Document:

EXHIBIT 4.10

 

Exhibit 4.10

 

 

 

 

 

DATED
                                                        2003

 

 

BARCLAYS BANK PLC (1)

 

- and -

 

ROGER DAVIS (2)

CONTRACT OF EMPLOYMENT

(11.12.03)

 

 

This Agreement is made the         day of                  2003

BETWEEN:

	(1)	 	BARCLAYS BANK PLC (a company registered in England and Wales under no.
1026167) whose registered office is at 54 Lombard Street, London EC3P 3AH
(“Barclays”) and;
	 
	(2)	 	Roger William John Davis of 24 Wilton Street, London, SW1X 7AX (“the
Executive”).

WHEREAS:

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

IT IS HEREBY AGREED:

	1.	 	DEFINITIONS

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

	 	(i)	 	a holding company (as defined by Section 736 of the Companies
Act 1985) of Barclays;
	 
	 	(ii)	 	a subsidiary (as defined by Section 736 of the Companies Act
1985) of Barclays or of its holding company;
	 
	 	(iii)	 	a company over which Barclays has control within the meaning
of Section 840 of the Income and Corporation Taxes Act 1988; or
	 
	 	(iv)	 	a subsidiary undertaking of Barclays as defined by Section
258 of the Companies Act 1985.

 

 

	 	 	“Barclays Group” means Barclays and any Associated Company and “member of
the Barclays Group” shall be construed accordingly;
	 
	 	 	“Board” means the Board of Directors of Barclays and any duly appointed
committee of the Board.

	1.2	 	References to any statute includes any modification or re-enactment of
it.

	2.	 	APPOINTMENT AND TERM

	2.1	 	This Agreement shall take effect and the Executive shall commence his
employment on 1 January 2004 (“the Effective Date”).

	2.2	 	From the Effective Date Barclays shall continue to employ the Executive
and the Executive shall serve Barclays as Chief Executive, UK Banking or
in such other capacity as Barclays reasonably decides from time to time.
The Executive shall also be appointed as a director of Barclays PLC and of
Barclays Bank PLC, and remain a member of Group Executive Committee. The
Executive’s duties as a director of Barclays or any member of the Barclays
Group are subject to be Articles of Association of the relevant Company
for the time being.

	2.3	 	Subject to clause 14, the Executive’s employment may be terminated on:

	 	2.3.1	 	12 months’ written notice given at any time by Barclays to
the Executive; or

	 	2.3.2	 	6 months’ written notice given at any time by the Executive
to Barclays.

	2.4	 	If not terminated earlier, the Executive’s employment shall terminate
automatically when the Executive reaches the age of 60.

 

 

	3.	 	DUTIES

	3.1	 	During his employment, the Executive shall:

	 	3.1.1	 	diligently perform such duties and exercise such powers and
functions not inconsistent with the holding of the position of Chief
Executive, UK Banking or being appointed as a director of Barclays PLC and of Barclays
Bank PLC and a member of the Executive Committee as may reasonably
be assigned to or vested in him from time to time by the Board in
relation to any member of the Barclays Group;

	 	3.1.2	 	faithfully and loyally serve Barclays to the best of his
ability and use his utmost endeavours to promote the interests of
the Barclays Group to the best of his ability and to this end during
working hours devote his time and attention, exclusively to his
duties under this Agreement;

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

	 	3.1.4	 	neither engage in any activities which would detract from
the proper performance of his duties under this Agreement, nor
(without the prior written consent of the Board, such consent not to
be unreasonably withheld) in any capacity including as director,
shareholder, principal, consultant, agent, partner or employee
engage or be concerned or interested directly or indirectly in any
other trade, business or occupation whatsoever. This clause shall
not prevent the Executive holding shares for investment purposes
only of securities, which do not exceed five per cent (5%) in
nominal value of the share capital or stock of any class of any
company quoted on a recognised stock exchange.

 

 

	3.2	 	Notwithstanding the provisions of clause 3.1, Barclays shall:

	 	3.2.1	 	be entitled during any period when the Executive is
prevented by illness, accident or other incapacity from properly
performing his duties or when the Executive is suspended pursuant to
3.2.2 or 3.3 below to appoint another person or persons to act
jointly with the Executive so long as such circumstances prevail;
	 
	 	3.2.2	 	have the right to require the Executive at any time to carry
out such special projects or duties commensurate with his abilities
as Barclays shall in its absolute discretion determine; and

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

	3.3	 	If either party has given notice to terminate the Executive’s employment,
Barclays may, in its absolute discretion, at any time require the
Executive to cease performing his job and/or not to attend at his place of
work for the whole or part of his notice period, (not exceeding six months
in aggregate) without affecting the Executive’s obligations to attend and
serve Barclays during any part of the notice period at such location(s) as
it may reasonably require in accordance with the terms of this Agreement
and the Executive’s salary and contractual benefits and eligibility be
considered for an award in incentive arrangements will not cease to be
affected by reason of Barclays exercise of its powers under this clause.
For the avoidance of doubt, during any period of garden leave under this
clause, the Executive shall remain bound by the terms and conditions of
his employment (except as expressly included in

 

 

	 	 	this clause) and, in particular, by his obligations of confidentiality and good faith to
Barclays.

	3.4	 	During any period of suspension under clause 3.2.3 or any period of
garden leave under clause 3.3, Barclays shall have the right to require
the Executive not to speak to or otherwise communicate with any director
or employee of any member of the Barclays Group or any person, firm or
company who at the date of such suspension or exclusion is a client or
customer of any member of the Barclays Group, without the prior consent of
the Chairman (not to be unreasonably withheld). It is agreed that this
sub-clause shall not apply to non-business communications.

	4.	 	DEALING RULES

	4.1	 	The Executive hereby agrees to be bound by and comply with the Barclays
Group Share Dealing Code or with any more stringent dealing rules which
Barclays notifies to the Executive are applicable to him.

	5.	 	REMUNERATION AND REIMBURSEMENT OF EXPENSES

	5.1	 	Barclays shall pay the Executive a basic salary at the rate of £500,000
per annum payable in arrears by equal monthly instalments on or by the
last day of each month. The Executive’s basic salary is inclusive of any
fees to which the Executive may be entitled as a director of any member of
the Barclays Group. The Executive’s basic salary shall be reviewed from
time to time and may in the sole discretion of the Board be increased
following any such review.

	5.2	 	The Executive will be eligible to receive a discretionary bonus award, in
respect of each financial year subject to such rules of the bonus scheme
as may be from time to time in force and the following conditions:

	 	5.2.1	 	the amount, structure and form of any bonus award will be
determined by Barclays in its sole discretion (which for the
avoidance of doubt

 

 

	 	 	 	includes the right to make a nil award) provided
such discretion is exercised reasonably and in good faith having
regard to the Executive’s status, responsibilities and Barclays
Group performance as well individual performance;

	 	5.2.2	 	any award will only be paid if the Executive is in Barclays
employment and not having served notice of termination to Barclays
before the time of its payment which will be no later than 31 March
following the relevant performance year; and

	 	5.2.3	 	any award will be paid less deductions of income tax and
national insurance contributions, as appropriate.

	5.3	 	Barclays shall reimburse to the Executive all travelling, hotel,
entertainment and other expenses properly and reasonably incurred by him
in the performance of his duties under this Agreement and properly claimed
and vouched for in accordance with Barclays current expense reporting
procedure.

	6.	 	SHARE SCHEMES

	6.1	 	The Executive will be considered on an annual basis for participation in
the Barclays PLC Incentive Share Option Plan subject to the rules of the
plan in force from time to time. Any award by Barclays will be entirely
at its discretion provided such discretion is exercised reasonably and in
good faith having regard to status, responsibilities and Barclays Group
performance as well as his own performance. Barclays reserves the right
to withdraw, amend or replace the plan at any time.

	7.	 	PENSIONS PROVISION AND LIFE ASSURANCE

	7.1	 	There is a pension scheme in operation in relation to the Executive’s
employment. The Retirement Investment Scheme section of the Barclays Bank
UK Retirement Fund (“RIS”) is a defined contribution arrangement, which is

 

 

	 	 	contracted-out of the State Second Pension. With effect from 1 January
2004, the RIS will be replaced with Afterwork, a cash balance hybrid
arrangement which is contracted-in to the State Second Pension. The
Executive’s membership of and participation in the RIS or Afterwork shall
be subject to the Trust Deed and Rules of the scheme in force from time to
time.

	7.2	 	In addition to Barclays contribution to the RIS or Afterwork,
contributions will be made to a Funded Unapproved Retirement Benefits
Scheme (“FURBS”). The total employer contribution to the FURBS (assuming
the Executive makes the maximum matching contribution to the RIS or
Afterwork) equates to 13.5% of his salary up to the Inland Revenue
Earnings Cap on pensionable salary (the Cap) and 27% of his salary above
the Cap. Barclays contributions will be paid to the FURBS after deduction
of any tax liability which the Executive may have in respect of Barclays
contributions. The Executive’s membership of and participation in the
FURBS shall be subject to the Trust Deed and Rules of the scheme in force
from time to time.

	7.3	 	Under the current rules of the Barclays Bank UK Retirement Fund, in the
event of the Executive’s death whilst in the service of Barclays, a lump
sum of 4 x Basic Salary is payable, plus a spouse’s pension and children’s
pension, subject to Inland Revenue limits and the Trust Deed and Rules of
the scheme in force from time to time. If the Executive so elects,
Barclays will arrange for him to be covered by insurance which will result
in a payment of 4 x Basic Salary regardless of the Inland Revenue limits
in the event of his death. In such circumstances, the Executive will be liable for tax on the Insurance
Premium for the cover above the Inland Revenue limits. For the purposes
of this clause “Basic Salary” shall mean the Executive’s basic salary at
the date of his death.

	8.	 	OTHER BENEFITS

	8.1	 	Subject to the rules of the relevant schemes from time to time in force,
Barclays will continue to provide the following benefits to the
Executive. For the avoidance of doubt, these benefits are provided at the
discretion of

 

 

	 	 	Barclays and do not create enforceable contract terms under
the Contracts (Rights of Third Parties) Act 1999. Barclays shall have the
right to change these arrangements or withdraw the provision of these
benefits as it sees fit, and/or give notice to lawfully terminate this
Agreement as specified in clause 2.3, provided that, in changing or
withdrawing such benefits, the Executive is treated no less favourably
compared with the general treatment of the other Barclays executives.

	 	8.1.1	 	The Executive will be eligible to participate in the
Barclays car scheme, which provides the option of a car for personal
and business use or a non-pensionable cash alternative, which will
be payable subject to income tax and national insurance
contributions, as appropriate.

	 	8.1.2	 	Medical cover will be available through AXA/PPP or any
substitute scheme operated by Barclays for its employees. Medical
cover may be provided for the Executive’s spouse and dependants at
the Executive’s cost through a separate scheme. All cover will
cease on the Executive leaving employment whether on retirement,
resignation or for any other reason.

	9.	 	HOLIDAYS

	9.1	 	In addition to Bank and Public Holidays, the Executive shall be entitled
to 30 working days’ paid holiday during each holiday year, which runs from
1 March to the end of February the following year. The Executive’s
holiday dates must be agreed with the Group Chief Executive. Regulation
15(1-4) of the Working Time Regulations 1998 (dates on which leave is
taken) do not apply. The Executive may not carry forward any unused part
of his holiday entitlement to a subsequent holiday year without the
written consent of the Group Chief Executive (such consent not to be
unreasonably withheld).

	9.2	 	If the Executive joins or leaves during a holiday year, his holiday
entitlement will be recalculated as 2.5 day’s holiday for each completed
month worked in

 

 

	 	 	the year. If when the Executive is leaving his employment
he has taken less holiday than his accrued entitlement, he will be paid
salary in lieu of any outstanding holiday entitlement. If when the
Executive is leaving he has taken more holiday than his accrued
entitlement, he will have to repay to Barclays any salary received in
excess of his proportionate holiday entitlement. One day’s holiday pay
will be deemed to be 1/260th of his annual basic salary.

	10.	 	INCAPACITY

	10.1	 	If the Executive shall at any time be prevented by illness or accident or
other incapacity from properly performing the duties of his employment, he
shall report this fact forthwith to the Group Chief Executive(or such
other person as may be notified to the Executive from time to time). The
Executive shall be required to produce an appropriate doctor’s certificate
in respect of any period of absence of more than seven consecutive days.
The Executive may be asked to submit to a medical examination as directed
by Barclays.

	10.2	 	Subject to the Executive complying with clause 10.1, if as a result of
illness or accident or other incapacity the Executive is unable to perform
his duties, he will be eligible to receive his basic salary for a period
of 26 weeks (whether consecutive or not) in any period of 12 consecutive
months. Thereafter Barclays may by notice to the Executive discontinue
payment in whole or in part of his salary until such incapacity shall
cease or terminate this Agreement. Any payment will be subject to the
deduction of any Statutory Sick Pay or social security or other benefits
payable to the Executive including any sums recoverable from a third
party. The Executive’s qualifying days for Statutory Sick Pay purposes
are Monday to Friday. For the avoidance of doubt, Barclays has the right
at any time to serve notice to terminate this Agreement under clause 2.3.

 

 

	11.	 	INTELLECTUAL PROPERTY

	 	 	The Executive will promptly disclose to Barclays and keep confidential
all inventions, copyright works, designs or technical know-how conceived
or made by the Executive alone or with others in the course of his
employment. The Executive will hold all such intellectual property in
trust for Barclays and will do everything necessary or desirable at
Barclays expense to vest the intellectual property fully in Barclays
and/or to secure patent or other appropriate forms of protection for the
intellectual property. Decisions as to the protection or exploitation of
any intellectual property shall be in the absolute discretion of
Barclays.

	12.	 	CONFIDENTIAL INFORMATION

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

	12.2	 	Confidential information includes but is not limited to:

	 	12.2.1	 	corporate and marketing strategy, business development plans,
sales reports and research results;

	 	12.2.2	 	business methods and processes, technical information and know-how
relating to the Barclays Group’s business and which is not available
to the public generally, including inventions, designs, programmes,
techniques, database systems, formulae and ideas;

	 	12.2.3	 	business contacts, lists or details of customers and suppliers and
details of contacts with them, their business or affairs;

 

 

	 	12.2.4	 	information on employees and the terms and conditions of their
employment, details of employee benefits, incentive schemes/plans,
salary scales, trade union/employee disputes current or anticipated;
	 
	 	12.2.5	 	information or details of any actual, potential or threatened
litigation, legal action, claim, dispute or arbitration against or
with any member of the Barclays Group or any director, officer or
employee of the Barclays Group in such capacity and any information
in respect of provisions for any such action;

	 	12.2.6	 	budgets, management accounts, trading statements and other financial
reports; and

	 	12.2.7	 	unpublished price sensitive information relating to shares or
securities listed or dealt in on any recognised stock exchange.

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

	12.4	 	The restrictions in this clause 12 shall not apply in respect of
information in the public domain (save as a result of default by the
Executive) or if such information is required to be produced by a court of
law, or by a governmental or regulatory body.

	13.	 	RESTRICTIVE COVENANTS

	13.1	 	The Executive shall not without the prior written consent of the Board
(such consent to be withheld only so far as may be reasonably necessary to
protect the legitimate interests of the Barclays Group) either on his own behalf or on
behalf of any other person, firm or company:

	 	13.1.1	 	for a period of 6 months from the termination of the Executive’s
employment be engaged or interested (whether as a director,

 

 

	 	 	 	shareholder, principal, consultant, agent, partner or employee) in
any business within the European Union which is competitive or
likely to be competitive with any business of the Barclays Group in
the provision of banking or financial services with which he was
concerned to a material extent during the period of 12 months period
to the termination of his employment and which is carried on by the
Group as at the date the Executive’s employment terminates;

	 	13.1.2	 	for a period of 12 months from the termination of the Executive’s
employment (on his own account or on behalf of any person, firm or
company) (directly or indirectly) canvass or solicit business for
products or services similar to those being offered by the Barclays Group
from any person, firm or company who is or has been a customer
of the Barclays Group in the 12 months prior to the termination of the
Executive’s employment and with whom he had material dealings in
respect of banking facilities or other products or services provided
by the Barclays Group during that period;

	 	13.1.3	 	for a period of 12 months from the termination of the Executive’s
employment (directly or indirectly) induce or attempt to induce or
entice away any director, officer or employee of executive status to
leave the employment of the Barclays Group and with whom the
Executive had material dealings in the 12 months prior to the
termination of his employment.

	13.2	 	Each of the restrictions contained in clauses 13.1.1, 13.1.2 and 13.1.3
of this clause are considered by the parties to be reasonable in all the
circumstances as at the date of this Agreement. However, the parties
agree that if any one or more of such restrictions shall be judged to be
void as going beyond what is reasonable in all the circumstances for the
protection of the interests of the Barclays Group but if words were
deleted or the period was reduced or the range of activities or area
covered was reduced in scope would be valid the restrictions shall be
deemed to apply with such modifications as may be

 

 

	 	 	necessary to make them valid and effective. Any such modification shall not affect the validity
of any other restriction contained in this Agreement.

	13.3	 	The period of restriction stated in clause 13.1.1 13.1.2 and 13.1.3 shall
be reduced by the length of time, if any, that the Executive is suspended
from his duties pursuant to clause 3.3.

	14.	 	TERMINATION ON THE HAPPENING OF CERTAIN EVENTS

	14.1	 	Without prejudice to any remedy Barclays may have against the Executive
for breach or non-performance of any of the provisions of this Agreement,
Barclays may (without thereby incurring any obligation to pay compensation (including,
but without limitation, any payment in lieu of notice) save in relation
to payments accrued and owing at the date of termination) immediately
determine the Executive’s employment by notice in writing to the
Executive if he shall:

	 	14.1.1	 	become bankrupt (or equivalent in any other jurisdiction) or
become the subject of an interim order under the Insolvency Act 1986
or make any arrangements or composition with his creditors; or

	 	14.1.2	 	be convicted of any criminal offence (other than a road traffic
offence not involving a custodial sentence or an offence which, in
the reasonable opinion of Barclays, does not affect the Executive’s
position as an employee of Barclays, bearing in mind the nature of
his duties and the capacity in which he is employed); or

	 	14.1.3	 	commit any act of dishonesty whether relating to any member of the
Barclays Group, other employees or otherwise; or

	 	14.1.4	 	be guilty of any serious misconduct or any conduct calculated or
tending to bring any member of the Barclays Group or himself into
disrepute or be guilty of any material breach or material
non-

 

 

	 	 	 	observance of any of the provisions of this Agreement or be
guilty of any serious negligence in carrying out his duties properly
assigned to him under this Agreement; or

	 	14.1.5	 	cease to hold or fail to obtain any regulatory approvals or
consents which are required for the effective discharge by the
Executive of any duties assigned to him save where such cessation or
failure is as a result of a default by any member of the Barclays
Group.

	14.2	 	Barclays reserves the option in its absolute discretion to terminate the
Executive’s employment by giving him notice and (subject to Barclays
right to place the Executive on garden leave for a period not exceeding 6
months under clause 3.3) pay him his basic salary and bonus (as defined
in clause 14.3 below) subject to deductions for income tax and national
insurance contributions (as appropriate) in equal instalments at such
time(s) as he would have received such payment(s) of basic salary had he
been required to work for the whole or remainder of such notice period.
The amount of such payment(s) (including the amount in respect of bonus) shall be pro rated
for the applicable period of the notice period. Benefits will be
credited to the Executive in the pension scheme referred to in Clause 7
as if the Executive had remained in service for the applicable period of
the notice period. The Executive acknowledges and accepts his obligation
to mitigate his loss by seeking comparable new employment. If the
Executive commences alternative employment or his services are employed
during the period in which payments are due or pension scheme benefits
are to be credited, Barclays reserves the right to cease further payment
or further crediting of pension scheme benefits.

	14.3	 	For the purposes of clause 14.2 “bonus” will be calculated as:

	 	(a)	 	the average of the value of the annual bonuses which the
Executive has received in respect of the three completed financial
years preceding termination of his employment under clause 14.2
(subject to this average being capped at 100% of the basic salary
prevailing at the time

 

 

	 	 	 	Barclays exercises the option described in
clause 14.2) or, if greater, 50% of his current basic salary; and

	 	(b)	 	an annual bonus under clause 5.2 pro rated for the period of
the financial year until Barclays exercises its discretion to give
notice under clause 14.2, in which case, clause 5.2.2 shall cease to
apply. Payment of such annual bonus will be paid in a lump sum no
later than 31 March following the end of the relevant financial
year.

	15.	 	RETURN OF BARCLAYS DOCUMENTS

	15.1	 	Upon the termination of his employment for whatever reason, the Executive
shall deliver up to Barclays all vehicles, keys, credit cards,
correspondence, documents, specifications, reports, papers and records
(including any computer material such as discs or tapes) and any other
property of any kind relating to the business of or belonging to any
member of the Barclays Group which may be in his possession or under his
control. The Executive shall also deliver up all copies of such documents,
which he has in his possession or under his control.
	 
	15.2	 	Following the termination of his employment for whatever reason, the
Executive shall not at any time represent himself as still being connected
with any member of the Barclays Group.

 

 

	16.	 	STAFF HANDBOOK

	16.1	 	The employment of the Executive shall also be governed by the terms and
conditions applicable to Barclays staff contained in the Barclays Staff
Handbook ‘You & Barclays’ (as may be amended from time to time) except
where these are inconsistent with, or specifically dealt with by, the
provisions of this Agreement, in which case the provisions of this
Agreement shall apply.

	17.	 	STATUTORY REQUIREMENTS

	17.1	 	The following particulars are given in compliance with the requirements
of Section 1 of the Employment Rights Act 1996.

	 	17.1.1	 	The employment of the Executive by Barclays began on 5 February
1997. No employment with a previous employer will count as part of
his continuous employment with Barclays.

	 	17.1.2	 	The Executive agrees that the maximum weekly working time as set
out
in Regulation 4 of the Working Time Regulations 1998 shall
not apply in relation to his employment. This condition shall
apply indefinitely subject to the Executive’s right to withdraw
his agreement to the exclusion of the maximum weekly working time
on providing three months’ written notice.

	 	17.1.3	 	Barclays has a disciplinary and grievance procedure, details of
which are in the staff manual. Barclays’ disciplinary procedure is
not incorporated by reference in this Agreement and therefore does not form part of
the Executive’s contract of employment. If the Executive has a
grievance in relation to his employment or is dissatisfied with a
disciplinary decision against him he may apply in writing to the
Group Chairman whose decision will be final.

 

 

	 	17.1.4	 	While the Executive’s initial place of work will be London, he
will work at and/or travel to such places (inside and outside the
United Kingdom) as Barclays may require from time to time. If the
Executive is required to work outside the UK for a period in excess
of one month, the additional terms which will apply will be notified
to him.

	 	17.1.5	 	There are no collective agreements with any trade unions which
directly affect the terms and conditions of the Executive’s
employment.

	18	 	NOTICES

	18.1	 	Any notice to be given under this Agreement shall be in writing. Notice
to the Executive shall be sufficiently given by being delivered personally
to him or by being sent by first class post addressed to him at the
address stated in this Agreement or the last place of residence in the UK
notified to Barclays by the Executive. Notice to Barclays shall be
sufficiently given by being delivered to the Group Secretary or by being
sent by first class post to the registered office of Barclays addressed
for the attention of the Group Secretary. Any notice if posted shall be
deemed served upon the third day following that on which it was posted.

	19	 	APPLICABLE LAW

	19.1	 	English law shall apply to this Agreement and the parties submit to the
jurisdiction of the English courts.

	20	 	MISCELLANEOUS

	20.1	 	This Agreement, together with any documents referred to in it, sets out
the whole agreement between the parties relating to and cancels all
previous agreements, representations and arrangements in connection with
the Executive’s employment by Barclays.

 

 

	20.2	 	No omission to exercise or delay in exercising any right, power or remedy
provided to Barclays by law or under this Agreement will be a waiver of
it.

	20.3	 	Termination of this Agreement shall not affect any provisions which are
intended to operate after termination.

	20.4	 	For the purposes of the Employment Rights Act 1996 or otherwise, the
Executive hereby consents to the deduction of any sums owing by him to
Barclays at any time from his salary or any other payment due from
Barclays to the Executive and the Executive hereby also agrees to make a
payment to Barclays of any sums owed by him to Barclays upon demand by
Barclays at any time.

	20.5	 	During the Executive’s employment, he must comply with Barclays policies
and procedures relating to the Data Protection Act 1998. This means that
the Executive consents to Barclays processing any data relating to him
where it is necessary or reasonably required for the conduct of Barclays
business. This may include personal data as well as documentation
relating to the Executive’s absence from work through sickness or injury.
Further details of the type of data that is covered by this provision can
be found in the Barclays Staff Handbook.
 

	 	 	IN WITNESS the hands of the parties hereto

	 	 	 	 	 
	 
	 	 	 	 
	

	 	 	 	( SIGNED BY a duly

( authorised signatory for

( and on behalf of Barclays
	 
	 	 	 	 
	 

	 	SIGNED BY The Executive
	 	)

)

)EXHIBIT 4.11

 

Exhibit 4.11

 

 

DATED
                                                        2003

 

 

 

BARCLAYS BANK PLC (1)

 

- and -

 

NAGUIB KHERAJ (2)

 

CONTRACT OF EMPLOYMENT

(22.12.03)

 

 

This Agreement is made the     day of                 2003

	BETWEEN:

	(1)	 	BARCLAYS BANK PLC (a company registered in England and Wales under no.
1026167) whose registered office is at 54 Lombard Street, London EC3P 3AH
(“Barclays”) and;
	 
	(2)	 	Naguib Kheraj of 7 Chester Square, London, SW1W 9HH (“the Executive”).

WHEREAS:

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

IT IS HEREBY AGREED:

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

	 	(i)	 	a holding company (as defined by Section 736 of the Companies
Act 1985) of Barclays;
	 
	 	(ii)	 	a subsidiary (as defined by Section 736 of the Companies Act
1985) of Barclays or of its holding company;
	 
	 	(iii)	 	a company over which Barclays has control within the meaning
of Section 840 of the Income and Corporation Taxes Act 1988;
or
	 
	 	(iv)	 	a subsidiary undertaking of Barclays as defined by Section
258 of the Companies Act 1985.

 

 

	 	 	“Barclays Group” means Barclays and any Associated Company and “member of
the Barclays Group” shall be construed accordingly;
	 
	 	 	“Board” means the Board of Directors of Barclays and any duly appointed
committee of the Board.
	 
	1.2	 	References to any statute includes any modification or re-enactment of
it.
	 
	2.	 	APPOINTMENT AND TERM
	 
	2.1	 	This Agreement shall take effect and the Executive shall commence his
employment on 1 January 2004 (“the Effective Date”).
	 
	2.2	 	From the Effective Date Barclays shall continue to employ the Executive
and the Executive shall serve Barclays as Group Finance Director or in
such other capacity as Barclays reasonably decides from time to time. The
Executive shall also be appointed as a director of Barclays PLC and of
Barclays Bank PLC, and remain a member of Group Executive Committee. The
Executive’s duties as a director of Barclays or any member of the Barclays
Group are subject to be Articles of Association of the relevant Company
for the time being.
	 
	2.3	 	Subject to clause 14, the Executive’s employment may be terminated on:

	 	2.3.1	 	12 months’ written notice given at any time by Barclays to
the Executive; or
	 
	 	2.3.2	 	6 months’ written notice given at any time by the Executive
to Barclays.

	2.4	 	If not terminated earlier, the Executive’s employment shall terminate
automatically when the Executive reaches the age of 60.

 

 

	3.	 	DUTIES
	 
	3.1	 	During his employment, the Executive shall:

	 	3.1.1	 	diligently perform such duties and exercise such powers and
functions not inconsistent with the holding of the position of Group
Finance Director or being appointed as a director of Barclays PLC
and of Barclays Bank PLC and a member of the Executive Committee as
may reasonably be assigned to or vested in him from time to time by
the Board in relation to any member of the Barclays Group;
	 
	 	3.1.2	 	faithfully and loyally serve Barclays to the best of his
ability and use his utmost endeavours to promote the interests of
the Barclays Group to the best of his ability and to this end during
working hours devote his time and attention, exclusively to his
duties under this Agreement;
	 
	 	3.1.3	 	comply with all reasonable requests, instructions and
regulations given by the Board or anyone authorised by it and
promptly provide such explanations, information and assistance as to
his activities in the business of the Barclays Group as they may
reasonably require;
	 
	 	3.1.4	 	neither engage in any activities which would detract from
the proper performance of his duties under this Agreement, nor
(without the prior written consent of the Board, such consent not to
be unreasonably withheld) in any capacity including as director,
shareholder, principal, consultant, agent, partner or employee
engage or be concerned or interested directly or indirectly in any
other trade, business or occupation whatsoever. This clause shall
not prevent the Executive holding shares for investment purposes
only of securities, which do not exceed five per cent (5%) in
nominal value of the share capital or stock of any class of any
company quoted on a recognised stock exchange.

 

 

	3.2	 	Notwithstanding the provisions of clause 3.1, Barclays shall:

	 	3.2.1	 	be entitled during any period when the Executive is
prevented by illness, accident or other incapacity from properly
performing his duties or when the Executive is suspended pursuant to
3.2.2 or 3.3 below to appoint another person or persons to act
jointly with the Executive so long as such circumstances prevail;
	 
	 	3.2.2	 	have the right to require the Executive at any time to carry
out such special projects or duties commensurate with his abilities
as Barclays shall in its absolute discretion determine; and
	 
	 	3.2.3	 	have the right to suspend at any time the Executive from the
performance of any duties or exclude him from any premises of
Barclays to allow it to undertake any investigation including, but
not limited to, any investigation under the disciplinary procedure
or failure to obtain or hold any regulatory authorisations necessary
to fulfil the position held by the Executive, provided that such
period of suspension shall be up to 28 days unless it is reasonably
necessary to carry out a longer investigation.

	3.3	 	If either party has given notice to terminate the Executive’s employment,
Barclays may, in its absolute discretion, at any time require the
Executive to cease performing his job and/or not to attend at his place of
work for the whole or part of his notice period, (not exceeding six months
in aggregate) without affecting the Executive’s obligations to attend and
serve Barclays during any part of the notice period at such location(s) as
it may reasonably require in accordance with the terms of this Agreement
and the Executive’s salary and contractual benefits and eligibility be
considered for an award in incentive arrangements will not cease to be
affected by reason of Barclays exercise of its powers under this clause.
For the avoidance of doubt, during any period of garden leave under this
clause, the Executive shall remain bound by the terms and conditions of
his employment (except as expressly included in

 

 

	 	 	this clause) and, in particular, by his obligations of
confidentiality and good faith to Barclays.
	 
	3.4	 	During any period of suspension under clause 3.2.3 or any period of
garden leave under clause 3.3, Barclays shall have the right to require
the Executive not to speak to or otherwise communicate with any director
or employee of any member of the Barclays Group or any person, firm or
company who at the date of such suspension or exclusion is a client or
customer of any member of the Barclays Group, without the prior consent of
the Chairman (not to be unreasonably withheld). It is agreed that this
sub-clause shall not apply to non-business communications.
	 
	4.	 	DEALING RULES
	 
	4.1	 	The Executive hereby agrees to be bound by and comply with the Barclays
Group Share Dealing Code or with any more stringent dealing rules which
Barclays notifies to the Executive are applicable to him.
	 
	5.	 	REMUNERATION AND REIMBURSEMENT OF EXPENSES
	 
	5.1	 	Barclays shall pay the Executive a basic salary at the rate of £500,000
per annum payable in arrears by equal monthly instalments on or by the
last day of each month. The Executive’s basic salary is inclusive of any
fees to which the Executive may be entitled as a director of any member of
the Barclays Group. The Executive’s basic salary shall be reviewed from
time to time and may in the sole discretion of the Board be increased
following any such review.
	 
	5.2	 	The Executive will be eligible to receive a discretionary bonus award, in
respect of each financial year subject to such rules of the bonus scheme
as may be from time to time in force and the following conditions:

	 	5.2.1	 	the amount, structure and form of any bonus award will be
determined by Barclays in its sole discretion (which for the
avoidance of doubt

 

 

	 	 	 	includes the right to make a nil award) provided such discretion is
exercised reasonably and in good faith having regard to the
Executive’s status and responsibilities and Barclays Group
performance as well individual performance;
	 
	 	5.2.2	 	any award will only be paid if the Executive is in Barclays
employment and not having served notice of termination to Barclays
before the time of its payment which will be no later than 31 March
following the relevant performance year; and
	 
	 	5.2.3	 	any award will be paid less deductions of income tax and
national insurance contributions, as appropriate.

	5.3	 	Barclays shall reimburse to the Executive all travelling, hotel,
entertainment and other expenses properly and reasonably incurred by him
in the performance of his duties under this Agreement and properly claimed
and vouched for in accordance with Barclays current expense reporting
procedure.
	 
	6.	 	SHARE SCHEMES
	 
	6.1	 	The Executive will be considered on an annual basis for participation in
the Barclays PLC Incentive Share Option Plan subject to the rules of the
plan in force from time to time. Any award by Barclays will be entirely
at its discretion provided such discretion is exercised reasonably and in
good faith having regard to status, responsibilities and Barclays Group
performance as well as his own performance. Barclays reserves the right
to withdraw, amend or replace the plan at any time.
	 
	7.	 	PENSIONS PROVISION AND LIFE ASSURANCE
	 
	7.1	 	The Executive will be eligible to join the Afterwork scheme, a cash
balance hybrid arrangement which is contracted in to the State Second
Pension, with effect from 1 January 2004. The Executive’s membership of
and participation in

 

 

	 	 	Afterwork shall be subject to the Trust Deed and Rules of the scheme in
force from time to time. The Executive will not receive employer
contributions nor be able to make personal contributions to the
International Pension Plan from
1 January 2004.

	7.2	 	In addition to Barclays contribution to Afterwork, contributions will be
made to a Funded Unapproved Retirement Benefits Scheme (“FURBS”). The
total employer contribution to the FURBS (assuming the Executive makes the
maximum matching contribution to Afterwork) equates to 11.5% of his salary
up to the Inland Revenue Earnings Cap on pensionable salary (the Cap) and
23% of his salary above the Cap. Barclays contributions will be paid to
the FURBS after deduction of any tax liability which the Executive may
have in respect of Barclays contributions. The Executive’s membership of
and participation in the FURBS shall be subject to the Trust Deed and
Rules of the scheme in force from time to time.
	 
	7.3	 	In the event of the Executive’s death whilst in the service of Barclays,
a lump sum of 4 x Basic Salary is payable, plus a spouse’s pension and
children’s pension, subject to Inland Revenue limits and the Trust Deed
and Rules of the scheme in force from time to time. If the Executive so
elects, Barclays will arrange for him to be covered by insurance which
will result in a payment of 4 x Basic Salary regardless of the Inland
Revenue limits in the event of his death. In such circumstances, the
Executive will be liable for tax on the Insurance Premium for the cover
above the Inland Revenue limits. For the purposes of this clause “Basic
Salary” shall mean the Executive’s basic salary at the date of his death.
	 
	8.	 	OTHER BENEFITS
	 
	8.1	 	Subject to the rules of the relevant schemes from time to time in force,
Barclays will continue to provide the following benefits to the
Executive. For the avoidance of doubt, these benefits are provided at the
discretion of Barclays and do not create enforceable contract terms under
the Contracts

 

 

	 	 	(Rights of Third Parties) Act 1999. Barclays shall have the right to
change these arrangements or withdraw the provision of these benefits as
it sees fit, and/or give notice to lawfully terminate this Agreement as
specified in clause 2.3, provided that, in changing or withdrawing such
benefits, the Executive is treated no less favourably compared with the
general treatment of the other Barclays executives.

	 	8.1.1	 	The Executive will be eligible to participate in the
Barclays car scheme, which provides the option of a car for personal
and business use or a non-pensionable cash alternative, which will
be payable subject to income tax and national insurance
contributions, as appropriate.
	 
	 	8.1.2	 	Medical cover will be available through AXA/PPP or any
substitute scheme operated by Barclays for its employees. Medical
cover may be provided for the Executive’s spouse and dependants at
the Executive’s cost through a separate scheme. All cover will
cease on the Executive leaving employment whether on retirement,
resignation or for any other reason.

	9.	 	HOLIDAYS
	 
	9.1	 	In addition to Bank and Public Holidays, the Executive shall be entitled
to 30 working days’ paid holiday during each holiday year, which runs from
1 March to the end of February the following year. The Executive’s
holiday dates must be agreed with the Group Chief Executive. Regulation
15(1-4) of the Working Time Regulations 1998 (dates on which leave is
taken) do not apply. The Executive may not carry forward any unused part
of his holiday entitlement to a subsequent holiday year without the
written consent of the Group Chief Executive (such consent not to be
unreasonably withheld).
	 
	9.2	 	If the Executive joins or leaves during a holiday year, his holiday
entitlement will be recalculated as 2.5 day’s holiday for each completed
month worked in the year. If when the Executive is leaving his employment
he has taken less

 

 

	 	 	holiday than his accrued entitlement, he will be paid salary in lieu of
any outstanding holiday entitlement. If when the Executive is leaving he
has taken more holiday than his accrued entitlement, he will have to
repay to Barclays any salary received in excess of his proportionate
holiday entitlement. One day’s holiday pay will be deemed to be 1/260th
of his annual basic salary.
	 
	10.	 	INCAPACITY

	10.1	 	If the Executive shall at any time be prevented by illness or accident or
other incapacity from properly performing the duties of his employment, he
shall report this fact forthwith to the Group Chief Executive (or such
other person as may be notified to the Executive from time to time). The
Executive shall be required to produce an appropriate doctor’s certificate
in respect of any period of absence of more than seven consecutive days.
The Executive may be asked to submit to a medical examination as directed
by Barclays.
	 
	10.2	 	Subject to the Executive complying with clause 10.1, if as a result of
illness or accident or other incapacity the Executive is unable to perform
his duties, he will be eligible to receive his basic salary for a period
of 26 weeks (whether consecutive or not) in any period of 12 consecutive
months. Thereafter Barclays may by notice to the Executive discontinue
payment in whole or in part of his salary until such incapacity shall
cease or terminate this Agreement. Any payment will be subject to the
deduction of any Statutory Sick Pay or social security or other benefits
payable to the Executive including any sums recoverable from a third
party. The Executive’s qualifying days for Statutory Sick Pay purposes
are Monday to Friday. For the avoidance of doubt, Barclays has the right
at any time to serve notice to terminate this Agreement under clause 2.3.
	 
	11.	 	INTELLECTUAL PROPERTY
	 
	 	 	The Executive will promptly disclose to Barclays and keep confidential
all inventions, copyright works, designs or technical know-how conceived
or made

 

 

	 	 	by the Executive alone or with others in the course of his employment.
The Executive will hold all such intellectual property in trust for
Barclays and will do everything necessary or desirable at Barclays
expense to vest the intellectual property fully in Barclays and/or to
secure patent or other appropriate forms of protection for the
intellectual property. Decisions as to the protection or exploitation of
any intellectual property shall be in the absolute discretion of
Barclays.
	 
	12.	 	CONFIDENTIAL INFORMATION
	 
	12.1	 	The Executive shall not during his employment (except as necessary for
the proper performance of his duties) or at any time after its termination
for any reason whatsoever disclose to any person whatsoever or otherwise
make use of any confidential or secret information which he has or may
have acquired in the course of his employment concerning the business or
affairs of any member of the Barclays Group or any of their suppliers or
customers.
	 
	12.2	 	Confidential information includes but is not limited to:

	 	12.2.1	 	corporate and marketing strategy, business development plans,
sales reports and research results;
	 
	 	12.2.2	 	business methods and processes, technical information and know-how
relating to the Barclays Group’s business and which is not available
to the public generally, including inventions, designs, programmes,
techniques, database systems, formulae and ideas;
	 
	 	12.2.3	 	business contacts, lists or details of customers and suppliers and
details of contacts with them, their business or affairs;
	 
	 	12.2.4	 	information on employees and the terms and conditions of their
employment, details of employee benefits, incentive schemes/plans,
salary scales, trade union/employee disputes current or anticipated;

 

 

	 	12.2.5	 	information or details of any actual, potential or threatened
litigation, legal action, claim, dispute or arbitration against or
with any member of the Barclays Group or any director, officer or
employee of the Barclays Group in such capacity and any information
in respect of provisions for any such action;
	 
	 	12.2.6	 	budgets, management accounts, trading statements and other financial
reports; and
	 
	 	12.2.7	 	unpublished price sensitive information relating to shares or
securities listed or dealt in on any recognised stock exchange.

	12.3	 	The Executive shall at all times comply with any relevant Barclays
policies on the security of information and shall use his best endeavours
to prevent any unauthorised publication or disclosure of any confidential
or secret information.
	 
	12.4	 	The restrictions in this clause 12 shall not apply in respect of
information in the public domain (save as a result of default by the
Executive) or if such information is required to be produced by a court of
law, or by a governmental or regulatory body.
	 
	13.	 	RESTRICTIVE COVENANTS
	 
	13.1	 	The Executive shall not without the prior written consent of the Board
(such
consent to be withheld only so far as may be reasonably necessary to
protect the
legitimate interests of the Barclays Group) either on his own behalf or on
behalf
of any other person, firm or company:

	 	13.1.1	 	for a period of 6 months from the termination of the Executive’s
employment be engaged or interested (whether as a director,
shareholder, principal, consultant, agent, partner or employee) in
any business within the European Union which is competitive or
likely to be competitive with any business of the Barclays Group in
the provision of

 

 

	 	 	 	banking or financial services with which he was concerned to a
material extent during the period of 12 months prior to the
termination of his employment and which is carried on by the Group
as at the date the Executive’s employment terminates;
	 
	 	13.1.2	 	for a period of 12 months from the termination of the Executive’s
employment (on his own account or on behalf of any person, firm or
company) (directly or indirectly) canvass or solicit business for
products
or services similar to those being offered by the Barclays Group
from any person, firm or company who is or has been a customer
of the Barclays Group in the 12 months prior to the termination of
the
Executive’s employment and with whom he had material dealings in
respect of banking facilities or other products or services provided
by
the Barclays Group during that period;
	 
	 	13.1.3.	 	for a period of 12 months from the termination of the Executive’s
employment (directly or indirectly) induce or attempt to induce or
entice away any director, officer or employee of executive status to
leave the employment of the Barclays Group and with whom the Executive
had material dealings in the 12 months prior to the termination of his
employment.

	13.2	 	Each of the restrictions contained in clauses 13.1.1, 13.1.2 and 13.1.3
of this clause are considered by the parties to be reasonable in all the
circumstances as at the date of this Agreement. However, the parties
agree that if any one or more of such restrictions shall be judged to be
void as going beyond what is reasonable in all the circumstances for the
protection of the interests of the Barclays Group but if words were
deleted or the period was reduced or the range of activities or area
covered was reduced in scope would be valid the restrictions shall be
deemed to apply with such modifications as may be necessary to make them
valid and effective. Any such modification shall not affect the validity
of any other restriction contained in this Agreement.

 

 

	13.3	 	The period of restriction stated in clause 13.1.1 13.1.2 and 13.1.3 shall
be reduced by the length of time, if any, that the Executive is suspended
from his duties pursuant to clause 3.3.
	 
	14.	 	TERMINATION ON THE HAPPENING OF CERTAIN EVENTS
	 
	14.1	 	Without prejudice to any remedy Barclays may have against the Executive
for breach or non-performance of any of the provisions of this Agreement,
Barclays may (without thereby incurring any obligation to pay compensation
(including, but without limitation, any payment in lieu of notice) save in
relation to payments accrued and owing at the date of termination)
immediately determine the Executive’s employment by notice in writing to
the Executive if he shall:

	 	14.1.1	 	become bankrupt (or equivalent in any other jurisdiction) or
become the subject of an interim order under the Insolvency Act 1986
or make any arrangements or composition with his creditors; or
	 
	 	14.1.2	 	be convicted of any criminal offence (other than a road traffic
offence not involving a custodial sentence or an offence which, in
the reasonable opinion of Barclays, does not affect the Executive’s
position as an employee of Barclays, bearing in mind the nature of
his duties and the capacity in which he is employed); or
	 
	 	14.1.3	 	commit any act of dishonesty whether relating to any member of the
Barclays Group, other employees or otherwise; or
	 
	 	14.1.4	 	be guilty of any serious misconduct or any conduct calculated or
tending to bring any member of the Barclays Group or himself into
disrepute or be guilty of any material breach or material
non-observance of any of the provisions of this Agreement or be
guilty of

 

 

	 	 	 	any serious negligence in carrying out his duties properly
assigned to him under this Agreement; or
	 
	 	14.1.5	 	cease to hold or fail to obtain any regulatory approvals or
consents which are required for the effective discharge by the
Executive of any duties assigned to him save where such cessation or
failure is as a result of a default by any member of the Barclays
Group.

	14.2	 	Barclays reserves the option in its absolute discretion to terminate
the
Executive’s employment by giving him notice and (subject to Barclays
right to place the Executive on garden leave for a period not exceeding
6 months under clause 3.3) pay him his basic salary and bonus (as
defined in clause 14.3 below) subject to deductions for income tax and
national insurance contributions (as appropriate) in equal instalments at
such time(s) as he would have received such payment(s) of basic salary
had he been required to work for the whole or remainder of such notice
period. The amount of such payment(s) (including the amount in respect of
bonus) shall be pro rated for the applicable period of the notice period.
Benefits will be credited to the Executive in the pension scheme referred
to in Clause 7 as if the Executive had remained in service for the
applicable period of the notice period. The Executive acknowledges and
accepts his obligation to mitigate his loss by seeking comparable new
employment. If the Executive commences alternative employment or his
services are employed during the period in which payments are due or
pension scheme benefits are to be credited, Barclays reserves the right
to cease further payment or further crediting of pension scheme benefits.
	 
	14.3	 	For the purposes of clause 14.2 “bonus” will be calculated as:

	 	(a)	 	the average of the value of the annual bonuses which the
Executive has received in respect of the three completed financial
years preceding termination of his employment under clause 14.2
(subject to this average being capped at 100% of the basic salary
prevailing at the time

 

 

	 	 	 	Barclays exercises the option described in clause 14.2) or, if
greater, 50% of his current basic salary; and
	 
	 	(b)	 	an annual bonus under clause 5.2 pro rated for the period of
the financial year until Barclays exercises its discretion to give
notice under clause 14.2, in which case, clause 5.2.2 shall cease to
apply. Payment of such annual bonus will be paid in a lump sum no
later than 31 March following the end of the relevant financial
year.

	15.	 	RETURN OF BARCLAYS DOCUMENTS
	 
	15.1	 	Upon the termination of his employment for whatever reason, the Executive
shall deliver up to Barclays all vehicles, keys, credit cards,
correspondence, documents, specifications, reports, papers and records
(including any computer material such as discs or tapes) and any other
property of any kind relating to the business of or belonging to any
member of the Barclays Group which may be in his possession or under his
control. The Executive shall also deliver up all copies of such documents,
which he has in his possession or under his control.
	 
	15.2	 	Following the termination of his employment for whatever reason, the
Executive shall not at any time represent himself as still being connected
with any member of the Barclays Group.
	 
	16.	 	STAFF HANDBOOK
	 
	16.1	 	The employment of the Executive shall also be governed by the terms and
conditions applicable to Barclays staff contained in the Barclays Staff
Handbook ‘You & Barclays’ (as may be amended from time to time) except
where these are inconsistent with, or specifically dealt with by, the
provisions of this Agreement, in which case the provisions of this
Agreement shall apply.
	 
	17.	 	STATUTORY REQUIREMENTS

 

 

	17.1	 	The following particulars are given in compliance with the requirements
of Section 1 of the Employment Rights Act 1996.

	 	17.1.1	 	The employment of the Executive by Barclays began on 1 September
1997. No employment with a previous employer will count as part of
his continuous employment with Barclays.
	 
	 	17.1.2	 	The Executive agrees that the maximum weekly working time as set
out
in Regulation 4 of the Working Time Regulations 1998 shall
not apply in relation to his employment. This condition shall
apply indefinitely subject to the Executive’s right to withdraw
his agreement to the exclusion of the maximum weekly working time
on providing three months’ written notice.
	 
	 	17.1.3	 	Barclays has a disciplinary and grievance procedure, details of
which are in the staff manual. Barclays’ disciplinary procedure is
not incorporated by reference in this Agreement and therefore does
not form part of the Executive’s contract of employment. If the
Executive has a grievance in relation to his employment or is
dissatisfied with a disciplinary decision against him he may apply
in writing to the Group Chairman whose decision will be final.
	 
	 	17.1.4	 	While the Executive’s initial place of work will be London, he
will work at and/or travel to such places (inside and outside the
United Kingdom) as Barclays may require from time to time. If the
Executive is required to work outside the UK for a period in excess
of one month, the additional terms which will apply will be notified
to him.
	 
	 	17.1.5	 	There are no collective agreements with any trade unions which
directly affect the terms and conditions of the Executive’s
employment.

	18	 	NOTICES

 

 

	18.1	 	Any notice to be given under this Agreement shall be in writing. Notice
to the Executive shall be sufficiently given by being delivered personally
to him or by being sent by first class post addressed to him at the
address stated in this Agreement or the last place of residence in the UK
notified to Barclays by the Executive. Notice to Barclays shall be
sufficiently given by being delivered to the Group Secretary or by being
sent by first class post to the registered office of Barclays addressed
for the attention of the Group Secretary. Any notice if posted shall be
deemed served upon the third day following that on which it was posted.
	 
	19	 	APPLICABLE LAW
	 
	19.1	 	English law shall apply to this Agreement and the parties submit to the
jurisdiction of the English courts.
	 
	20	 	MISCELLANEOUS
	 
	20.1	 	This Agreement, together with any documents referred to in it, sets out
the whole agreement between the parties relating to and cancels all
previous agreements, representations and arrangements in connection with
the Executive’s employment by Barclays.
	 
	20.2	 	No omission to exercise or delay in exercising any right, power or remedy
provided to Barclays by law or under this Agreement will be a waiver of
it.
	 
	20.3	 	Termination of this Agreement shall not affect any provisions which are
intended to operate after termination.
	 
	20.4	 	For the purposes of the Employment Rights Act 1996 or otherwise, the
Executive hereby consents to the deduction of any sums owing by him to
Barclays at any time from his salary or any other payment due from
Barclays to the Executive and the Executive hereby also agrees to make a
payment to

 

 

	 	 	Barclays of any sums owed by him to Barclays upon demand by Barclays at
any time.
	 
	20.5	 	During the Executive’s employment, he must comply with Barclays policies
and procedures relating to the Data Protection Act 1998. This means that
the Executive consents to Barclays processing any data relating to him
where it is necessary or reasonably required for the conduct of Barclays
business. This may include personal data as well as documentation
relating to the Executive’s absence from work through sickness or injury.
Further details of the type of data that is covered by this provision can
be found in the Barclays Staff Handbook.

	 
	 	 	IN WITNESS the hands of the parties hereto

	 	 	 
	 	 	
( SIGNED BY a duly

( authorised signatory for

( and on behalf of Barclays
	SIGNED BY The Executive	 	
)

)

)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]