Document:

EX-4.5

 

Exhibit 4.5

Barclays Plc

Rules of the Barclays Plc Renewed 1986 Executive Share Option

Scheme

001BB/57822

C1/KK

Lovells LLP, Atlantic House, Holborn Viaduct, London EC1A 2FG

 

 

Rules of the Barclays Plc Renewed 1986 Executive Share Option Scheme

	1.	 	The Scheme
	 
	 	 	The name of the Scheme shall be “The Barclays PLC Renewed 1986 Executive Share Option
Scheme”.
	 
	2.	 	Definitions
	 
	 	 	In these Rules and in the Schedule to these Rules, save where the context otherwise
requires:-

	 	(a)	 	“the Act” means the Income and Corporation Taxes Act 1988.
	 
	 	(b)	 	“Acquiring Company” means a company which for the purposes of paragraph 12
below comes within the definition of “the acquiring company” in paragraph 15 (1) of
Schedule 9.
	 
	 	(c)	 	“Associated Company” means an associated company of the Company within the
meaning of section 416 of the Act.
	 
	 	(d)	 	“Auditors” means the auditors for the time being of the Company or, in the
event of there being joint auditors, such one of them as the Board shall select.
	 
	 	(e)	 	“the Board” means the Board of Directors of the Company or a Committee of the
Board of Directors of the Company appointed to administer the Scheme.
	 
	 	(f)	 	“the Company” means Barclays PLC.
	 
	 	(g)	 	“Control” means control of a company within the meaning of section 840 of the
Act save that for the purposes of paragraph 11.1 below a person shall be deemed to have
obtained control of a company if he and others acting in concert with him have together
obtained control of it within such meaning.
	 
	 	(h)	 	“Controlling Company” means a company other than the Company and an Acquiring
Company which falls within paragraph 10 (b) or 10 (c) of Schedule 9.
	 
	 	(i)	 	“the Date of Grant” means the date of the grant of an Option in accordance with
paragraph 4.5.
	 
	 	(j)	 	“Eligible Employee” means any individual whose terms of employment require him
to devote substantially the whole of his time to working for any one or more
Participating Companies but excluding:-

	 	(i)	 	any director of any one or more Participating Companies who is
required to work for less than 30 hours a week (excluding meal breaks) ; and

 

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	 	(ii)	 	any employee of anyone or more Participating Companies (other
than one who is a director of a Participating Company) who is required to work
for less than 20 hours a week (excluding meal breaks)

	 	 	 	who is nominated by the Board in its absolute discretion to receive an invitation to
apply for an Option; and who is not, in the opinion of the Board, within two years
of his anticipated retirement date but subject to paragraph 6.4.

	 	(k)	 	“Employee Share Scheme” means a scheme established by the Company or any
Subsidiary for the acquisition of shares in the Company or any Subsidiary by directors
or employees.
	 
	 	(l)	 	“Exercise Price” means, in relation to each Option, such amount as the Board
may in accordance with paragraph 4.5 state when granting the Option, being a price not
manifestly less than the Market Value of Shares on such day or days as the Board may
select being not more than 30 days before the Date of Grant, or the nominal value of
such Shares if greater, but subject to any adjustment under paragraph 14.1.
	 
	 	(m)	 	“the Invitation Date” means the date of any invitation to apply for an Option
made in accordance with paragraph 4.2.
	 
	 	(n)	 	“the Market Value” of a Share or Shares on a particular day means the average
middle market quotation of a Share as derived from the Daily Official List of The Stock
Exchange (rounded up to the nearest whole penny) over a period of not more than five
successive dealing days immediately preceding the Invitation Date of which the first
day is not more than 30 days before the Date of Grant and falls within the period
permitted for the grant of Options in paragraph 4.1.
	 
	 	(o)	 	“Option” means an option to subscribe for Shares pursuant to the Scheme.
	 
	 	(p)	 	“Option Holder” means a person who has been granted an Option in accordance
with the terms of the Scheme and in whom rights under the Scheme are still vested or
(where the context so requires) the legal personal representative of such a person.
	 
	 	(q)	 	“Participating Company” means (i) the Company and (ii) such one or more
Subsidiaries as may be nominated from time to time by the Board.
	 
	 	(r)	 	“Relevant Emoluments” means such of the emoluments of the office or employment
by virtue of which the Eligible Employee is eligible to participate in the Scheme as
are liable to be paid under deduction of tax pursuant to section 203 of the Act (Pay as
you earn), after deducting from them amounts included by

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	 	 	 	virtue of Chapter II of Part V of the Act (Supplementary charging provisions
applicable to directors and higher paid employees and office holders).
	 
	 	(s)	 	“Schedule 9” means Schedule 9 to the Act.
	 
	 	(t)	 	“the Scheme” means the Barclays PLC Renewed 1986 Executive Share Option Scheme.
	 
	 	(u)	 	“Shares” means ordinary shares in the capital of the Company which comply with
the conditions in paragraphs 10 to 14 (inclusive) of Schedule 9 and “Share” and
“Shareholder” shall be construed accordingly.
	 
	 	(v)	 	“Share Option Scheme” means a scheme established by the Company or any
Subsidiary for the granting of options to subscribe for shares in the Company or any
Subsidiary to directors or selected employees (and which is not linked to an SAYE
contract).
	 
	 	(w)	 	“The Stock Exchange” means The International Stock Exchange of the United
Kingdom and the Republic of Ireland Limited.
	 
	 	(x)	 	“Subsidiary” means a subsidiary of the Company within the meaning of section
736 of the Companies Act 1985 which is under the control of the Company within the
meaning of section 840 of the Act.
	 
	 	(y)	 	“Year of Assessment” means a year of assessment within the meaning of section
832 (1) of the Act.

Reference to any provision of any statute shall be construed as including a reference to any
statutory modification or re-enactment thereof for the time being in force. Words denoting the
singular number only shall include the plural number also and vice versa. Words denoting the
masculine gender shall include the feminine gender also. References to paragraphs are references to
paragraphs of these Rules unless otherwise stated.

	3.	 	The Sub-Schemes 
	 
	 	 	The Scheme is divided into two sub-schemes as to which:-
	 
	3.1	 	the first shall be known for these purposes as the “Approved Part” and the Approved Part and
any Option granted under it shall be governed by paragraphs 2 to 17 (inclusive) ;
	 
	3.2	 	the second shall be known as the “Unapproved Part” and the Unapproved Part and any Option
granted under it shall be governed by paragraphs 2 to 17 (inclusive) as varied by the
provisions set out in the Schedule to these Rules.

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	4.	 	Offer and Grant of Options 
	 
	4.1	 	Subject to paragraphs 4.7 and 5, the Board may in its absolute discretion grant Options
subject to the Rules of the Scheme in each of the calendar years 1991 to 2000, inclusive. Such
grants may be made within the 42 days following the announcement to The Stock Exchange of the
annual, half-yearly or quarterly results (if any) of the Company.
	 
	4.2	 	On each occasion when Options are to be offered, the Board shall determine in its absolute
discretion the Eligible Employees who may participate in the Scheme and the extent of the
participation of each such Eligible Employee and invite each such Eligible Employee to apply
for an Option or Options accordingly.
	 
	4.3	 	An Option may be granted on the basis that it will become exercisable only on the fulfilment
of special conditions which have been approved by the Inland Revenue and are set out in the
invitation issued on behalf of the Board in accordance with paragraph 4.2.
	 
	4.4	 	Applications for Options shall be in such form as the Board may require, and shall be made
within such period of not more than 14 days from the Invitation Date as the Board may direct.
	 
	4.5	 	The Board shall notify Eligible Employees who have been granted Options of the grant thereof
not later than 14 days after the expiry of the application period specified in paragraph 4.4.
Such notice shall be under seal and otherwise in such form as the Board considers appropriate,
and shall state the number of Shares comprised in the Option, the Date of Grant and the
Exercise Price. The Board may at its discretion refuse to grant all or part of any Option for
which an application has been made without stating the reason therefor.
	 
	4.6	 	An Option shall be exercisable only by the Option Holder and shall not be capable of being
transferred, assigned or charged by the Option Holder.
	 
	4.7	 	Unless in exceptional circumstances the Board otherwise determines, no Options may be granted
to existing Option Holders in any year in which there is no distribution under the Barclays
PLC Renewed 1974 and 1979 UK Profit Sharing Schemes or the Barclays PLC 1991 Profit Sharing
Schemes in respect of the Company’s previous financial year.
	 
	4.8	 	If the Company is restricted by statute, order, regulation or otherwise (including a
restriction resulting from the application of the Model Code for Securities Transactions for
Directors of Listed Companies or any comparable code adopted by or imposed upon the Company)
from granting Options within any such 42 day period as is mentioned in paragraph 4.1 above,
the Board shall be permitted to grant options within the period of 42 days after the lifting
of such restrictions.

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	5.	 	Limitations on share capital 
	 
	5.1	 	No Option shall be granted which would result in the aggregate nominal amount of share
capital issued or issuable or subscribed out of profits under the Scheme and any other
Employee Share Scheme exceeding the maximum amount authorised for such purpose by the Board
acting within the authority given by the Company in General Meeting and by current
legislation, but subject where appropriate to any adjustment under paragraph 14.1.
	 
	5.2	 	The number of Shares issued or issuable under the Scheme at any time (when aggregated with
those issued or issuable in respect of options granted under the Barclays PLC 1986 Executive
Share Option Scheme in the preceding 10 years) shall not exceed 5 per cent. of the total
number of Shares then in issue or 78,500,000, whichever is the less, but subject to any
adjustment under paragraph 14.1.
	 
	5.3	 	The aggregate number of Shares over which options may be granted in any given year and the
two preceding years under the Scheme and the Barclays PLC 1986 Executive Share Option Scheme
shall not exceed 3 per cent. of the Shares in issue at the Date of Grant.
	 
	5.4	 	No Options shall be granted under the Scheme in the period of four years commencing on 1st
January 1991 if as a result the number of Shares issuable on the exercise of such Options when
aggregated with the number of Shares issuable on the exercise of options granted during such
period of four years under any other Share Option Scheme would exceed 2.5 per cent of the
issued ordinary share capital of the Company from time to time but subject to any adjustment
under paragraph 14.1.
	 
	6.	 	Limits on individual participation 
	 
	6.1	 	No Eligible Employee shall obtain rights under the Approved Part of the Scheme which would at
the time they are obtained cause the aggregate market value of the Shares which he may acquire
in pursuance of rights obtained under the Scheme or under any other Share Option Scheme
approved under Schedule 9 established by the Company or an Associated Company to exceed or
further exceed the higher of:-

	 	6.1.1	 	£100,000; or
	 
	 	6.1.2	 	where there are Relevant Emoluments for the current and
preceding Years of Assessment, four times the amount of the Relevant Emoluments
for the current or preceding Year of Assessment whichever of those years gives
the greater amount; or
	 
	 	6.1.3	 	where there were no Relevant Emoluments for the preceding Year
of Assessment, four times the amount of the Relevant Emoluments for the

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	 	 	 	period of twelve months beginning with the first day during the current Year
of Assessment in respect of which there were Relevant Emoluments.

	6.2	 	For the purposes of paragraph 6.1 the market value of Shares means (in the case of Options)
the Exercise Price and (in other cases) means the market value calculated as at the date the
rights to acquire such shares were obtained or at such earlier date as may be permitted by the
rules of the relevant scheme.
	 
	6.3	 	No Eligible Employee shall be granted an Option which would at the Date of Grant cause the
aggregate of the Exercise Price of the Shares comprised in that Option and the market value at
the date of grant of any other shares in respect of which an option or options had been
granted in the preceding 10 years under the Scheme or any other Share Option Scheme (but
excluding any shares the rights in respect of which have been exercised) to exceed or further
exceed four times his remuneration from the Company and any Subsidiary at that date. For this
purpose, an individual’s remuneration shall be taken as the greater of:

	 	6.3.1	 	the annual rate of his remuneration (excluding bonuses,
commissions and benefits in kind) ; and
	 
	 	6.3.2	 	the total remuneration (including bonuses and commission, but
excluding benefits in kind) in the twelve months immediately preceding that
date.

	6.4	 	No person may obtain or exercise rights under the Scheme if he has, or within the preceding
12 months had, a material interest in a company which is a close company for the purposes of
paragraph 8 of Schedule 9 and which is:

	 	6.4.1	 	a company the shares of which may be acquired pursuant to the
exercise of rights obtained under the Scheme, or
	 
	 	6.4.2	 	a company which has control of such a company or is a member
of a consortium (as defined for the purposes of the said paragraph 8) which
owns such a company.

	 	 	An interest shall be a material interest for this purpose if it is a material interest for
the purposes of the said paragraph 8.
	 
	7.	 	Exercise and Lapse of Options 
	 
	7.1	 	Subject to paragraphs 7.3, 7.4, 11 and 13, no Option may be exercised earlier than three
years from the Date of Grant or such longer period of less than ten years as the Board may
specify when granting the Option.

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	7.2	 	An Option will lapse automatically insofar as it has not been exercised before the expiry of
ten years from the Date of Grant.
	 
	7.3	 	If an Option Holder dies before the exercise of his Option his legal personal representative
may, subject to paragraphs 6.4 and 7.2, exercise his Option in accordance with paragraph 8
within one year of the date of his death but not thereafter.
	 
	7.4	 	If an Option Holder ceases to be employed by any one or more Participating Companies by
reason of:

	 	7.4.1	 	injury;
	 
	 	7.4.2	 	disability;
	 
	 	7.4.3	 	redundancy within the meaning of the Employment Protection
(Consolidation) Act 1978 (as amended);
	 
	 	7.4.4	 	retirement at normal retirement age or at the age at which he
is bound to retire in accordance with the terms of his contract of employment;
	 
	 	7.4.5	 	the company by which he is employed ceasing to be a
Participating Company; or
	 
	 	7.4.6	 	the undertaking in which he works being sold to a purchaser
which is not a Participating Company. 
	 
	 	 	 	The Option Holder may, subject to paragraphs 6.4 and 7.2, exercise his Option in
accordance with paragraph 8 within twelve months of his so ceasing to be employed
or, if later, three years and six months after the Date of Grant of the Option.

	7.5	 	Save insofar as it has previously been exercised, and subject to paragraphs 6.4, 7.3 and 7.4,
an Option shall lapse on the date on which the Option Holder:

	 	7.5.1	 	ceases to be employed for whatever reason by a Participating
Company except insofar as such cessation is for the purpose of taking up an
alternative employment proposed by such Participating Company, or
	 
	 	7.5.2	 	transfers assigns or charges or attempts to transfer assign or
charge his interest in the Option, or
	 
	 	7.5.3	 	is adjudicated bankrupt.

	 	 	PROVIDED THAT in the events of lapse specified in paragraphs 7.5.1 and 7.5.3 the Board may
determine that the Option shall continue to be exercisable in accordance with paragraph 8
within twelve months of his so ceasing to be employed or, if later, three years

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	 	 	and six months after the Date of Grant of the Option but subject always to paragraphs 6.4
and 7.2.

	7.6	 	Where an Option Holder’s employment is terminated without notice it shall be treated as
ceasing on the date of termination and where the said employment is terminated with notice it
shall be treated as ceasing upon the date on which that notice is given.
	 
	8.	 	Manner of Exercise of Options 
	 
	8.1	 	Subject to paragraphs 6.4 and 7, and to the fulfilment of any special conditions imposed in
accordance with paragraph 4.3, an Option shall be exercised in whole or part by the Option
Holder giving notice in writing to the Company in such form as the Board shall require stating
that the Option is thereby exercised and the number of Shares in respect of which it is
exercised. With such notice the Option Holder shall supply such other documents as the Board
may require and shall pay the Exercise Price to the Company. An Option (or part thereof) shall
be deemed to have been exercised on the date when the said notice together with a remittance
for the Exercise Price is received by the Company. Within 30 days of the receipt of a valid
notice of exercise the relevant shares will be allotted and as soon as practicable thereafter
the Company shall send a certificate for the relevant Shares to the Option Holder.
	 
	8.2	 	Any partial exercise of an Option (other than such partial exercise as completes the exercise
of the said Option) shall be in respect of 100 Shares or a multiple thereof. As soon as is
practicable after such partial exercise, the Company shall send a new Option statement to the
Option Holder.
	 
	9.	 	Issue of Shares 
	 
	9.1	 	Shares issued pursuant to the Scheme will rank pari passu in all respects with the Shares
then in issue, except that they will not rank for any dividend declared for payment to holders
of Shares on the register of members of the Company at a record date which precedes the date
of exercise of the relevant Option.
	 
	9.2	 	The Company shall use its best endeavours to procure that as soon as practicable after the
allotment of any Shares pursuant to the Scheme the same shall be admitted to the Official List
by the Council of The Stock Exchange.
	 
	9.3	 	No Shares shall be allotted pursuant to the exercise of an Option if such allotment would be
contrary to any enactment or regulation for the time being in force in England or any other
country having jurisdiction in relation thereto.

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	10.	 	Renunciation or determination of Options 
	 
	10.1	 	An Option Holder may within one month of the Date of Grant renounce his Option by giving the
Company notice in writing under seal of his intention to do so. The renunciation shall be
effective from the date of receipt of such notice by the Company, whereupon the Option
Holder’s Option shall be deemed for all purposes never to have been granted.
	 
	10.2	 	It shall be a condition of the Scheme that in the event of the termination of an Option
Holder’s Employment (for whatever reason) he shall not be entitled to any compensation
whatsoever by reason of any alteration or determination of his rights or expectations under
the Scheme.
	 
	11.	 	Takeover Offers etc. 
	 
	11.1	 	The provisions of paragraph 11.2 below shall apply:-

	 	11.1.1	 	If any person obtains Control of the Company as a result of making:

	 	(a)	 	a general offer to acquire the whole of the issued share
capital of the Company (other than that which is already owned by such person)
which is made on a condition such that if it is satisfied the person making the
offer will have control of the Company; or
	 
	 	(b)	 	a general offer to acquire all the Shares of the Company (or
such Shares as are not already owned by such person);

	 	11.1.2	 	if any person obtains control of the Company in pursuance of a
compromise or arrangement sanctioned by the Court under Section 425 of
the Companies Act 1985.

	11.2	 	Subject to paragraph 7.2, an Option Holder may at any time within the appropriate period as
defined in paragraph 11.3 below, exercise any Option of his then subsisting, notwithstanding
that such exercise may occur within three years of the date on which the Option was granted,
and any such Option which is not so exercised shall lapse and become of no effect PROVIDED
that this paragraph shall not apply where a Participant by agreement with an Acquiring Company
releases any Option of his then subsisting in consideration of the grant to him of a New
Option pursuant to paragraph 12 below before the expiry of the appropriate period referred to
in paragraph 12.4 below.
	 
	11.3	 	The appropriate period referred to in paragraph 11.2 above is:-

	 	11.3.1	 	in a case falling within paragraph 11.1.1 above a period commencing on the
date when the person making the offer has obtained Control of the Company and
any condition subject to which the offer is made is satisfied and ending on the
earlier of:-

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	 	(a)	 	six months after such date; and
	 
	 	(b)	 	thirty days before the last
date on which the person making the offer is permitted to issue
a notice pursuant to Section 429 of the Companies Act 1985; and

	 	11.3.2	 	in a case falling within paragraph 11.1.2 above, a period of six months
commencing with the time when the Court sanctions the compromise or
arrangement.

	12.	 	Replacement of Options on Change of Control of the Company 
	 
	12.1	 	The provisions of paragraph 12.2 below shall apply where an Acquiring Company

	 	12.1.1	 	obtains Control of the Company as a result of making:-

	 	(a)	 	a general offer to acquire the
whole of the issued share capital of the Company (other than
that which is already owned by it and/or by any of its
subsidiaries) made on a condition such that if it is satisfied
the Acquiring Company will have Control of the Company, or
	 
	 	(b)	 	a general offer to acquire all
the Shares (or such Shares as are not already owned by the
Acquiring Company and/or by any of its subsidiaries), or

	 	12.1.2	 	obtains Control of the Company in pursuance of a compromise or arrangement
sanctioned by the court under Section 425 of the Companies Act 1985, or
	 
	 	12.1.3	 	becomes bound or entitled to acquire Ordinary Shares under Section 428 to 430
of the Companies Act 1985.

	12.2	 	An Option Holder may, at any time within the appropriate period as defined in paragraph 12.4
below by agreement with the Acquiring Company, release any Option of his then subsisting (the
“Old Option” for the purposes of this paragraph) in consideration of the grant to him of a new
option (the “New Option” for the purposes of this paragraph) PROVIDED that any New Option
satisfies the conditions of paragraph 12.3 below.

	12.3	 	The New Option must:-

	 	12.3.1	 	be over shares in the Acquiring Company or a Controlling Company which
shares must satisfy the conditions specified in paragraphs 10 to 14 inclusive
of Schedule 9 (and the term

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	 	 	 	“Shares” in this Scheme shall thereafter be construed accordingly);
and

	 	12.3.2	 	be a right to acquire such number of shares which on acquisition of the New
Option have an aggregate market value (determined in accordance with Part VIII
of the Capital Gains Tax Act 1979) equal to the aggregate market value
(determined on a like basis) of the Shares the subject of the Old Option
immediately before its release; and
	 
	 	12.3.3	 	have a subscription price per share such that the aggregate price payable on
complete exercise of the New Option equals the aggregate price which would
have been payable on complete exercise of the Old Option at the time of its
release.

	12.4	 	The appropriate period referred to in paragraph 12.2 above is:-

	 	12.4.1	 	in a case falling within paragraph 12.1.1 above, a period of six months
commencing on the date when the Acquiring Company making the offer has
obtained Control of the Company and any condition subject to which the offer
is made is satisfied;
	 
	 	12.4.2	 	in a case falling within paragraph 12.1.2 above, six months beginning with
the time when the court sanctions the compromise or arrangement; and
	 
	 	12.4.3	 	in a case falling within paragraph 12.1.3 above, the period during which the
Acquiring Company remains so bound or entitled.

	12.5	 	The New Option shall be exercisable in the same manner as the Old Option and in accordance
with the provisions of the Scheme as it had effect in relation to the Old Option immediately
before its release (references to the term “Option” in the Scheme being construed
accordingly), and the New Option shall, for” all purposes of the Scheme other than paragraph
12.6 below, be treated as having been granted on the date when the corresponding Old Option
was granted.
	 
	12.6	 	With effect from the grant of a New Option hereunder, paragraphs 8, 9 and 11 above, this
paragraph 12, and paragraphs 13, 14 and 17 below and, for the purposes of paragraph 7 above,
paragraphs 2(q) and 2(x) shall, in relation to the New Option, be construed as if references
to the Company were references to the Acquiring Company, or as the case may be, the
Controlling Company.

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	13.	 	Winding Up 
	 
	13.1	 	If notice is duly given of a resolution for the voluntary winding up of the Company an Option
Holder may (notwithstanding the non-fulfilment of any special conditions imposed in accordance
with paragraph 4.3 or the limitation period specified in paragraph 7.1) forthwith and until
the commencement of the winding up exercise his Option, but the exercise of any Option
pursuant to the provisions of this paragraph 13.1 shall be of no effect unless the said
resolution is duly passed and as at the date of the resolution the Option is still capable of
being exercised hereunder. Upon commencement of the winding up all Options shall cease and
determine except in so far as is necessary to give effect to the provisions of this paragraph
13.1 but so that any Option may be exercised in accordance with paragraph 8 at the date upon
which the said resolution is passed.
	 
	13.2	 	Save as mentioned in paragraph 13.1 all Options shall automatically lapse in the event of an
effective resolution being passed or an order being made for the winding up of the Company.
	 
	14.	 	Adjustment on Variation of Capital 
	 
	14.1	 	With the prior approval of the Inland Revenue the number of shares the subject of an Option,
the Exercise Price and the limits specified in paragraph 5 shall be adjusted in such manner as
the Board may determine and as the Auditors shall certify to be in their opinion fair and
reasonable following any capitalisation issue, subdivision, consolidation or reduction of
share capital or re-purchase of shares and in respect of any discount element in any rights
issue provided that no adjustment made pursuant to this paragraph 14.1 shall have the effect
of reducing the Exercise Price for each Share below the nominal value of a Share.
	 
	14.2	 	The Board may take such steps as it may consider necessary to advise Option Holders of any
adjustment under paragraph 14.1 and to call in, cancel, endorse or issue any Option statements
consequent upon such adjustment.
	 
	15.	 	Overseas Employees 
	 
	15.1	 	Notwithstanding any other provisions of the Scheme other than paragraph 16.1.2, the Board
may, in respect of invitations issued or Options granted to Eligible Employees who, in the
opinion of the Board, are or may become primarily subject to taxation outside the United
Kingdom on their remuneration, amend or alter the provisions of the Scheme and the terms of
Options as the Board considers necessary or desirable to take account of relevant overseas
taxation or securities laws provided that the terms of Options granted to such Eligible
Employees are not more favourable than the terms of Options granted to other Eligible
Employees.

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	15.2	 	Any Option granted to any Eligible Employee subject to taxation on his remuneration in the
United States of America that is intended to qualify as an incentive stock option within the
meaning of Section 422A of the Internal Revenue Code of 1986, as amended, shall be subject to
all of the provisions of the Scheme, as modified below:

	 	15.2.1	 	the Exercise Price shall be, in relation to each Share comprised in an
Option, a price not less than the fair market value of a Share on the Date of
the Grant;
	 
	 	15.2.2	 	notwithstanding paragraph 4.1, any Option granted under the Scheme shall be
granted within 10 years from the date the Scheme is adopted, or the date the
Scheme is approved by the shareholders, whichever is earlier;
	 
	 	15.2.3	 	notwithstanding paragraph 6.1, the aggregate fair market value (determined
on the Date of Grant) of the Shares with respect to which the Options may
first become exercisable by an Eligible Employee during any calendar year
shall not exceed $100,000 except upon the occurrence of any event specified in
paragraph 7.4, 11.1.1 or 11.1.2 or 13; and
	 
	 	15.2.4	 	no Eligible Employee shall be granted an Option if, on the Date of Grant, he
owns Shares or other equity securities possessing more than 10 per cent of the
total combined voting power of all classes of Shares and equity securities of
the Company or any Subsidiary, unless: (i) the Exercise Price is at least 110
per cent of the fair market value of each Share comprised in the Option on the
Date of Grant and (ii) such Option by its terms is not exercisable after the
expiration of 5 years from the Date of Grant.

	16.	 	Administration and Amendment 
	 
	16.1	 	The Scheme shall in all respects be administered by the Board which will lay down and may
thereafter from time to time amend the provisions of the Scheme (including any Option or
special conditions attaching to any Option by virtue of paragraph 4.3) in any respect provided
that:-

	 	16.1.1	 	no materially adverse amendments shall be made affecting any rights already
acquired by an Option Holder under the Scheme;
	 
	 	16.1.2	 	whilst the Approved Part of the Scheme is approved under Schedule 9 no
amendment shall have effect save with the prior approval of the Inland Revenue
and nothing shall be done to the

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	 	 	 	Approved Part of the Scheme which would prejudice the obtaining of
Inland Revenue approval or cause it to be withdrawn; and
	 
	 	16.1.3	 	except with the prior approval of the Company in General Meeting the
provisions of paragraphs 2(j), 2(l), 2(n), 4.1, 4.4, 4.5, 4.6, 5, 6.1, 6.3,
7.4, 9.1, 11, 12, 13, 14.1, 15’,1 and this paragraph 16 shall not be altered
materially to the advantage of Eligible Employees or Option Holders.

	16.2	 	Notwithstanding anything to the contrary in paragraph 16.1, the Board may at any time by
resolution and without other formality amend the Scheme in any way to the extent necessary to
secure and maintain Inland Revenue approval to the Approved Part of the Scheme and to ensure
that Inland Revenue approval to the Approved Part is not withdrawn pursuant to any statutory
modification of the provisions of the Act.
	 
	16.3	 	The Company shall bear the costs of setting up and administering the Scheme.
	 
	16.4	 	The Company shall maintain all necessary books of account and records relating to the Scheme.
	 
	16.5	 	The Board shall have power to delegate to any person or corporation any of its administrative
functions hereunder.
	 
	16.6	 	The Company shall keep available for issue sufficient unissued Shares or unclassified share
capital to satisfy Options when they are exercised.
	 
	16.7	 	Subject to any subsisting rights of any Option Holder, the Board may terminate the Scheme at
any time.
	 
	17.	 	Notices
	 
	 	 	Any notice or other communication required to be given hereunder to the Company or to an
Option Holder shall be deemed to have been given if delivered personally or through the
Barclays internal mail system or sent by telex, cable or first class prepaid mail (air mail,
if overseas) in the case of the Company to its Registered Office or the telex number
relating to that address and in the case of an Option Holder by sending the same addressed
to-the Option Holder at his place of employment or his last known address or the telex
number relating to such place or address. Any notice shall be deemed to have been given when
left at the proper address, if delivered by hand during normal business hours; two business
days after having been posted to an inland address by first class post prepaid in an
envelope addressed to the proper address; five business days after having been posted to an
overseas address by air mail post prepaid in an envelope addressed to the proper address;
and on the business day next following the date of transmission if transmitted by telex or
when actually received if sooner.

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	18.	 	Governing Law 
	 
	 	 	These Rules (including the Schedule hereto) shall be governed by and construed in accordance
with English law.

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The Schedule

hereinbefore referred to

The Unapproved Part

	1.	 	This Schedule sets out the provisions of the Unapproved Part of the Scheme.
	 
	2.	 	The provisions of the Unapproved Part of the Scheme shall be the provisions set out in the
Approved Part of the Scheme with the following modifications:-
	 
	2.1	 	In paragraph 2(j) the words “but subject to paragraph 6.4” shall be omitted;
	 
	2.2	 	In paragraph 2(q) the words “and (iii) such one or more companies of which the Company or any
Subsidiary owns 20% or more of the equity share capital as defined in Section 744 Companies
Act 1985 as may be so nominated” shall be added after “Board” •
	 
	2.3	 	In paragraph 2(u) the words “which comply with the conditions in paragraphs 10 to 14
(inclusive) of Schedule 9” shall be omitted; and
	 
	2.4	 	Paragraphs 6.1, 6.2, 6.4, and 16.1.2 shall be omitted.
	 
	3.	 	Where by virtue of this Schedule any provision of the Approved Part of the Scheme is to be
omitted in the Unapproved Part of the Scheme, all references to that provision in the
Unapproved Part of the Scheme shall not apply.
	 
	4.	 	The Board may grant an Option to an Eligible Employee under the Unapproved Part of the Scheme
in any case where the Board so determines.EX-4.6

Exhibit 4.6

Barclays PLC

Rules

of the

Barclays PLC

Performance Share Plan

 

 

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contents

	 	 	 	 	 	 	 
	Clause	Page No	 
	1.	 	Definitions and Interpretation
	 	 	3	 
	 	 	 
	 	 	 	 
	2.	 	Grant of Awards
	 	 	6	 
	 	 	 
	 	 	 	 
	3.	 	Limitations on Awards
	 	 	7	 
	 	 	 
	 	 	 	 
	4.	 	Manner of Release of Shares or Exercise of Awards
	 	 	8	 
	 	 	 
	 	 	 	 
	5.	 	Limitations on Release of Shares or Exercise of Awards
	 	 	10	 
	 	 	 
	 	 	 	 
	6.	 	Time for release of Shares or Exercise of Awards
	 	 	11	 
	 	 	 
	 	 	 	 
	7.	 	Take-over and Liquidation
	 	 	12	 
	 	 	 
	 	 	 	 
	8.	 	Extent to which Shares under an Award are available for release or an Award is exercisable on cessation
of employment, take-over and liquidation
	 	 	13	 
	 	 	 
	 	 	 	 
	9.	 	Variations in the Share Capital of the Company
	 	 	14	 
	 	 	 
	 	 	 	 
	10.	 	Administration of the Plan
	 	 	14	 
	 	 	 
	 	 	 	 
	11.	 	Amendment of the Plan
	 	 	15	 
	 	 	 
	 	 	 	 
	12.	 	General Provisions
	 	 	15	 
	 	 	 
	 	 	 	 
	Appendix to the Plan for the grant of provisional allocations	 	 	18	 

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Rules of the Barclays PLC Performance share Plan 

	1.	 	Definitions and Interpretation
	 
	1.1	 	In the Plan:
	 
	 	 	“Adoption Date” means 28 April 2005;
	 
	 	 	“Announcement Date” means the date on which the Company announces its annual, half yearly
or, if relevant, quarterly results in any year within the Operative Period;
	 
	 	 	“Any Other Executive Plan” means any employees’ share scheme approved by the members of the
Company in general meeting other than the Plan which provides for the acquisition of or
subscription for shares in the Company by or on behalf of selected employees and/or
directors and which is not linked to an SAYE contract;
	 
	 	 	“Any Other Plan” means any employees’ share scheme approved by the Company in general
meeting other than the Plan which provides for the acquisition of or subscription for shares
in the Company by or on behalf of employees and/or directors;
	 
	 	 	“Auditors” means the auditors for the time being of the Company or such other independent,
suitably qualified person as the Trustees may from time to time nominate;
	 
	 	 	“Award” means subject to clause 2.1(a) and (b) a right to receive or acquire Shares pursuant
to the Plan in such form as the Trustees may decide from time to time and “awarded” shall be
construed accordingly;
	 
	 	 	“Award Date” means in relation to an Award the date specified as such by the Trustees in the
Award Letter;
	 
	 	 	“Award Letter” means a letter containing the information specified in clause 2.2 in such
form as may be prescribed from time to time by the Trustees, sent by the Trustees to a
Participant informing the Participant of the grant of an Award to him;
	 
	 	 	“BGI” means Barclays Global Investors UK Holdings Limited;
	 
	 	 	“BGI Plan” means the Barclays Global Investors Equity Ownership Plan adopted by the Company
on 26 April 2000;
	 
	 	 	“BGI Shares” means “A” Ordinary Shares in the capital of BGI;
	 
	 	 	“Barclays Bank” means Barclays Bank PLC;
	 
	 	 	“Board” means the board of directors for the time being of the Company or a duly appointed
committee thereof PROVIDED THAT if any person obtains Control of the Company, the Board or
the relevant committee as appropriate shall mean the members of the Board or such committee
as the case may be immediately before such Control is obtained;
	 
	 	 	“Company” means Barclays PLC (registered no. 48839);
	 
	 	 	“Control” means control of a company within the meaning of section 840 of the Income and
Corporation Taxes Act 1988 and a person shall be deemed to have control of a company if he
and others acting in concert with him have together obtained control of a company within
such meaning;
	 
	 	 	“Dealing Day” means a day on which transactions take place on the London Stock Exchange;

 

 

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	 	 	“Eligible Employee” means an employee of any member of the Group, including such an employee
who is also an executive director;
	 
	 	 	“Employer’s NICs” means secondary Class 1 National Insurance Contributions;
	 
	 	 	“Employing Company” means any member or members of the Group by which the Participant is or,
where the context so admits, was employed;
	 
	 	 	“Exercise Period” means in relation to an Award in the form of a nil cost option and subject
to clauses 6 and 7 the period determined by the Trustees on the Award Date during which an
Award may be exercised in accordance with the Plan PROVIDED THAT the Trustees may not
specify a period beginning earlier than three years from the Award Date nor ending later
than ten years from the Award Date;
	 
	 	 	“Exercise Price” means in relation to an Award in the form of a nil cost option the total
amount payable in relation to the exercise of an Award, whether in whole or in part, being
£1 or such other amount specified in the Award Letter;
	 
	 	 	“Grant Period” means the period of:

	 	(a)	 	three months following the Adoption Date; and
	 
	 	(b)	 	42 Dealing Days following:

	 	(i)	 	the Dealing Day immediately following an Announcement Date
PROVIDED THAT if the Trustees or any Eligible Employees are restricted by
statute, order, regulation or otherwise (including a restriction resulting from
the application of the Model Code for transactions in securities by directors
or any comparable code adopted by the Company) from granting or in the case of
Eligible Employees receiving Awards within such period, the Trustees may grant
Awards within the period of 42 Dealing Days after the lifting of such
restrictions;
	 
	 	(ii)	 	any date on which changes to the legislation affecting
executive share award plans (not being savings-related share option plans) is
announced or made; or
	 
	 	(iii)	 	any time when the Trustees, having first consulted the Board,
resolve that exceptional circumstances exist which justify the grant of Awards;

	 	 	“Group” means the Company and all of its Subsidiaries and the expression “member of the
Group” shall be construed accordingly;
	 
	 	 	“London Stock Exchange” means the London Stock Exchange plc;
	 
	 	 	“NIC Agreement” means an irrevocable agreement under which a Participant’s Employing Company
may recover from him all or any part of its liability for Employer’s NICs pursuant to clause
2.10 in such manner as is set out in clause 4;
	 
	 	 	“NIC Election” means an irrevocable election, in such form as is determined by the Trustees
and approved in advance by the Board of the Inland Revenue, for the transfer to the
Participant of the whole or any part of the Employing Company’s liability for Employer’s
NICs pursuant to clause 2.10 and the arrangements made in such NIC Election for securing
that the Participant will meet the liability transferred to him which shall have been
approved in advance by the Board of the Inland Revenue;
	 
	 	 	“Operative Period” means the period of ten years commencing on the Adoption Date;

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	 	 	“Participant” means an Eligible Employee who has been granted an Award or, where applicable,
his personal representative;
	 
	 	 	“Plan” means the Barclays PLC Performance Share Plan herein contained as amended from time
to time in accordance with the provisions hereof;
	 
	 	 	“Release Date” means in relation to an Award in the form of a right to receive Shares the
date or dates on which Shares awarded to a Participant may be released to a Participant as
described in clause 4 PROVIDED THAT such date (or dates) must be a date (or dates) which is
at least three years from the Award Date
	 
	 	 	“Retirement Date” means the earliest date on which or age at which an Eligible Employee can
be required to retire by any member of the Group;
	 
	 	 	“Shares” means ordinary shares in the capital of the Company (or such other class of shares
as may represent the same as a result of any reorganisation, reconstruction or other
variation of the share capital of the Company to which the provisions of the Plan may apply
from time to time) PROVIDED THAT if such shares under an Award are to be released or an
Award is exercised at any time when the Trustees do not hold such shares in the Company as a
result of a corporate event described in clause 7, references to “Shares” in clauses 4 to 8
inclusive shall include any consideration received by the Trustees for any such shares which
are to be released under an Award or in respect of which an Award is being exercised;
	 
	 	 	“Subsidiary” means any company over which for the time being the Company has Control and
which is a subsidiary of the Company within the meaning of section 736 of the Companies Act
1985;
	 
	 	 	“Target Award” means the expected value of an Award determined by the Trustees for the
purposes of granting an Award to an Eligible Employee who they have selected in their
absolute discretion to participate in the Plan PROVIDED THAT such expected value shall be:

	 	(a)	 	based on market competitive practice for comparable positions differentiated to
reflect individual performance; and
	 
	 	(b)	 	used by the Trustees having first consulted the Board to determine:

	 	(i)	 	the objective performance measures applicable to the release of
Shares under the Award or exercise of the Award; and
	 
	 	(ii)	 	the maximum number of Shares over which the Award may be
granted;

	 	 	“Trust” means the Barclays Group (PSP) Employees’ Benefit Trust established by the Trust
Deed;
	 
	 	 	“Trust Deed” means the trust deed made between Barclays Bank (1) and Mourant & Co Trustees
Limited (2) on 5 August 1996 as amended from time to time;
	 
	 	 	“Trustees” means the trustee or trustees for the time being of the Trust; and
	 
	 	 	“UK Listing Authority” means the UK Listing Authority within the meaning given to that
expression in the Listing Rules made by the Financial Services Authority pursuant to its
appointment as the relevant competent authority under the Official Listing of Securities
(Change of Competent Authority) Regulations 2000.
	 
	1.2	 	Any reference in the Plan to a statutory provision shall include a reference to that
provision as amended or re-enacted from time to time. Where the context permits the

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	 	 	singular shall include the plural and vice versa and the masculine gender shall include the
feminine.
	 
	1.3	 	If there is any conflict between the provisions of the Trust Deed and the provisions of the
Plan, the provisions of the Trust Deed shall prevail.
	 
	2.	 	Grant of Awards
	 
	2.1	 	Subject to the limitations specified in this clause 2 and in clause 3, the Trustees may, in
their absolute discretion, having first consulted the Board, during any Grant Period grant any
Eligible Employee an Award in accordance with the rules of the Plan or on such other terms and
conditions and in such other form as the Trustees may determine including:

	 	(a)	 	a provisional allocation on the basis set out in the Appendix hereto which
shall not in any circumstances whatsoever:

	 	(i)	 	constitute the acquisition by a Participant of an interest in
the Shares awarded to him nor a right to acquire the Shares awarded to him; and
	 
	 	(ii)	 	entitle a Participant to claim any interest in the Trust fund
nor to compel the Trustees to pay or apply any of the capital or income
comprised in the Trust fund to or for the benefit of a Participant; or

	 	(b)	 	an appropriation of Shares subject to such restrictions as may be determined by
the Trustees and as set out in an Award Letter which may include restrictions requiring
Shares to be retained by an Eligible Employee for a minimum period of three years,
limiting the receipt of dividends and forfeiture for misconduct. Any such Award shall
be granted subject to the provisions of the Plan save that clauses 4 to 8 inclusive
shall be adapted as necessary to apply to an Award in the form of an appropriation of
Shares.

	2.2	 	The Trustees shall as soon as reasonably practicable on or after the Award Date notify the
Eligible Employee of the grant of the Award in writing in an Award Letter. The Award Letter
shall specify:

	 	(a)	 	the form of the Award;
	 
	 	(b)	 	the number of Shares in respect of which the Award is granted or the formula by
which such number may be found;
	 
	 	(c)	 	the Award Date;
	 
	 	(d)	 	the Release Date or the Exercise Period depending on whether or not the Award
is granted in the form of a right to receive Shares or a nil cost option;
	 
	 	(e)	 	any performance conditions imposed by the Trustees for the purpose of clause 5
which must be satisfied before the Trustees may release Shares under an Award to the
Participant or the Participant may exercise an Award; and
	 
	 	(f)	 	whether the Participant will be required to enter into either a NIC Agreement
or a NIC Election pursuant to clause 2.10.

	2.3	 	An Eligible Employee to whom an Award is granted may by notice in writing within 30 days
after the Award Date (or such shorter period of which he is notified) renounce his Award
entirely so that the Award shall be deemed never to have been granted hereunder, or in part,
so that the Award shall be deemed to have been granted only as to the balance.

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	2.4	 	The grant of an Award shall be made on the basis that participation in the Plan shall be
deemed to constitute an agreement to be bound by the rules of the Plan and shall be evidenced
by a deed in such form as the Trustees may from time to time prescribe. The deed shall be
issued as soon as practicable after the last date on which an Eligible Employee may renounce
his rights under an Award in accordance with clause 2.3.
	 
	2.5	 	An Award is personal to a Participant and shall not be capable of being transferred or
otherwise disposed of by a Participant and, subject to the provisions of clause 6.2, Shares
under an Award may not be released to or exercised by any other person. An Award shall lapse
forthwith if it is so transferred or otherwise disposed of by a Participant.
	 
	2.6	 	There shall be no consideration payable for the grant of an Award.
	 
	2.7	 	A Participant shall not be entitled to any dividends (or other distributions made) and shall
have no right to vote in respect of the Shares subject to his Award, unless and until Shares
under his Award are released to him or transferred to him following the exercise of his Award.
	 
	2.8	 	A Participant shall be entitled at any time to renounce, surrender, or cancel or agree to the
cancellation of an Award.
	 
	2.9	 	No Award shall be granted under the Plan after the expiry of the Operative Period.
	 
	2.10	 	If an Award is granted to a Participant and:

	 	(a)	 	his Employing Company would be liable for Employer’s NICs on any gain made by
the Participant on the release of Shares subject to that Award or on the exercise of
that Award or on any other gain made by the Participant in respect of that Award which
is treated as remuneration derived from the Participant’s employment by virtue of
section 4(4)(a) of the Social Security Contributions Act 1992; and
	 
	 	(b)	 	the Trustees give him written notice that they require him to enter into either
a NIC Agreement or a NIC Election, as determined by the Trustees in their absolute
discretion, such notice to be given within three months following the Award Date;

	 	 	the Award shall lapse after a period of 90 days following the date of such notice unless the
Participant completes and executes a NIC Agreement or NIC Election, as specified by the
Trustees in such notice, before the expiry of such period. The Employing Company shall
confirm to the Trustees whether the NIC Agreement or NIC Election has been executed and if
not, the Award shall lapse.
	 
	3.	 	Limitations on Awards
	 
	3.1	 	No Shares shall be issued to the Trustees to be held for the purposes of the Plan if this
will result in the number of Shares which have been issued to the Trustees for such purposes
during the previous ten years when aggregated with any other Shares issued or capable of being
issued by way of subscription out of profits and with any other Shares issued or capable of
being issued by way of subscription on the vesting or exercise of awards during the previous
ten years under:

	 	(a)	 	Any Other Plan exceeding ten per cent of the Company’s ordinary share capital
then in issue; and
	 
	 	(b)	 	Any Other Executive Plan exceeding five per cent of the amount of the Company’s
ordinary share capital then in issue.

	 	 	PROVIDED THAT for the purpose of applying the limits set out in clauses 3.1(a) and (b) the
number of Shares which may be issued to the Trustees to be held for the purposes of

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	 	 	the Plan shall be reduced by the number of notional Shares determined by the Board in the
manner set out in clause 3.2.
	 
	3.2	 	For the purposes of the proviso to clause 3.1:

	 	(a)	 	the Board shall compute the number of BGI Shares which have been acquired on
exercise of options granted under the BGI Plan in the relevant period or in respect of
which options under the BGI Plan are currently outstanding (less any BGI Shares issued
on the exercise of options granted under the BGI Plan but subsequently purchased by
Barclays Bank or any other member of the Group); and
	 
	 	(b)	 	the Board shall subject to such adjustment or variation as the Board shall in
its absolute discretion consider appropriate convert such BGI Shares into a number of
notional Shares by the application in relation to each such acquisition of or grant of
options over, BGI Shares of the formula:
	 
	 	 	 	A x B = D where:
    C

	 	A	 	is the number of BGI Shares acquired by or under option to each
relevant employee;
	 
	 	B	 	is the price per BGI Share at which such employee acquired or
may acquire such number of BGI Shares;
	 
	 	C	 	is if and for so long as the Shares are admitted to the
Official List of the UK Listing Authority the greater of the market value of a
Share:

	 	(a)	 	on the date of grant of such options; and
	 
	 	(b)	 	on the date of any determination by the Board
for the purposes of this clause 3.2,

	 	 	 	calculated by the Board by reference to the middle-market quotations of a
Share as derived from the Daily Official List of the UK Listing Authority or
if the Shares are not so admitted on such other basis as the Board shall
determine in its absolute discretion;
	 
	 	D	 	is the number of notional Shares represented by the BGI Shares
acquired in the relevant period or in respect of which options are currently
outstanding under the BGI Plan for the purposes of the proviso to clause 3.1.

	3.3	 	No Award shall be granted to an Eligible Employee under the Plan if as a result the Target
Award for that Award when aggregated with the Target Award for any other Award granted to such
Eligible Employee in the same financial year of the Company would exceed the higher of 150% of
such Eligible Employee’s base salary or 75% of such Eligible Employee’s base salary plus
target bonus and where relevant, target bonus shall be determined for these purposes by the
Trustees in their absolute discretion having first consulted the Board.
	 
	4.	 	Manner of Release of Shares or Exercise of Awards
	 
	4.1	 	If the Trustees determine that any the performance conditions imposed by the Trustees on the
grant of an Award have been satisfied, and subject to clauses 6 and 7, the Trustees shall on
or within one month after the Release Date release to a Participant the

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	 	 	number of Shares available for release under the Award determined in accordance with clauses
5 and 8 in which case:

	 	(a)	 	the Trustees shall inform the Participant of the release of Shares to him
within 28 days of such release; and
	 
	 	(b)	 	the Participant shall become beneficially entitled to such Shares and shall
have the right to receive all dividends paid to the Trustees on such Shares on or after
the Release Date (net of any tax payable on such dividends by the Trustees) and the
right to direct the Trustees as to voting in respect of such Shares and the Trustees
shall vote in accordance with any such instructions.

	 	 	PROVIDED THAT:

	 	(a)	 	if the Trustees or a Participant are restricted by statute, order, regulation
or otherwise (including a restriction resulting from the application of the Model Code
for transactions in securities by directors or any comparable code adopted by the
Company) from releasing or receiving Shares the Trustees shall release the Shares
available for release on or within one month after the lifting of such restrictions;
	 
	 	(b)	 	if the Trustees so require, the Participant shall enter into an election to be
made jointly with his Employing Company pursuant to section 431 of the Income Tax
(Earnings and Pensions) Act 2003 for the Shares to be treated as if they are not
restricted securities for the purposes of Chapter 2, Part 7, Income Tax (Earnings and
Pensions) Act 2003;
	 
	 	(c)	 	subject to clause 4.3, the Participant shall pay in such manner as the Trustees
may from time to time prescribe any such additional amount of which the Trustees may
notify the Participant in respect of any deduction on account of tax or similar
liabilities as may be required by law which may arise on the release of Shares to him;
	 
	 	(d)	 	subject to clause 4.3, if the Participant has entered into a NIC Agreement
under clause 2.10 the Participant shall pay in such manner as the Trustees may from
time to time prescribe the amount of any Employer’s NICs, of which the Trustees shall
notify the Participant, to his Employing Company in accordance with such NIC Agreement;
and
	 
	 	(e)	 	any Shares available for release which are not released on or within one month
after the Release Date or such later date for release as provided for under paragraph
(a) of this proviso to clause 6.1 shall cease to be available for release.

	4.2	 	If the Trustees determine that any performance conditions imposed by the Trustees on the
grant of an Award have been satisfied and subject to clauses 6 and 7, an Award may be
exercised on one occasion only by a Participant at any time within its Exercise Period by the
Participant giving notice in writing to the Trustees at their registered office in such form
as may be prescribed by the Trustees from time to time. Such notice shall be signed by the
Participant and shall specify the number of Shares in respect of which the Award is being
exercised. The Participant shall:

	 	(a)	 	supply with such notice:

	 	(i)	 	the deed evidencing the grant of the relevant Award for
cancellation or amendment;
	 
	 	(ii)	 	if the Trustees so require, an election signed by the
Participant to be made jointly with his Employing Company pursuant to section
431 of the Income

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	 	 	 	Tax (Earnings & Pensions) Act 2003 for the Shares to be treated as if they
are not restricted securities for the purposes of Chapter 2, Part 7, Income
Tax (Earnings & Pensions) Act 2003; and
	 
	 	(iii)	 	any other documentation the Trustees may request;

	 	(b)	 	pay any Exercise Price for such Shares in such manner as the Trustees may from
time to time prescribe; and
	 
	 	(c)	 	subject to clause 4.3, pay in such manner as the Trustees may from time to time
prescribe any such additional amount of which the Trustees may notify the Participant
in respect of any deduction on account of tax or similar liabilities as may be required
by law which may arise on exercise of the Award; and
	 
	 	(d)	 	subject to clause 4.3, if the Participant has entered into a NIC Agreement
under clause 2.10 pay in such manner as the Trustees may from time to time prescribe
the amount of any Employer’s NICs, of which the Trustees shall notify the Participant,
to his Employing Company in accordance with such NIC Agreement.

	 	 	An Award (or part thereof) shall be deemed to have been exercised on the date when such
notice together with a payment of any aggregate Exercise Price due and any such additional
amount (or documentation evidencing arrangements to pay such additional amount), the deed
evidencing the grant of an Award and any other documents requested by the Trustees are
received by them.
	 
	4.3	 	The Trustees may sell, or procure the sale of, such number of Shares which have been released
to a Participant or in respect of which his Award is exercised to meet any obligation of the
Trustees, any member of the Group [or any other person] to deduct tax, employee’s social
security contributions or Employer’s NICs (if the Participant has entered into a NIC Agreement
under clause 2.10), arising in respect of the release of Shares under his Award to the
Participant or the exercise of his Award by the Participant.
	 
	4.4	 	The Trustees shall within 30 days after the date of the release of Shares to a Participant or
the exercise of an Award transfer or procure the transfer of the appropriate number of Shares
to the Participant (or to his nominee at the Participant’s written direction) and shall
procure delivery to the Participant (or to his nominee, as appropriate) of a definitive share
certificate in respect thereof (or such other evidence of allotment and issue as may be
prescribed by the Board where such allotment and issue is by means of a relevant system, as
defined in Regulation 2(1) of the Uncertificated Securities Regulations 2001).
	 
	5.	 	Limitations on Release of Shares or Exercise of Awards
	 
	5.1	 	Without prejudice to the following provisions of this clause 5, and subject as provided in
clauses 6 and 7, Shares under an Award may be released to a Participant who has ceased to be
an Eligible Employee or an Award may be exercised by a Participant who has ceased to be an
Eligible Employee.
	 
	5.2	 	Subject to clause 8, the release of Shares under an Award or the exercise of an Award by a
Participant and, if relevant, the extent to which the Shares under the Award may be so
released or over which it may be so exercised shall be conditional on the Trustees being
satisfied that such performance condition as imposed by them on the Award Date in accordance
with clause 2.2 shall have been fulfilled PROVIDED THAT the Trustees may in their absolute
discretion having consulted the Board waive such performance condition if they consider in
their absolute discretion that there are exceptional circumstances which would justify such a
waiver.
	 
	5.3	 	Notwithstanding anything in the Plan to the contrary, Shares under an Award shall be actually
or constructively received by a Participant by the later of:

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	 	(i)	 	the date that is 21/2 months from the end of the Participant’s
first taxable year in which the Trustees determine that the performance
conditions imposed on the Award have been satisfied;
	 
	 	(ii)	 	the date that is 21/2 months from the end of the Company’s first
taxable year in which the Trustees determine that the performance conditions
imposed on the Award have been satisfied.

	6.	 	Time for release of Shares or Exercise of Awards
	 
	6.1	 	Subject to clause 5 and unless Shares under an Award may be released before its Release Date
or an Award may be exercised before the start of its Exercise Period under clauses 6.2, 6.3
and 6.4 and 7, Shares under an Award may only be released on or within one month after its
Release Date or an Award may only be exercised during its Exercise Period. Any Award in
respect of which Shares are not so released or which is not so exercised shall lapse.
	 
	6.2	 	Subject to clauses 5 and 8, if a Participant dies either the Trustees shall release to his
personal representatives the Shares available for release under his Award or as soon as
reasonably practicable or his personal representative(s) may exercise his Award at any time
before the earlier of the expiry of its Exercise Period and the expiry of the period of six
months from the date of his death. Any Award in respect of which Shares are not so released
or which is not so exercised shall lapse.
	 
	6.3	 	Subject to clauses 5 and 8, if a Participant ceases to be employed by the Group by reason of:

	 	(a)	 	injury;
	 
	 	(b)	 	disability;
	 
	 	(c)	 	ill health;
	 
	 	(d)	 	dismissal for redundancy within the meaning of the Employment Rights Act 1996;
	 
	 	(e)	 	retirement on or after his Retirement Date;
	 
	 	(f)	 	the company by which he is employed ceasing to be a member of the Group; or
	 
	 	(g)	 	the undertaking in which he is employed being transferred to a transferee which
is not a member of the Group,

	 	 	either the Trustees shall release to the Participant the Shares available for release under
his Award on its Release Date or the Participant may exercise his Award at any time before
the earlier of the expiry of its Exercise Period and the later to expire of: six months from
the date of such cessation; or six months beginning on the third anniversary of the Award
Date PROVIDED THAT if a Participant ceases to be employed by the Group before the third
anniversary of the Award Date other than by reason of retirement on or after his Retirement
Date the Trustees may in their absolute discretion having first consulted the Board and
depending on the form of the Award either:

	 	(a)	 	release the Shares available for release under his Award to the Participant
within one month from the date of such cessation; or
	 
	 	(b)	 	determine that the Award may become exercisable for a period of six months from
any date beginning on the date of such cessation up to the third anniversary of such
Award Date.

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	 	 	Any Award in respect of which Shares are not so released or which is not so exercised shall
lapse.
	 
	6.4	 	Subject to clauses 5 and 8, if a Participant ceases to be employed by the Group for any
reason other than one of the events specified in clauses 6.2 or 6.3, his Award shall lapse
unless the Trustees in their absolute discretion, having first consulted the Board, determine
otherwise in which case either:

	 	(a)	 	the Trustees shall release to the Participant the Shares available for release
under his Award on its Release Date; or
	 
	 	(b)	 	the Participant may exercise his Award at any time before the earlier of the
expiry of its Exercise Period and the later to expire of: six months from the date of
such cessation; or six months beginning on the third anniversary of the Award Date,

	 	 	PROVIDED THAT if a Participant ceases to be employed by the Group before the third
anniversary of the Award Date, the Trustees may in their absolute discretion, having first
consulted the Board and depending on the form of the Award, either:

	 	(a)	 	release the Shares available for release under his Award to the Participant
within one month from the date of such cessation; or
	 
	 	(b)	 	determine that the Award may become exercisable for a period of six months from
any date beginning on the date of such cessation up to the third anniversary of such
Award Date.

	 	 	Any Award in respect of which Shares are not so released or which is not so exercised shall
lapse.
	 
	6.5	 	For the purposes of this clause 6, where a Participant’s employment is terminated without
notice or on terms in lieu of notice it shall be deemed to cease on the date on which the
termination takes effect and where such employment is terminated with notice it shall be
deemed to cease upon the date on which that notice expires.
	 
	7.	 	Take-over and Liquidation
	 
	7.1	 	Clause 7.2 shall apply:

	 	(a)	 	if any person obtains Control of the Company as a result of making:

	 	(i)	 	a general offer to acquire the whole of the issued share
capital of the Company (other than that which is already owned by such person)
made on a condition such that if it is satisfied the person making the offer
will have Control of the Company; or
	 
	 	(ii)	 	a general offer to acquire all the Shares (or such Shares as
are not already owned by such person); or

	 	(b)	 	if under section 425 of the Companies Act 1985 the Court sanctions a compromise
or arrangement between the Company and its creditors or its members which, if it
becomes effective, will result in a person obtaining Control of the Company.

	7.2	 	Subject to clauses 5 and 8, and depending on the form of the Award either:

	 	(a)	 	the Trustees shall release the Shares available for release under his Award to
a Participant during the appropriate period as defined in clause 7.3; or

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	 	(b)	 	a Participant may exercise his Award at any time before the earlier of the
expiry of its Exercise Period and the expiry of the appropriate period as defined in
clause 7.3.

	 	 	Any Award in respect of which Shares are not so released or which is not so exercised shall
lapse.
	 
	7.3	 	The appropriate period referred to in clause 7.2 is:

	 	(a)	 	in a case falling within clause 7.1(a), a period commencing on the date when
the person making the offer has obtained Control of the Company and any condition
subject to which the offer is made is satisfied and ending on the earlier of:

	 	(i)	 	six months after such date; and
	 
	 	(ii)	 	30 days before the last date on which the person making the
offer is permitted to issue a notice pursuant to section 429 of the Companies
Act 1985; and

	 	(b)	 	in a case falling within clause 7.1(b), a period of six months commencing with
the date when the Court sanctions the compromise or arrangement.

	7.4	 	Subject to clauses 5 and 8, if the Company gives notice of a general meeting to consider a
resolution for the voluntary winding up of the Company (the “resolution”), and depending on
the form of the Award either:

	 	(a)	 	the Trustees shall release the Shares available for release under his Award to
the Participant; or
	 
	 	(b)	 	a Participant may exercise his Award at any time before the earlier of the
expiry of its Exercise Period and the date the resolution is duly passed, defeated or
withdrawn,

	 	 	PROVIDED THAT any release of Shares under an Award or exercise of an Award pursuant to this
clause 7.4 shall be conditional upon the resolution being duly passed. If the resolution is
defeated or withdrawn, the Award shall be unaffected. If the Trustees release the Shares
under his Award to a Participant or a Participant exercises his Award pursuant to this
clause 7.4 he shall be entitled to share in the assets of the Company with existing holders
of the Shares in the same manner as if the Shares had been registered in his name before the
resolution was passed.
	 
	7.5	 	Subject to clauses 5 and 8, if, in the opinion of the Trustees, the Company will be affected
by any demerger, dividend in specie, special dividend or other transaction which will
adversely affect the current or future value of any Award, the Trustees may depending on the
form of the Award, acting fairly, reasonably and objectively, release the Shares available for
release under all such Awards to Participants on such event happening or allow all such Awards
to be exercised conditionally on such event happening.
	 
	7.6	 	On the commencement of any liquidation of the Company (subject to clause 7.4 and otherwise
than in connection with a compromise or arrangement as referred to in clause 7.1(b)) the Award
shall lapse.
	 
	8.	 	Extent to which Shares under an Award are available for
release or an Award is exercisable on cessation of employment, take-over and
liquidation
	 
	 	 	If pursuant to clauses 6 or 7 either:

	 	(a)	 	the Trustees may release Shares to a Participant under his Award or;

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	 	(b)	 	a Participant is permitted to exercise his Award

	 	 	the maximum number of Shares which may be released by the Trustees under his Award or over
which the Participant may exercise his Award is calculated in accordance with the following
formula (rounded down to the nearest whole Share), unless the Trustees in their absolute
discretion, having first consulted the Board, permit him to acquire a greater number of
Shares.
	 
	 	 	A x B
      C

	 	 	 	 	 
	          Where
	 	A =	 	the number of Shares originally subject to the Award;
	 
	 	 	 	 
	 
	 	B =	 	the number of completed calendar months which have elapsed from the Award Date (including the calendar month in which the Award Date falls) to: the date of cessation of employment; the time when Control is obtained under clause 7.1; or the passing of the resolution in 7.4 as the case may be; and
	 
	 	 	 	 
	 
	 	C =	 	36

	9.	 	Variations in the Share Capital of the Company
	 
	9.1	 	Subject to clause 9.2, in the event of any increase or variation of the share capital of the
Company (whenever effected) by way of capitalisation, rights issue, sub-division,
consolidation or reduction of capital or any other method, the Trustees may make such
adjustment as they consider appropriate to the number of Shares subject to any Award.
	 
	9.2	 	Any adjustment under clause 9.1 shall be subject to the Auditors confirming that such
adjustment is in their opinion fair and reasonable.
	 
	9.3	 	The Trustees shall give notice in writing to a Participant of any adjustment made pursuant to
clause 9.1 as soon as practicable following the making of such adjustment. The Trustees shall
be entitled to call in the deed evidencing the grant of an Award affected by such adjustment
for endorsement or replacement as they may consider appropriate.
	 
	10.	 	Administration of the Plan
	 
	10.1	 	The Plan shall be administered by the Trustees whose decision on any matter connected with
the Plan shall be final and binding.
	 
	10.2	 	The Trustees shall determine any dispute about the rights and obligations of any person under
the Plan or any question concerning the construction or effect of the Plan or any other
question in connection with the Plan and their determination shall be final and binding on all
persons.
	 
	10.3	 	The Board may from time to time make recommendations to the Trustees with regard to the
making of Awards, the choice of Participants, performance conditions, Release Dates or
Exercise Periods. The Trustees shall consider all such recommendations but shall not be bound
to follow such recommendations nor shall the Trustees be required to give reasons for any
refusal to follow them.

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	11.	 	Amendment of the Plan
	 
	11.1	 	Subject to clauses 11.2 and 11.4, the Trustees, having first consulted the Board, shall at
any time be entitled to amend by resolution all or any of the provisions of the Plan.
	 
	11.2	 	Subject to:

	 	(a)	 	any adjustment made pursuant to clause 9; and
	 
	 	(b)	 	clause 11.3;

	 	 	the definitions of “Eligible Employee”, “Exercise Price” and “Target Award”, the limits in
clause 3, clause 9 and this clause 11 and the rights attaching to Shares transferred under
the Plan shall not be amended to the advantage of existing or future Participants without
the prior approval by ordinary resolution of the members of the Company in general meeting.
	 
	11.3	 	Clause 11.2 shall not apply to any amendment which:

	 	(a)	 	is necessary to take account of a change in legislation or to obtain or
maintain favourable taxation, exchange control or regulatory treatment of the Company,
any Subsidiary or any Participant; or
	 
	 	(b)	 	is a minor amendment which is necessary or desirable to benefit or facilitate
the administration of the Plan.

	11.4	 	No amendment shall be made pursuant to clause 11.1 which would prejudice the subsisting
rights of existing Participants in any manner unless it is made:

	 	(a)	 	with the prior written consent of existing Participants entitled to the release
of Shares or to exercise Awards in respect of at least three-quarters of the total
number of Shares over which Awards shall at that time be subsisting; or
	 
	 	(b)	 	by a resolution at a meeting of such Participants passed by not less than three
quarters of the Participants who attend and vote either in person or by proxy,

	 	 	and for the purposes of this clause 11.4 the Participants shall be treated as if they are
the holders of a separate class of share capital and the provisions of the articles of
association of the Company relating to class meetings shall apply mutatis mutandis.
	 
	11.5	 	Notwithstanding any other provisions of the Plan the Trustees may, in respect of Awards
granted to Eligible Employees who are or may become subject to taxation outside the United
Kingdom on their remuneration, amend the provisions to the Plan and the terms of Awards as
they consider necessary or desirable to take account of, mitigate or comply with relevant
overseas taxation, securities or exchange control laws PROVIDED THAT the terms of Awards
granted to such Eligible Employees are not overall more favourable than those of Awards
granted to other Eligible Employees.
	 
	12.	 	General Provisions
	 
	12.1	 	Terms of office or employment
	 
	 	 	The rights and obligations of any Participant under the terms of his office or employment
with any member of the Group shall not be affected by his participation in the Plan or any
right which he may have to participate in it. The Plan shall not entitle a Participant to
any right to continued employment or any additional right to compensation in consequence of
the termination of his employment.

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	12.2	 	Tax and other similar liabilities
	 
	 	 	Any liability of a Participant to taxation or social security contributions or similar
liabilities in respect of an Award shall be for the account of the relevant Participant.
The Trustees may make an Award and the transfer of Shares pursuant to it conditional on the
Participant complying with arrangements specified by the Trustees for the payment of any
taxation, employee’s social security contributions or employer’s social security obligations
(including, without limitation, the deduction of taxation at source).
	 
	12.3	 	Auditors as experts
	 
	 	 	In any matter in which they are required to act under the Plan, the Auditors shall be deemed
to be acting as experts and not as arbitrators.
	 
	12.4	 	Notices
	 
	 	 	Any notice or other communication under or in connection with the Plan may be given by
personal delivery electronically or by sending the same by post in the case of a company to
its registered office, in the case of the Trustees, to their registered address and in the
case of an individual to his last known address, or, where he is a director or employee of
any member of the Group, either to his last known address or to the address of the place of
business at which he performs the whole or substantially the whole of the duties of his
office or employment. Where a notice or other communication is given by first-class post,
it shall be deemed to have been received 48 hours after it was put into the post properly
addressed and stamped.
	 
	12.5	 	Regulation
	 
	 	 	Every Award shall be subject to the condition that no Shares shall be released to or
transferred to a Participant following the release of Shares under Award or the exercise of
an Award if such release or transfer would be contrary to any enactment or regulation for
the time being in force of the United Kingdom or any other country having jurisdiction in
relation thereto. The Trustees shall not be bound to take any action to obtain the consent
of any government or authority to such transfer or to take any action to ensure that any
such transfer shall be in accordance with any enactment or regulation if such action could
in the opinion of the Trustees be unduly onerous.
	 
	12.6	 	Data Protection provisions

	 	(a)	 	The Company and the Trustees will store and process information about a
Participant on their computers and in other ways. By “information about a Participant”
the Company and the Trustees mean personal information they have obtained from the
Participant, the Group employing company and any other Group companies or other
organisations in anticipation of a Participant’s participation in the Plan and during
the term of the Plan.
	 
	 	(b)	 	The Company and the Trustees will use information about a Participant to manage
and administer the Plan, give the Participant information about the Plan
and his Award, to develop and improve their services to the Participant and other
customers and to protect their interests. The Trustees agrees to apply the same
levels of protection to information about a Participant as the Company is required
to apply in the UK.
	 
	 	(c)	 	The Company and the Trustees may give information about a Participant and his
participation in the Plan to the following:

	 	(i)	 	a Participant’s Group employing company and it agents or
service providers where disclosure is necessary to enable the Company or the

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	 	 	 	Trustees to discharge their duties and obligations in the management and
administration of the Plan (including any disclosure of information as may be
necessary to enable the Group employing company to comply with the requirements
of any relevant tax, social security or other governmental authority). (For the
purposes of this clause “Group employing company” includes any company or other
entity of the Group which may become the Participant’s employer during the term
of the Plan and any other company or entity which has a duty to comply with any
requirements imposed any relevant tax, social security or other governmental
authority in connection with his participation in the Plan.)
	 
	 	(ii)	 	people who provide a service to the Company or the Trustees or
are acting as their agents on the understanding that they will keep the
information confidential.
	 
	 	(iii)	 	anyone to whom the Company or the Trustees transfers or may
transfer its rights and duties under the Plan.
	 
	 	(iv)	 	where the Company or the Trustees has a duty to do so or if the
law allows the Company or the Trustees to do so (including any relevant tax,
social security or other governmental authority)

	 	 	 	Otherwise the Company and the Trustees will keep information about a Participant
confidential.
	 
	 	(d)	 	If the Company or the Trustees transfer your information about a Participant to
a service provider or agent in another country, they will procure that the service
provider or agent agrees to apply the same levels of protection as the Company and the
Trustees are required to apply in the UK and other EU jurisdictions and to use
information about a Participant only for the purpose of providing the service to the
Company or the Trustees.

	12.7	 	Governing law
	 
	 	 	The Plan shall be governed and construed in accordance with English law.

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Appendix 

Appendix to the Plan for the grant of provisional allocations

Effect and Purpose

This Appendix shall take effect as if the rules of the Plan were set out herein as modified to
apply to an Award in the form of the provisional allocation granted under clause 2.1(a) of the
Plan.

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Barclays PLC

Appendix to the

Rules

of the

Barclays PLC

Performance Share Plan

applicable to the grant of provisional allocations

under clause 2.1(a) of the Plan

 

 

contents

	 	 	 	 	 	 	 
	Clause	 	 	 	Page No	 
	1.
	 	Definitions and Interpretation	 	 	21	 
	 

	2.
	 	Grant of Awards	 	 	23	 
	 

	3.
	 	Dividends	 	 	24	 
	 

	4.
	 	Limitations on Awards	 	 	24	 
	 

	5.
	 	Release of Shares and Release of Shares on the Release Date	 	 	25	 
	 

	6.
	 	Manner of Release of Shares and rights of a Participant on release	 	 	26	 
	 

	7.
	 	Limitation on Release of Shares	 	 	27	 
	 

	8.
	 	Release of Shares on cessation of employment	 	 	27	 
	 

	9.
	 	Take-over and Liquidation	 	 	28	 
	 

	10.
	 	Extent to which Shares under an Award may be available for release on cessation of employment, take-over and liquidation	 	 	29	 
	 

	11.
	 	Variations in the Share Capital of the Company	 	 	29	 
	 

	12.
	 	Administration of the Plan	 	 	30	 
	 

	13.
	 	Amendment of the Plan	 	 	30	 
	 

	14.
	 	General Provisions	 	 	31	 

 

 

Appendix to the Rules of the Barclays PLC Performance share Plan applicable to

the grant of provisional allocations under clause 2.1(a) of the Plan

	13.	 	Definitions and Interpretation
	 
	13.1	 	In the Plan:
	 
	 	 	“Adoption Date” means 28 April 2005;
	 
	 	 	“Announcement Date” means the date on which the Company announces its annual, half yearly
or, if relevant, quarterly results in any year within the Operative Period;
	 
	 	 	“Any Other Executive Plan” means any employees’ share scheme approved by the members of the
Company in general meeting other than the Plan which provides for the acquisition of or
subscription for shares in the Company by or on behalf of selected employees and/or
directors and which is not linked to an SAYE contract;
	 
	 	 	“Any Other Plan” means any employees’ share scheme approved by the Company in general
meeting other than the Plan which provides for the acquisition of or subscription for shares
in the Company by or on behalf of employees and/or directors;
	 
	 	 	“Auditors” means the auditors for the time being of the Company or such other independent,
suitably qualified person as the Trustees may from time to time nominate;
	 
	 	 	“Award” means a provisional allocation of Shares granted pursuant to clause 14.1(a) the Plan
and “awarded” shall be construed accordingly;
	 
	 	 	“Award Date” means in relation to an Award the date specified as such by the Trustees in the
Award Letter;
	 
	 	 	“Award Letter” means a letter containing the information specified in clause 2.2 in such
form as may be prescribed from time to time by the Trustees, sent by the Trustees to a
Participant informing the Participant of the grant of an Award to him;
	 
	 	 	“BGI” means Barclays Global Investors UK Holdings Limited;
	 
	 	 	“BGI Plan” means the Barclays Global Investors Equity Ownership Plan adopted by the Company
on 26 April 2000;
	 
	 	 	“BGI Shares” means “A” Ordinary Shares in the capital of BGI;
	 
	 	 	“Barclays Bank” means Barclays Bank PLC;
	 
	 	 	“Board” means the board of directors for the time being of the Company or a duly appointed
committee thereof PROVIDED THAT if any person obtains Control of the Company, the Board or
the relevant committee as appropriate shall mean the members of the Board or such committee
as the case may be immediately before such Control is obtained;
	 
	 	 	“Company” means Barclays PLC (registered no. 48839);
	 
	 	 	“Control” means control of a company within the meaning of section 840 of the Income and
Corporation Taxes Act 1988 and a person shall be deemed to have control of a company if he
and others acting in concert with him have together obtained control of a company within
such meaning;
	 
	 	 	“Dealing Day” means a day on which transactions take place on the London Stock Exchange;

 

 

	 	 	“Eligible Employee” means an employee of any member of the Group, including such an employee
who is also an executive director;
	 
	 	 	“Grant Period” means the period of:

	 	(a)	 	three months following the Adoption Date; and
	 
	 	(b)	 	42 Dealing Days following:

	 	(i)	 	the Dealing Day immediately following an Announcement Date
PROVIDED THAT if the Trustees or any Eligible Employees are restricted by
statute, order, regulation or otherwise (including a restriction resulting from
the application of the Model Code for transactions in securities by directors
or any comparable code adopted by the Company) from granting or in the case of
Eligible Employees receiving Awards within such period, the Trustees may grant
Awards within the period of 42 Dealing Days after the lifting of such
restrictions;
	 
	 	(ii)	 	any date on which changes to the legislation affecting
executive share award plans (not being savings-related share option plans) is
announced or made; or
	 
	 	(iii)	 	any time when the Trustees, having first consulted the Board,
resolve that exceptional circumstances exist which justify the grant of Awards;

	 	 	“Group” means the Company and all of its Subsidiaries and the expression “member of the
Group” shall be construed accordingly;
	 
	 	 	“London Stock Exchange” means the London Stock Exchange plc;
	 
	 	 	“Operative Period” means the period of ten years commencing on the Adoption Date;
	 
	 	 	“Participant” means an Eligible Employee who has been granted an Award or, where applicable,
his personal representative;
	 
	 	 	“Plan” means the Barclays PLC Performance Share Plan approved by shareholders on the
Adoption Date and as constituted by its rules;
	 
	 	 	“Release Date” means the date (or dates) specified in an Award Letter being a date (or
dates) which is at least three years from the Award Date unless the Trustees determine
otherwise on or after which Shares awarded to a Participant may in the absolute discretion
of the Trustees be released to a Participant;
	 
	 	 	“Retirement Date” means the earliest date on which or age at which an Eligible Employee can
be required to retire by any member of the Group;
	 
	 	 	“Shares” means ordinary shares in the capital of the Company (or such other class of shares
as may represent the same as a result of any reorganisation, reconstruction or other
variation of the share capital of the Company to which the provisions of the Plan may apply
from time to time) PROVIDED THAT if such shares under an Award are to be released at any
time when the Trustees do not hold such shares in the Company as a result of a corporate
event described in clause 7, references to “Shares” in clauses 15, and 17 to 8 inclusive
shall include any consideration received by the Trustees for any such shares under an Award
which may otherwise have been released;
	 
	 	 	“Subsidiary” means any company over which for the time being the Company has Control and
which is a subsidiary of the Company within the meaning of section 736 of the Companies Act
1985;

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	 	 	“Target Award” means the expected value of an Award determined by the Trustees for the
purposes of granting an Award to an Eligible Employee who they have selected in their
absolute discretion to participate in the Plan PROVIDED THAT such expected value shall be:

	 	(a)	 	based on market competitive practice for comparable positions differentiated to
reflect individual performance; and
	 
	 	(b)	 	used by the Trustees having first consulted the Board to determine:

	 	(i)	 	the objective performance measures applicable to the release of
Shares under the Award; and
	 
	 	(ii)	 	the maximum number of Shares over which the Award may be
granted;

	 	 	“Trust” means the Barclays Group (PSP) Employees’ Benefit Trust established by the Trust
Deed;
	 
	 	 	“Trust Deed” means the trust deed made between Barclays Bank (1) and Mourant & Co Trustees
Limited (2) on 5 August 1996 as amended from time to time;
	 
	 	 	“Trustees” means the trustee or trustees for the time being of the Trust; and
	 
	 	 	“UK Listing Authority” means the UK Listing Authority within the meaning given to that
expression in the Listing Rules made by the Financial Services Authority pursuant to its
appointment as the relevant competent authority under the Official Listing of Securities
(Change of Competent Authority) Regulations 2000.
	 
	13.2	 	Any reference in the Plan to a statutory provision shall include a reference to that
provision as amended or re-enacted from time to time. Where the context permits the singular
shall include the plural and vice versa and the masculine gender shall include the feminine.
	 
	13.3	 	If there is any conflict between the provisions of the Trust Deed and the provisions of the
Plan, the provisions of the Trust Deed shall prevail.
	 
	14.	 	Grant of Awards
	 
	14.1	 	Subject to the limitations specified in this clause 2 and in clause 3, the Trustees may in
their absolute discretion having first consulted the Board during any Grant Period grant any
Eligible Employee an Award in accordance with the rules of the Plan or on such other terms and
conditions as the Trustees may determine.
	 
	14.2	 	The Trustees shall as soon as reasonably practicable on or after the Award Date notify the
Eligible Employee of the grant of the Award in writing in an Award Letter. The Award Letter
shall specify:

	 	(a)	 	the number of Shares in respect of which the Award is granted or the formula by
which such number may be found;
	 
	 	(b)	 	the Award Date;
	 
	 	(c)	 	the Release Date; and
	 
	 	(d)	 	any performance conditions imposed by the Trustees for the purpose of clause 17
which must be satisfied before the Trustees may consider releasing Shares under an
Award to the Participant.

	14.3	 	The grant of an Award shall not in any circumstances whatsoever:

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	 	(a)	 	constitute the acquisition by a Participant of an interest in the Shares
awarded to him, or the acquisition of a right to acquire the Shares awarded to him; or
	 
	 	(b)	 	entitle a Participant to claim any interest in the Trust Fund or to compel the
Trustees to pay or apply any of the capital or income comprised in the Trust Fund to or
for the benefit of a Participant.

	14.4	 	Until their release on the Release Date, a Participant shall have no interest in the Shares
subject to his Award. A Participant shall not be entitled to any dividends or other
distributions made in respect of the Shares awarded to him. A Participant shall have no right
to vote in respect of the Shares subject to his Award, unless and until Shares under his Award
are released to him. There shall be no consideration payable for the grant of an Award.
	 
	14.5	 	No Award shall be granted under the Plan after the expiry of the Operative Period.
	 
	15.	 	Dividends
	 
	15.1	 	The Trustees may, in their absolute discretion, apply any dividends (net of any tax payable
in respect of such dividends by the Trustees) which they receive in respect of any Shares
which are available for release under any Award to purchase further Shares.
	 
	15.2	 	The Trustees may in their absolute discretion release such further Shares acquired pursuant
to paragraph 3.1 (or Shares received by the Trustees as a result of the Trustees electing to
receive any scrip dividend offered by Barclays) to a Participant at the same time as the
release of any Shares available for release on the Release Date.
	 
	16.	 	Limitations on Awards
	 
	16.1	 	No Shares shall be issued to the Trustees to be held for the purposes of the Plan if this
will result in the number of Shares which have been issued to the Trustees for such purposes
during the previous ten years when aggregated with any other Shares issued or capable of being
issued by way of subscription out of profits and with any other Shares issued or capable of
being issued by way of subscription on the release of Shares awarded or exercise of options
granted during the previous ten years under:

	 	(a)	 	Any Other Plan exceeding ten per cent of the Company’s ordinary share capital
then in issue; and
	 
	 	(b)	 	Any Other Executive Plan exceeding five per cent of the amount of the Company’s
ordinary share capital then in issue.

	 	 	PROVIDED THAT for the purpose of applying the limits set out in clauses 3.13.1(a) and 3.1(b)
the number of Shares which may be issued to the Trustees to be held for the purposes of the
Plan shall be reduced by the number of notional Shares determined by the Board in the manner
set out in clause 3.2.
	 
	16.2	 	For the purposes of the proviso to clause 3.1:

	 	(a)	 	the Board shall compute the number of BGI Shares which have been acquired on
exercise of options granted under the BGI Plan in the relevant period or in respect of
which options under the BGI Plan are currently outstanding (less any BGI Shares issued
on the exercise of options granted under the BGI Plan but subsequently purchased by
Barclays Bank or any other member of the Group); and
	 
	 	(b)	 	the Board shall subject to such adjustment or variation as the Board shall in
its absolute discretion consider appropriate convert such BGI Shares into a number

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	 	of notional Shares by the application
          in relation to each such acquisition of or grant of options over, BGI
          Shares of the formula:
	 	 	 	 
	 	A x B	=   	D where:
	 	C	 	 
	 	 	 	 
	 	A	is the number of BGI Shares acquired by or under option
          to each relevant employee;
	 	 	 	 
	 	B 	is the price per BGI Share at which such employee acquired
          or may acquire such number of BGI Shares;
	 	 	 	 
	 	C	is if and for so long as the Shares are admitted to the
          Official List of the UK Listing Authority the greater of the market
          value of a Share:
	 	 	 	 
	 	 	(a)	on the date of grant of such options; and
	 	 	 	 
	 	 	(b)	on the date of any determination by the Board for the purposes of
          this clause 3.2,
	 	 	 	 
	 	 	calculated by the Board by reference to the middle-market
          quotations of a Share as derived from the Daily Official List of the
          UK Listing Authority or if the Shares are not so admitted on such other
          basis as the Board shall determine in its absolute discretion;
	 	 	 	 
	 	D	is the number of notional Shares represented by the BGI
          Shares acquired in the relevant period or in respect of which options
          are currently outstanding under the BGI Plan for the purposes of the
          proviso to clause 3.1.

	16.3	 	No Award shall be granted to an Eligible Employee under the Plan if as a result the Target
Award for that Award when aggregated with the Target Award for any other Award granted to such
Eligible Employee in the same financial year of the Company would exceed the higher of 150% of
such Eligible Employee’s base salary or 75% of such Eligible Employee’s base salary plus
target bonus and where relevant, target bonus shall be determined for these purposes by the
Trustees in their absolute discretion having first consulted the Board.
	 
	17.	 	Release of Shares and Release of Shares on the Release Date
	 
	17.1	 	Subject to clauses 17.4 and 17.5, the Trustees shall on any Release Date if either a
Participant ceases to be employed by a member of the Group as described in clause 5 or there
is a corporate event as described in clause 20, determine in their absolute discretion having
first consulted the Board whether or not:

	 	(a)	 	in relation to clauses 3.2 and 20 only the Participant is an employee of the
Barclays Group; and
	 
	 	(b)	 	any performance conditions set when the Award was granted pursuant to clause
2.2 (or such other performance condition which may be set from time to time by the
Trustees after consultation with the Board) have been satisfied PROVIDED THAT the
Trustees may in their absolute discretion having consulted the Board waive such
performance conditions if they consider in their absolute discretion that there are
exceptional circumstances which would justify such a waiver.

	17.2	 	Subject to clauses 17.4 and 17.5, if the Trustees determine on any Release Date that clauses
17.1(a) and, if relevant, (b) are satisfied, the Trustees may in their absolute

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	 	 	discretion release to the Participant in accordance with clause 6 the number of Shares specified in the
Award Letter as available for release to the Participant on or as soon as reasonably
practicable after the relevant Release Date, including any Shares acquired by the Trustees as
described in clause 15.
	 
	17.3	 	Subject to clauses 17.4 and 17.5, if the Trustees determine on any Release Date that clauses
17.1(a) and if relevant (b) are not satisfied, the Trustees may in their absolute discretion
release to the Participant in accordance with clause 6:

	 	(a)	 	the number of Shares specified as available for release to the Participant on
or after the Release Date together with any Shares acquired by the Trustees pursuant to
clause 15; or
	 
	 	(b)	 	a lower number of such Shares; or
	 
	 	(c)	 	no Shares at all.

	17.4	 	If the Trustees or a Participant are restricted by statute, order, regulation or otherwise
(including a restriction resulting from the application of the Model Code for transactions in
securities by directors or any comparable code adopted by the Company) from releasing or
receiving Shares the Trustees shall only consider the release of Shares to a Participant on or
within one month after the lifting of such restrictions;
	 
	17.5	 	Notwithstanding anything in the Plan to the contrary Shares under Award shall be actually or
constructively received by a Participant by the later of:

	 	(a)	 	the date that is 21/2 months from the end of the Participant’s first taxable year
in which Trustees determine in their absolute discretion to release Shares under an
Award to the Participant; or
	 
	 	(b)	 	the date that is 21/2 months from the end of the Company’s first taxable year in
which the Trustees determine in their absolute discretion to release Shares under an
Award to the Participant.

	18.	 	Manner of Release of Shares and rights of a Participant on release
	 
	18.1	 	If the Trustees determine that Shares shall be released to a Participant pursuant to clauses
17, 20 or 7, the Trustees shall as soon as reasonably practicable release to a Participant the
number of Shares available for release under the Award determined in accordance with clauses
17, 6, 7 and 8 in such form and manner as the Trustees shall from time to time prescribe in
which case:

	 	(a)	 	the Trustees shall inform the Participant of the release of Shares to him
within 28 days of such release; and
	 
	 	(b)	 	the Participant shall from the date of such determination become beneficially
entitled to such Shares and shall have the right to receive all dividends paid to the
Trustees on such Shares on or after their release (net of any tax payable on such
dividends by the Trustees) and the right to direct the Trustees as to voting in respect
of such Shares and the Trustees shall vote in accordance with any such instructions.

	 	 	PROVIDED THAT:

	 	(a)	 	if the Trustees so require, the Participant shall enter into an election to be
made jointly with his Employing Company pursuant to section 431 of the Income Tax
(Earnings and Pensions) Act 2003 for the Shares to be treated as if they are not
restricted securities for the purposes of Chapter 2, Part 7, Income Tax (Earnings
and Pensions) Act 2003;

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	 	(b)	 	subject to clause 4.3, the Participant shall pay in such manner as the Trustees
may from time to time prescribe any such additional amount of which the Trustees may
notify the Participant in respect of any deduction on account of tax or similar
liabilities as may be required by law which may arise on the release of Shares to him;
and
	 
	 	(c)	 	any Shares which are not so released shall cease to be available for release.

	18.2	 	The Trustees may sell, or procure the sale of, such number of Shares which have been released
to a Participant or in respect of which his Award is exercised to meet any obligation of the
Trustees, any member of the Group or any other person to deduct tax or employee’s social
security contributions arising in respect of the release of Shares under his Award to the
Participant.
	 
	18.3	 	The Trustees shall within 30 days after the date of the release of Shares to a Participant
transfer or procure the transfer of the appropriate number of Shares to the Participant (or to
his nominee at the Participant’s written direction) and shall procure delivery to the
Participant (or to his nominee, as appropriate) of a definitive share certificate in respect
thereof (or such other evidence of allotment and issue as may be prescribed by the Board where
such allotment and issue is by means of a relevant system, as defined in Regulation 2(1) of
the Uncertificated Securities Regulations 2001).
	 
	19.	 	Limitation on Release of Shares
	 
	 	 	Subject to clauses 17, 6 and 7, Shares under an Award may be released to a Participant who
has ceased to be an Eligible Employee.
	 
	20.	 	Release of Shares on cessation of employment
	 
	20.1	 	Subject to clauses 17.1, 17.4, 17.5 and 8 unless Shares under an Award may be released before
its Release Date under clauses 6.2, 6.3, 20.4 and 7, Shares under an Award may only be
released on or as soon as reasonably practicable after its Release Date. Any Award in respect
of which Shares are not so released shall lapse.
	 
	20.2	 	Subject to clauses 17.1, 17.4, 17.5 and 8, if a Participant dies the Trustees may having
first consulted the Board release to the Participant’s personal representatives, his wife (or
her husband), children under the age of 18 or step-children under the age of 18 the Shares
available for release under his Award as soon as reasonably practicable after the
Participant’s death in accordance with clause 6. Any Award in respect of which Shares are not
so released shall lapse.
	 
	20.3	 	Subject to clauses 17.1, 17.4, 17.5 and 8, if a Participant ceases to be employed by the
Group by reason of:

	 	(a)	 	injury;
	 
	 	(b)	 	disability;
	 
	 	(c)	 	ill health;
	 
	 	(d)	 	dismissal for redundancy within the meaning of the Employment Rights Act 1996;
	 
	 	(e)	 	retirement on or after his Retirement Date;
	 
	 	(f)	 	the company by which he is employed ceasing to be a member of the Group; or
	 
	 	(g)	 	the undertaking in which he is employed being transferred to a transferee which
is not a member of the Group,

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	 	 	the Trustees may having first consulted the Board release to the Participant the Shares
available for release under his Award on or after the Release Date in accordance with clause
6 PROVIDED THAT if a Participant ceases to be employed by the Group before the Release Date
other than by reason of retirement on or after his Retirement Date the Trustees may in their
absolute discretion having first consulted the Board release the Shares available for
release under his Award to the Participant as soon as reasonably practicable after the date
of such cessation. Any Award in respect of which Shares are not so released shall lapse.
	 
	20.4	 	Subject to clauses 17.1, 17.4, 17.5 and 8, if a Participant ceases to be employed by the
Group for any reason other than one of the events specified in clauses 6.2 or 6.3, his Award
shall lapse unless the Trustees in their absolute discretion, having first consulted the
Board, determine otherwise in which case the Trustees may release to the Participant the
Shares available for release under his Award on or after the Release Date in accordance with
clause 18 PROVIDED THAT if a Participant ceases to be employed by the Group before the
Release Date, the Trustees may in their absolute discretion, having first consulted the Board
release the Shares available for release under his Award to the Participant as soon as
reasonably practicable after the date of such cessation. Any Award in respect of which Shares
are not so released or which is not so exercised shall lapse.
	 
	20.5	 	For the purposes of this clause 6, where a Participant’s employment is terminated without
notice or on terms in lieu of notice it shall be deemed to cease on the date on which the
termination takes effect and where such employment is terminated with notice it shall be
deemed to cease upon the date on which that notice expires.
	 
	21.	 	Take-over and Liquidation
	 
	21.1	 	Clause 21.2 shall apply:

	 	(a)	 	if any person obtains Control of the Company as a result of making:

	 	(i)	 	a general offer to acquire the whole of the issued share
capital of the Company (other than that which is already owned by such person)
made on a condition such that if it is satisfied the person making the offer
will have Control of the Company; or
	 
	 	(ii)	 	a general offer to acquire all the Shares (or such Shares as
are not already owned by such person); or

	 	(b)	 	if under section 425 of the Companies Act 1985 the Court sanctions a compromise
or arrangement between the Company and its creditors or its members which, if it
becomes effective, will result in a person obtaining Control of the Company.

	21.2	 	Subject to clauses 17.1, 17.4, 17.5 and 8, the Trustees may release the Shares available for
release under his Award to a Participant at any time during the appropriate period as defined
in clause 7.3. Any Award in respect of which Shares are not so released shall lapse.
	 
	21.3	 	The appropriate period referred to in clause 21.2 is:

	 	(a)	 	in a case falling within clause 7.1(a), a period commencing on the date when
the person making the offer has obtained Control of the Company and any condition
subject to which the offer is made is satisfied and ending on the earlier of:

	 	(i)	 	six months after such date; and

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	 	(ii)	 	30 days before the last date on which the person making the
offer is permitted to issue a notice pursuant to section 429 of the Companies
Act 1985; and

	 	(b)	 	in a case falling within clause 7.1(b), a period of six months commencing with
the date when the Court sanctions the compromise or arrangement.

	21.4	 	Subject to clauses 17.1, 17.4, 17.5 and 8, if the Company gives notice of a general meeting
to consider a resolution for the voluntary winding up of the Company (the “resolution”) the
Trustees shall release the Shares available for release under his Award to the Participant
PROVIDED THAT any release of Shares under an Award pursuant to this clause 21.4 shall be
conditional upon the resolution being duly passed. If the resolution is defeated or
withdrawn, the Award shall be unaffected. If the Trustees release the Shares under his Award
to a Participant pursuant to this clause 21.4 he shall be entitled to share in the assets of
the Company with existing holders of the Shares in the same manner as if the Shares had been
registered in his name before the resolution was passed.
	 
	21.5	 	Subject to clauses 17.1, 17.4, 17.5 and 8, if, in the opinion of the Trustees, the Company
will be affected by any demerger, dividend in specie, special dividend or other transaction
which will adversely affect the current or future value of any Award, the Trustees may
depending on the form of the Award, acting fairly, reasonably and objectively, release the
Shares available for release under all such Awards to Participants on such event happening.
	 
	21.6	 	On the commencement of any liquidation of the Company (subject to clause 21.4 and otherwise
than in connection with a compromise or arrangement as referred to in clause 7.1(b)) the Award
shall lapse.
	 
	22.	 	Extent to which Shares under an Award may be available for release on cessation of
employment, take-over and liquidation
	 
	 	 	If pursuant to clauses 20 or 7 the Trustees may release Shares to a Participant under his
Award the maximum number of Shares which may be released by the Trustees under his Award is
calculated in accordance with the following formula (rounded down to the nearest whole
Share), unless the Trustees in their absolute discretion, having first consulted the Board,
permit him to acquire a greater number of Shares.

	 	 	 	 	 	 	 
	 

	 	   A x
	 	B
	 	 
	 

	 	 	 	C	 	 

	 	 	 	 	 	 	 
	 
	 	     Where	 	A =	 	the number of Shares originally subject to the Award;
	 
	 	 	 	 	 	 
	 
	 	 	 	B =	 	the number of completed calendar months which have elapsed from the Award Date (including the calendar month in which
the Award Date falls) to: the date of cessation of employment; the time when Control is obtained under clause
7.1; or the passing of the resolution in 21.6 as the case may be; and
	 
	 	 	 	 	 	 
	 
	 	 	 	C =	 	36.

	23.	 	Variations in the Share Capital of the Company
	 
	23.1	 	Subject to clause 9.2, in the event of any increase or variation of the share capital of the
Company (whenever effected) by way of capitalisation, rights issue, sub-division,

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	 	 	consolidation or reduction of capital or any other method, the Trustees may make such
adjustment as they consider appropriate to the number of Shares subject to any Award.
	 
	23.2	 	Any adjustment under clause 9.1 shall be subject to the Auditors confirming that such
adjustment is in their opinion fair and reasonable.
	 
	23.3	 	The Trustees shall give notice in writing to a Participant of any adjustment made pursuant to
clause 9.1 as soon as practicable following the making of such adjustment. The Trustees shall
be entitled to call in the deed evidencing the grant of an Award affected by such adjustment
for endorsement or replacement as they may consider appropriate.
	 
	24.	 	Administration of the Plan
	 
	24.1	 	The Plan shall be administered by the Trustees whose decision on any matter connected with
the Plan shall be final and binding.
	 
	24.2	 	The Trustees shall determine any dispute about the rights and obligations of any person under
the Plan or any question concerning the construction or effect of the Plan or any other
question in connection with the Plan and their determination shall be final and binding on all
persons.
	 
	24.3	 	The Board may from time to time make recommendations to the Trustees with regard to the
making of Awards, the choice of Participants, performance conditions or Release Dates. The
Trustees shall consider all such recommendations but shall not be bound to follow such
recommendations nor shall the Trustees be required to give reasons for any refusal to follow
them.
	 
	25.	 	Amendment of the Plan
	 
	25.1	 	Subject to clause 11.2, the Trustees, having first consulted the Board, shall at any time be
entitled to amend by resolution all or any of the provisions of the Plan.
	 
	25.2	 	Subject to:

	 	(a)	 	any adjustment made pursuant to clause 9; and
	 
	 	(b)	 	clause 11.3;

	 	 	the definitions of “Eligible Employee” and “Target Award”, the limits in clause 3, clause 9
and this clause 11 and the rights attaching to Shares transferred under the Plan shall not
be amended to the advantage of existing or future Participants without the prior approval by
ordinary resolution of the members of the Company in general meeting.
	 
	25.3	 	Clause 11.2 shall not apply to any amendment which:

	 	(a)	 	is necessary to take account of a change in legislation or to obtain or
maintain favourable taxation, exchange control or regulatory treatment of the Company,
any Subsidiary or any Participant; or
	 
	 	(b)	 	is a minor amendment which is necessary or desirable to benefit or facilitate
the administration of the Plan.

	25.4	 	Notwithstanding any other provisions of the Plan the Trustees may, in respect of Awards
granted to Eligible Employees who are or may become subject to taxation outside the United
Kingdom on their remuneration, amend the provisions to the Plan and the terms of Awards as
they consider necessary or desirable to take account of, mitigate or comply with relevant
overseas taxation, securities or exchange control laws PROVIDED THAT

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	 	 	the terms of Awards
granted to such Eligible Employees are not overall more favourable than those of Awards
granted to other Eligible Employees.
	 
	26.	 	General Provisions
	 
	26.1	 	Terms of office or employment
	 
	 	 	The rights and obligations of any Participant under the terms of his
office or employment with any member of the Group shall not be
affected by his participation in the Plan or any right which he may
have to participate in it. The Plan shall not entitle a Participant
to any right to continued employment or any additional right to
compensation in consequence of the termination of his employment.
	 
	26.2	 	Tax and other similar liabilities
	 
	 	 	Any liability of a Participant to taxation or social security
contributions or similar liabilities in respect of an Award shall be
for the account of the relevant Participant. The Trustees may make
an Award and the transfer of Shares pursuant to it conditional on the
Participant complying with arrangements specified by the Trustees for
the payment of any taxation, employee’s social security contributions
or employer’s social security obligations (including, without
limitation, the deduction of taxation at source).
	 
	26.3	 	Auditors as experts
	 
	 	 	In any matter in which they are required to act under the Plan, the
Auditors shall be deemed to be acting as experts and not as
arbitrators.
	 
	26.4	 	Notices
	 
	 	 	Any notice or other communication under or in connection with the
Plan may be given by personal delivery, electronically or by sending
the same by post in the case of a company to its registered office,
in the case of the Trustees, to their registered address and in the
case of an individual to his last known address, or, where he is a
director or employee of any member of the Group, either to his last
known address or to the address of the place of business at which he
performs the whole or substantially the whole of the duties of his
office or employment. Where a notice or other communication is given
by first-class post, it shall be deemed to have been received 48
hours after it was put into the post properly addressed and stamped.
	 
	26.5	 	Regulation
	 
	 	 	Every Award shall be subject to the condition that no Shares shall be
released to or transferred to a Participant following the release of
Shares under Award if such release or transfer would be contrary to
any enactment or regulation for the time being in force of the United
Kingdom or any other country having jurisdiction in relation thereto. The Trustees shall not be bound to take any action to obtain the
consent of any government or authority to such transfer or to take
any action to ensure that any such transfer shall be in accordance
with any enactment or regulation if such action could in the opinion
of the Trustees be unduly onerous.
	 
	26.6	 	Data Protection provisions

	 	(a)	 	The Company and the Trustees will store and process information about a
Participant on their computers and in other ways. By “information about a Participant”
the Company and the Trustees mean personal information they have obtained from the
Participant, the Group employing company and any other Group companies or other
organisations in anticipation of a Participant’s participation in the Plan and during
the term of the Plan.

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	 	(b)	 	The Company and the Trustees will use information about a Participant to manage
and administer the Plan, give the Participant information about the Plan and his Award,
to develop and improve their services to the Participant and other customers and to
protect their interests. The Trustees agrees to apply the same levels of protection to
information about a Participant as the Company is required to apply in the UK.
	 
	 	(c)	 	The Company and the Trustees may give information about a Participant and his
participation in the Plan to the following:

	 	(i)	 	a Participant’s Group employing company and it agents or
service providers where disclosure is necessary to enable the Company or the
Trustees to discharge their duties and obligations in the management and
administration of the Plan (including any disclosure of information as may be
necessary to enable the Group employing company to comply with the requirements
of any relevant tax, social security or other governmental authority). (For the
purposes of this clause “Group employing company” includes any company or other
entity of the Group who may become the Participant’s employer during the term
of the Plan and any other company or entity which has a duty to comply with any
requirements imposed any relevant tax, social security or other governmental
authority in connection with his participation in the Plan.)
	 
	 	(ii)	 	people who provide a service to the Company or the Trustees or
are acting as their agents on the understanding that they will keep the
information confidential.
	 
	 	(iii)	 	anyone to whom the Company or the Trustees transfers or may
transfer its rights and duties under the Plan.
	 
	 	(iv)	 	where the Company or the Trustees has a duty to do so or if the
law allows the Company or the Trustees to do so (including any relevant tax,
social security or other governmental authority)

	 	 	 	Otherwise the Company and the Trustees will keep information about a Participant
confidential.
	 
	 	(d)	 	If the Company or the Trustees transfer information about a Participant to a
service provider or agent in another country, they will procure that the service
provider or agent agrees to apply the same levels of protection as the Company and the
Trustees are required to apply in the UK and other EU jurisdictions and to use
information about a Participant only for the purpose of providing the service to the
Company or the Trustees.

	26.7	 	Governing Law
	 
	 	 	The Plan shall be governed and construed in accordance with English law.

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