Document:

Form of Escrow Agreement with Silverton Bank

 EXHIBIT 10.3 
 ESCROW AGREEMENT 
 THIS ESCROW AGREEMENT (this “Agreement”) is entered into and is
effective as of the      day of                     , 2008, by and between Trident Bancshares, Inc., a Bank Holding Company (the
“Company”), and Silverton Bank, a national banking association chartered under the laws of the United States of America (the “Escrow Agent”). 
 W I T N E S S E T H: 
 WHEREAS, the Company proposes to offer and sell (the
“Offering”) up to 2,000,000 shares of Common Stock, $0.01 par value per share (the “Shares”), and up to 1,000,000 shares of Series A Preferred Stock, $0.01 par value per share (the “Shares”), to investors at
$10.00 per share pursuant to a registered public offering; and 
 WHEREAS, the Company desires to establish an escrow for funds
forwarded by subscribers for Shares, and the Escrow Agent is willing to serve as Escrow Agent upon the terms and conditions herein set forth. 
 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1.    Deposit with Escrow Agent. 
 (a)    The Escrow Agent agrees that it will from time to time accept, in its capacity as Escrow Agent, subscription funds for the Shares (the “Escrowed Funds”) in the form of checks
received by the Company from subscribers. All checks shall be made payable to the Escrow Agent. If any check does not clear normal banking channels in due course, the Escrow Agent will promptly notify the Company. Any check which does not clear
normal banking channels and is returned by the drawer’s bank to Escrow Agent will be promptly turned over to the Company along with all other subscription documents relating to such check. Any check received that is made payable to a party
other than the Escrow Agent shall be returned to the Company for return to the proper party. The Company in its sole and absolute discretion may reject any subscription for shares for any reason and upon such rejection it shall notify and instruct
the Escrow Agent in writing to return the Escrowed Funds by check made payable to the subscriber. 
 (b)    Subscription
agreements for the Shares shall be reviewed for accuracy by the Company and, immediately thereafter, the Company shall deliver to the Escrow Agent the following information: (i) the name and address of the subscriber; (ii) the number of
Shares subscribed for by such subscriber; (iii) the subscription price paid by such subscriber; (iv) the subscriber’s tax identification number certified by such subscriber; and (v) a copy of the subscription agreement.

 2.    Investment of Escrowed Funds. Upon collection of each check by the Escrow Agent, the Escrow Agent
shall invest the funds in deposit accounts or certificates of deposit which are fully insured by the Federal Deposit Insurance Corporation or another agency of the United States government, short-term securities issued or fully guaranteed by the
United States 

  

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government, or such other investments as the Escrow Agent and the Company shall agree. The Company shall provide the Escrow Agent with instructions from time
to time concerning in which of the specific investment instruments described above the Escrowed Funds shall be invested, and the Escrow Agent shall adhere to such instructions. Interest and other earnings shall start accruing on such funds as soon
as such funds would be deemed to be available for access under applicable banking laws and pursuant to the Escrow Agent’s own banking policies. 
 3.    Distribution of Escrowed Funds. The Escrow Agent shall distribute the Escrowed Funds in the amounts, at the times, and upon the conditions hereinafter set forth in this
Agreement. 
 (a)    If at any time on or prior to the expiration date of the offering as described in the prospectus
relating to the offering, (the “Closing Date”), (i) the Escrow Agent has certified to the Company in writing that the Escrow Agent has received at least $20,000,000 in Escrowed Funds, and (ii) the Escrow Agent has received a
certificate from the President or the Chairman of the Board of the Company that all other conditions to the release of funds as described in the Company’s Registration Statement filed with the Comptroller of the Currency pertaining to the
public offering have been met, then the Escrow Agent shall deliver the Escrowed Funds to the Company to the extent such Escrowed Funds are collected funds. Funds will not be released without written approval from the Comptroller of the Currency. If
any portions of the Escrowed Funds are not collected funds, then the Escrow Agent shall notify the Company of such facts and shall distribute such funds to the Company only after such funds become collected funds. For purposes of this Agreement,
“collected funds” shall mean all funds received by the Escrow Agent, which have cleared normal banking channels. 
 (b)    If the Escrowed Funds do not, on or prior to the Closing Date, become deliverable to the Company based on failure to meet the conditions described in Paragraph 3(a), or if the Company terminates the offering at
any time prior to the Closing Date and delivers written notice to the Escrow Agent of such termination (the “Termination Notice”), the Escrow Agent shall return the Escrowed Funds which are collected funds as directed in writing by the
Company to the respective subscribers in amounts equal to the subscription amount theretofore paid by each of them. All checks representing Escrowed Funds which are not collected funds as of the initial Closing Date shall be collected by the Escrow
Agent, and together with all related subscription documents thereof shall be delivered to the Company by the Escrow Agent, unless the Escrow Agent is otherwise specifically directed in writing by the Company. 
 4.    Distribution of Interest. Any interest earned on the Escrowed Funds shall be retained by the Company. 

5.    Fee of Escrow Agent. The escrow agent will accrue a service charge of $20.00 per month. In addition, a $20.00
per check fee will be charged if the escrow account has to be refunded due to a failure to complete the subscription. All of these fees are payable upon the release of the Escrowed Funds, and the Escrow Agent is hereby authorized to deduct such fees
from the Escrowed Funds prior to any release thereof pursuant to Section 3 hereof. 
 6.    Liability of
Escrow Agent. 
 (a)    In performing any of its duties under the Agreement, or upon the claimed failure to
perform its duties hereunder, the Escrow Agent shall not be liable to anyone for any damages, 

  

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losses or expenses which it may incur as a result of the Escrow Agent so acting, or failing to act; provided, however, the Escrow Agent shall be liable for
damages arising out of its willful default or misconduct or its gross negligence under this Agreement. Accordingly, the Escrow Agent shall not incur any such liability with respect to (i) any action taken or omitted to be taken in good faith
upon advice of its counsel or counsel for the Company which is given with respect to any questions relating to the duties and responsibilities of the Escrow Agent hereunder; or (ii) any action taken or omitted to be taken in reliance upon any
document, including any written notice or instructions provided for in this Escrow Agreement, not only as to its due execution and to the validity and effectiveness of its provisions but also as to the truth and accuracy of any information contained
therein, if the Escrow Agent shall in good faith believe such document to be genuine, to have been signed or presented by a proper person or persons, and to conform with the provisions of this Agreement. 
 (b)    The Company agrees to indemnify and hold harmless the Escrow Agent against any and all losses, claims, damages, liabilities
and expenses, including, without limitation, reasonable costs of investigation and counsel fees and disbursements which may be imposed by the Escrow Agent or incurred by it in connection with its acceptance of this appointment as Escrow Agent
hereunder or the performance of its duties hereunder, including, without limitation, any litigation arising from this Escrow Agreement or involving the subject matter thereof; except, that if the Escrow Agent shall be found guilty of willful
misconduct or gross negligence under this Agreement, then, in that event, the Escrow Agent shall bear all such losses, claims, damages and expenses. 
 (c)    If a dispute ensues between any of the parties hereto which, in the opinion of the Escrow Agent, is sufficient to justify its doing so, the Escrow Agent shall retain legal counsel of its
choice as it reasonably may deem necessary to advise it concerning its obligations hereunder and to represent it in any litigation to which it may be a part by reason of this Agreement. The Escrow Agent shall be entitled to tender into the registry
or custody of any court of competent jurisdiction all money or property in its hands under the terms of this Agreement, and to file such legal proceedings as it deems appropriate, and shall thereupon be discharged from all further duties under this
Agreement. Any such legal action may be brought in any such court as the Escrow Agent shall determine to have jurisdiction thereof. In connection with such dispute, the Company shall indemnify the Escrow Agent against its court costs and reasonable
attorney’s fees incurred. 
 (d)    The Escrow Agent may resign at any time upon giving thirty (30) days
written notice to the Company. If a successor escrow agent is not appointed by Company within thirty (30) days after notice of resignation, the Escrow Agent may petition any court of competent jurisdiction to name a successor escrow agent, and
the Escrow Agent herein shall be fully relieved of all liability under this Agreement to any and all parties upon the transfer of the Escrowed Funds and all related documentation thereto, including appropriate information to assist the successor
escrow agent with the reporting of earnings of the Escrowed Funds to the appropriate state and federal agencies in accordance with the applicable state and federal income tax laws, to the successor escrow agent designated by the Company appointed by
the court. 
 7.    Appointment of Successor. The Company may, upon the delivery of thirty
(30) days’ written notice appointing a successor escrow agent to the Escrow Agent, terminate the services of the Escrow Agent hereunder. In the event of such termination, the Escrow Agent shall immediately deliver to the successor escrow
agent selected by the Company all documentation and Escrowed Funds including interest earnings thereon in its possession, less 

  

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any fees and expenses due to the Escrow Agent or required to be paid by the Escrow Agent to a third party pursuant to this Agreement. 
 8.    Notice. All notices, requests, demands and other communications or deliveries required or permitted to be given
hereunder shall be in writing and shall be deemed to have been duly given three days after having been deposited for mailing if sent by registered mail, or certified mail return receipt requested, or delivery by courier, to the respective addresses
set forth below: 
  

					
	If to the subscribers for Shares:	 		  	To their respective addresses as specified in their Subscription Agreements.
			
	The Company:	 		  	 Trident Bancshares, Inc.
 4151 Ashford Dunwoody Rd.
Suite 504
 Atlanta, GA 30319
 Attn: James M. Thomas, EVP &
CFO

			
	With a copy to:	 		  	 Michael P. Marshall Jr.
 Miller & Martin
PLLC
 1170 Peachtree Street, NE Suite 800
 Atlanta, GA
30309

			
	The Escrow Agent:	 		  	 Silverton Bank
 3284 Northside Parkway NW

Atlanta, GA 30327
 Attention: Account Services

 9.    Representations of the Company. The Company hereby
acknowledges that the status of the Escrow Agent with respect to the offering of the Shares is that of agent only for the limited purposes herein set forth, and hereby agrees it will not represent or imply that the Escrow Agent, by serving as the
Escrow Agent hereunder or otherwise, has investigated the desirability or advisability in an investment in the Shares, or has approved, endorsed or passed upon the merits of the Shares, nor shall the Company use the name of the Escrow Agent in any
manner whatsoever in connection with the offer or sale of the Shares, other than by acknowledgment that it has agreed to serve as Escrow Agent for the limited purposes herein set forth. 
 10.    General. 
 (a)    This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Georgia. 
 (b)    The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement. 
 (c)    This Agreement sets forth the entire agreement and understanding of the parties with regard to this escrow transaction and
supersedes all prior agreements, arrangements and understandings relating to the subject matter hereof. 
  

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 (d)    This Agreement may be amended, modified, superseded or canceled, and any of
the terms or conditions hereof may be waived, only by a written instrument executed by each party hereto or, in the case of a waiver, by the party waiving compliance. The failure of any part at any time or times to require performance of any
provision hereof shall in no manner affect the right at a later time to enforce the same. No waiver in any one or more instances by any part of any condition, or of the breach of any term contained in this Agreement, whether by conduct or otherwise,
shall be deemed to be, or construed as, a further or continuing waiver of any such condition or breach, or a waiver of any other condition or of the breach of any other terms of this Agreement. 
 (e)    This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. 
 (f)    This Agreement shall inure to the benefit of
the parties hereto and their respective administrators, successors and assigns. The Escrow Agent shall be bound only by the terms of this Escrow Agreement and shall not be bound by or incur any liability with respect to any other agreement or
understanding between the parties except as herein expressly provided. The Escrow Agent shall not have any duties hereunder except those specifically set forth herein. 
 (g)    No interest in any part to this Agreement shall be assignable in the absence of a written agreement by and between all the parties to this Agreement, executed with the same formalities as
this original Agreement. 
 IN WITNESS WHEREOF, the parties have duly executed this Agreement as the date first written above. 
  

									
	COMPANY:	 		 	ESCROW AGENT:
			
	Trident Bancshares, Inc.	 		 	 Silverton Bank,
 National
Association
  

					
	By:	 	 	 		 	By:	 	 
		 	     Name: James M. Thomas
     Title: EVP & CFO
	 		 		 	

  

 5Form of Global Security

 Exhibit 4.2 
 (Face of Security) 
 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. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO BARCLAYS BANK PLC, OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 BY PURCHASING THIS SECURITY, THE HOLDER AGREES TO CHARACTERIZE THIS SECURITY FOR ALL U.S. FEDERAL INCOME TAX PURPOSES AS PROVIDED IN SECTION 10 ON THE FACE OF THIS SECURITY. 

			
	 CUSIP No. 06738G878
	 	ISIN: US06738G8785
		 	Common Code: 035712542

 BARCLAYS BANK PLC 
 MEDIUM-TERM NOTES, SERIES A 
  
  
 Barclays GEMS Asia 8 ETN

 due April 8, 2038 
 The following terms apply to this Security. Capitalized terms that are not defined the first time they are used in this Security shall have the meanings indicated elsewhere in this Security. 
 Face Amount: $[            ] equal to
[            ] Securities at $50 per Security. 
 Index: Barclays Global Emerging Markets Strategy (GEMS) Asia 8 IndexTM. 
 Inception Date: April 2, 2008. 
 Interest Payment: On
each Coupon Payment Date prior to the Maturity Date or Early Redemption, the Holder shall receive an Interest Payment equal to the Ex Coupon Indicative Value on the Index Roll Date for the immediately preceding month times the difference
between (i) the Monthly IV Return and (ii) the Monthly Spot Return. 
 Denomination: $50. 
 Payment at Maturity: On the Maturity Date, unless such Securities were previously redeemed on a Redemption Date as provided under “Early Redemption”,
the Company shall redeem this Security by paying to the Holder a cash payment equal to the Closing Indicative Value on the immediately preceding calendar day (or the Ex Coupon Indicative Value if such day was an Index Roll Date) times the
Daily Index Factor on the Final Valuation Date (or if such day is not an Index Business Day, one) minus the Investor Fee on the Final Valuation Date. 
 Early Redemption: The Holder may, subject to the notification requirements provided under Section 5 hereof, require the Company to redeem the Holder’s Securities in whole or in part on any Redemption Date during the term of
the Securities. If the Holder requires the Company to redeem the Holder’s Securities on any Redemption Date, the Holder will receive a cash payment equal to the Closing Indicative Value on the immediately preceding calendar day (or the Ex
Coupon Indicative Value if such day was an Index Roll Date) times the Daily Index Factor on the applicable Valuation Date (or, if such day is not an Index Business Day, one) minus the Investor Fee on the applicable Valuation Date. The
Company shall not be required to redeem fewer than 50,000 Securities at one time, provided that the Company may from time to time in its sole discretion reduce, in part or in whole, this minimum redemption amount on a consistent basis for all
Holders who hold Securities at the time the reduction becomes effective. 
 Calculation Agent: Barclays Bank PLC 
 Defeasance: Neither full defeasance nor covenant defeasance applies to this Security. 
 (Face of Security continued on next page) 
  

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 Barclays Capital does not guarantee the accuracy and/or
completeness of the Barclays Global Emerging Markets Strategy (GEMS) Asia 8 IndexTM, any data included therein, or any data from which it is based,
and Barclays Capital shall have no liability for any errors, omissions, or interruptions therein. 
 Barclays Capital makes no warranty, express or implied, as to the results to be obtained from the use of the Barclays Global Emerging Markets Strategy (GEMS) Asia 8 IndexTM. Barclays Capital makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Barclays Global Emerging Markets
Strategy (GEMS) Asia 8 IndexTM or any data included therein. Without limiting any of the foregoing, in no event shall Barclays Capital have
liability for any special, punitive, indirect or consequential damages, lost profits, loss of opportunity or other financial loss, even if notified of the possibility of such damages. 
 Neither Barclays Capital nor any of its affiliates or subsidiaries or any of their respective directors, officers,
employees, representatives, delegates or agents shall have any responsibility to any person (whether as a result of negligence or otherwise) for any determination made or anything done (or omitted to be determined or done) in respect of the Barclays
Global Emerging Markets Strategy (GEMS) Asia 8 IndexTM or availability of the level of the Barclays Global Emerging Markets Strategy (GEMS) Asia 8
IndexTM via e-mail and any use to which any person may put the Barclays Global Emerging Markets Strategy (GEMS) Asia 8 IndexTM or the level of the Barclays Global Emerging Markets Strategy (GEMS) Asia 8 IndexTM. In addition, although Barclays Capital reserves the right to make adjustments to correct previously incorrectly published information, including but not limited to the level of the Barclays Global Emerging Markets
Strategy (GEMS) Asia 8 IndexTM, Barclays Capital is under no obligation to do so and shall have no liability in respect of any errors or omissions.

 Nothing in this disclaimer shall exclude or limit liability to the extent such exclusion or limitation is not permitted by law. 
 OTHER TERMS: 
 All terms used in this Security that
are not defined in this Security but are defined in the Indenture referred to on the reverse of this Security shall have the meanings assigned to them in the Indenture. Section headings on the face of this Security are for convenience only and shall
not affect the construction of this Security. 
 “Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday
that is not a day on which banking institutions in London or New York City generally are authorized or obligated by law, regulation or executive order to close. 
 “Closing Indicative Value” shall be calculated in the following manner: (i) the Closing Indicative Value on the Inception Date shall equal $50; and (ii) on each subsequent calendar day,
until and including the Final Valuation Date or, in the case of Securities with respect to which the Holder has exercised its right of Early Redemption, the applicable Valuation Date, the Closing Indicative Value shall equal the Closing Indicative
Value on the immediately preceding calendar day (or the Ex Coupon Indicative Value if such day was an Index Roll Date) 
 (Face of Security
continued on next page) 

  

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times the Daily Index Factor on such calendar day (or, if such day is not an Index Business Day, one) minus the Investor Fee on such calendar
day. 
 “Coupon Ex Date” means, for each month, the Business Day immediately following the Index Roll Date for such month.

 “Coupon Payment Date” means, for each month, the third Business Day following the Coupon Ex Date for such month. In the
event that an Interest Payment is deferred beyond the stated Coupon Payment Date, penalty interest will not accrue or be payable with respect to that deferred payment. 
 “Daily Index Factor” means, on any Index Business Day, the amount equal to the closing value of the Index on that day divided by the closing value of the Index on the immediately preceding
Index Business Day. 
 “Default Amount” means, on any day, an amount in U.S. dollars, as determined by the Calculation Agent
in its sole discretion, equal to the cost of having a Qualified Financial Institution (selected as provided below) expressly assume the due and punctual payment of the principal of this Security, and the performance or observance of every covenant
hereof and of the Indenture on the part of the Company to be performed or observed with respect to this Security (or to undertake other obligations providing substantially equivalent economic value to the Holder of this Security as the
Company’s obligations hereunder). Such cost will equal (i) the lowest amount that a Qualified Financial Institution would charge to effect such assumption (or undertaking) plus (ii) the reasonable expenses (including reasonable
attorneys’ fees) incurred by the Holder of this Security in preparing any documentation necessary for such assumption (or undertaking). During the Default Quotation Period, each Holder of this Security and the Company may request a Qualified
Financial Institution to provide a quotation of the amount it would charge to effect such assumption (or undertaking). If either party obtains a quotation, it must notify the other party in writing of the quotation. The amount referred to in
clause (i) of this paragraph will equal the lowest (or, if there is only one, the only) quotation so obtained, and as to which notice is so given, during the Default Quotation Period; provided that, with respect to any quotation, the
party not obtaining the quotation may object, on reasonable and significant grounds, to the effectuation of such assumption (or undertaking) by the Qualified Financial Institution providing such quotation and notify the other party in writing of
such grounds within two Business Days after the last day of the Default Quotation Period, in which case that quotation will be disregarded in determining the Default Amount. The “Default Quotation Period” shall be the period
beginning on the day the Default Amount first becomes due and ending on the third Business Day after such due date, unless no such quotation is obtained, or unless every such quotation so obtained is objected to within five Business Days after such
due date as provided above, in which case the Default Quotation Period will continue until the third Business Day after the first Business Day on which prompt notice of a quotation is given as provided above, unless such quotation is objected to as
provided above within five Business Days after such first Business Day, in which case, the Default Quotation Period will continue as provided in this sentence. Notwithstanding the foregoing, if the Default Quotation Period (and the subsequent two
Business Day objection period) has not ended prior to the Final Valuation Date, then the Default Amount will equal the Face Amount. 
 (Face
of Security continued on next page) 
  

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 “Ex Coupon Indicative Value” means, on any Index Roll Date an amount equal to the
Closing Indicative Value on such date minus the amount of the Interest Payment per Security that will be paid on the Coupon Payment Date immediately following such date. The Ex Coupon Indicative Value on the Inception Date shall be $50.

 “Final Valuation Date” means April 1, 2038, or if such date is not a Trading Day, the next succeeding Trading Day,
provided that in no event will the Final Valuation Date be postponed by more than five Trading Days. 
 “Index Business
Day” means any day on which (i) it is a Business Day in London and New York and (ii) the Trans-European Automated Real-Time Gross Settlement Express Transfer System is open. 
 “Index Constituent Currencies” means the eight Asian market currencies that the Index comprises, being as of the Inception Date, the
Indonesian rupiah, the Indian rupee, the Philippine peso, the South Korean won, the Thai baht, the Malaysian ringgit, the Taiwanese dollar and the Chinese yuan. 
 “Index Roll Date” means the 15th day of each month, beginning on April 15, 2008 and ending on March 15, 2038, or, if any such day is not a Business Day in all of the Roll Date Cities, or the
Trans-European Automated Real-Time Gross Settlement Express Transfer System is not open on such day, the next following day that is a Business Day in all of the Roll Date Cities and on which the Trans-European Automated Real-Time Gross Settlement
Express Transfer System is open, in each case as determined by Barclays Capital. The first Index Roll Date shall be the Inception Date. 
 “Investor Fee” means the amount equal to 0.89% per year times the Closing Indicative Value times the Daily Index Factor, calculated on a daily basis in the following manner: (i) the Investor Fee on
the Inception Date shall equal zero; and (ii) on each subsequent calendar day until and including the Final Valuation Date or, in the case of Securities with respect to which the Holder has exercised its right of Early Redemption, the
applicable Valuation Date, the Investor Fee will increase by an amount equal to 0.89% times the Closing Indicative Value on the immediately preceding calendar day (or the Ex Coupon Indicative Value if such day was an Index Roll Date) times
the Daily Index Factor on that day (or, if such day is not an Index Business Day, one) divided by 365. 
 “Maturity
Date” means April 8, 2038, provided that if such date is not a Business Day, the Maturity Date will be the next succeeding Business Day; provided, however, that if the fifth Business Day preceding April 8, 2038 does
not qualify as the Final Valuation Date referred to above, then the Maturity Date will be the fifth Business Day following the Final Valuation Date. 
 “Monthly IV Return” means the quotient of (i) the Closing Indicative Value on the Index Roll Date for the current month divided by (ii) the Ex Coupon Indicative Value on the
Index Roll Date for the immediately preceding month. 
 (Face of Security continued on next page) 
  

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 “Monthly Spot Return” means the quotient of (i) the level of the Spot Index
on the Index Roll Date for the current month divided by (ii) the level of the Spot Index on the Index Roll Date for the immediately preceding month; provided that, in no event, shall the Interest Payment on any Coupon Payment Date
be less than zero. 
 “Qualified Financial Institution” means, at any time, a financial institution organized under the laws
of any jurisdiction in the United States of America or Europe that at such time has outstanding debt obligations with a stated maturity of one year or less from the date of issue and rated A-1 or higher by Standard & Poor’s, a division
of The McGraw Hill Companies, Inc., Ratings Group (or any successor) or P-1 or higher by Moody’s Investors Service, Inc. (or any successor) or, in either case, such other comparable rating, if any, then used by such rating agency. 

“Redemption Date” means the third Business Day following each Valuation Date other than the Final Valuation Date. The final
Redemption Date shall be the third Business Day following such Valuation Date that is immediately prior to the Final Valuation Date. 
 “Relevant Cities” means Jakarta, Kuala Lumpur, Mumbai, Manila, Seoul, Bangkok, Taipei, Beijing, London and New York. 
 “Roll Date Cities” means, Bangkok, Bogotá, Budapest, Buenos Aires, Istanbul, Jakarta, Johannesburg, London, Manila, Mexico City, Moscow, Mumbai, New York, Rio de Janeiro, Santiago de Chile, Seoul and Warsaw.

 “Spot Index” means the Barclays Global Emerging Markets (GEMS)
Asia 8 Spot IndexTM. 
 “Successor Index” means any substitute index approved by the Calculation Agent as a Successor Index pursuant to Section 3 hereof. 
 “Trading Day” means any day on which (i) it is a Business Day in all of the Relevant Cities and the Trans-European Automated Real-Time Gross Settlement Express Transfer System is open,
(ii) if the Securities are listed on the NYSE Arca stock exchange or any other securities exchange, trading is generally conducted on such exchange and (iii) trading is generally conducted on the interbank market, in each case as
determined by the Calculation Agent in its sole discretion. 
 “Valuation Date” means each Business Day from April 3,
2008 to April 1, 2038, inclusive, or if such date is not a Trading Day, the next succeeding Trading Day; provided that in no event will any Valuation Date be postponed by more than five Trading Days. 
  
  
 1. Promise to Pay at Maturity or Upon Early Redemption 
 Barclays Bank PLC, a public limited company duly organized and existing under the laws of England and Wales (herein called the “Company,” which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby 
 (Face of Security continued on next page) 

  

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promises to pay (or cause to be paid) to Cede & Co., as nominee for The Depository Trust Company, or registered assigns, the amount as calculated
and provided under (i) “Early Redemption” and elsewhere on the face this Security on the applicable Redemption Date, in the case of any Securities in respect of which the Holder exercises such Holder’s right to require the
Company to redeem such Holder’s Securities prior to the Maturity Date, or (ii) “Payment at Maturity” and elsewhere on the face of this Security on the Maturity Date, in the case of all other Securities. 
 2. Payment of Interest 
 On each
Coupon Payment Date prior to the Maturity Date or the Redemption Date, the Holder shall receive an Interest Payment to reflect the implied interest earned, net of fees, on such Holder’s Securities from and excluding the Index Roll Date for the
immediately preceding month to and including the Index Roll Date for the current month. The amount of the Interest Payment on any Coupon Payment Date shall equal the Ex Coupon Indicative Value on the Index Roll Date for the immediately preceding
month times the difference between (i) the Monthly IV Return and (ii) the Monthly Spot Return. 
 3.
Discontinuance or Modification of the Index 
 If Barclays Capital discontinues publication of the Index, and Barclays Capital or any
other Person or entity publishes an index that the Calculation Agent determines is comparable to the Index and the Calculation Agent approves such index as a Successor Index, then the Calculation Agent will determine the value of the Index on the
applicable Valuation Date and the amount payable on the Maturity Date or any Redemption Date and on each Coupon Payment Date by reference to such Successor Index. 
 If the Calculation Agent determines that the publication of the Index is discontinued and that there is no Successor Index, or that the closing value of the Index is not available for any reason, on the date on which
the value of the Index is required to be determined, the Calculation Agent will determine the amount payable by a computation methodology that the Calculation Agent determines will as closely as reasonably possible replicate the Index. 

If the Calculation Agent determines that the Index, the Index Constituent Currencies or the method of calculating the Index has been changed at any
time in any respect, including any addition, deletion or substitution and any unscheduled reweighting or rebalancing of the Index Constituent Currencies, and whether the change is made by Barclays Capital under its existing policies or following a
modification of those policies, is due to the publication of a Successor Index, is due to events affecting one or more of the Index Constituent Currencies, or is due to any other reason, then the Calculation Agent will be permitted (but shall not be
required) to make such adjustments to the Index or method of calculating the Index as it believes are appropriate to ensure that the value of the Index used to determine the amount payable on the Maturity Date or upon Early Redemption or on any
Coupon Payment Date is equitable. 
 The Calculation Agent shall have the right to make all determinations and adjustments with respect to
the Index in its sole discretion. 
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 4. Payment at Maturity or Upon Early Redemption 
 The payment of this Security that becomes due and payable on the Maturity Date or on a Redemption Date, as the case may be, shall be the cash amount that
must be paid to redeem this Security as provided above under “Payment at Maturity” and “Early Redemption”, respectively. The payment of this Security that becomes due and payable upon acceleration of the Maturity Date hereof
after an Event of Default has occurred pursuant to the Indenture shall be the Default Amount. When the principal referred to in either of the two preceding sentences has been paid as provided herein (or such payment has been made available), the
principal of this Security shall be deemed to have been paid in full, whether or not this Security shall have been surrendered for payment or cancellation. References to the payment at maturity or upon early redemption of this Security on any day
shall be deemed to mean the payment of cash that is payable on such day as provided in this Security. Notwithstanding the foregoing, solely for the purpose of determining whether any consent, waiver, notice or other action to be given or taken by
Holders of Securities pursuant to the Indenture has been given or taken by Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount of this Security will be deemed to equal the Face Amount. This Security
shall cease to be Outstanding as provided in the definition of such term in the Indenture when the principal of this Security shall be deemed to have been paid in full as provided above. 
 5. Redemption Mechanics 
 Subject to
the minimum redemption amount provided under “Early Redemption”, the Holder may require the Company to redeem the Holder’s Securities on any Redemption Date during the term of the Securities provided that such Holder
(i) delivers a notice of redemption to the Company via electronic mail by no later than 4:00 p.m. New York City time on the Business Day prior to the applicable Valuation Date; (ii) delivers a signed confirmation of redemption to the
Company via facsimile by no later than 5:00 p.m. New York City time on the same day; (iii) instructs the Holder’s DTC custodian to book a delivery versus payment trade with respect to the Holder’s Securities on the applicable
Valuation Date at a price equal to the Closing Indicative Value on the immediately preceding calendar day (or the Ex Coupon Indicative Value if such day was an Index Roll Date) times the Daily Index Factor on the applicable Valuation Date (or
if such day is not an Index Business Day, one) minus the Investor Fee on the applicable Valuation Date, facing Barclays Capital DTC 5101; and (iv) causes the Holder’s DTC custodian to deliver the trade as booked for settlement via
DTC prior to 10:00 a.m. New York City time on the applicable Redemption Date, which shall be the third Business Day following the applicable Valuation Date (other than the Final Valuation Date). The final Redemption Date shall be the third Business
Day following such Valuation Date that is immediately prior to the Final Valuation Date. 
 6. Role of Calculation Agent 

The Calculation Agent will be solely responsible for all determinations and calculations regarding the value of the Securities, including at maturity
or upon early redemption; Interest Payments; Business Days; Trading Days; the Closing Indicative Value; the 
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Daily Index Factor; the Investor Fee; the Default Amount; the closing value of the Index on the Inception Date, on any Valuation Date and on any Index Roll
Date; the Maturity Date; Redemption Dates; Valuation Dates; Index Roll Dates; Coupon Ex Dates; Coupon Payment Dates; the amount payable on the Securities and all such other matters as may be specified elsewhere herein as matters to be determined by
the Calculation Agent. The Calculation Agent shall make all such determinations and calculations in its sole discretion, and absent manifest error, all determinations of the Calculation Agent shall be final and binding on the Company, the Holder and
all other Persons having an interest in this Security, without liability on the part of the Calculation Agent. 
 The Company shall take such
action as shall be necessary to ensure that there is, at all relevant times, a financial institution serving as the Calculation Agent hereunder. The Company may, in its sole discretion at any time and from time to time, upon written notice to the
Trustee, but without notice to the Holder of this Security, terminate the appointment of any Person serving as the Calculation Agent and appoint another Person (including any Affiliate of the Company) to serve as the Calculation Agent. Insofar as
this Security provides for the Calculation Agent to determine the value of the Index on any date or other information from any institution or other source, the Calculation Agent may do so from any source or sources of the kind contemplated or
otherwise permitted hereby notwithstanding that any one or more of such sources are the Calculation Agent, Affiliates of the Calculation Agent or Affiliates of the Company. 
 7. Payment 
 Payment of any amount
payable on this Security 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. Payment will be made to an account designated by the Holder (in writing
to the Company and the Trustee on or before the applicable Valuation Date) and acceptable to the Company or, if no such account is designated and acceptable as aforesaid, at the office or agency of the Company maintained for that purpose in The City
of New York, provided, however, that payment on the Maturity Date or any Redemption Date shall be made only upon surrender of this Security at such office or agency (unless the Company waives surrender). Notwithstanding the
foregoing, if this Security is a Global Security, any payment may be made pursuant to the Applicable Procedures of the Depositary as permitted in said Indenture. 
 8. Reverse of this Security 
 Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
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Security continued on next page) 
  

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 9. Certificate of Authentication 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 10. Prospectus 
 Reference is made to the (i) the Prospectus related to the Securities, dated August 27, 2008, (ii) the Prospectus Supplement, dated
August 27, 2008, (iii) and the Pricing Supplement, dated [            ], 2008 (together, the “Prospectus”). The terms and conditions of this Security as
fully set forth in the Prospectus are hereby incorporated by reference in their entirety into this Security and binding upon the parties hereto. In the event of a conflict between the terms of the Prospectus and the terms of this Security, the
Prospectus will control and if the Prospectus provides for a specific United States tax characterization, by purchasing a Security, you agree (in the absence of a change in law, an administrative determination or a judicial ruling to the contrary)
to be bound for United States federal income tax purposes to such tax characterization. Copies of the Prospectus are available from the Company or any underwriter or any dealer participating in the offering by calling toll free, 1-888-227-2275
(extension 1101). 
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 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  

			
	BARCLAYS BANK PLC
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 This is one of the Securities of the series designated herein and referred to in the Indenture. 

Dated: 
  

			
	THE BANK OF NEW YORK
		
	By:	 	  

	Name:	 	
	Title:	 	

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 (Reverse of Security) 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”) issued and to be issued in one or more series under an Indenture, dated as of
September 16, 2004 (herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York, as Trustee (herein called the “Trustee,”
which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, the Holders
of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. Insofar as the provisions of the Indenture may conflict with the provisions set forth on the face of this Security, the latter shall
control for purposes of this Security. 
 This Security is one of the series designated on the face hereof, initially limited to an aggregate initial
offering price not to exceed $10,000,000,000 (or the equivalent thereof in any other currency or currencies or currency units), which amount was increased to $21,000,000,000 on September 4, 2007 and may be further increased at the option of the
Company if in the future it determines that it may wish to sell additional Securities of this series. References herein to “this series” mean the series designated on the face hereof. 
 Payments under the Securities will be made without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies,
imposts, duties, charges, fees, deductions or withholdings (“Taxes”) now or hereafter 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 (each a “Taxing Jurisdiction”), unless such deduction or withholding is required by law. If any such Taxes are at any time required by a Taxing Jurisdiction to be deducted or withheld, the Company
will, subject to the exceptions and limitations set forth in Section 10.04 of the Indenture, pay such additional amounts of the principal of such Security and any other amounts payable on such Security (“Additional Amounts”) as
may be necessary in order that the net amounts paid to the Holder of any Security, after such deduction or withholding, shall equal the amounts of the principal of such Security and any other amounts payable on such Security which would have been
payable in respect of such Security had no such deduction or withholding been required. 
 If at any time the Company determines that as a result of a change
in or amendment to the laws or regulations of a Taxing Jurisdiction (including any treaty to which such Taxing Jurisdiction is a party), or a change in an official application or interpretation of such laws or regulations (including a decision of
any court or tribunal), either generally or in relation to any particular Securities, which change, amendment, application or interpretation becomes effective on or after the Original Issue Date in making any payment of, or in respect of, the
principal amount of the Securities, the Company would 
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be required to pay any Additional Amounts with respect thereto, then the Securities will be redeemable upon not less than 35 nor more than 60 days’
notice by mail, at any time thereafter, in whole but not in part, at the election of the Company as provided in the Indenture at a redemption price equal to the principal amount thereof. 
 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 rights of the Holders of the Securities of each
series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected (considered together as one
class for this purpose). The Indenture also contains provisions (i) permitting the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of all series to be affected under the Indenture (considered
together as one class for this purpose), on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and (ii) permitting the Holders of a majority in aggregate principal
amount of the Securities at the time Outstanding of any series to be affected under the Indenture (with each such series considered separately for this purpose), on behalf of the Holders of all Securities of such series, to waive certain past
defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As
provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture or for the appointment of a receiver or trustee or for
any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in aggregate principal amount of
the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity against the costs, expenses and
liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request,
and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment
of principal hereof on or after the respective due dates expressed herein. 
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 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the principal of this Security as herein provided. 
 As provided in the Indenture and
subject to certain limitations therein set forth, the transfer of this Security is registrable in the Senior Debt Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place
where the principal of this Security is payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Senior Debt Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing. Thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 This Security, and any other Securities of this series and of like tenor, are issuable only in registered form without coupons in denominations of any multiple of $50.
As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of
this Security 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 Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 This Security and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York. 
  

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