX

Vesting Schedule:    
    
The shares granted shall become vested and exercisable as follows, subject  to Optionee’s continued status as an Employee or Consultant on such dates. 

	
			
	Shares
	Vest Type
	Full Vest

	X,XXX
	Annually
	3/7/2019

	X,XXX
	Annually
	3/7/2020

	X,XXX
	Annually
	3/7/2021

The grant will vest in full in the event of a Change of Control.

By your signature and the signature of the Company's representative below, you and the Company agree that this option is granted under and governed by both the terms and conditions of the 1997 Stock Incentive Plan and the attached Stock Option Agreement.

Exhibit 10.3

	
		
	OPTIONEE:
	HESKA CORPORATION, a Delaware corporation

	 
	 

	

Signature:               
   Name
	By: 

                  
Title: Chief Operating Officer,
          Chief Strategist and SecretaryExhibit

Amendment #9 to

ARROW FINANCIAL CORPORATION
SELECT EXECUTIVE RETIREMENT PLAN

As Amended and Restated Effective as of January 1, 2005
For Benefits Accrued or Vested After December 31, 2004

Amendment to Add New Schedule C SERP Benefit for Thomas Murphy

Pursuant to Section 5.01 of the Arrow Financial Corporation Select Executive Retirement Plan as amended and restated effective January 1, 2005 for benefits accrued or vested after December 31, 2004, which provides for amendment thereof, the Plan is hereby amended effective as of January 1, 2018 as follows:

		
	1.
	All instances in the Plan which reference Schedules A and B collectively shall be amended to collectively reference Schedules A, B and C.

		
	2.
	A new Schedule C Select Executive Retirement Plan (SERP) benefit for current President/CEO Thomas Murphy shall be added to the Plan as provided for in the following attachment.

    

The Employer consents to the foregoing amendment, and except as amended herein, the Plan is hereby ratified and confirmed.

ARROW FINANCIAL CORPORATION 

By:    /s/ Debra A. Meier
         EMPLOYER

Date:  January 31, 2018    

SCHEDULE C
Arrow Financial Corporation
Select Executive Retirement Plan

A supplemental retirement benefit shall be provided to Thomas Murphy (“Participant”) under this Schedule C as follows:

		
	1.
	The benefit shall equal 40% of the Participant’s final average Compensation offset by the value of other Company provided benefits. For this purpose:

		
	a.
	Compensation shall have the same meaning as in the Arrow Financial Corporation Employees’ Pension Plan and Trust (hereinafter referred to as the “Pension Plan”) but without respect on any limits imposed by Internal Revenue Code Section 401(a)(17).

		
	b.
	The average of such Compensation shall be made over the 60 consecutive calendar months which produce the highest average during the last 120 consecutive calendar months of the Participant’s employment.

		
	c.
	The benefit shall be expressed in the form of a single life annuity payable at a normal retirement age of 65.

		
	d.
	Other Company provided benefits shall include:

		
	i.
	Social Security benefits payable at age 65, regardless of the actual timing of commencement for such benefits. If Social Security benefits commence prior to age 65, estimated benefits shall be projected to age 65 assuming the Participant continued employment there through.

		
	ii.
	The Account Balance Accrued Benefit payable in the form of a single life annuity at Normal Retirement (age 65) from the Pension Plan. 

		
	iii.
	The age 65 single life annuity value of any benefits provided to the Participant under Schedule A of this Plan. 

		
	iv.
	The age 65 single life annuity value of all other account balances attributable to Company contributions on behalf of the Participant to the Arrow Financial Corporation Employee Stock Ownership Plan and Trust, the Arrow Financial Corporation Profit Sharing/401(k) Plan, and any Schedule B benefits provided under this Plan.

		
	v.
	The actuarial assumptions used to convert a (lump sum) account balance to a single life annuity form of benefit in the Pension Plan shall be used for converting account balances to annuities under this Schedule. 

		
	vi.
	For determining benefits prior to age 65: 

		
	1.
	Any benefit for which the normal form is an annuity, the accrued benefit at the date of determination shall be the accrued benefit deferred to age 65 as calculated in each respective plan using the Participant’s actual Compensation and service through such date of determination.

		
	2.
	Any benefit for which the normal form is an account balance, the account balance as of the date of determination shall be converted to an actuarially equivalent life annuity deferred to age 65. 

		
	vii.
	The actuarial assumptions used to convert the single life annuity form of benefit to another optional annuity form in the Pension Plan shall be used for similar purposes under this Schedule.

		
	viii.
	The benefit shall be payable upon actual retirement, except that actual payment shall commence 6 months after the Participant’s separation from service with the Company (or any employer within the control group) in compliance with Code Section 409A, with the first such payment equal to the value of 7 monthly payments with interest at the rate of 7.5%.

		
	2.
	If benefits commence prior to age 65 they shall be reduced for early commencement in the same manner as early retirement benefits in the Pension Plan.

		
	3.
	If benefits commence after age 65 as result of continued employment, final average Compensation, and other Company provided benefits shall be determined as of the Participant’s actual date of retirement.

		
	4.
	Benefits may be paid in any optional annuity form of payment available to the Participant under the Pension Plan and valued in accordance with the actuarial assumptions therein. Except as provided for below, a lump sum benefit option shall not be permitted. The Participant need not elect the same optional form of payment as elected for Pension Plan benefits.

		
	5.
	Death benefits shall be provided as follows:

		
	a.
	In the event of death prior to the commencement of benefits, the surviving spouse, if any, shall receive a survivor annuity payable effective as of the first day of the month following the date of death in an amount that is actuarially equivalent, determined using the actuarial assumptions in the Pension Plan, to the single life annuity amount the Participant would have been entitled to receive if benefits commenced as of such date. If the Participant’s spouse predeceases him, the preretirement death benefit shall be paid to his designated beneficiary, or to his estate if there is no designated 

beneficiary, in the form of an actuarially equivalent lump determined using the actuarial assumptions in the Pension Plan for such payments.

		
	b.
	In the event of death subsequent to the commencement of benefits, death benefits, if any, shall be paid in accordance with the terms of the elected form of payment and any applicable beneficiary designations.Exhibit 4.1

_______________________________________

 

LLOYDS BANK PLC

 

as Issuer,

 

LLOYDS BANKING GROUP PLC

 

as Guarantor,

 

and

 

THE BANK OF NEW YORK MELLON,

acting through its London Branch

 

as Trustee

 

_______________________________________

 

EIGHTH SUPPLEMENTAL INDENTURE

 

dated as of May 8, 2018

 

to

 

THE SENIOR DEBT SECURITIES INDENTURE

 

dated as of January 21, 2011

 

_______________________________________

 

     

     

    

EIGHTH SUPPLEMENTAL INDENTURE (“Eighth
Supplemental Indenture”), dated as of May 8, 2018, among LLOYDS BANK PLC (as successor to Lloyds TSB Bank plc), a corporation
incorporated in England and Wales with registered number 2065, as issuer (the “Company”), LLOYDS BANKING GROUP
PLC, a corporation incorporated in Scotland with registered number 95000, as guarantor (the “Guarantor”) and
THE BANK OF NEW YORK MELLON, acting through its London Branch, as trustee (the “Trustee”).

 

WITNESSETH

 

WHEREAS, the Company,
the Guarantor and the Trustee have executed and delivered a Senior Debt Securities Indenture dated as of January 21, 2011 (the
“Senior Indenture,” and together with this Eighth Supplemental Indenture, the “Indenture”)
to provide for the issuance of the Company’s Senior Debt Securities, including the Securities (as defined below).

 

WHEREAS, Section 9.01(d)
of the Senior Indenture permits the Company, the Guarantor and the Trustee to add to, change or eliminate any provisions of the
Senior Indenture without the consent of Holders as permitted under Sections 2.01 and 3.01 of the Senior Indenture, subject to certain
conditions;

 

WHEREAS, Section 9.01(f)
of the Senior Indenture permits the Company, the Guarantor and the Trustee to enter into a supplemental indenture to establish
the forms or terms of Senior Debt Securities of any series as permitted under Sections 2.01 and 3.01 of the Senior Indenture without
the consent of Holders;

 

WHEREAS, there are
no debt securities Outstanding of any series created prior to the execution of this Eighth Supplemental Indenture which are entitled
to the benefit of the provisions set forth herein or would be adversely affected by such provisions;

 

WHEREAS, the Board
of Directors and the Guarantor board of directors have authorized the entry into this Eighth Supplemental Indenture, as required
by Section 9.01 of the Senior Indenture;

 

WHEREAS, the parties
hereto desire to establish, as further series of Senior Debt Securities under the Base Indenture, $1,250,000,000 3.300% Senior
Notes due 2021 (the “Fixed Rate Senior Notes”), and $1,000,000,000 Floating Rate Notes due 2021 (the “Floating
Rate Notes” and, together with the Fixed Rate Senior Notes, the “Securities”) and the Guarantees to
be endorsed thereon pursuant to Sections 2.01 and 3.01 of the Senior Indenture. The Securities may be issued from time to time
and any Securities issued as part of any series will constitute a single series of Securities under the Indenture and shall be
included in the definition of “Securities” where the context requires;

 

WHEREAS, the Company
and the Guarantor have requested that the Trustee execute and deliver this Eighth Supplemental Indenture and whereas all actions
required by it to be taken in order to make this Eighth Supplemental Indenture a valid, binding and enforceable instrument in accordance
with its terms, have been taken and performed, and

 

     

     

    

the execution and delivery
of this Eighth Supplemental Indenture has been duly authorized in all respects; and

 

WHEREAS, where indicated,
this Eighth Supplemental Indenture shall amend and supplement the Senior Indenture; to the extent that the terms of the Senior
Indenture are inconsistent with such provisions of this Eighth Supplemental Indenture, the terms of this Eighth Supplemental Indenture
shall govern.

 

NOW, THEREFORE, the
Company, the Guarantor and the Trustee mutually covenant and agree as follows:

 

Article
1

DEFINITIONS

 

Section 1.01.Definition
of Terms. For all purposes of this Eighth Supplemental Indenture:

 

(a)       a
term defined anywhere in this Eighth Supplemental Indenture has the same meaning throughout;

 

(b)       capitalized
terms used herein but not otherwise defined shall have the meanings assigned to them in the Senior Indenture;

 

(c)       the
singular includes the plural and vice versa;

 

(d)       headings
are for convenience of reference only and do not affect interpretation; and

 

(e)       for
the purposes of this Eighth Supplemental Indenture and the Senior Indenture, the term “series” shall mean a series
of Securities.

 

Article
2

FORM OF SECURITIES AND GUARANTEE

 

Section 2.01.Terms
of the Fixed Rate Senior Notes.

 

(a)       The
title of the Fixed Rate Senior Notes shall be the “3.300% Senior Notes due 2021”;

 

(b)       The
aggregate principal amount of the Fixed Rate Senior Notes that may be authenticated and delivered under the Indenture shall not
exceed $1,250,000,000, except as otherwise provided in the Indenture;

 

(c)       Principal
on the Fixed Rate Senior Notes shall be payable on May 7, 2021;

 

(d)       The
Fixed Rate Senior Notes shall be issued in global registered form on May 8, 2018 and shall bear interest from May 8, 2018 payable
semi-annually in arrears

 

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on May 7 and
November 7 (each, an “Interest Payment Date”), commencing November 7, 2018. The Fixed Rate Senior Notes shall
bear an annual interest rate of 3.300%;

 

Interest on the Fixed
Rate Senior Notes will be calculated on the basis of a 360-day year divided into twelve months of 30 days each and, in the case
of an incomplete month, the actual number of days elapsed in such period. The Regular Record Dates for the Fixed Rate Senior Notes
will be 15 calendar days immediately preceding the relevant Interest Payment Date, whether or not a Business Day;

 

(e)       No
premium, upon redemption or otherwise, shall be payable by the Company on the Fixed Rate Senior Notes;

 

(f)       Principal
of and any interest on the Fixed Rate Senior Notes shall be paid to the Holder through The Bank of New York Mellon, as paying agent
of the Company having offices in London, United Kingdom;

 

(g)       The
Fixed Rate Senior Notes may be redeemable pursuant to Section 11.08 of the Senior Indenture. In connection with any redemption
of the Fixed Rate Senior Notes pursuant to Section 11.08 of the Senior Indenture, the date referenced therein shall be May 8, 2018;

 

(h)       The
Company shall have no obligation to redeem or purchase the Fixed Rate Senior Notes pursuant to any sinking fund or analogous provision;

 

(i)       The
Fixed Rate Senior Notes shall be issued only in denominations of $200,000 and in integral multiples of $1,000 in excess thereof;

 

(j)       The
principal amount of the Fixed Rate Senior Notes shall be payable upon the declaration of acceleration thereof pursuant to Section
5.02 of the Senior Indenture;

 

(k)       The
Fixed Rate Senior Notes shall not be converted into or exchanged at the option of the Company or otherwise for stock or other securities
of the Company;

 

(l)       The
Fixed Rate Senior Notes shall be denominated in, and payments thereon shall be made in, U.S. Dollars;

 

(m)       The
payment of principal of (and premium, if any) or interest, if any, on the Fixed Rate Senior Notes shall be payable only in the
coin or currency in which the Fixed Rate Senior Notes are denominated;

 

(n)       The
Fixed Rate Senior Notes will be issued in the form of one or more global securities in registered form, without coupons attached,
and the initial Holder with respect to each such global security shall be Cede & Co., as nominee of The Depository Trust Company;

 

(o)       The
Fixed Rate Senior Notes will not be initially issued in definitive form;

 

(p)       There
is no Calculation Agent for the Fixed Rate Senior Notes;

 

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(q)       The
Events of Default on the Fixed Rate Senior Notes are as provided for in the Senior Indenture;

 

(r)       The
form of the Fixed Rate Senior Notes to be issued on the date hereof and the Guarantee to be endorsed on the Fixed Rate Senior Notes
shall be substantially in the form of Exhibit A hereto;

 

(s)       The
Company may issue additional Fixed Rate Senior Notes (“Additional Notes”) after the date hereof having the same
ranking and same interest rate, maturity date, redemption terms and other terms as the Fixed Rate Senior Notes except for the price
to the public, issue date and first interest payment date, provided that such Additional Notes must be fungible with the outstanding
Fixed Rate Senior Notes for U.S. federal income tax purposes. Any such Additional Notes, together with the Fixed Rate Senior Notes
will constitute a single series of securities under the Indenture;

 

(t)       Additional
Amounts in respect of the Fixed Rate Senior Notes shall be payable as set forth in the Senior Indenture, as supplemented by this
Eighth Supplemental Indenture.

 

Section 2.02.Terms
of the Floating Rate Notes.

 

(a)       The
title of the Floating Rate Notes shall be the “Floating Rate Notes due 2021”;

 

(b)       The
aggregate principal amount of the Floating Rate Notes that may be authenticated and delivered under the Indenture shall not exceed
$1,000,000,000, except as otherwise provided in the Indenture;

 

(c)       Principal
on the Floating Rate Notes shall be payable on May 7, 2021;

 

(d)       The
Floating Rate Notes shall be issued in global registered form on May 8, 2018.

 

The interest rate for
the Floating Rate Notes for the first Floating Rate Interest Period (as defined below) will be LIBOR (as defined below) as determined
on May 3, 2018 plus the Spread. The interest rate for each subsequent Floating Rate Interest Period will be LIBOR as determined
on the applicable interest determination date (as defined below) plus the Spread, in each case calculated on the basis of a 360-day
year and the actual number of days elapsed. The Spread is 49 basis points.

 

The initial Floating
Rate Interest Payment Date (as defined below) will fall on August 7, 2018. Thereafter, interest on the Floating Rate Notes will
be paid quarterly in arrears on February 7, May 7, August 7 and November 7 of each year (together with the initial interest payment
date, each a “Floating Rate Interest Payment Date”). However, if a Floating Rate Interest Payment Date would
fall on a day that is not a Business Day, other than the interest payment date that is also the date of maturity, the Floating
Rate Interest Payment Date will be postponed to the next succeeding day that is a Business Day and interest thereon will continue
to accrue, except that if the Business Day falls in

 

    	5

     

    

the next succeeding
calendar month, the applicable Floating Rate Interest Payment Date will be the immediately preceding Business Day. In each such
case, except for the Floating Rate Interest Payment Date falling on the maturity date, the Floating Rate Interest Periods and the
Interest Reset Dates (as defined below) will be adjusted accordingly to calculate the amount of interest payable on the notes.

 

The interest rate will
be reset on each Floating Rate Interest Payment Date (together with the initial interest reset date, each an “Interest
Reset Date”). However, if any Interest Reset Date would otherwise be a day that is not a Business Day, that Interest
Reset Date will be postponed to the next succeeding day that is a Business Day, except that if the Business Day falls in the next
succeeding calendar month, the applicable Interest Reset Date will be the immediately preceding Business Day.

 

Interest will be paid
on the Floating Rate Notes to Holders of record of each Floating Rate Note in respect of the principal amount thereof as at the
15th calendar day prior to the relevant Floating Rate Interest Payment Date.

 

The first interest
period will begin on and include May 8, 2018 and will end on and exclude August 7, 2018. Thereafter, the interest period will be
the periods from and including a Floating Rate Interest Payment Date to but excluding the immediately succeeding Floating Rate
Interest Payment Date (together with the first interest period, each a “Floating Rate Interest Period”). However,
the final Floating Rate Interest Period will be the period from and including the Floating Rate Interest Payment Date immediately
preceding the Maturity Date to but excluding the Maturity Date.

 

The Calculation Agent
in respect of the Floating Rate Notes will determine LIBOR (as defined below) for each Floating Rate Interest Period on the second
London Banking Day (as defined below) prior to the first day of such Floating Rate Interest Period (an “interest determination
date”).

 

“LIBOR”,
with respect to a Floating Rate Interest Period, shall be the offered rate (expressed as a percentage per annum) for deposits of
U.S. dollars having a maturity of three months that appears on the Designated LIBOR Page (as defined below) as of 11:00 a.m., London
time.

 

If no rate appears
on the Designated LIBOR Page, LIBOR will be determined for such interest determination date on the basis of the rates at approximately
11:00 a.m., London time, on such interest determination date at which deposits in U.S. dollars are offered to prime banks in the
London inter-bank market by four major banks in such market selected by the Company, for a term of three months and in a Representative
Amount. The Company will request that the principal London office of each of such banks provide a quotation of its rate. If at
least two such quotations are provided, LIBOR for such Floating Rate Interest Period will be the arithmetic mean of such quotations.
If fewer than two such quotations are provided, LIBOR for such Floating Rate Interest Period will be the arithmetic mean of the
rates quoted at approximately 11:00 a.m. in the City of New York on such interest determination date by three major banks in New
York City, selected by the Company, for loans in U.S. dollars to leading European banks, for a

 

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term of three months
and in a Representative Amount. If at least two such quotations are provided, LIBOR for such Floating Rate Interest Period will
be the arithmetic mean of such quotations. If fewer than two quotations are provided (including if no published LIBOR is available
and banks are unable or unwilling to provide quotations for the calculation of LIBOR), then the applicable interest rate for such
Floating Rate Interest Period will be the rate of interest applicable during the preceding Floating Rate Interest Period.

 

A “London
Banking Day” means any day in which dealings in United States dollars are transacted or, with respect to any future date,
are expected to be transacted in the London interbank market.

 

“Designated
LIBOR Page” means the Reuters Screen LIBOR01 display page, or any successor page, on Reuters or any successor service
(or any such other service(s) as may be nominated by ICE Benchmark Administration Limited (“IBA”) or its successor
or such other entity assuming the responsibility of IBA or its successor in calculating the London interbank offered rate in the
event IBA or its successor no longer does so for the purpose of displaying London interbank offered rates for U.S. dollar deposits).

 

“Representative
Amount” means an amount that in the Company’s judgment is representative for a single transaction in U.S. dollars
in such market at such time.

 

All calculations of
the Calculation Agent, in the absence of manifest error, will be conclusive for all purposes and binding on the Company, the Trustee
and on the Holders of the Floating Rate Notes.

 

All percentages resulting
from any of the above calculations will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point,
with five one-millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655))
and all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being
rounded upwards).

 

The interest rate on
the Floating Rate Notes will in no event be higher than the maximum rate permitted by law or lower than 0% per annum.

 

(e)       No
premium, upon redemption or otherwise, shall be payable by the Company on the Floating Rate Notes;

 

(f)       Principal
of and any interest on the Floating Rate Notes shall be paid to the Holder through The Bank of New York Mellon, as paying agent
of the Company having offices in London, United Kingdom;

 

(g)       The
Floating Rate Notes may be redeemable pursuant to Section 11.08 of the Senior Indenture. In connection with any redemption of the
Floating Rate Notes pursuant to Section 11.08 of the Senior Indenture, the date referenced therein shall be May 8, 2018;

 

    	7

     

    

(h)       The
Company shall have no obligation to redeem or purchase the Floating Rate Notes pursuant to any sinking fund or analogous provision;

 

(i)       The
Floating Rate Notes shall be issued only in denominations of $200,000 and in integral multiples of $1,000 in excess thereof;

 

(j)       The
principal amount of the Floating Rate Notes shall be payable upon the declaration of acceleration thereof pursuant to Section 5.02
of the Senior Indenture;

 

(k)       The
Floating Rate Notes shall not be converted into or exchanged at the option of the Company or otherwise for stock or other securities
of the Company;

 

(l)       The
Floating Rate Notes shall be denominated in, and payments thereon shall be made in, U.S. Dollars;

 

(m)       The
payment of principal of (and premium, if any) or interest, if any, on the Floating Rate Notes shall be payable only in the coin
or currency in which the Floating Rate Notes are denominated;

 

(n)       The
Floating Rate Notes will be issued in the form of one or more global securities in registered form, without coupons attached, and
the initial Holder with respect to each such global security shall be Cede & Co., as nominee of The Depository Trust Company;

 

(o)       The
Floating Rate Notes will not be initially issued in definitive form;

 

(p)       The
Calculation Agent for the Floating Rate Notes will be The Bank of New York Mellon, a banking corporation duly organized and existing
under the laws of the State of New York, having its designated Corporate Trust office at 101 Barclay Street, New York, New York
10286, United States of America, pursuant to the terms of a Calculation Agency Agreement dated May 8, 2018;

 

(q)       The
Events of Default on the Floating Rate Notes are as provided for in the Senior Indenture;

 

(r)       The
form of the Floating Rate Notes to be issued on the date hereof and the Guarantee to be endorsed on the Floating Rate Notes shall
be substantially in the form of Exhibit B hereto;

 

(s)       The
Company may issue additional Floating Rate Notes (“Additional Notes”) after the date hereof having the same
ranking and same interest rate, maturity date, redemption terms and other terms as the Floating Rate Notes except for the price
to the public, issue date and first interest payment date, provided that such Additional Notes must be fungible with the outstanding
Floating Rate Notes for U.S. federal income tax purposes. Any such Additional Notes, together with the Floating Rate Notes will
constitute a single series of securities under the Indenture;

 

    	8

     

    

(t)       Additional
Amounts in respect of the Floating Rate Notes shall be payable as set forth in the Senior Indenture, as supplemented by this Eighth
Supplemental Indenture.

 

Article
3

ADDITIONAL TERMS APPLICABLE TO THE SECURITIES

 

Section 3.01.Addition
of Definitions. With respect to the Securities only, Section 1.01 of the Senior Indenture is amended to include the following
definitions (which shall be deemed to arise in Section 1.01 in their proper alphabetical order):

 

“Beneficial
Owners” shall mean (a) if any Senior Debt Securities are in global form, the beneficial owners of the Senior Debt Securities
(and any interest therein) and (b) if the Senior Debt Securities are held in definitive form, the Holders in whose names the Senior
Debt Securities are registered in the Senior Debt Security Register and any beneficial owners holding an interest in such Senior
Debt Securities held in definitive form.

 

“relevant
U.K. resolution authority” means any authority with the ability to exercise a U.K. bail-in power.

 

“U.K.
bail-in power” means any write-down, conversion, transfer, modification or suspension power existing from time to time
under any laws, regulations, rules or requirements relating to the resolution of banks, banking group companies, credit institutions
and/or investment firms incorporated in the United Kingdom in effect and applicable in the United Kingdom to Lloyds Banking Group
plc or its affiliates, including but not limited to any such laws, regulations, rules or requirements which are implemented, adopted
or enacted within the context of a European Union directive or regulation of the European Parliament and of the Council establishing
a framework for the recovery and resolution of credit institutions and investment firms and/or within the context of a U.K. resolution
regime under the Banking Act as the same has been or may be amended from time to time (whether pursuant to the Banking Reform Act
2013, secondary legislation or otherwise), pursuant to which any obligations of a bank, banking group company, credit institution
or investment firm or any of its affiliates can be reduced, cancelled, modified, transferred and/or converted into shares or other
securities or obligations of the obligor or any other person (or suspended for a temporary period) or pursuant to which any right
in a contract governing such obligations may be deemed to have been exercised.

 

Section 3.02.Events
of Default. With respect to the Securities only, Section 5.01 of the Senior Indenture is amended by adding the following sentence
at the end of the section:

 

    	9

     

    

The exercise of any
U.K. bail-in power by the relevant U.K. resolution authority shall not constitute a default or an Event of Default under this Section
5.01 or a Default under Section 5.03.

 

Section 3.03.Compensation
and Reimbursement. With respect to the Securities only, Section 6.07 of the Senior Indenture is amended in part to add the
following sentence at the end of the section:

 

The Trustee’s
right to reimbursement and indemnity under this Section 6.07 shall survive the payment in full of the Senior Debt Securities, the
discharge of this Senior Debt Securities Indenture, the resignation or removal of the Trustee and (without prejudice to Section
5.08 of the Eighth Supplemental Indenture if and to the extent applicable as set out therein) any exercise of the U.K. bail-in
power by the relevant U.K. resolution authority with respect to the obligations owed or owing to Holders pursuant to or in connection
with the Senior Debt Securities.

 

Section 3.04.Agreement
with Respect to Exercise of U.K. Bail-In Power. The following provisions relate solely to the Securities established pursuant
to this Eighth Supplemental Indenture:

 

(a)       Notwithstanding
any other agreements, arrangements, or understandings between the Company and any Holder or Beneficial Owner of the Securities,
by purchasing or acquiring the Securities, each Holder (including each Beneficial Owner) of the Securities acknowledges, accepts,
agrees to be bound by and consents to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority that may
result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Securities; (ii)
the conversion of all, or a portion, of the principal amount of, or interest on, the Securities into shares or other securities
or other obligations of the Company or another person; and/or (iii) the amendment or alteration of the maturity of the Securities,
or amendment of the amount of interest due on the Securities, or the dates on which interest becomes payable, including by suspending
payment for a temporary period; which U.K. bail-in power may be exercised by means of variation of the terms of the Securities
solely to give effect to the exercise by the relevant U.K. resolution authority of such U.K. bail-in power. Each Holder and Beneficial
Owner of the Securities further acknowledges and agrees that the rights of the Holders and/or Beneficial Owners under the Securities
are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K. bail-in power by the relevant
U.K. resolution authority.

 

(b)       By
purchasing or acquiring the Securities, each Holder and each Beneficial Owner of the Securities:

 

(i)       acknowledges
and agrees that the exercise of the U.K. bail-in power by the relevant U.K. resolution authority in respect of the Securities shall
not give rise to a default or an Event of Default for purposes of Section 315(b) (Notice of Default) and Section 315(c)
(Duties of the Trustee in Case of Default) of the Trust Indenture Act;

 

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(ii)       to
the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate a suit
against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains
from taking, in either case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. resolution authority
with respect to the Securities; and

 

(iii)       acknowledges
and agrees that, upon the exercise of any U.K. bail-in power by the relevant U.K. resolution authority, (a) the Trustee shall not
be required to take any further directions from Holders of the Securities under Section 5.12 of the Senior Indenture, and (b) neither
the Senior Indenture nor this Eighth Supplemental Indenture shall impose any duties upon the Trustee whatsoever with respect to
the exercise of any U.K. bail-in power by the relevant U.K. resolution authority. Notwithstanding the foregoing, if, following
the completion of the exercise of the U.K. bail-in power by the relevant U.K. resolution authority, any of the Securities remain
outstanding (for example, if the exercise of the U.K. bail-in power results in only a partial write-down of the principal of the
Securities), then the Trustee’s duties under the Indenture shall remain applicable with respect to the Securities following
such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an amendment
to this Eighth Supplemental Indenture.

 

(c)       By
purchasing or acquiring the Securities, each Holder and Beneficial Owner that acquires its Securities in the secondary market shall
be deemed to acknowledge and agree to be bound by and consent to the same provisions specified in the Indenture to the same extent
as the Holders and Beneficial Owners of the Securities that acquire the Securities upon their initial issuance, including, without
limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Securities related
to the U.K. bail-in power.

 

(d)       By
purchasing or acquiring the Securities, each Holder and Beneficial Owner shall be deemed to have (i) consented to the exercise
of any U.K. bail-in power as it may be imposed without any prior notice by the relevant U.K. resolution authority of its decision
to exercise such power with respect to the Securities and (ii) authorized, directed and requested DTC and any direct participant
in DTC or other intermediary through which it holds such Securities to take any and all necessary action, if required, to implement
the exercise of any U.K. bail-in power with respect to the Securities as it may be imposed, without any further action or direction
on the part of such Holder or Beneficial Owner or the Trustee.

 

(e)       No
repayment of the principal amount of the Securities or payment of interest on the Securities shall become due and payable after
the exercise of any U.K. bail-in power by the relevant U.K. resolution authority unless, at the time that such repayment or payment,
respectively, is scheduled to become due, such repayment or payment would be permitted to be made by the Company under the laws
and regulations of the United Kingdom and the European Union applicable to the Company and the Group.

 

    	11

     

    

(f)       Upon
the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Securities, the Company shall
provide a written notice to DTC as soon as practicable regarding such exercise of the U.K. bail-in power for purposes of notifying
Holders of such occurrence. The Company shall also deliver a copy of such notice to the Trustee for information purposes only.

 

Section 3.05.Collection
of Indebtedness and Suits for Enforcement by Trustee. With respect to the Securities only, Section 5.03 of the Senior Indenture
is hereby amended in part to amend and restate the third paragraph in its entirety, which shall read as follows:

 

Subject
to applicable law, including the Trust Indenture Act, no Holder may exercise or claim any right of set-off, counterclaim, combination
of accounts, compensation or retention in respect of any amount owed to it by the Company or the Guarantor arising under or in
connection with the Senior Debt Securities. The Holders of Senior Debt Securities by their acceptance thereof will be deemed to
have waived any right of set-off, counterclaim, combination of accounts, compensation and retention with respect to the Senior
Debt Securities or this Senior Debt Securities Indenture (or between the obligations under or in respect of any Senior Debt Securities
and any liability owed by a Holder to the Company or the Guarantor) that they might otherwise have against the Company or the Guarantor,
whether before or during a winding-up or liquidation of the Company. Notwithstanding the above, if any of such rights and claims
of any such Holder against the Company or the Guarantor are discharged by set-off, such Holder will immediately pay an amount equal
to the amount of such discharge to the Company or the Guarantor, as the case may be (or, in the event of the winding up of the
Company or the Guarantor, the liquidator or, as applicable, the administrator of the Company or the Guarantor) and accordingly
such discharge shall be deemed not to have taken place.

 

Article
4

AMENDMENTS TO THE SENIOR INDENTURE

 

Section 4.01.Appointment
of Agent for Service. With respect to any series of Senior Debt Securities issued under the Senior Indenture, including the
Securities, Section 1.14 of the Senior Indenture is amended and restated in its entirety and shall read as follows:

 

Section 1.14.
Appointment of Agent for Service. Each of the Company and the Guarantor has designated and appointed the Chief U.S. Counsel,
Lloyds Bank plc (or any successor thereto), currently of 1095 Avenue of the Americas, 34th Floor, New York, NY 10036 as its authorized
agent upon which process may be served in any suit or proceeding in any Federal or State court in the Borough of Manhattan, The
City of New York arising out of or relating to the Senior Debt Securities, this Senior Debt Securities Indenture or this Eighth
Supplemental Indenture, but for that purpose only, and agrees that service of process upon such authorized agent shall be deemed
in every respect effective service of process

 

    	12

     

    

upon it in
any such suit or proceeding in any Federal or State court in the Borough of Manhattan, The City of New York, New York. Such appointment
shall be irrevocable so long as any of the Senior Debt Securities remain Outstanding until the appointment of a successor by the
Company or the Guarantor and such successor’s acceptance of such appointment. Upon such acceptance, the Company or the Guarantor
shall notify the Trustee of the name and address of such successor. Each of the Company and the Guarantor further agrees to take
any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue
such designation and appointment of such authorized agent in full force and effect so long as any of the Senior Debt Securities
shall be Outstanding. The Trustee shall not be obligated and shall have no responsibility with respect to any failure by the Company
or the Guarantor to take any such action. Each of the Company and the Guarantor hereby submits (for the purposes of any such suit
or proceeding) to the jurisdiction of any such court in which any such suit or proceeding is so instituted, and waives, to the
extent it may effectively do so, any right to trial by jury and any objection it may have now or hereafter to the laying of the
venue of any such suit or proceeding.

 

Section 4.02.Notices
to Trustee. With respect to any series of Senior Debt Securities issued under the Senior Indenture, including the Securities,
Sections 1.05(a) and 1.05(c) of the Senior Indenture is amended and restated in part to read as follows:

 

Section 1.05.
Notices, Etc. to Trustee, Company and Guarantor. Any request, demand, authorization, direction, notice, consent, waiver or
Act of Holders or other document provided or permitted by the Senior Debt Securities Indenture or the Eighth Supplemental Indenture
to be made upon, given or furnished to, or filed with,

 

(a) the Trustee
by any Holder or by the Company or the Guarantor shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if made, given, furnished or filed in writing (which may be via facsimile) to the Trustee at its Corporate Trust Office
and signed by an authorized representative of the party providing such instructions or directions; or

 

(c) the Trustee
shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”) given
pursuant to this Indenture and delivered using Electronic Means; (as defined below) provided, however, that the parties hereto
shall provide to the Trustee an incumbency certificate listing officers by name and title with the authority to provide such Instructions
(“Authorized Officers”) and containing specimen signatures of such Authorized Officers with their direct dial telephone
numbers, which incumbency certificate shall be amended by the parties hereto whenever a person is to be added or deleted from the
listing. If the parties hereto elect to give the Trustee Instructions using Electronic Means and the Trustee in its discretion
elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. The parties
hereto understand and agree that the Trustee cannot determine the identity of the actual sender of such Instructions and that the

 

    	13

     

    

Trustee shall
conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate
provided to the Trustee have been sent by such Authorized Officer. The parties hereto shall be responsible for ensuring that only
Authorized Officers transmit such Instructions to the Trustee and that the parties hereto and all Authorized Officers are solely
responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication
keys upon receipt by the parties hereto. The Trustee shall not be liable for any losses, costs or expenses arising directly or
indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding such directions conflict
or are inconsistent with a subsequent written instruction. The parties hereto agree: (i) to assume all risks arising out of the
use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized
Instructions, and the risk of interception and misuse by third parties; (ii) that they are fully informed of the protections and
risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods
of transmitting Instructions than the method(s) selected by the parties hereto; (iii) that the security procedures (if any) to
be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in
light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or
unauthorized use of the security procedures.

 

“Electronic
Means” shall mean the following communications methods: S.W.I.F.T., e-mail, facsimile transmission, secure electronic transmission
containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system
specified by the Trustee as available for use in connection with its services hereunder.

 

Section 4.03.Additional
Amounts. With respect to any series of Senior Debt Securities issued under the Senior Indenture, including the Securities,
Section 10.04 of the Senior Indenture is hereby amended and replaced in its entirety as follows:

 

Section 10.04.Additional
Amounts. Amounts to be paid on any series of Senior Debt Securities or under the Guarantee will be made without deduction or
withholding for, or on account of, any and all present and future income, stamp and other taxes, levies, imposts, duties, charges
or fees imposed, levied, collected, withheld or assessed by or on behalf of the United Kingdom or any political subdivision or
authority thereof or therein having the power to tax (the “Taxing Jurisdiction”), unless such deduction or withholding
is required by law. If at any time a Taxing Jurisdiction requires the Company or the Guarantor, as the case may be, to make such
deduction or withholding, the Company, or the Guarantor, as the case may be, will pay additional amounts with respect to the principal
of, interest and any other payment on, the Senior Debt Securities (“Additional Amounts”) that are necessary
in order that the net amounts paid to the Holders of Senior Debt Securities of the particular series, after the deduction or withholding,
shall equal the amounts which would have been payable on the Senior Debt

 

    	14

     

    

Securities
if the deduction or withholding had not been required. However, this will not apply to any such tax, levy, impost, duty,
charge or fee, which would not have been deducted or withheld but for the fact that:

 

(i) the Holder
or the Beneficial Owner of the Senior Debt Security is a domiciliary, national or resident of, or engaging in business or maintaining
a permanent establishment or is physically present in, the Taxing Jurisdiction or otherwise has some connection with the Taxing
Jurisdiction other than the holding or ownership of a Senior Debt Security, or the collection of any payment of (or in respect
of) principal of, or any interest, or other payment on, any Senior Debt Security of the relevant series or under the Guarantee,

 

(ii) except
in the case of winding-up in the United Kingdom, the relevant Senior Debt Security is presented (where presentation is required)
for payment in the United Kingdom,

 

(iii) the
relevant Senior Debt Security is presented (where presentation is required) for payment more than 30 days after the date payment
became due or was provided for, whichever is later, except to the extent that the Holder would have been entitled to the Additional
Amounts on presenting the same for payment at the close of that 30 day period,

 

(iv) the
Holder or the Beneficial Owner of the relevant Senior Debt Security or the Beneficial Owner of any payment of (or in respect of)
principal of or any interest or other payment on, the Senior Debt Security failed to comply with a request of the Company or its
liquidator or guarantor or other authorized person addressed to the Holder (x) to provide information concerning the nationality,
residence or identity of the Holder or the Beneficial Owner or (y) to make any declaration or other similar claim to satisfy any
requirement, which in the case of (x) or (y), is required or imposed by a statute, treaty, regulation or administrative practice
of the Taxing Jurisdiction as a precondition to exemption from all or part of the tax, levy, impost, duty, charge or fee,

 

(v) the withholding
or deduction is required to be made pursuant to European Council Directive 2003/48/EC on the taxation of savings income, or any
directive amending, supplementing or replacing such directive or any law implementing or complying with, or introduced in order
to conform to, such directive or directives,

 

(vi) the
relevant Senior Debt Security is presented (where presentation is required) for payment by or on behalf of a Holder who would have
been able to avoid such withholding or deduction by presenting the relevant Senior Debt Security to another paying agent,

 

(vii) the
deduction or withholding is imposed by reason of any agreement with the U.S. Internal Revenue Service in connection with Sections
1471-1474 of the U.S. Internal Revenue Code and the U.S. Treasury regulations thereunder

 

    	15

     

    

(“FATCA”),
any intergovernmental agreement between the United States and the United Kingdom or any other jurisdiction with respect to FATCA,
or any law, regulation or other official guidance enacted in any jurisdiction implementing, or relating to, FATCA or any intergovernmental
agreement, or

 

(viii) any
combination of subclauses (i) through (vii) above,

 

nor shall
Additional Amounts be paid with respect to the principal of or any interest or other payment on, the Senior Debt Securities or
under the Guarantee to any Holder who is a fiduciary or partnership or any person other than the sole Beneficial Owner of such
payment to the extent such payment would be required by the laws of any Taxing Jurisdiction to be included in the income for tax
purposes of a beneficiary or partner or settlor with respect to such fiduciary or a member of such partnership or a Beneficial
Owner who would not have been entitled to such Additional Amounts, had it been the Holder.

 

Whenever in
this Senior Debt Securities Indenture there is mentioned, in any context, the payment of the principal of or any interest or other
payments on, in respect of, any Senior Debt Security of any series such mention shall be deemed to include mention of the payment
of Additional Amounts provided for in this Section to the extent that, in such context, Additional Amounts are, were or would be
payable in respect thereof pursuant to the provisions of this Section and as if express mention of the payment of Additional Amounts
(if applicable) were made in any provisions hereof where such express mention is not made. Upon request from the Trustee or a paying
agent, the Company and/or the Guarantor, as the case may be, shall provide information reasonably necessary and readily available
in order to enable to the Trustee or paying agent to determine whether any withholding obligations under FATCA apply. Neither the
Company, the Guarantor, the Trustee or a paying agent shall have any liability in connection with the Company’s or Trustee’s
or paying agent’s compliance with any such withholding obligation under applicable law.

 

Section 4.04.Optional
Redemption Due to Changes in Tax Treatment. With respect to any series of Senior Debt Securities issued under the Senior Indenture,
including the Securities, Section 11.08 of the Senior Indenture is hereby amended in part to amend and restate the final paragraph
in its entirety, which shall read as follows:

 

Section 11.08
Optional Redemption Due to Changes in Tax Treatment. In any case where the Company (or, if applicable, the Guarantor) shall
determine that as a result of any change in the official application or interpretation of any laws or regulations it is entitled
to redeem the Senior Debt Securities of any series, the Company (or, if applicable, the Guarantor) shall be required to deliver
to the Trustee prior to the giving of any notice of redemption (i) a written legal opinion of independent United Kingdom counsel
of recognized standing (selected by the Company or, if applicable, the Guarantor) in a form satisfactory to the Trustee confirming
that the relevant change or amendment has occurred and that the Company (or, if applicable, the Guarantor) is entitled to exercise
its right of

 

    	16

     

    

redemption;
and (ii) an Officer’s Certificate, evidencing compliance with such provisions and stating that it is entitled to redeem the
Senior Debt Securities pursuant to the terms of the Senior Debt Securities.

 

Article
5

MISCELLANEOUS

 

Section 5.01.Effect
Of Supplemental Indenture. Upon the execution and delivery of this Eighth Supplemental Indenture by each of the Company, the
Guarantor and the Trustee, and the delivery of the documents referred to in Section 5.02 herein, the Senior Indenture shall be
supplemented in accordance herewith, and this Eighth Supplemental Indenture shall form a part of the Senior Indenture for all purposes
in respect of the Securities or otherwise as applicable.

 

Section 5.02.Other
Documents to be Given to the Trustee. The Trustee shall be entitled to receive an Officer’s Certificate and an Opinion
of Counsel stating the recitals contained in Section 1.02 of the Senior Indenture. As specified in Section 9.03 of the Senior Indenture
and subject to the provisions of Section 6.03 of the Senior Indenture, the Trustee shall also be entitled to receive an Opinion
of Counsel stating that that this Eighth Supplemental Indenture and the Securities whose terms are incorporated by reference herein
are each, subject to Section 1.03 of the Senior Indenture, a legal, valid and binding obligation of the Company and the Guarantor
enforceable in accordance with their terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium or other laws relating to or affecting creditor’s rights generally, by equitable principles of general applicability
and by possible judicial actions giving effect to governmental actions or foreign laws affecting creditors’ rights, and the
Eighth Supplemental Indenture is permitted under the Indenture. The Trustee may rely on such Officer’s Certificate and Opinion
of Counsel as conclusive evidence that this Eighth Supplemental Indenture complies with the applicable provisions of the Senior
Indenture.

 

Section 5.03.Confirmation
Of Indenture. The Senior Indenture, as supplemented and amended by this Eighth Supplemental Indenture with respect to the Securities
or otherwise as applicable, is in all respects ratified and confirmed, and the Senior Indenture, this Eighth Supplemental Indenture
and all indentures supplemental thereto shall, in respect of the Securities or otherwise as applicable, be read, taken and construed
as one and the same instrument. This Eighth Supplemental Indenture constitutes an integral part of the Senior Indenture and, where
applicable, with respect to the Securities. In the event of a conflict between the terms and conditions of the Senior Indenture
and the terms and conditions of this Eighth Supplemental Indenture, the terms and conditions of this Eighth Supplemental Indenture
shall prevail where applicable.

 

Section 5.04.Concerning
The Trustee. The Trustee does not make any representations as to the validity or sufficiency of this Eighth Supplemental Indenture,
the Guarantee or the Notes. The recitals and statements herein are deemed to be those of the Company and the Guarantor and not
the Trustee. In entering into this Eighth Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision
of

 

    	17

     

    

the Senior
Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee.

 

Section 5.05.Governing
Law. This Eighth Supplemental Indenture, the Securities and the Guarantee shall be governed by and construed in accordance
with the laws of the State of New York, except that the authorization and execution by the Company and the Guarantor of this Eighth
Supplemental Indenture, the Securities and the Guarantee shall be governed by (in addition to the laws of the State of New York
relevant to execution) the respective jurisdictions of the Company, the Guarantor and the Trustee, as the case may be.

 

Section 5.06.Separability.
In case any provision contained in this Eighth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 5.07.Counterparts.
This Eighth Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument.

 

Section 5.08.Concerning
BRRD Liability. Notwithstanding and to the exclusion of any other term of this Eighth Supplemental Indenture or the Senior
Debt Securities Indenture or any other agreements, arrangements, or understanding between the Company or the Guarantor and the
Trustee, the Trustee acknowledges and accepts that a BRRD Liability arising under this Eighth Supplemental Indenture may be subject
to the exercise of Bail-in Powers by the relevant Resolution Authority (but only to the extent applicable) and acknowledges, accepts,
and agrees to be bound by:

 

(a)       the
effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of the Company
or the Guarantor to the Trustee under this Eighth Supplemental Indenture or the Senior Debt Securities Indenture, that (without
limitation) may include and result in any of the following, or some combination thereof:

 

(i)       the
reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon;

 

(ii)       the
conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the Company, the Guarantor
or another person (and the issue to or conferral on the Trustee of such shares, securities or obligations);

 

(iii)       the
cancellation of the BRRD Liability; and/or

 

(iv)       the
amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including
by suspending payment for a temporary period; and

 

    	18

     

    

(b)       the
variation of the terms of this Eighth Supplemental Indenture, as deemed necessary by the Relevant Resolution Authority, to give
effect to the exercise of Bail-in Powers by the Relevant Resolution Authority.

 

“Bail-in
Legislation” means Part I of the U.K. Banking Act 2009 and any other law, regulation, rule or requirement applicable from
time to time in the U.K. relating to the resolution of unsound or failing banks, investment firms or other financial institutions
or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

 

“Bail-in
Powers” means any Write-down and Conversion Powers as defined in relation to the Bail-in Legislation.

 

“BRRD”
means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

 

“BRRD
Liability” means a liability in respect of which the relevant Write-down and Conversion powers in the applicable Bail-in
Legislation may be exercised.

 

“Relevant
Resolution Authority” means the resolution authority with the ability to exercise any Bail-in Powers in relation to the Company
or the Guarantor.

 

“Write-down
and Conversion Powers” means the powers under the Bail-In Legislation to cancel, transfer or dilute shares issued by a person
that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, reduce, modify or change the form of a
liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability
into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to
have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability.

 

[Signature Pages Follow]

 

    	19

     

    

IN WITNESS WHEREOF, the parties hereto
have caused this Eighth Supplemental Indenture to be duly executed as of the date first written above.

 

	 	LLOYDS BANK PLC,
	 	 as Issuer
	 	By:	/s/ Gavin Parker	 
	 	 	 
	 	 	Name: Gavin Parker	 
	 	 	Title: Head of Securitisation and Collateral	 
	 	 	 	 
	 	 	 	 
	 	LLOYDS BANKING GROUP PLC,
	 	as Guarantor
	 	By:	/s/ James Riley	 
	 	 	 
	 	 	Name: James Riley	 
	 	 	Title: Senior Manager, Senior Funding and Covered Bonds	 

 

 

 

	 

[Signature Page to Eighth Supplemental
Indenture]

  

     

     

    

	 	THE BANK OF NEW YORK MELLON, LONDON BRANCH
	 	as Trustee
	 	 	 	 
	 	By:	/s/ Marilyn Chau	 
	 	 	 
	 	 	Name: Marilyn Chau	 
	 	 	Title: Vice President	 

  

 

 

	 

[Signature Page to Eighth Supplemental
Indenture]

 

     

     

    

EXHIBIT A

 

FORM OF FIXED RATE SENIOR GLOBAL NOTE

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

CUSIP No.
53944V AP4

ISIN No. US53944VAP40

Common Code: 181966327

 

LLOYDS BANK plc

 

3.300% SENIOR NOTE DUE 2021

 

Guaranteed by

LLOYDS BANKING GROUP plc

 

	No. [1]	$500,000,000

 

LLOYDS BANK plc (herein called the “Company,”
which term includes any successor person under the Indenture (as defined on the reverse hereof)), for value received, hereby promises
to pay to CEDE & CO., or registered assigns, the principal sum of $500,000,000 (five hundred million dollars) on May 7, 2021
or on such earlier date as the principal hereof may become due in accordance with the terms hereof and to pay interest thereon
semi-annually in arrears on May 7 and November 7 of each year, commencing on November 7, 2018, and ending on May 7, 2021 (each,
a “Payment Date”). Interest so payable on any Payment Date shall be paid to the Holder in whose name this Senior Note
is registered on the 15th calendar day immediately preceding the relevant Payment Date, whether or not such day is a
Business Day, as defined in the Indenture (each a “Regular Record Date”). Any interest which is payable, but is not
punctually paid or duly provided for, on any Payment Date is herein called “Default Interest”. Default Interest shall
cease to be payable to the registered Holder on the relevant Regular Record Date by virtue then of having been such Holder, and
such Default Interest may be paid by the Company, at its election in each case, as provided in clause (x) or (y) below: (x) the
Company may elect to make payment of any Default Interest to registered Holders at the close of business on a Special Record Date
(a “Special Record Date”) for the payment of such Default Interest, such Special Record

 

    	A-1

     

    

Date to be fixed in accordance with Section
3.07(a) of the Indenture or, (y) the Company may make payment of any Default Interest in any other lawful manner not inconsistent
with the requirements of any securities exchange on which this Note may be listed, and upon such notice as may be required by such
exchange, if, after notice given by the Company to the trustee of the proposed payment, such manner of payment shall be deemed
practicable by the trustee.

 

Interest shall accrue
on this Senior Note from day to day from the date of issuance hereof or from the most recent Payment Date at the rate of 3.300%
per annum, until the principal amount hereof is paid or made available for payment.

 

Payments of interest
on this Senior Note shall be computed on the basis of a 360-day year divided into twelve months of 30 days each and, in the case
of an incomplete month, the actual number of days elapsed in such period.

 

Payment of the principal
amount of (and premium, if any) and any interest on, this Senior Note will be made in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts. Such payment shall be made to the
Holder including through a Paying Agent of the Company outside the United Kingdom for collection by the Holder. If the date for
payment of the principal amount hereof (and premium, if any) or interest thereon is not a Business Day, then (subject as provided
in the Indenture) such payment shall be made on the next succeeding Business Day with the same force and effect as if made on such
date for payment and without any interest or other payment in respect of such delay.

 

Prior to due presentment
of this Senior Note for registration of transfer, the Company, the trustee and any agent of the Company or the trustee may treat
the Person in whose name this Senior Note is registered as the owner of such Senior Note for the purpose of receiving payment of
principal and interest, if any, on such Senior Note and for all other purposes whatsoever, whether or not such Senior Note be overdue,
and neither the Company, the trustee nor any agent of the Company or the trustee shall be affected by notice to the contrary.

 

Reference is hereby
made to the further provisions of this Senior Note set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

 

Unless the certificate
of authentication hereon has been executed by the trustee referred to on the reverse hereof by manual signature, this Senior Note
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

Notwithstanding any
other agreements, arrangements, or understandings between us and any Holder or Beneficial Owner of this Senior Note, by purchasing
or acquiring this Senior Note, each Holder (including each Beneficial Owner) of this Senior Note acknowledges, accepts, agrees
to be bound by and consents to the exercise of any U.K. bail-in power (as defined below) by the relevant U.K. resolution authority
that may result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or

 

    	A-2

     

    

interest on, this Senior
Note; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, this Senior Note into shares or other
securities or other obligations of the Company or another person; and/or (iii) the amendment or alteration of the maturity of this
Senior Note, or amendment of the amount of interest due on this Senior Note, or the dates on which interest becomes payable, including
by suspending payment for a temporary period; which U.K. bail-in power may be exercised by means of variation of the terms of this
Senior Note solely to give effect to the exercise by the relevant U.K. resolution authority of such U.K. bail-in power. Each Holder
and Beneficial Owner of this Senior Note further acknowledges and agrees that the rights of the Holders and/or Beneficial Owners
under this Senior Note are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K. bail-in
power by the relevant U.K. resolution authority.

 

For these purposes,
a “U.K. bail-in power” is any write-down, conversion, transfer, modification or suspension power existing from time
to time under any laws, regulations, rules or requirements relating to the resolution of banks, banking group companies, credit
institutions and/or investment firms incorporated in the United Kingdom in effect and applicable in the United Kingdom to Lloyds
Banking Group plc or its affiliates, including but not limited to any such laws, regulations, rules or requirements which are implemented,
adopted or enacted within the context of a European Union directive or regulation of the European Parliament and of the Council
establishing a framework for the recovery and resolution of credit institutions and investment firms and/or within the context
of a U.K. resolution regime under the Banking Act as the same has been or may be amended from time to time (whether pursuant to
the Banking Reform Act 2013, secondary legislation or otherwise), pursuant to which any obligations of a bank, banking group company,
credit institution or investment firm or any of its affiliates can be reduced, cancelled, modified, transferred and/or converted
into shares or other securities or obligations of the obligor or any other person (or suspended for a temporary period) or pursuant
to which any right in a contract governing such obligations may be deemed to have been exercised. A reference to the “relevant
U.K. resolution authority” is to any authority with the ability to exercise a U.K. bail-in power.

 

[The rest of this page is intentionally
left blank]

 

    	A-3

     

    

IN WITNESS WHEREOF,
the Company has caused this Senior Note to be duly executed.

 

Dated: May 8, 2018

 

	 	LLOYDS BANK PLC
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

	 

[2021 Fixed Rate Global Note No. [1]
Signature Page]

 

    	A-4

     

    

GUARANTEE OF LLOYDS BANKING GROUP plc

 

LLOYDS BANKING GROUP plc (herein called
the “Guarantor,” which term includes any successor person under the Indenture (as defined on the reverse hereof)) hereby
unconditionally guarantees (the “Guarantee”) to each Holder of this Senior Note the due and punctual payment of the
principal of, any premium and interest on, and any Additional Amounts with respect to such Senior Note and the due and punctual
payment of the sinking fund payments (if any) provided for pursuant to the terms of such Senior Note and any and all amounts under
the Indenture (including but not limited to, the fees, expenses and indemnities of the Trustee), when and as the same shall become
due and payable, whether at maturity, by acceleration, redemption, repayment or otherwise, in accordance with the terms of such
Senior Note and of the Indenture. In case of the failure of the Company punctually to pay any such principal, premium, interest,
Additional Amounts or sinking fund payment and any and all amounts under the Indenture, (including but not limited to, the fees,
expenses and indemnities of the Trustee) the Guarantor hereby agrees to pay, or cause any such payment to be made, punctually when
and as the same shall become due and payable, whether at maturity, upon acceleration, redemption, repayment or otherwise, and as
if such payment were made by the Company in accordance with the terms of such Senior Note and of the Indenture.

 

Unless otherwise defined
herein, all terms used in this Guarantee which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

    	A-5

     

    

IN WITNESS WHEREOF,
the Guarantor has caused this guarantee to be duly executed.

 

Dated: May 8, 2018

 

	 	Executed by LLOYDS BANKING GROUP PLC
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	By	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

	 

[2021 Fixed Rate Global Note No. [1]
Signature Page]

 

 

 

    	A-6

     

    

CERTIFICATE OF AUTHENTICATION

 

This is one of the
Senior Notes of the series designated herein referred to in the within-mentioned Indenture.

 

Dated: May 8, 2018

 

	 	THE BANK OF NEW YORK MELLON, LONDON BRANCH
	 	as Trustee
	 	 	 	 
	 	By:	 	 
	 	 	Authorized Signatory	 

 

 

 

	 

[2021 Fixed Rate Global Note No. [1]
Signature Page]

 

 

    	A-7

     

    

[REVERSE OF SECURITY]

 

This Senior Note is
one of a duly authorized issue of securities of the Company (herein called the “Senior Notes”) issued and to be issued
in one or more series under a Senior Debt Securities Indenture, dated as of January 21, 2011 (herein called the “Senior Indenture”),
among the Company, as issuer, the Guarantor, as guarantor, and The Bank of New York Mellon, as trustee (herein called the “Trustee,”
which term includes any successor trustee under the Senior Indenture), as supplemented by the Eighth Supplemental Indenture dated
as of May 8, 2018, among the Company, the Guarantor and the Trustee (the “Eighth Supplemental Indenture” and, together
with the Senior Indenture, the “Indenture”) to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Guarantor, the Trustee and the Holders of the Senior Notes and of the terms upon which the Senior Notes are, and are to be, authenticated
and delivered.

 

This Senior Note is
one of the series designated on the face hereof, initially limited in aggregate principal amount to $1,250,000,000. The Company
may, without the consent of the Holders of the Senior Notes, issue additional notes having the same ranking and interest rate,
maturity date, redemption terms and other terms as the Senior Notes except for the price to the public, issue date and first interest
payment date, provided that such additional notes must be fungible with the outstanding Senior Notes for U.S. federal income tax
purposes. Any such Senior Notes, together with this Senior Note, will constitute a single series of securities under the Indenture.
The Senior Notes will initially be issued in the form of one or more global Senior Notes (each, a “Global Senior Note”).
Except as provided in the Indenture, a Global Senior Note shall not be exchangeable for one or more definitive Senior Notes.

 

The Senior Notes of
this series will constitute unsecured and unsubordinated obligations of the Company and the Guarantor, as described herein, and
will rank pari passu without any preference among themselves.

 

If an Event of Default
with respect to the Senior Notes of this series shall have occurred and be continuing, the Trustee or the Holder or Holders of
not less than 25% in aggregate principal amount of the Outstanding Senior Notes of this series may declare the principal amount
of, and any accrued interest on, all the Senior Notes to be due and payable immediately, in the manner, with the effect and subject
to the conditions provided in the Indenture.

 

If an Event of Default
with respect to the Senior Notes of this series shall have occurred and be continuing, the Trustee may in its discretion proceed
to protect and enforce its rights and the rights of Holders of Senior Notes by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement
in the Indenture or in aid of the exercise of any power granted thereon, or to enforce any other proper remedy, including the institution
of proceedings in England or Scotland (but not elsewhere) for the winding up of the Company or the Guarantor, respectively.

 

    	A-8

     

    

Subject to applicable
law, no Holder may exercise or claim any right of set-off, counterclaim, combination of accounts, compensation or retention in
respect of any amount owed to it by the Company or the Guarantor arising under or in connection with the Senior Notes. The Holders
of Senior Notes by their acceptance thereof will be deemed to have waived any right of set-off, counterclaim, combination of accounts,
compensation and retention with respect to the Senior Notes or the Senior Indenture (or between the obligations under or in respect
of any Senior Notes and any liability owed by a Holder to the Company or the Guarantor) that they might otherwise have against
the Company or the Guarantor.

 

Amounts to be paid
on the Senior Notes of this Series or under the guarantee will be made without deduction or withholding for, or on account of,
any and all present and future income, stamp and other taxes, levies, imposts, duties, charges or fees, levied, collected, withheld
or assessed by or on behalf of the United Kingdom or any political subdivision or authority thereof or therein having the power
to tax (the “Taxing Jurisdiction”), unless such deduction or withholding is required by law. If at any time a Taxing
Jurisdiction requires the Company or the Guarantor, as the case may be, to make such deduction or withholding, the Company, or
the Guarantor, as the case may be, will pay additional amounts with respect to the principal of, and interest and any other payments
on, the Senior Notes of this series (“Additional Amounts”) that are necessary in order that the net amounts paid to
the Holders, after the deduction or withholding, shall equal the amounts which would have been payable on the Senior Notes if the
deduction or withholding had not been required. However, this will not apply to any such tax, levy, impost, duty, charge
or fee, which would not have been deducted or withheld but for the fact that:

 

(i) the Holder or the
Beneficial Owner of the Senior Note is a domiciliary, national or resident of, or engaging in business or maintaining a permanent
establishment or is physically present in, the Taxing Jurisdiction or otherwise has some connection with the Taxing Jurisdiction
other than the holding or ownership of a Senior Note, or the collection of any payment of (or in respect of) principal of, or interest
or other payments on, any Senior Note or under the guarantee,

 

(ii) except in the
case of winding-up in the United Kingdom, the relevant Senior Note is presented (where presentation is required) for payment in
the United Kingdom,

 

(iii) the relevant
Senior Note is presented (where presentation is required) for payment more than 30 days after the date payment became due or was
provided for, whichever is later, except to the extent that the Holder would have been entitled to the Additional Amounts on presenting
the same for payment at the close of that 30 day period,

 

(iv) the Holder or
the Beneficial Owner of the relevant Senior Note or the Beneficial Owner of any payment of (or in respect of) principal of, or
interest or other payments on, the Senior Note failed to comply with a request of the Company or its liquidator or guarantor or
other authorized person addressed to the Holder (x) to provide information concerning the nationality, residence or identity of
the Holder or such

 

    	A-9

     

    

Beneficial Owner or
(y) to make any declaration or other similar claim to satisfy any requirement, which in the case of (x) or (y), is required or
imposed by a statute, treaty, regulation or administrative practice of the Taxing Jurisdiction as a precondition to exemption from
all or part of the tax, levy, impost, duty, charge or fee,

 

(v) the withholding
or deduction is required to be made pursuant to European Council Directive 2003/48/EC on the taxation of savings income, or any
directive amending, supplementing or replacing such directive, or any law implementing or complying with, or introduced in order
to conform to, such directive or directives,

 

(vi) the Senior Note
is presented (where presentation is required) for payment by or on behalf of a Holder who would have been able to avoid such withholding
or deduction by presenting the Senior Note to another paying agent in a Member State of the European Union,

 

(vii) the deduction
or withholding is imposed by reason of any agreement with the U.S. Internal Revenue Service in connection with Sections 1471-1474
of the U.S. Internal Revenue Code and the U.S. Treasury regulations thereunder (“FATCA”), any intergovernmental agreement
between the United States and the United Kingdom or any other jurisdiction with respect to FATCA, or any law, regulation or other
official guidance enacted in any jurisdiction implementing, or relating to, FATCA or any intergovernmental agreement; or

 

(viii) any combination
of clauses (i) through (vii) above,

 

nor shall Additional Amounts be paid with
respect to the principal of, or any interest or other payments on, the Senior Note or under the Guarantee to any Holder who is
a fiduciary or partnership or any person other than the sole Beneficial Owner of such payment to the extent such payment would
be required by the laws of any Taxing Jurisdiction to be included in the income for tax purposes of a beneficiary or partner or
settlor with respect to such fiduciary or a member of such partnership or a Beneficial Owner who would not have been entitled to
such Additional Amounts, had it been the Holder.

 

References herein to
the payment of the principal of or interest or other payments on any Senior Note shall be deemed to include mention of the payment
of Additional Amounts provided for in the foregoing paragraph to the extent that, in such context, Additional Amounts are, were
or would be payable under the foregoing provisions.

 

The Senior Notes of
this series are redeemable, as a whole but not in part, at the option of the Company or the Guarantor, on not less than 30 nor
more than 60 days’ notice, on any Payment Date, at a redemption price equal to 100% of the principal amount, together with
accrued but unpaid interest, in respect of the Senior Notes to the date fixed for redemption, if, at any time, the Company or,
if applicable, the Guarantor shall determine that as a result of a change in or amendment to the laws or regulations of the Taxing
Jurisdiction (including any treaty to which such Taxing Jurisdiction is a party), or any change in the application or interpretation
of such laws or regulations (including a

 

    	A-10

     

    

decision of any court
or tribunal) which change or amendment becomes effective on or after May 8, 2018:

 

(a) in making payment
under the Senior Notes the Company (or, if applicable, the Guarantor) has or will or would on the next Payment Date become obligated
to pay Additional Amounts;

 

(b) the payment of
interest on the next Payment Date in respect of any of the Senior Notes would be treated as a “distribution” within
the meaning of Chapter 2 of Part 23 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification or re-enactment
thereof for the time being); or

 

(c) on the next Payment
Date the Company (or, if applicable, the Guarantor) would not be entitled to claim a deduction in respect of such payment of interest
in computing its United Kingdom taxation liabilities (or the value of such deduction to the Company would be materially reduced).

 

In any case where the
Company (or, if applicable, the Guarantor) shall determine that as a result of any change in the official application or interpretation
of any laws or regulations it is entitled to redeem the Senior Notes of this series, the Company (or, if applicable, the Guarantor)
shall be required to deliver to the Trustee prior to the giving of any notice of redemption a written legal opinion of independent
United Kingdom counsel of recognized standing (selected by the Company or, if applicable, the Guarantor) in a form satisfactory
to the Trustee confirming that the relevant change or amendment has occurred and that the Company (or, if applicable, the Guarantor)
is entitled to exercise its right of redemption.

 

If the Company (or,
if applicable, the Guarantor) elects to redeem the Senior Notes of this series, the Senior Notes will cease to accrue interest
from the date of redemption, provided the redemption price has been paid in accordance with the Indenture.

 

Upon payment of (i)
the amount of principal (and premium, if any) so declared due and payable and (ii) accrued and unpaid interest, all of the Company’s
(or, if applicable, the Guarantor’s) obligations in respect of the payment of the principal of (and premium, if any), and
accrued and unpaid interest on, the Senior Notes of this series shall terminate.

 

Notwithstanding any
other agreements, arrangements, or understandings between us and any Holder or Beneficial Owner of this Senior Note, by purchasing
or acquiring this Senior Note, each Holder (including each Beneficial Owner) of this Senior Note acknowledges, accepts, agrees
to be bound by and consents to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority that may result
in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Senior Notes; (ii) the
conversion of all, or a portion, of the principal amount of, or interest on, the Senior Notes into shares or other securities or
other obligations of the Company or another person; and/or (iii) the amendment or alteration of the maturity of the Senior

 

    	A-11

     

    

Notes, or amendment
of the amount of interest due on the Senior Notes, or the dates on which interest becomes payable, including by suspending payment
for a temporary period; which U.K. bail-in power may be exercised by means of variation of the terms of the Senior Notes solely
to give effect to the exercise by the relevant U.K. resolution authority of such U.K. bail-in power. Each Holder and Beneficial
Owner of the Senior Notes further acknowledges and agrees that the rights of the Holders and/or Beneficial Owners under the Senior
Notes are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K. bail-in power by the
relevant U.K. resolution authority.

 

By purchasing or acquiring
the Senior Notes, each Holder and Beneficial Owner of the Securities:

 

(i) acknowledges
and agrees that the exercise of the U.K. bail-in power by the relevant U.K. resolution authority in respect of the Senior Notes
shall not give rise to a default or an Event of Default for purposes of Section 315(b) (Notice of Default) and Section 315(c)
(Duties of the Trustee in Case of Default) of the Trust Indenture Act;

 

(ii) to
the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate a suit
against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains
from taking, in either case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. resolution authority
with respect to the Senior Notes; and

 

(iii) acknowledges
and agrees that, upon the exercise of any U.K. bail-in power by the relevant U.K. resolution authority, (a) the Trustee shall not
be required to take any further directions from Holders of the Senior Notes under Section 5.12 of the Senior Indenture, and (b)
neither the Senior Indenture nor the Eighth Supplemental Indenture shall impose any duties upon the Trustee whatsoever with respect
to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority. Notwithstanding the foregoing, if, following
the completion of the exercise of the U.K. bail-in power by the relevant U.K. resolution authority, the Senior Notes remain outstanding
(for example, if the exercise of the U.K. bail-in power results in only a partial write-down of the principal of the Senior Notes),
then the Trustee’s duties under the Indenture shall remain applicable with respect to the Senior Notes following such completion
to the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Eighth Supplemental
Indenture.

 

By purchasing or acquiring
the Senior Notes, each Holder and Beneficial Owner that acquires its Senior Notes in the secondary market shall be deemed to acknowledge
and agree to be bound by and consent to the same provisions specified in the Indenture to the same extent as the Holders and Beneficial
Owners of the Senior Notes that acquire the Senior Notes upon their initial issuance, including, without limitation, with respect
to the acknowledgement and agreement to be bound by and consent to the terms of the Senior Notes related to the U.K. bail-in power.

 

    	A-12

     

    

By purchasing or acquiring
the Senior Notes, each Holder and Beneficial Owner shall be deemed to have (i) consented to the exercise of any U.K. bail-in power
as it may be imposed without any prior notice by the relevant U.K. resolution authority of its decision to exercise such power
with respect to the Senior Notes and (ii) authorized, directed and requested DTC and any direct participant in DTC or other intermediary
through which it holds such Senior Notes to take any and all necessary action, if required, to implement the exercise of any U.K.
bail-in power with respect to the Senior Notes as it may be imposed, without any further action or direction on the part of such
Holder or Beneficial Owner.

 

No repayment of the
principal amount of the Senior Notes or payment of interest on the Senior Notes shall become due and payable after the exercise
of any U.K. bail-in power by the relevant U.K. resolution authority unless, at the time that such repayment or payment, respectively,
is scheduled to become due, such repayment or payment would be permitted to be made by the Company under the laws and regulations
of the United Kingdom and the European Union applicable to the Company and the Group.

 

Upon the exercise of
the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Senior Notes, the Company shall provide a
written notice to DTC as soon as practicable regarding such exercise of the U.K. bail-in power for purposes of notifying Holders
of such occurrence. The Company shall also deliver a copy of such notice to the Trustee for information purposes.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the Guarantor and the rights of the Holders of the Senior Notes of each series to be affected thereby by the Company and the
Trustee with the consent of the Holders of not less than a majority in principal amount of the Senior Notes at the time outstanding
of each such series. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount
of the outstanding Senior Notes of each series, on behalf of the Holders of all Senior Notes of such series, to waive compliance
by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Senior Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Senior Note and of any Senior Note issued in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Senior Note.

 

No reference herein
to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay, if and when due and payable, the principal of (and premium, if any) and interest on,
this Senior Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

As set forth in, and
subject to, the provisions of the Indenture, no Holder of any Senior Note of this series will have the right to institute any proceeding
with respect to the Indenture, this Senior Note or any remedy thereunder; provided, however, that such limitations do not
apply to a suit instituted by the Holder hereof for the enforcement of

 

    	A-13

     

    

payment of the principal
or interest as and when the same shall have become due and payable in accordance with the terms hereof and the Indenture.

 

No reference herein
to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the right of the Holder of this
Senior Note, which is absolute and unconditional, to receive payment of the principal of (and premium, if any) and interest on,
this Senior Note when due and payable in accordance with the provisions of this Senior Note and the Indenture.

 

This Senior Note will
be governed by the laws of the State of New York.

 

Unless otherwise defined
herein, all terms used in this Senior Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

    	A-14

     

    

EXHIBIT B

 

FORM OF THE FLOATING RATE GLOBAL NOTE

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

CUSIP No.
53944V AQ2

ISIN No. US53944VAQ23

Common Code: 181966335

 

LLOYDS BANK plc

 

FLOATING RATE NOTE DUE 2021

 

Guaranteed by

LLOYDS BANKING GROUP plc

 

	No. [1]	$500,000,000

 

LLOYDS BANK plc (herein called the “Company,”
which term includes any successor person under the Indenture (as defined on the reverse hereof)), for value received, hereby promises
to pay to CEDE & CO., or registered assigns, the principal sum of $500,000,000 (five hundred million dollars) on May 7, 2021
or on such earlier date as the principal hereof may become due in accordance with the terms hereof and to pay interest thereon
quarterly in arrears on February 7, May 7, August 7 and November 7, of each year, commencing on August 7, 2018, and ending on May
7, 2021 (each, a “Floating Rate Interest Payment Date”). Interest so payable on any Floating Rate Interest Payment
Date shall be paid to the Holder in whose name this Senior Note is registered on the 15th calendar day immediately preceding the
relevant Floating Rate Interest Payment Date.

 

Any interest which
is payable, but is not punctually paid or duly provided for, on any Floating Rate Interest Payment Date is herein called “Default
Interest”. Default Interest shall cease to be payable to the registered Holder on the relevant Regular Record Date by virtue
then of having been such Holder, and such Default Interest may be paid by the Company, at its election in each case, as provided
in clause (x) or (y) below: (x) the Company may elect to make payment of any Default Interest to registered Holders at the close
of business on a Special Record Date (a “Special Record Date”) for the payment of

 

    	B-1

     

    

such Default Interest,
such Special Record Date to be fixed in accordance with Section 3.07(a) of the Indenture or, (y) the Company may make payment of
any Default Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which this
Note may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the trustee
of the proposed payment, such manner of payment shall be deemed practicable by the trustee.

 

Interest shall accrue
on this Senior Note from day to day from the date of issuance hereof until the principal amount hereof is paid or made available
for payment.

 

Payment of the principal
amount of (and premium, if any), and any interest on, this Senior Note will be made in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts. Such payment shall be made to the
Holder including through a Paying Agent of the Company outside the United Kingdom for collection by the Holder. If the date for
payment of the principal amount hereof (and premium, if any) or interest thereon is not a Business Day, then (subject as provided
in the Indenture) such payment shall be made on the next succeeding Business Day with the same force and effect as if made on such
date for payment and without any interest or other payment in respect of such delay.

 

Prior to due presentment
of this Senior Note for registration of transfer, the Company, the trustee and any agent of the Company or the trustee may treat
the Person in whose name this Senior Note is registered as the owner of such Senior Note for the purpose of receiving payment of
principal and interest, if any, on such Senior Note and for all other purposes whatsoever, whether or not such Senior Note be overdue,
and neither the Company, the trustee nor any agent of the Company or the trustee shall be affected by notice to the contrary.

 

Reference is hereby
made to the further provisions of this Senior Note set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

 

Unless the certificate
of authentication hereon has been executed by the trustee referred to on the reverse hereof by manual signature, this Senior Note
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

Notwithstanding any
other agreements, arrangements, or understandings between us and any Holder or Beneficial Owner of this Senior Note, by purchasing
or acquiring this Senior Note, each Holder (including each Beneficial Owner) of this Senior Note acknowledges, accepts, agrees
to be bound by and consents to the exercise of any U.K. bail-in power (as defined below) by the relevant U.K. resolution authority
that may result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, this Senior
Note; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, this Senior Note into shares or other
securities or other obligations of the Company or another person; and/or (iii) the amendment or alteration of the maturity of this
Senior Note, or amendment of the amount of interest due on this Senior Note, or the dates on which interest becomes payable, including
by suspending

 

    	B-2

     

    

payment for a temporary
period; which U.K. bail-in power may be exercised by means of variation of the terms of this Senior Note solely to give effect
to the exercise by the relevant U.K. resolution authority of such U.K. bail-in power. Each Holder and Beneficial Owner of this
Senior Note further acknowledges and agrees that the rights of the Holders and/or Beneficial Owners under this Senior Note are
subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K. bail-in power by the relevant
U.K. resolution authority.

 

For these purposes,
a “U.K. bail-in power” is any write-down, conversion, transfer, modification or suspension power existing from time
to time under any laws, regulations, rules or requirements relating to the resolution of banks, banking group companies, credit
institutions and/or investment firms incorporated in the United Kingdom in effect and applicable in the United Kingdom to Lloyds
Banking Group plc or its affiliates, including but not limited to any such laws, regulations, rules or requirements which are implemented,
adopted or enacted within the context of a European Union directive or regulation of the European Parliament and of the Council
establishing a framework for the recovery and resolution of credit institutions and investment firms and/or within the context
of a U.K. resolution regime under the Banking Act as the same has been or may be amended from time to time (whether pursuant to
the Banking Reform Act 2013, secondary legislation or otherwise), pursuant to which any obligations of a bank, banking group company,
credit institution or investment firm or any of its affiliates can be reduced, cancelled, modified, transferred and/or converted
into shares or other securities or obligations of the obligor or any other person (or suspended for a temporary period) or pursuant
to which any right in a contract governing such obligations may be deemed to have been exercised. A reference to the “relevant
U.K. resolution authority” is to any authority with the ability to exercise a U.K. bail-in power.

 

[The rest of this page is intentionally
left blank]

 

    	B-3

     

    

IN
WITNESS WHEREOF, the
Company  has caused this
Senior Note to be duly executed.

 

Dated:
May 8, 2018

 

	 	LLOYDS BANK PLC
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

	 

[2021 Floating Rate Global Note [1] Signature
Page]

 

    	B-4

     

    

GUARANTEE OF LLOYDS BANKING GROUP plc

 

LLOYDS BANKING GROUP plc (herein called
the “Guarantor,” which term includes any successor person under the Indenture (as defined on the reverse hereof)) hereby
unconditionally guarantees (the “Guarantee”) to each Holder of this Senior Note the due and punctual payment of the
principal of, any premium and interest on, and any Additional Amounts with respect to such Senior Note and the due and punctual
payment of the sinking fund payments (if any) provided for pursuant to the terms of such Senior Note and any and all amounts under
the Indenture (including but not limited to, the fees, expenses and indemnities of the Trustee), when and as the same shall become
due and payable, whether at maturity, by acceleration, redemption, repayment or otherwise, in accordance with the terms of such
Senior Note and of the Indenture. In case of the failure of the Company punctually to pay any such principal, premium, interest,
Additional Amounts or sinking fund payment and any and all amounts under the Indenture, (including but not limited to, the fees,
expenses and indemnities of the Trustee) the Guarantor hereby agrees to pay, or cause any such payment to be made, punctually when
and as the same shall become due and payable, whether at maturity, upon acceleration, redemption, repayment or otherwise, and as
if such payment were made by the Company in accordance with the terms of such Senior Note and of the Indenture.

 

Unless otherwise defined herein, all terms
used in this Guarantee which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

    	B-5

     

    

IN WITNESS
WHEREOF, the Guarantor has caused
this guarantee
to be duly executed.

 

Dated:
May 8, 2018

 

	 	Executed by LLOYDS BANKING GROUP PLC
	 	 	 	 
	 	By	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

	 

[2021 Floating Rate Global Note No. [1]
Signature Page]

 

    	B-6

     

    

CERTIFICATE OF AUTHENTICATION

 

This is one of the
Senior Notes of the series designated herein referred to in the within-mentioned Indenture.

 

Dated: May 8, 2018

 

	 	THE BANK OF NEW YORK MELLON, LONDON BRANCH, as Trustee
	 	 
	 	By:  	 	 
	 	 	Authorized Signatory	 

 

 

 

 

	 

[2021 Floating Rate Global Note No. [1]
Signature Page]

 

    	B-7

     

    

[REVERSE OF SECURITY]

 

This Senior Note is
one of a duly authorized issue of securities of the Company (herein called the “Senior Notes”) issued and to be issued
in one or more series under a Senior Debt Securities Indenture, dated as of January 21, 2011 (herein called the “Senior Indenture”),
among the Company, as issuer, the Guarantor, as guarantor, and The Bank of New York Mellon, as trustee (herein called the “Trustee,”
which term includes any successor trustee under the Senior Indenture) as supplemented by the Eighth Supplemental Indenture, dated
as of May 8, 2018, among the Company, the Guarantor and the Trustee (the “Eighth Supplemental Indenture”, and, together
with the Senior Indenture, the “Indenture”) to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Guarantor, the Trustee and the Holders of the Senior Notes and of the terms upon which the Senior Notes are, and are to be, authenticated
and delivered.

 

This Senior Note is
one of the series designated on the face hereof, initially limited in aggregate principal amount to $1,000,000,000. The Company
may, without the consent of the Holders of the Senior Notes, issue additional notes having the same ranking and interest rate,
maturity date, redemption terms and other terms as the Senior Notes except for the price to the public, issue date and first interest
payment date, provided that such additional notes must be fungible with the outstanding Senior Notes for U.S. federal income tax
purposes. Any such Senior Notes, together with this Senior Note, will constitute a single series of securities under the Indenture.
The Senior Notes will initially be issued in the form of one or more global Senior Notes (each, a “Global Senior Note”).
Except as provided in the Indenture, a Global Senior Note shall not be exchangeable for one or more definitive Senior Notes.

 

The Senior Notes of
this series will constitute unsecured and unsubordinated obligations of the Company and the Guarantor, as described herein, and
will rank pari passu without any preference among themselves.

 

The interest rate for
the Senior Notes for the first Floating Rate Interest Period (as defined below) will be LIBOR (as defined below) as determined
on May 3, 2018 plus the Spread. The interest rate for each subsequent Floating Rate Interest Period will be LIBOR as determined
on the applicable interest determination date (as defined below) plus the Spread, in each case calculated on the basis of a 360-day
year and the actual number of days elapsed. The Spread is 49 basis points.

 

The initial Floating
Rate Interest Payment Date (as defined below) will fall on August 7, 2018. Thereafter, interest on the Senior Notes will be paid
quarterly in arrears on February 7, May 7, August 7 and November 7, of each year, commencing on August 7, 2018, and ending on May
7, 2021 (each, a “Floating Rate Interest Payment Date”). Interest so payable on any Floating Rate Interest Payment
Date shall be paid to the Holder in whose name this Senior Note is registered on the 15th calendar day immediately preceding the
relevant Floating Rate Interest Payment Date (each a “Regular Record Date”). However, if a Floating Rate Interest Payment
Date would fall on a day

 

    	B-8

     

    

that is not a Business
Day, as defined in the Indenture, other than the interest payment date that is also the date of maturity, the Floating Rate Interest
Payment Date will be postponed to the next succeeding day that is a Business Day and interest thereon will continue to accrue,
except that if the Business Day falls in the next succeeding calendar month, the applicable Floating Rate Interest Payment Date
will be the immediately preceding Business Day. In each such case, except for the Floating Rate Interest Payment Date falling on
the maturity date, the Floating Rate Interest Periods and the Interest Reset Dates (as defined below) will be adjusted accordingly
to calculate the amount of interest payable on the notes.

 

The interest rate will
be reset on each Floating Rate Interest Payment Date (together with the initial interest reset date, each an “Interest Reset
Date”). However, if any Interest Reset Date would otherwise be a day that is not a Business Day, that Interest Reset Date
will be postponed to the next succeeding day that is a Business Day, except that if the Business Day falls in the next succeeding
calendar month, the applicable Interest Reset Date will be the immediately preceding Business Day.

 

Interest will be paid
on the Senior Notes to Holders of record of each Senior Note in respect of the principal amount thereof as at the 15th calendar
day prior to the relevant Floating Rate Interest Payment Date.

 

The first interest
period will begin on and include May 8, 2018 and will end on and exclude August 7, 2018. Thereafter, the interest period will be
the periods from and including a Floating Rate Interest Payment Date to but excluding the immediately succeeding Floating Rate
Interest Payment Date (together with the first interest period, each a “Floating Rate Interest Period”). However, the
final Floating Rate Interest Period will be the period from and including the Floating Rate Interest Payment Date immediately preceding
the Maturity Date to but excluding the Maturity Date.

 

The Calculation Agent
will determine LIBOR (as defined below) for each Floating Rate Interest Period on the second London Banking Day (as defined below)
prior to the first day of such Floating Rate Interest Period (an “interest determination date”).

 

“LIBOR”,
with respect to a Floating Rate Interest Period, shall be the offered rate (expressed as a percentage per annum) for deposits of
U.S. dollars having a maturity of three months that appears on the Designated LIBOR Page (as defined below) as of 11:00 a.m., London
time.

 

If no rate appears
on the Designated LIBOR Page, LIBOR will be determined for such interest determination date on the basis of the rates at approximately
11:00 a.m., London time, on such interest determination date at which deposits in U.S. dollars are offered to prime banks in the
London inter-bank market by four major banks in such market selected by the Company, for a term of three months and in a Representative
Amount. The Company will request that the principal London office of each of such banks provide a quotation of its rate. If at
least two such quotations are provided, LIBOR for such Floating Rate Interest Period will be the arithmetic mean of such quotations.
If

 

    	B-9

     

    

fewer than two such
quotations are provided, LIBOR for such Floating Rate Interest Period will be the arithmetic mean of the rates quoted at approximately
11:00 a.m. in the City of New York on such interest determination date by three major banks in New York City, selected by the Company,
for loans in U.S. dollars to leading European banks, for a term of three months and in a Representative Amount. If at least two
such quotations are provided, LIBOR for such Floating Rate Interest Period will be the arithmetic mean of such quotations. If fewer
than two quotations are provided (including if no published LIBOR is available and banks are unable or unwilling to provide quotations
for the calculation of LIBOR), then the applicable interest rate for such Floating Rate Interest Period will be the rate of interest
applicable during the preceding Floating Rate Interest Period.

 

A “London Banking
Day” means any day in which dealings in United States dollars are transacted or, with respect to any future date, are expected
to be transacted in the London interbank market.

 

“Designated LIBOR
Page” means the Reuters Screen LIBOR01 display page, or any successor page, on Reuters or any successor service (or any such
other service(s) as may be nominated by ICE Benchmark Administration Limited (“IBA”) or its successor or such other
entity assuming the responsibility of IBA or its successor in calculating the London interbank offered rate in the event IBA or
its successor no longer does so for the purpose of displaying London interbank offered rates for U.S. dollar deposits).

 

“Representative
Amount” means an amount that in the Company’s judgment is representative for a single transaction in U.S. dollars in
such market at such time.

 

All calculations of
the Calculation Agent, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and on
the Holders of the Floating Rate Notes.

 

All percentages resulting
from any of the above calculations will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point,
with five one-millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655))
and all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being
rounded upwards).

 

The interest rate on
the Floating Rate Notes will in no event be higher than the maximum rate permitted by law or lower than 0% per annum.

 

If an Event of Default
with respect to the Senior Notes of this series shall have occurred and be continuing, the Trustee or the Holder or Holders of
not less than 25% in aggregate principal amount of the Outstanding Senior Notes of this series may declare the principal amount
of, and any accrued interest on, all the Senior Notes to be due and payable immediately, in the manner, with the effect and subject
to the conditions provided in the Indenture.

 

    	B-10

     

    

If an Event of Default
with respect to the Senior Notes of this series shall have occurred and be continuing, the Trustee may in its discretion proceed
to protect and enforce its rights and the rights of Holders of Senior Notes by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement
in the Indenture or in aid of the exercise of any power granted thereon, or to enforce any other proper remedy, including the institution
of proceedings in England or Scotland (but not elsewhere) for the winding up of the Company or the Guarantor, respectively.

 

Subject to applicable
law, no Holder may exercise or claim any right of set-off, counterclaim, combination of accounts, compensation or retention in
respect of any amount owed to it by the Company or the Guarantor arising under or in connection with the Senior Notes. The Holders
of Senior Notes by their acceptance thereof will be deemed to have waived any right of set-off, counterclaim, combination of accounts,
compensation and retention with respect to the Senior Notes or the Senior Indenture (or between the obligations under or in respect
of any Senior Notes and any liability owed by a Holder to the Company or the Guarantor) that they might otherwise have against
the Company or the Guarantor.

 

Amounts to be paid
on the Senior Notes of this Series or under the guarantee will be made without deduction or withholding for, or on account of,
any and all present and future income, stamp and other taxes, levies, imposts, duties, charges or fees, levied, collected, withheld
or assessed by or on behalf of the United Kingdom or any political subdivision or authority thereof or therein having the power
to tax (the “Taxing Jurisdiction”), unless such deduction or withholding is required by law. If at any time a Taxing
Jurisdiction requires the Company or the Guarantor, as the case may be, to make such deduction or withholding, the Company, or
the Guarantor, as the case may be, will pay additional amounts with respect to the principal of, and interest and any other payments
on, the Senior Notes of this series (“Additional Amounts”) that are necessary in order that the net amounts paid to
the Holders, after the deduction or withholding, shall equal the amounts which would have been payable on the Senior Notes if the
deduction or withholding had not been required. However, this will not apply to any such tax, levy, impost, duty, charge
or fee, which would not have been deducted or withheld but for the fact that:

 

(i) the Holder or the
Beneficial Owner of the Senior Note is a domiciliary, national or resident of, or engaging in business or maintaining a permanent
establishment or is physically present in, the Taxing Jurisdiction or otherwise has some connection with the Taxing Jurisdiction
other than the holding or ownership of a Senior Note, or the collection of any payment of (or in respect of) principal of, or interest
or other payments on, any Senior Note or under the guarantee,

 

(ii) except in the
case of winding-up in the United Kingdom, the relevant Senior Note is presented (where presentation is required) for payment in
the United Kingdom,

 

(iii) the relevant
Senior Note is presented (where presentation is required) for payment more than 30 days after the date payment became due or was
provided for,

 

    	B-11

     

    

whichever is later,
except to the extent that the Holder would have been entitled to the Additional Amounts on presenting the same for payment at the
close of that 30 day period,

 

(iv) the Holder or
the Beneficial Owner of the relevant Senior Note or the Beneficial Owner of any payment of (or in respect of) principal of, or
interest or other payments on, the Senior Note failed to comply with a request of the Company or its liquidator or guarantor or
other authorized person addressed to the Holder (x) to provide information concerning the nationality, residence or identity of
the Holder or such Beneficial Owner or (y) to make any declaration or other similar claim to satisfy any requirement, which in
the case of (x) or (y), is required or imposed by a statute, treaty, regulation or administrative practice of the Taxing Jurisdiction
as a precondition to exemption from all or part of the tax, levy, impost, duty, charge or fee,

 

(v) the withholding
or deduction is required to be made pursuant to European Council Directive 2003/48/EC on the taxation of savings income, or any
directive amending, supplementing or replacing such directive, or any law implementing or complying with, or introduced in order
to conform to, such directive or directives,

 

(vi) the Senior Note
is presented (where presentation is required) for payment by or on behalf of a Holder who would have been able to avoid such withholding
or deduction by presenting the Senior Note to another paying agent,

 

(vii) the deduction
or withholding is imposed by reason of any agreement with the U.S. Internal Revenue Service in connection with Sections 1471-1474
of the U.S. Internal Revenue Code and the U.S. Treasury regulations thereunder (“FATCA”), any intergovernmental agreement
between the United States and the United Kingdom or any other jurisdiction with respect to FATCA, or any law, regulation or other
official guidance enacted in any jurisdiction implementing, or relating to, FATCA or any intergovernmental agreement; or

 

(viii) any combination
of clauses (i) through (vii) above,

 

nor shall Additional Amounts be paid with
respect to the principal of, or any interest or other payments on, the Senior Note or under the Guarantee to any Holder who is
a fiduciary or partnership or any person other than the sole Beneficial Owner of such payment to the extent such payment would
be required by the laws of any Taxing Jurisdiction to be included in the income for tax purposes of a beneficiary or partner or
settlor with respect to such fiduciary or a member of such partnership or a Beneficial Owner who would not have been entitled to
such Additional Amounts, had it been the Holder.

 

References herein to
the payment of the principal of or interest or other payments on any Senior Note shall be deemed to include mention of the payment
of Additional Amounts provided for in the foregoing paragraph to the extent that, in such context, Additional Amounts are, were
or would be payable under the foregoing provisions.

 

    	B-12

     

    

The Senior Notes of
this series are redeemable, as a whole but not in part, at the option of the Company or the Guarantor, on not less than 30 nor
more than 60 days’ notice, on any Floating Rate Interest Payment Date, at a redemption price equal to 100% of the principal
amount, together with accrued but unpaid interest, in respect of the Senior Notes to the date fixed for redemption, if, at any
time, the Company or, if applicable, the Guarantor shall determine that as a result of a change in or amendment to the laws or
regulations of the Taxing Jurisdiction (including any treaty to which such Taxing Jurisdiction is a party), or any change in the
application or interpretation of such laws or regulations (including a decision of any court or tribunal) which change or amendment
becomes effective on or after May 8, 2018:

 

(a) in making payment
under the Senior Notes the Company (or, if applicable, the Guarantor) has or will or would on the next Floating Rate Interest Payment
Date become obligated to pay Additional Amounts;

 

(b) the payment of
interest on the next Floating Rate Interest Payment Date in respect of any of the Senior Notes would be treated as a “distribution”
within the meaning of Chapter 2 of Part 23 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification
or re-enactment thereof for the time being); or

 

(c) on the next Floating
Rate Interest Payment Date the Company (or, if applicable, the Guarantor) would not be entitled to claim a deduction in respect
of such payment of interest in computing its United Kingdom taxation liabilities (or the value of such deduction to the Company
would be materially reduced).

 

In any case where the
Company (or, if applicable, the Guarantor) shall determine that as a result of any change in the official application or interpretation
of any laws or regulations it is entitled to redeem the Senior Notes of this series, the Company (or, if applicable, the Guarantor)
shall be required to deliver to the Trustee prior to the giving of any notice of redemption a written legal opinion of independent
United Kingdom counsel of recognized standing (selected by the Company or, if applicable, the Guarantor) in a form satisfactory
to the Trustee confirming that the relevant change or amendment has occurred and that the Company (or, if applicable, the Guarantor)
is entitled to exercise its right of redemption.

 

If the Company (or,
if applicable, the Guarantor) elects to redeem the Senior Notes of this series, the Senior Notes will cease to accrue interest
from the date of redemption, provided the redemption price has been paid in accordance with the Indenture.

 

Upon payment of (i)
the amount of principal (and premium, if any) so declared due and payable and (ii) accrued and unpaid interest, all of the Company’s
(or, if applicable, the Guarantor’s) obligations in respect of the payment of the principal of (and premium, if any), and
accrued and unpaid interest on, the Senior Notes of this series shall terminate.

 

    	B-13

     

    

Notwithstanding any
other agreements, arrangements, or understandings between the Company and any Holder or Beneficial Owner of this Senior Note, by
purchasing or acquiring this Senior Note, each Holder (including each Beneficial Owner) of this Senior Note acknowledges, accepts,
agrees to be bound by and consents to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority that may
result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Senior Notes;
(ii) the conversion of all, or a portion, of the principal amount of, or interest on, the Senior Notes into shares or other securities
or other obligations of the Company or another person; and/or (iii) the amendment or alteration of the maturity of the Senior Notes,
or amendment of the amount of interest due on the Senior Notes, or the dates on which interest becomes payable, including by suspending
payment for a temporary period; which U.K. bail-in power may be exercised by means of variation of the terms of the Senior Notes
solely to give effect to the exercise by the relevant U.K. resolution authority of such U.K. bail-in power. Each Holder and Beneficial
Owner of the Senior Notes further acknowledges and agrees that the rights of the Holders and/or Beneficial Owners under the Senior
Notes are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K. bail-in power by the
relevant U.K. resolution authority.

 

By purchasing or acquiring
the Senior Notes, each Holder and Beneficial Owner of the Securities:

 

(i) acknowledges
and agrees that the exercise of the U.K. bail-in power by the relevant U.K. resolution authority in respect of the Senior Notes
shall not give rise to a default or an Event of Default for purposes of Section 315(b) (Notice of Default) and Section 315(c)
(Duties of the Trustee in Case of Default) of the Trust Indenture Act;

 

(ii) to
the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate a suit
against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains
from taking, in either case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. resolution authority
with respect to the Senior Notes; and

 

(iii) acknowledges
and agrees that, upon the exercise of any U.K. bail-in power by the relevant U.K. resolution authority, (a) the Trustee shall not
be required to take any further directions from Holders of the Senior Notes under Section 5.12 of the Senior Indenture, and (b)
neither the Senior Indenture nor the Eighth Supplemental Indenture shall impose any duties upon the Trustee whatsoever with respect
to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority. Notwithstanding the foregoing, if, following
the completion of the exercise of the U.K. bail-in power by the relevant U.K. resolution authority, the Senior Notes remain outstanding
(for example, if the exercise of the U.K. bail-in power results in only a partial write-down of the principal of the Senior Notes),
then the Trustee’s duties under the Indenture shall remain applicable with respect to the Senior Notes following such completion
to

 

    	B-14

     

    

the extent
that the Company and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Eighth Supplemental Indenture.

 

By purchasing or acquiring
the Senior Notes, each Holder and Beneficial Owner that acquires its Senior Notes in the secondary market shall be deemed to acknowledge
and agree to be bound by and consent to the same provisions specified in the Indenture to the same extent as the Holders and Beneficial
Owners of the Senior Notes that acquire the Senior Notes upon their initial issuance, including, without limitation, with respect
to the acknowledgement and agreement to be bound by and consent to the terms of the Senior Notes related to the U.K. bail-in power.

 

By purchasing or acquiring
the Senior Notes, each Holder and Beneficial Owner shall be deemed to have (i) consented to the exercise of any U.K. bail-in power
as it may be imposed without any prior notice by the relevant U.K. resolution authority of its decision to exercise such power
with respect to the Senior Notes and (ii) authorized, directed and requested DTC and any direct participant in DTC or other intermediary
through which it holds such Senior Notes to take any and all necessary action, if required, to implement the exercise of any U.K.
bail-in power with respect to the Senior Notes as it may be imposed, without any further action or direction on the part of such
Holder or Beneficial Owner.

 

No repayment of the
principal amount of the Senior Notes or payment of interest on the Senior Notes shall become due and payable after the exercise
of any U.K. bail-in power by the relevant U.K. resolution authority unless, at the time that such repayment or payment, respectively,
is scheduled to become due, such repayment or payment would be permitted to be made by the Company under the laws and regulations
of the United Kingdom and the European Union applicable to the Company and the Group.

 

Upon the exercise of
the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Senior Notes, the Company shall provide a
written notice to DTC as soon as practicable regarding such exercise of the U.K. bail-in power for purposes of notifying Holders
of such occurrence. The Company shall also deliver a copy of such notice to the Trustee for information purposes.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the Guarantor and the rights of the Holders of the Senior Notes of each series to be affected thereby by the Company and the
Trustee with the consent of the Holders of not less than a majority in principal amount of the Senior Notes at the time outstanding
of each such series. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount
of the outstanding Senior Notes of each series, on behalf of the Holders of all Senior Notes of such series, to waive compliance
by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Senior Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Senior Note and of any Senior Note issued in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Senior Note.

 

    	B-15

     

    

No reference herein
to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay, if and when due and payable, the principal of (and premium, if any) and interest on,
this Senior Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

As set forth in, and
subject to, the provisions of the Indenture, no Holder of any Senior Note of this series will have the right to institute any proceeding
with respect to the Indenture, this Senior Note or any remedy thereunder; provided, however, that such limitations do not
apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal or interest as and when the same
shall have become due and payable in accordance with the terms hereof and the Indenture.

 

No reference herein
to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the right of the Holder of this
Senior Note, which is absolute and unconditional, to receive payment of the principal of (and premium, if any) and interest on,
this Senior Note when due and payable in accordance with the provisions of this Senior Note and the Indenture.

 

This Senior Note will
be governed by the laws of the State of New York.

 

Unless otherwise defined
herein, all terms used in this Senior Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

    	B-16

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