Document:

Guarantee Agreement with respect to the Trust Preferred Securities

 Exhibit 4.5 
 EXECUTION VERSION 
  
  
 TRUST PREFERRED SECURITIES
GUARANTEE AGREEMENT 
 The PNC Financial Services Group, Inc. 
 (as Guarantor) 
 and 
 The Bank of New York 
 (as Trust
Preferred Guarantee Trustee) 
 Dated as of February 13, 2008 
  
  
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	ARTICLE I DEFINITIONS AND INTERPRETATION	  	
			
	 SECTION 1.1
	 	Definitions and Interpretation	  	1
		
	ARTICLE II TRUST INDENTURE ACT	  	
			
	 SECTION 2.1
	 	Trust Indenture Act; Application	  	4
	 SECTION 2.2
	 	Lists of Holders of Securities	  	4
	 SECTION 2.3
	 	Reports by the Trust Preferred Guarantee Trustee	  	5
	 SECTION 2.4
	 	Periodic Reports to Trust Preferred Guarantee Trustee	  	5
	 SECTION 2.5
	 	Evidence of Compliance with Conditions Precedent	  	5
	 SECTION 2.6
	 	Compliance Certificate and Opinions	  	6
	 SECTION 2.7
	 	Events of Default; Waiver	  	6
	 SECTION 2.8
	 	Event of Default; Notice	  	6
	 SECTION 2.9
	 	Conflicting Interests	  	7
		
	ARTICLE III POWERS, DUTIES AND RIGHTS OF TRUST PREFERRED GUARANTEE TRUSTEE	  	
			
	 SECTION 3.1
	 	Powers and Duties of the Trust Preferred Guarantee Trustee	  	7
	 SECTION 3.2
	 	Certain Rights of Trust Preferred Guarantee Trustee	  	9
	 SECTION 3.3
	 	Not Responsible for Recitals or Issuance of Guarantee	  	11
		
	ARTICLE IV TRUST PREFERRED GUARANTEE TRUSTEE	  	
			
	 SECTION 4.1
	 	Trust Preferred Guarantee Trustee; Eligibility	  	11
	 SECTION 4.2
	 	Resignation and Removal; Appointment of Successor	  	11
	 SECTION 4.3
	 	Acceptance of Appointment by Successor	  	13
	 SECTION 4.4
	 	Merger, Conversion, Consolidation or Succession to Business	  	13
		
	ARTICLE V GUARANTEE	  	
			
	 SECTION 5.1
	 	Guarantee	  	14
	 SECTION 5.2
	 	Waiver of Notice and Demand	  	14
	 SECTION 5.3
	 	Obligations Not Affected	  	14
	 SECTION 5.4
	 	Rights of Holders	  	15
	 SECTION 5.5
	 	Guarantee of Payment	  	15
	 SECTION 5.6
	 	Subrogation	  	15
	 SECTION 5.7
	 	Independent Obligations	  	16
		
	ARTICLE VI LIMITATION OF TRANSACTIONS; SUBORDINATION	  	
			
	 SECTION 6.1
	 	Subordination	  	16
	 SECTION 6.2
	 	Pari Passu Guarantees	  	16
		
	ARTICLE VII TERMINATION	  	
			
	 SECTION 7.1
	 	Termination	  	16

  

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	ARTICLE VIII COMPENSATION AND INDEMNIFICATION	  	
			
	 SECTION 8.1
	 	Exculpation	  	17
	 SECTION 8.2
	 	Compensation, Reimbursement and Indemnification	  	17
		
	ARTICLE IX MISCELLANEOUS	  	
			
	 SECTION 9.1
	 	Successors and Assigns	  	18
	 SECTION 9.2
	 	Amendments	  	18
	 SECTION 9.3
	 	Notices	  	18
	 SECTION 9.4
	 	Benefit	  	19
	 SECTION 9.5
	 	Separability Clause	  	19
	 SECTION 9.6
	 	Governing Law	  	17

  

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 TRUST PREFERRED SECURITIES GUARANTEE AGREEMENT 
 This GUARANTEE AGREEMENT (the “Trust Preferred Securities Guarantee”), dated as of February 13, 2008, is executed and delivered by The PNC
Financial Services Group, Inc., a Pennsylvania corporation, and The Bank of New York, a New York corporation as trustee, for the benefit of the Holders (as defined herein) from time to time of the Trust Preferred Securities (as defined herein) of
PNC Capital Trust E, a Delaware statutory trust (the “Trust”). 
 WHEREAS,
pursuant to the Second Amended and Restated Declaration of Trust (the “Declaration”), dated as of February 13, 2008, among the trustees of the Trust named therein, the Guarantor, as sponsor, and the holders from time to time of
preferred undivided beneficial interests in the assets of the Trust, the Trust is issuing on the date hereof 18,000,000 trust preferred securities, having an aggregate liquidation amount of $450,000,000, designated the 7  3/4% Trust Preferred Securities (the “Trust Preferred Securities”); 
 WHEREAS, as incentive for the Holders to purchase the Trust Preferred Securities, the Guarantor desires irrevocably and unconditionally to agree, to the
extent set forth in this Trust Preferred Securities Guarantee, to pay to the Holders the Guarantee Payments (as defined herein) and to make certain other payments on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the purchase by each Holder of Trust Preferred Securities, which purchase the Guarantor hereby agrees shall benefit
the Guarantor, the Guarantor executes and delivers this Trust Preferred Securities Guarantee for the benefit of the Holders. 
 ARTICLE I

 DEFINITIONS AND INTERPRETATION 
 SECTION 1.1 Definitions and Interpretation 
 In this Trust Preferred Securities Guarantee, unless the context otherwise
requires: 
 (a) Capitalized terms used in this Trust Preferred Securities Guarantee but not defined in the preamble above
have the respective meanings assigned to them in this Section 1.1; 
 (b) a term defined anywhere in this Trust Preferred
Securities Guarantee has the same meaning throughout; 
 (c) all references to “the Trust Preferred Securities
Guarantee” or “this Trust Preferred Securities Guarantee” are to this Trust Preferred Securities Guarantee as modified, supplemented or amended from time to time; 
 (d) all references in this Trust Preferred Securities Guarantee to Articles and Sections are to Articles and Sections of this Trust
Preferred Securities Guarantee, unless otherwise specified; 
 (e) a term defined in the Trust Indenture Act has the same
meaning when used in this Trust Preferred Securities Guarantee, unless otherwise defined in this Trust Preferred Securities Guarantee or unless the context otherwise requires; and 
 (f) a reference to the singular includes the plural and vice versa. 
  

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 “Act” by any Holder means any instrument or instruments (and the action embodied therein and
evidenced thereby) embodying or evidencing any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by the Indenture to be given or taken by Holders signed by such Holders in person or by an agent
duly appointed in writing. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Guarantee and (subject to Section 3.1) conclusive in favor of the Trust Preferred
Guarantee Trustee and the Guarantor, if made in the manner provided in Section 1.04 of the Indenture. 
 “Affiliate” of any
specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any
specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 
 “Board of Directors” means either the board of directors of
the Guarantor or any committee of that board duly authorized to act hereunder. 
 “Board Resolution” means a copy of a resolution
certified by the Secretary or an Assistant Secretary of the Guarantor to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trust Preferred Guarantee Trustee.

 “Business Day” means any day other than a Saturday, Sunday or any other day on which banking institutions in the City of New
York, New York, the City of Pittsburgh, Pennsylvania, the Commonwealth of Pennsylvania or the City of Wilmington, Delaware are authorized or obligated by any applicable law, regulation or executive order to close. 
 “Commission” means the Securities and Exchange Commission as from time to time constituted, created under the Securities and Exchange Act of
1934, as amended, or, if at any time after the execution of this Trust Preferred Securities Guarantee such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at
such time. 
 “Corporate Trust Office” means the principal office of the Trust Preferred Guarantee Trustee at which at any
particular time its corporate trust business shall be administered, which on the date hereof is located at 101 Barclay Street, Floor 8 West, New York, New York 10286. 
 “Covered Person” means any Holder or beneficial owner of Trust Preferred Securities. 
 “JSNs” means the 7  3/4% Junior Subordinated Notes due March 15, 2068 to be issued by the Trust under the Indenture held by the Property Trustee (as defined in the Declaration). 
 “Distribution” has the meaning set forth in the Declaration. 
 “Event of Default” means (i) a default by the Guarantor of any of its payment obligations under this Trust Preferred Securities Guarantee or (ii) a default by the Guarantor in any other obligation
under this Trust Preferred Securities Guarantee that remains unremedied for 30 days. 
 “First Supplemental Indenture” means the
First Supplemental Indenture, dated as of February 13, 2008, between the Guarantor and The Bank of New York, as trustee. 
  

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 “Guarantee Payments” means the following payments or distributions, without duplication, with
respect to the Trust Preferred Securities, to the extent not paid or made by the Trust: (i) any accumulated and unpaid Distributions that are required to be paid on the Trust Preferred Securities, to the extent the Trust has funds available
therefor, (ii) the Redemption Price, when required to be paid, with respect to any Trust Preferred Securities called for redemption by the Trust, to the extent that the Trust has funds available therefor and (iii) upon a voluntary or
involuntary dissolution, winding-up or liquidation of the Trust (other than in connection with the distribution of JSNs to the Holders in exchange for Trust Preferred Securities as provided in the Declaration) the lesser of (a) the aggregate of
the liquidation amount of $25 per Trust Preferred Security and all accumulated and unpaid Distributions on the Trust Preferred Securities to the date of payment, to the extent the Trust has funds available therefor or (b) the amount of assets
of the Trust remaining available for distribution to Holders in liquidation of the Trust (in either case, the “Liquidation Distribution”). 
 “Guarantor” means The PNC Financial Services Group, Inc. until a successor Person shall have become such pursuant to the applicable provisions of this Trust Preferred Securities Guarantee, and thereafter
“Guarantor” shall mean such successor Person. 
 “Holder” means a Person in whose name a Certificate representing a Trust
Preferred Security is registered in the Security Register; provided that in determining whether the holders of the requisite percentage of Trust Preferred Securities have given any request, notice, consent or waiver hereunder,
“Holder” shall not include the Guarantor, the Trust Preferred Guarantee Trustee, or any Affiliate of the Guarantor or the Trust Preferred Guarantee Trustee. 
 “Indemnified Person” means the Trust Preferred Guarantee Trustee, any Affiliate of the Trust Preferred Guarantee Trustee, or any officers, directors, shareholders, members, partners, employees,
representatives, nominees, custodians or agents of the Trust Preferred Guarantee Trustee. 
 “Indenture” means the Amended and
Restated Junior Subordinated Indenture, dated as of February 13, 2008 (as supplemented and amended by the First Supplemental Indenture), between the Guarantor and The Bank of New York, as trustee, pursuant to which the JSNs are to be issued.

 “Liquidation Amount” means the stated amount of $25 per Trust Preferred Security. 
 “Liquidation Distribution” has the meaning set forth in the Definition of Guarantee Payments. 
 “List of Holders” has the meaning set forth in Section 2.2(a). 
 “Majority in Liquidation Amount of the Trust Preferred Securities” means, except as provided in the terms of the Trust Preferred Securities or
by the Trust Indenture Act, Holder(s) of outstanding Trust Preferred Securities voting together as a single class who are the record holders of an aggregate Liquidation Amount representing more than 50% of the aggregate Liquidation Amount of all
then outstanding Trust Preferred Securities. 
 “Officers’ Certificate” means a certificate signed by the Chairman or any Vice
Chairman of the Board of Directors, President or a Vice President, and by its Treasurer, an Assistant Treasurer, Controller, an Assistant Controller, Secretary or an Assistant Secretary, of the Guarantor, and delivered to the Trust Preferred
Guarantee Trustee. 
 “Person” means any individual, corporation, partnership, limited liability company, joint venture,
association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof or any other entity. 
  

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 “Property Trustee” has the meaning set forth in the Declaration. 
 “Responsible Officer” means, with respect to the Trust Preferred Guarantee Trustee, any officer within the Corporate Trust Office of the Trust
Preferred Guarantee Trustee with direct responsibility for the administration of this Trust Preferred Securities Guarantee and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because
of that officer’s knowledge of and familiarity with the particular subject. 
 “Redemption Price” has the meaning set forth in
the Indenture. 
 “Security Register” has the meaning set forth in the Declaration. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbb), as amended and as in effect on the date as of
this Indenture, except that any amendments hereto shall conform to the requirements of the Trust Indenture Act as then in effect. 
 “Trust Preferred Guarantee Trustee” means The Bank of New York until a successor Trust Preferred Guarantee Trustee shall have become such pursuant to the applicable provisions of this Trust Preferred Securities Guarantee, and
thereafter “Trust Preferred Guarantee Trustee” shall mean or include each such Person who is then a Trust Preferred Guarantee Trustee hereunder. 
 “Underwriting Agreement” has the meaning set forth in the Declaration. 
 ARTICLE II

 TRUST INDENTURE ACT 
 SECTION 2.1
Trust Indenture Act; Application 
 If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act
that is required or deemed under such Act to be a part of and govern this Trust Preferred Securities Guarantee, the required or deemed provision shall control. If any provision of this Trust Preferred Securities Guarantee modifies or excludes any
provision of the Trust Indenture Act that may be so modified or excluded under such Act, the modified or excluded provision shall be deemed to apply to this Trust Preferred Securities Guarantee as so modified or to be excluded, as the case may be.

 SECTION 2.2 Lists of Holders of Trust Preferred Securities 
 (a) The Guarantor shall provide the Trust Preferred Guarantee Trustee (i) within 15 days after each record date for payment of Distributions, a list, in such form as the Property Trustee may reasonably require,
of the names and addresses of the Holders of the Securities (“List of Holders”) as of such record date, provided, that neither the Guarantor nor the Trust Preferred Guarantee Trustee shall be obligated to provide such List of
Holders at any time if the List of Holders does not differ from the most recent List of Holders given to the Trust Preferred Guarantee Trustee by the Guarantor, and (ii) at any other time, within 30 days of receipt by the Guarantor of a written
request for a List of Holders as of a date no more than 14 days before such List of Holders is given to the Trust Preferred Guarantee Trustee. The Trust Preferred Guarantee Trustee shall preserve, in as current a form as is reasonably practicable,
all information contained in Lists of Holders given to it, provided, that the Trust Preferred Guarantee Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders. 
 (b) The Trust Preferred Guarantee Trustee shall comply with its obligations under §§ 311(a), 311(b) and 312(b) of the Trust Indenture Act.

  

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 SECTION 2.3 Reports by the Trust Preferred Guarantee Trustee 
 Within 60 days after May 15 of each year commencing with the year 2008, the Trust Preferred Guarantee Trustee shall transmit to the Holders of the
Trust Preferred Securities for which it is Trust Preferred Guarantee Trustee hereunder, as their names and addresses appear in the Securities Register, a brief report dated as of such May 15 in accordance with, and to the extent required under,
Section 313 of the Trust Indenture Act. 
 SECTION 2.4 Periodic Reports to Trust Preferred Guarantee Trustee 
 The Guarantor shall: 
 (a) file with the Trust Preferred
Guarantee Trustee, within 15 days after the Guarantor is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) which the Commission may be required to file, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided in the
Trust Indenture Act; provided that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Guarantor is not required to file
information, documents or reports pursuant to either of said Sections, then it shall file with the Trust Preferred Guarantee Trustee and the Commission, in accordance with the rules and regulations prescribed from time to time by the Commission,
such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed
from time to time in such rules and regulations; 
 (b) file with the Trust Preferred Guarantee Trustee and the Commission, in accordance
with the rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Guarantor with the conditions and covenants of this Trust Preferred Securities
Guarantee as may be required from time to time by such rules and regulations; and 
 (c) transmit by mail to all Holders, as their names and
addresses appear in the Securities Register, within 30 days after the filing thereof with the Trust Preferred Guarantee Trustee, such summaries of any information, documents and reports required to be filed by the Guarantor pursuant to paragraphs
(a) and (b) of this Section 2.4 as may be required by rules and regulations prescribed from time to time by the Commission. 
 Delivery of such reports, information and documents to the Trust Preferred Guarantee Trustee is for informational purposes only and the Trust Preferred Guarantee Trustee’s receipt of such reports shall not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Guarantor’s compliance with any of its covenants hereunder (as to which the Trust Preferred Guarantee Trustee is entitled to rely
exclusively on Officers’ Certificates). 
 SECTION 2.5 Evidence of Compliance with Conditions Precedent 
 The Guarantor shall provide to the Trust Preferred Guarantee Trustee such evidence of compliance with any conditions precedent, if any, provided for in
this Trust Preferred Securities Guarantee that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act or as required by Section 314(c). Any certificate required to be given by an officer pursuant to
Section 314(c)(1) of the Trust Indenture Act may be given in the form of an Officers’ Certificate. 
  

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 SECTION 2.6 Compliance Certificate and Opinions 
 Upon any application or request by the Guarantor to the Trust Preferred Guarantee Trustee to take any action under any provision of this Trust Preferred
Securities Guarantee, the Guarantor shall furnish to the Trust Preferred Guarantee Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Trust Preferred Securities Guarantee relating to the
proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with. 
 Any Officers’ Certificate or Opinion of Counsel delivered with respect to compliance with a condition or covenant provided for in this Trust
Preferred Securities Guarantee shall include: 
 (a) a statement that each individual signing the Officers’ Certificate or Opinion of
Counsel has read such covenant or condition and the definitions herein relating thereto; 
 (b) a brief statement as to the nature and scope
of the examination or investigation upon which the statements or opinions contained in the Officers’ Certificate or Opinion of Counsel are based; 
 (c) a statement that, in the opinion of each such individual, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant
or condition has been complied with; and 
 (d) a statement as to whether, in the opinion of each such individual, such condition or covenant
has been complied with. 
 SECTION 2.7 Events of Default; Waiver 
 The Holders of a Majority in Liquidation Amount of Trust Preferred Securities may, by vote, on behalf of the Holders of all of the Trust Preferred Securities, waive any past Event of Default and its consequences. Upon
such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Trust Preferred Securities Guarantee, but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent thereon. 
 SECTION 2.8 Event of Default; Notice 
 (a) The Trust Preferred Guarantee Trustee shall, within 60 days after the occurrence of an Event of Default, transmit by mail, first class postage
prepaid, to the Holders, notices of all Events of Default actually known to a Responsible Officer of the Trust Preferred Guarantee Trustee as being an Event of Default hereunder, unless such Events of Default have been cured before the giving of
such notice; provided, that the Trust Preferred Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Trust Preferred Guarantee Trustee in good faith determines that the withholding of
such notice is in the interests of the Holders. 
 (b) The Trust Preferred Guarantee Trustee shall not be deemed to have knowledge of any
Event of Default unless either the Trust Preferred Guarantee Trustee shall have received written notice thereof, or a Responsible Officer charged with the administration of this Trust Preferred Securities Guarantee shall have actual knowledge.

  

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 SECTION 2.9 Conflicting Interests 
 The Declaration shall be deemed to be specifically described in this Trust Preferred Securities Guarantee for the purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust
Indenture Act. 
 ARTICLE III 
 POWERS, DUTIES AND RIGHTS OF 
 TRUST PREFERRED GUARANTEE TRUSTEE 
 SECTION 3.1 Powers and Duties of the Trust Preferred Guarantee Trustee 
 (a) This Trust Preferred Securities Guarantee shall be held by the Trust Preferred Guarantee Trustee for the benefit of the Holders, and the Trust Preferred Guarantee Trustee shall not transfer its right, title and
interest in this Trust Preferred Securities Guarantee to any Person except a Holder exercising his or her rights pursuant to Sections 5.4(b) and 5.4(c) or to a successor Trust Preferred Guarantee Trustee on acceptance by such successor Trust
Preferred Guarantee Trustee of its appointment to act as successor Trust Preferred Guarantee Trustee. The right, title and interest of the Trust Preferred Guarantee Trustee shall automatically vest in any successor Trust Preferred Guarantee Trustee,
and such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered pursuant to the appointment of such successor Trust Preferred Guarantee Trustee. 
 (b) If an Event of Default actually known to a Responsible Officer as an Event of Default has occurred and is continuing, the Trust Preferred Guarantee
Trustee shall enforce this Trust Preferred Securities Guarantee for the benefit of the Holders of the Trust Preferred Securities. 
 (c) The
Trust Preferred Guarantee Trustee, before the occurrence of any Event of Default and after the curing of all Events of Default that may have occurred, shall undertake to perform only such duties as are specifically set forth in this Trust Preferred
Securities Guarantee, and no implied covenants shall be read into this Trust Preferred Securities Guarantee against the Trust Preferred Guarantee Trustee. In case an Event of Default has occurred (that has not been cured or waived pursuant to
Section 2.7) and is actually known to a Responsible Officer, the Trust Preferred Guarantee Trustee shall exercise such of the rights and powers vested in it by this Trust Preferred Securities Guarantee, and use the same degree of care and skill
in its exercise thereof, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 (d)
Except during the continuance of Event of Default: 
 (i) the Trust Preferred Guarantee Trustee shall undertake to perform
only such duties as are specifically set forth in this Trust Preferred Securities Guarantee and no implied covenants shall be read into this Trust Preferred Securities Guarantee against the Trust Preferred Guarantee Trustee; and 
 (ii) in the absence of bad faith on the part of the Trust Preferred Guarantee Trustee, the Trust Preferred Guarantee Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trust Preferred Guarantee Trustee and conforming to the requirements of this Trust
Preferred Securities Guarantee; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Trust Preferred Guarantee Trustee, the Trust Preferred Guarantee Trustee shall be
under a duty to examine the same to determine whether or not they conform to the requirements of this Trust Preferred Securities Guarantee. 
  

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 (e) No provision of this Trust Preferred Securities Guarantee shall be construed to relieve the Trust
Preferred Guarantee Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (i) the Trust Preferred Guarantee Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trust Preferred Guarantee Trustee was negligent
in ascertaining the pertinent facts upon which such judgment was made; 
 (ii) the Trust Preferred Guarantee Trustee shall not
be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a Majority in Liquidation Amount of the Trust Preferred Securities relating to the time, method
and place of conducting any proceeding for any remedy available to the Trust Preferred Guarantee Trustee, or exercising any trust or power conferred upon the Trust Preferred Guarantee Trustee under this Trust Preferred Securities Guarantee;

 (iii) no provision of this Trust Preferred Securities Guarantee shall require the Trust Preferred Guarantee Trustee to
expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if the Trust Preferred Guarantee Trustee shall have reasonable grounds for
believing that the repayment of such funds or protection from liability is not reasonably assured to it, reasonably satisfactory to the Trust Preferred Guarantee Trustee, against such risk or liability is not reasonably assured to it; 
 (iv) the Trust Preferred Guarantee Trustee’s sole duty with respect to the custody, safe keeping and physical preservation of the
Trust Preferred Securities shall be to deal with such property in a similar manner as the Trust Preferred Guarantee Trustee deals with similar property for its own account, subject to the protections and limitations on liability afforded to the
Property Trustee under the Trust Preferred Securities Guarantee and the Trust Indenture Act; 
 (v) the Trust Preferred
Guarantee Trustee shall have no duty or liability for or with respect to the value, genuineness, existence or sufficiency of the Trust Preferred Securities or the payment of any taxes or assessments levied thereon or in connection therewith;

 (vi) the Trust Preferred Guarantee Trustee shall not be liable for any interest on any money received by it except as it
may otherwise agree with the Guarantor. Money held by the Trust Preferred Guarantee Trustee need not be segregated from other funds held by it; 
 (vii) the Trust Preferred Guarantee Trustee shall not be responsible for monitoring the compliance by Guarantor with their respective duties under this Trust Preferred Securities Guarantee, nor shall the Trust
Preferred Guarantee Trustee be liable for any default or misconduct of the Guarantor; and 
 (viii) whether or not herein
expressly so provided, every provision of this Trust Preferred Securities Guarantee relating to the conduct or affecting the liability of or affording protection to the Trust Preferred Guarantee Trustee shall be subject to the provisions of this
Section and Section 3.2. 
  

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 SECTION 3.2 Certain Rights of Trust Preferred Guarantee Trustee 
 (a) The Trust Preferred Guarantee Trustee may conclusively rely, and shall be fully protected in acting or refraining from acting upon, any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed, sent or presented
by the proper party or parties. 
 (b) Any request or direction of the Guarantor mentioned herein shall be sufficiently evidenced by an
Officers’ Certificate, and any resolution by the Board of Directors may be sufficiently evidenced by a Board Resolution. 
 (c)
Whenever, in the administration of this Trust Preferred Securities Guarantee, the Trust Preferred Guarantee Trustee shall deem it desirable that a matter be proved or established before taking, suffering or omitting any action hereunder, the Trust
Preferred Guarantee Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and conclusively rely upon an Officers’ Certificate which, upon receipt of such request, shall be
promptly delivered by the Guarantor. 
 (d) The Trust Preferred Guarantee Trustee will not be liable for any action it takes or omits to
take, which it believes to be authorized or within its rights or powers if such actions or omissions by the Trust Preferred Guarantee Trustee do not constitute negligence. 
 (e) The Trust Preferred Guarantee Trustee shall have no duty to see to any recording, filing or registration of any instrument (including any financing
or continuation statement or any filing under tax or securities laws) (or any rerecording, refiling or reregistration thereof). 
 (f) The
Trust Preferred Guarantee Trustee may consult with counsel of its choice or other experts, and the advice or opinion of such counsel or experts with respect to legal matters or advice within the scope of such experts’ area of expertise shall be
full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. Such counsel may be counsel to the Guarantor or any of its Affiliates and may include any of
its employees. The Trust Preferred Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Trust Preferred Securities Guarantee from any court of competent jurisdiction. 
 (g) The Trust Preferred Guarantee Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Preferred
Securities Guarantee at the request or direction of any Holder, unless such Holder shall have provided to the Trust Preferred Guarantee Trustee such security and indemnity reasonably satisfactory to the Trust Preferred Guarantee Trustee against the
costs, disbursements, advances and expenses (including reasonable attorneys’ fees and expenses and the reasonable expenses of the Trust Preferred Guarantee Trustee’s agents, counsel, accountants and experts) and liabilities that might be
incurred by the Trust Preferred Guarantee Trustee (or its agents, counsel, accountants and experts) in complying with such request or direction, including such reasonable advances as may be requested by the Trust Preferred Guarantee Trustee;
provided that, nothing contained in this Section 3.2(g) shall be taken to relieve the Trust Preferred Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers vested in it by this
Trust Preferred Securities Guarantee. 
 (h) The Trust Preferred Guarantee Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, 

  

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direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trust Preferred Guarantee Trustee, in
its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trust Preferred Guarantee Trustee shall determine to make such inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Guarantor, personally or by agent or attorney. 
 (i) The Trust Preferred Guarantee Trustee may execute
any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, nominees, custodians or attorneys, and the Trust Preferred Guarantee Trustee shall not be responsible for any misconduct or negligence on
the part of any agent or attorney appointed with due care by it hereunder. 
 (j) The rights, privileges, protections, immunities and
benefits given to the Trust Preferred Guarantee Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trust Preferred Guarantee Trustee in each of its capacities hereunder, and each
agent, custodian and other Person employed to act hereunder. 
 (k) Any action taken by the Trust Preferred Guarantee Trustee or its agents
hereunder shall bind the Holders of the Trust Preferred Securities, and the signature of the Trust Preferred Guarantee Trustee or its agents alone shall be sufficient and effective to perform any such action. No third party shall be required to
inquire as to the authority of the Trust Preferred Guarantee Trustee to so act or as to its compliance with any of the terms and provisions of this Trust Preferred Securities Guarantee, both of which shall be conclusively evidenced by the Trust
Preferred Guarantee Trustee’s or its agent’s taking such action. 
 (l) Whenever in the administration of this Trust Preferred
Securities Guarantee the Trust Preferred Guarantee Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Trust Preferred Guarantee Trustee (i) may request
instructions from the Holders of a Majority in Liquidation Amount of the Trust Preferred Securities, (ii) may refrain from enforcing such remedy or right or taking such other action until such instructions are received, and (iii) shall be
protected in conclusively relying on or acting in accordance with such instructions. 
 (m) if (i) in performing its duties under this
Trust Preferred Securities Guarantee the Trust Preferred Guarantee Trustee is required to decide between alternative courses of action or (ii) in construing any of the provisions of this Trust Preferred Securities Guarantee the Trust Preferred
Guarantee Trustee finds the same ambiguous or inconsistent with any other provisions contained herein or (iii) the Trust Preferred Guarantee Trustee is unsure of the application of any provision of this Trust Preferred Securities Guarantee
then, except as to any matter as to which the Holders are entitled to vote under the terms of this Trust Preferred Securities Guarantee, the Trust Preferred Guarantee Trustee shall deliver a notice to the Guarantor requesting written instructions of
the Guarantor as to the course of action to be taken and the Trust Preferred Guarantee Trustee shall take such action, or refrain from taking such action, as the Trust Preferred Guarantee Trustee shall be instructed in writing to take, or to refrain
from taking, by the Guarantor; provided, however, that if the Trust Preferred Guarantee Trustee does not receive such instructions of the Guarantor within ten Business Days after it has delivered such notice, or such reasonably shorter
period of time set forth in such notice (which to the extent practicable shall not be less than two Business Days), it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Trust Preferred Securities
Guarantee as it shall deem advisable and in the best interests of the Holders, in which event the Trust Preferred Guarantee Trustee shall have no liability except for its own bad faith, gross negligence or willful misconduct. 
  

 10 

 (n) No provision of this Trust Preferred Securities Guarantee shall be deemed to impose any duty or
obligation on the Trust Preferred Guarantee Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall be illegal, or in which the Trust Preferred Guarantee
Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such act or acts or to exercise any such right, power, duty or obligation. The permissive rights of the Trust Preferred Guarantee Trustee enumerated herein
shall not be construed as duties. 
 SECTION 3.3 Not Responsible for Recitals or Issuance of Guarantee 
 The recitals contained in this Trust Preferred Securities Guarantee shall be taken as the statements of the Guarantor, and the Trust Preferred Guarantee
Trustee does not assume any responsibility for their correctness. The Trust Preferred Guarantee Trustee makes no representations as to the validity or sufficiency of this Trust Preferred Securities Guarantee. The Trust Preferred Guarantee Trustee
shall not be accountable for the Guarantor’s performance hereunder, the Guarantor’s representations and warranties or the Guarantor’s use or application of the Trust Preferred Securities or the proceeds thereof. 
 ARTICLE IV 
 TRUST PREFERRED
GUARANTEE TRUSTEE 
 SECTION 4.1 Trust Preferred Guarantee Trustee; Eligibility 
 (a) There shall at all times be a Trust Preferred Guarantee Trustee which shall: 
 (i) not be an Affiliate of the Guarantor; and 
 (ii) be a Person organized and doing business under the laws of the United States of America or any State or Territory thereof or of the
District of Columbia, or a Person permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act, authorized under such laws to exercise corporate trust powers, having a combined capital and
surplus of at least 50 million U.S. dollars ($50,000,000), and subject to supervision or examination by Federal, State, Territorial or District of Columbia authority. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of the supervising or examining authority referred to above, then, for the purposes of this Section 4.1(a)(ii), the combined capital and surplus of such Person shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published. 
 (b) If at any time the Trust Preferred Guarantee Trustee
shall cease to be eligible to so act under Section 4.1(a), the Trust Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.2. 
 (c) The Trust Preferred Guarantee Trustee shall comply with the terms of Section 310(b) of the Trust Indenture Act. 
 SECTION 4.2 Resignation and Removal; Appointment of Successor 
 (a) No resignation or removal of the Trust Preferred Guarantee Trustee and no appointment of a successor Trust Preferred Guarantee Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor
Trust Preferred Guarantee Trustee under Section 4.3. 
  

 11 

 (b) The Trust Preferred Guarantee Trustee may resign at any time by giving written notice thereof to the
Guarantor. If the instrument of acceptance by a successor Trust Preferred Guarantee Trustee shall not have been delivered to the Trust Preferred Guarantee Trustee within 30 days after the giving of such notice of resignation, the resigning Trust
Preferred Guarantee Trustee may petition any court of competent jurisdiction for the appointment of a successor Trust Preferred Guarantee Trustee. 
 (c) The Trust Preferred Guarantee Trustee may be removed at any time by Act of the Holders of a Majority in Liquidation Amount of the Trust Preferred Securities delivered to the Trust Preferred Guarantee Trustee and to the Guarantor.

 (d) If at any time: 
 (i) the Trust Preferred Guarantee Trustee shall fail to comply with Section 4.1(c) after written request therefor by the Guarantor or by any Holder who has been a bona fide Holder of a Trust Preferred Security for at least six months,
or 
 (ii) the Trust Preferred Guarantee Trustee shall cease to be eligible under Section 4.1(a) and shall fail to resign
after written request therefor by the Guarantor or by any such Holder, or 
 (iii) the Trust Preferred Guarantee Trustee shall
become incapable of acting or shall be adjudged bankrupt or insolvent or a receiver of the Trust Preferred Guarantee Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trust Preferred Guarantee
Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 
 then, in any such case, (i) the
Guarantor, by a Board Resolution, may remove the Trust Preferred Guarantee Trustee or (ii) subject to Section 10.4 of the Declaration (regarding costs and attorneys’ fees in legal proceedings), any Holder who has been a bona fide
Holder of a Trust Preferred Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trust Preferred Guarantee Trustee and the appointment of a
successor Trust Preferred Guarantee Trustee. 
 (e) If the Trust Preferred Guarantee Trustee shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of Trust Preferred Guarantee Trustee for any cause, the Guarantor, by a Board Resolution, shall promptly appoint a successor Trust Preferred Guarantee Trustee and shall comply with the applicable
requirements of Section 4.3. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trust Preferred Guarantee Trustee shall be appointed by Act of the Holders of a Majority in
Liquidation Amount of the Trust Preferred Securities delivered to the Guarantor and the retiring Trust Preferred Guarantee Trustee, the successor Trust Preferred Guarantee Trustee so appointed shall, forthwith upon its acceptance of such
appointment, become the successor Trust Preferred Guarantee Trustee and to that extent supersede the successor Trust Preferred Guarantee Trustee appointed by the Guarantor. If no successor Trust Preferred Guarantee Trustee shall have been so
appointed by the Guarantor or the Holders and accepted appointment in the manner herein provided, any Holder who has been a bona fide Holder of a Trust Preferred Security for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a successor Trust Preferred Guarantee Trustee. 
 (f) The
Guarantor shall give notice of each resignation and each removal of the Trust Preferred Guarantee Trustee and each appointment of a successor Trust Preferred Guarantee Trustee by mailing written notice of such event by first-class mail, postage
prepaid, to all Holders. Each notice shall include the name of the successor Trust Preferred Guarantee Trustee and the address of its Corporate Trust Office. 
  

 12 

 SECTION 4.3 Acceptance of Appointment by Successor 
 (a) In case of the appointment hereunder of a successor Trust Preferred Guarantee Trustee, every such successor Trust Preferred Guarantee Trustee so
appointed shall execute, acknowledge and deliver to the Guarantor and to the retiring Trust Preferred Guarantee Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trust Preferred Guarantee
Trustee shall become effective and such successor Trust Preferred Guarantee Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trust Preferred Guarantee Trustee;
but, on the request of the Guarantor or the successor Trust Preferred Guarantee Trustee, such retiring Trust Preferred Guarantee Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trust
Preferred Guarantee Trustee all the rights, powers, trusts and obligations of the retiring Trust Preferred Guarantee Trustee and shall duly assign, transfer and deliver to such successor Trust Preferred Guarantee Trustee all property and money held
by such retiring Trust Preferred Guarantee Trustee hereunder. 
 (b) If no Successor Trust Preferred Guarantee Trustee shall have been
appointed and accepted appointment as provided in this Section 4.3 within 60 days after delivery to the Guarantor of an instrument of resignation or removal, the resigning or removed Trust Preferred Guarantee may petition any court of competent
jurisdiction for appointment of a Successor Trust Preferred Guarantee Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper and prescribe, appoint a Successor Trust Preferred Securities Trustee. 

(c) Upon request of any such successor Trust Preferred Guarantee Trustee, the Guarantor shall execute any and all instruments for more fully and
certainly vesting in and confirming to such successor Trust Preferred Guarantee Trustee all such rights, powers and trusts referred to in paragraph (a) of this Section. 
 (d) No successor Trust Preferred Guarantee Trustee shall accept its appointment unless at the time of such acceptance such successor Trust Preferred
Guarantee Trustee shall be qualified and eligible under this Article. 
 (e) The Trust Preferred Guarantee Trustee shall not be liable for
the acts or omissions to act of any successor Trust Preferred Guarantee Trustee. 
 (f) Upon termination of this Trust Preferred Securities
Guarantee or the removal or resignation of the Trust Preferred Guarantee Trustee, pursuant to this Section 4.3, the Guarantor shall pay to such Trust Preferred Property Trustee all amounts accrued and owing to such Trust Preferred Guarantee
Trustee to the date of such termination, removal or resignation. 
 SECTION 4.4 Merger, Conversion, Consolidation or Succession to Business

 Any Person into which the Trust Preferred Guarantee Trustee may be merged or converted or with which it may be consolidated, or any
Person resulting from any merger, conversion or consolidation to which the Trust Preferred Guarantee Trustee shall be a party, or any Person to which all or substantially all of the corporate trust business of the Trust Preferred Guarantee Trustee
may be sold or otherwise transferred, shall be the successor Trust Preferred Guarantee Trustee hereunder; provided such Person shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or without any
further act on the part of any of the parties hereto. 
  

 13 

 ARTICLE V 
 GUARANTEE 
 SECTION 5.1 Guarantee 
 The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments, as and when due, regardless of any defense,
right of set-off or counterclaim that the Trust may have or assert. The Guarantor’s obligation to make a Guarantee Payment may be satisfied by direct payment of the required amounts by the Guarantor to the Holders or by causing the Trust to pay
such amounts to the Holders. 
 SECTION 5.2 Waiver of Notice and Demand 
 The Guarantor hereby waives notice of acceptance of this Trust Preferred Securities Guarantee and of any liability to which it applies or may apply, presentment, demand for payment, any right to require a proceeding
first against the Guarantee Trustee, the Trust or any other Person before proceeding against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices and demands. 
 SECTION 5.3 Obligations Not Affected 
 The
obligations, covenants, agreements and duties of the Guarantor under this Trust Preferred Securities Guarantee shall in no way be affected or impaired by reason of the happening from time to time of any of the following: 
 (a) the release or waiver, by operation of law or otherwise, of the performance or observance by the Trust of any express or implied
agreement, covenant, term or condition relating to the Trust Preferred Securities to be performed or observed by the Trust; 
 (b) the extension of time for the payment by the Trust of all or any portion of the Distributions (other than an extension of time for payment of Distributions that results from the extension of any interest payment period on the JSNs as so
provided in the Indenture), Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Trust Preferred Securities or the extension of time for the performance of any other obligation under, arising out of, or in
connection with, the Trust Preferred Securities; 
 (c) any failure, omission, delay or lack of diligence on the part of the
Holders to enforce, assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the terms of the Trust Preferred Securities, or any action on the part of the Trust granting indulgence or extension of any kind;

 (d) the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy,
assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Trust or any of the assets of the Trust; 
 (e) any invalidity of, or defect or deficiency in, the Trust Preferred Securities; 
  

 14 

 (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred;
or 
 (g) any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a
guarantor, it being the intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances. 
 There shall be no obligation of the Holders to give notice to, or obtain consent of, the Guarantor with respect to the happening of any of the foregoing.

 SECTION 5.4 Rights of Holders 
 (a) The
Holders of a Majority in Liquidation Amount of the Trust Preferred Securities have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trust Preferred Guarantee Trustee in respect of this Trust
Preferred Securities Guarantee or exercising any trust or power conferred upon the Trust Preferred Guarantee Trustee under this Trust Preferred Securities Guarantee; provided, however, that (subject to Section 3.1) the Trust Preferred
Guarantee Trustee shall have the right to decline to follow any such direction if the Trust Preferred Guarantee Trustee in good faith by Responsible Officers shall determine that the action or proceedings so directed would be illegal or expose the
Trust Preferred Guarantee Trustee to personal liability. 
 (b) If the Trust Preferred Guarantee Trustee fails to enforce its rights under
this Trust Preferred Securities Guarantee, any Holder may directly institute a legal proceeding against the Guarantor to enforce the Trust Preferred Guarantee Trustee’s rights under this Trust Preferred Securities Guarantee, without first
instituting a legal proceeding against the Trust, the Trust Preferred Guarantee Trustee or any other Person or entity. 
 (c) A Holder of
Trust Preferred Securities may also directly institute a legal proceeding against the Guarantor to enforce such Holder’s right to receive payment under this Trust Preferred Securities Guarantee without first (i) directing the Trust
Preferred Guarantee Trustee to enforce the terms of this Trust Preferred Securities Guarantee or (ii) instituting a legal proceeding directly against the Trust or any other Person or entity. 
 (d) The Guarantor expressly acknowledges that (i) this Trust Preferred Securities Guarantee will be deposited with the Trust Preferred Guarantee
Trustee to be held for the benefit of the Holders and (ii) the Trust Preferred Guarantee Trustee has the right to enforce this Trust Preferred Securities Guarantee on behalf of the Holders. 
 SECTION 5.5 Guarantee of Payment 
 This Trust
Preferred Securities Guarantee creates a guarantee of payment and not of collection. This Trust Preferred Securities Guarantee will not be discharged except when terminated in accordance with Section 7.1. 
 SECTION 5.6 Subrogation 
 The Guarantor shall be
subrogated to all (if any) rights of the Holders of Trust Preferred Securities against the Trust in respect of any amounts paid to such Holders by the Guarantor under this Trust Preferred Securities Guarantee; provided, however, that the
Guarantor shall not (except to the extent required by mandatory provisions of law) be entitled to enforce or exercise any right that it may acquire 

  

 15 

 
by way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Trust Preferred Securities Guarantee
or any payments are due to the Holders of Trust Preferred Securities under the Declaration, if, at the time of any such payment, any amounts are due and unpaid under this Trust Preferred Securities Guarantee. If any amount shall be paid to the
Guarantor in violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the Holders and to pay over such amount to the Holders. 
 SECTION 5.7 Independent Obligations 
 The Guarantor acknowledges that its obligations hereunder are independent of the
obligations of the Trust with respect to the Trust Preferred Securities, and that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this Trust Preferred Securities Guarantee
notwithstanding the occurrence of any event referred to in subsections (a) through (g), inclusive, of Section 5.3 hereof. 
 ARTICLE VI 
 LIMITATION OF TRANSACTIONS; SUBORDINATION 
 SECTION 6.1 Subordination 
 The obligations of the Guarantor under this Trust Preferred Securities
Guarantee will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Indebtedness (as defined in the Indenture) of the Guarantor to the extent and in the manner set forth in the
Indenture with respect to the JSNs, and the provisions of Article Thirteen of the Indenture, as amended and supplemented by the provisions of Article 7 of the First Supplemental Indenture, will apply, mutatis mutandis, to the obligations of the
Guarantor hereunder. The obligations of the Guarantor hereunder do not constitute Senior Indebtedness (as defined in the Indenture) of the Guarantor. 
 SECTION 6.2 Pari Passu Guarantees 
 The obligations of the Guarantor under this Trust Preferred
Securities Guarantee shall rank pari passu with the obligations of the Guarantor under (i) any similar guarantee agreements issued by the Guarantor on behalf of the holders of preferred or trust preferred securities issued by any PNC
Trust (as defined in the Indenture) to the extent the related subordinated notes rank, by their terms, pari passu with the JSNs in right of payment and upon a liquidation of the Guarantor, (ii) any subordinated notes issued by the
Guarantor after the date of this Trust Preferred Securities Guarantee to the extent such notes rank, by their terms, pari passu with the JSNs in right of payment and upon a liquidation of the Guarantor, and (iii) any other security,
guarantee or other obligation of the Guarantor (whether existing at the date of this Trust Preferred Securities Guarantee or incurred after such date) to the extent that such security, guarantee or obligation ranks, by its terms, pari passu
with the JSNs in right of payment and upon a liquidation of the Guarantor. 
 ARTICLE VII 
 TERMINATION 
 SECTION 7.1 Termination

 This Trust Preferred Securities Guarantee will not be discharged, except upon (i) payment of the Guarantee Payments, in full, or
(ii) the distribution of the JSNs to the Holders of all of the Trust Preferred Securities as provided for in the Declaration. Notwithstanding the foregoing, this Trust Preferred Securities Guarantee will continue to be effective or will be
reinstated, as the case may be, if at any time any Holder must restore payment of any sums paid under the Trust Preferred Securities or under this Trust Preferred Securities Guarantee. 
  

 16 

 ARTICLE VIII 
 COMPENSATION AND INDEMNIFICATION 
 SECTION 8.1 Exculpation 
 (a) No Indemnified Person shall be liable, responsible or accountable in damages or otherwise to the Guarantor or any Covered Person for any loss, damage
or claim incurred by reason of any act or omission performed or omitted by such Indemnified Person in good faith on behalf of the Guarantor in a manner such Indemnified Person reasonably believed to be within the scope of the authority conferred on
such Indemnified Person by this Trust Preferred Securities Guarantee or by law, except that an Indemnified Person shall be liable for any such loss, damage or claim incurred by reason of such Indemnified Person’s gross negligence or willful
misconduct with respect to such acts or omissions. 
 (b) An Indemnified Person shall be fully protected in relying in good faith upon the
records of the Guarantor and upon such information, opinions, reports or statements presented to the Guarantor by any Person as to matters the Indemnified Person reasonably believes are within such other Person’s professional or expert
competence and who has been selected with reasonable care by or on behalf of the Guarantor, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits, losses, or any other facts pertinent
to the existence and amount of assets from which Distributions to Holders might properly be paid. 
 SECTION 8.2 Compensation, Reimbursement and
Indemnification 
 The Guarantor agrees: 
 (1) to pay to the Trust Preferred Guarantee Trustee from time to time such reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard
to the compensation of a trustee of an express trust); 
 (2) except as otherwise expressly provided herein, to reimburse the Trust Preferred
Guarantee Trustee upon its request for all expenses, disbursements and advances incurred or made by the Trust Preferred Guarantee Trustee in accordance with any provision of this Trust Preferred Securities Guarantee (including the costs of
collection, and the compensation, expenses, advances and disbursements of the Trust Preferred Guarantee Trustee’s counsel, accountants and experts), except any such expense, disbursement or advance as may be attributable to its negligence or
bad faith; and 
 (3) to indemnify each Indemnified Person for, and to hold each Indemnified Person harmless against, any loss, damage,
claim, liability or expense (including the reasonable compensation, expenses and disbursements of the Trust Preferred Guarantee Trustee’s agents and counsel) incurred without negligence or bad faith on its part, arising out of or in connection
with the acceptance or administration of the trust created hereunder or the performance of their duties hereunder, including but not limited to the costs and expenses (including the reasonable compensation, expenses and disbursements of the Trust
Preferred Guarantee Trustee’s agents and counsel) of defending itself against, or investigating, any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The obligation to indemnify as set
forth in this Section 8.2 shall survive the termination of this Trust Preferred Securities Guarantee. 
  

 17 

 The obligations of the Guarantor under this Section shall not be subordinate to the payment of Senior
Indebtedness pursuant to Section 6.1. As security for the performance of those obligations, the Trust Preferred Guarantee Trustee shall have a lien prior to the Trust Preferred Securities upon all property and funds held or collected by the
Trust Preferred Guarantee Trustee as such, except funds held in trust for the payment of the principal of (or premium, if any) or any interest on particular Trust Preferred Securities. The obligations of the Guarantor under this Section shall
survive the removal or resignation of the Trust Preferred Guarantee Trustee and the satisfaction and discharge of this Trust Preferred Securities Guarantee. 
 ARTICLE IX 
 MISCELLANEOUS 
 SECTION 9.1 Successors and Assigns 
 All guarantees and agreements contained in this Trust Preferred
Securities Guarantee shall bind its successors, and assigns, receivers, trustees and representatives, whether so expressed or not, of the Guarantor and shall inure to the benefit of the Holders of the Trust Preferred Securities then outstanding.

 SECTION 9.2 Amendments 
 Except with
respect to any changes that do not adversely affect the rights of Holders in any material respect (in which case no consent of Holders will be required), this Trust Preferred Securities Guarantee may be amended only with the prior approval of the
Holders of not less than a Majority in aggregate Liquidation Amount of the Trust Preferred Securities of all the outstanding Trust Preferred Securities. The provisions of Section 12.2 of the Declaration with respect to meetings of Holders apply
to the giving of such approval. 
 In executing any amendments to this Trust Preferred Securities Guarantee, the Trust Preferred Guarantee
Trustee shall be entitled to receive and shall be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel conforming to the requirements of Section 2.6 and stating that the execution of the amendment is
authorized or permitted by this Trust Preferred Securities Guarantee and that all conditions precedent to the execution and delivery of such amendment have been satisfied. 
 SECTION 9.3 Notices 
 All notices provided for in this Trust Preferred Securities Guarantee shall be
in writing, duly signed by the party giving such notice, and shall be delivered, telecopied or mailed by registered or certified mail, as follows: 
 (a) If given to the Trust Preferred Guarantee Trustee, at the Trust Preferred Guarantee Trustee’s mailing address set forth below (or such other address as the Trust Preferred Guarantee Trustee may give notice of
to the Holders): 
 The Bank of New York 
 101 Barclay Street, Floor 8 West 
 New York, New York 10286 
 Attention: Corporate Trust Administration 
 (b) If given to the Guarantor, at the Guarantor’s mailing address set forth below (or such other address as the Guarantor may give
notice of to the Holders): 
 The PNC Financial Services Group, Inc. 
 One PNC Plaza 
 249 Fifth Avenue 
 Pittsburgh, PA 15222-2707 
 Attention: Treasurer 
  

 18 

 (c) If given to any Holder, at the address set forth on the Securities Register.

 All such notices shall be deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class mail, postage
prepaid, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been delivered on the date of such refusal
or inability to deliver. 
 SECTION 9.4 Benefit 
 Nothing in this Trust Preferred Securities Guarantee or in the Trust Preferred Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal
or equitable right, remedy or claim under this Trust Preferred Securities Guarantee. 
 SECTION 9.5 Separability Clause 
 In case any provision in this Guarantee or in the Trust Preferred Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby; provided, however, that if any excluded paragraph shall affect the rights, immunities, duties or obligations of the Trust Preferred Guarantee
Trustee, the Trust Preferred Guarantee Trustee shall be entitled to resign immediately, subject to Section 4.2. 
 SECTION 9.6 Governing Law 

 THIS TRUST PREFERRED SECURITIES GUARANTEE AND THE RIGHTS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AND ALL RIGHTS AND REMEDIES SHALL BE GOVERNED BY SUCH LAWS WITHOUT REGARD FOR THE PRINCIPLES OF ITS CONFLICTS OF LAWS. 
  

 19 

 THIS TRUST PREFERRED SECURITIES GUARANTEE is executed as of the day and year first above written.

  

			
	 THE PNC FINANCIAL SERVICES
 GROUP, INC., as Guarantor

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	 THE BANK OF NEW YORK,
 as Trust Preferred
Guarantee Trustee

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 20Implementation Agreement

 Exhibit 10.1 
 DATED 17 DECEMBER 2007 
 (1) NSB RETAIL SYSTEMS PLC 
 (2) EPICOR SOFTWARE CORPORATION 
 PROJECT NAOMI 
 IMPLEMENTATION AGREEMENT 

 CONTENTS 
  

					
	 Clause
	  	 	  	Page
	 1.
	  	DEFINITIONS AND INTERPRETATION	  	1
	 2.
	  	ANNOUNCEMENTS AND PUBLICATIONS	  	5
	 3.
	  	IMPLEMENTATION OF ACQUISITION	  	6
	 4.
	  	PREPARATION OF DOCUMENTS	  	9
	 5.
	  	CONDUCT OF BUSINESS	  	9
	 6.
	  	MUTUAL ASSISTANCE	  	11
	 7.
	  	INDUCEMENT FEE	  	13
	 8.
	  	EPICOR TO BE BOUND BY SCHEME	  	15
	 9.
	  	TERMINATION	  	15
	 10.
	  	FEES AND EXPENSES	  	16
	 11.
	  	CAPACITY	  	17
	 12.
	  	NOTICES	  	17
	 13.
	  	GENERAL	  	17
	 14.
	  	APPLICABLE LAW AND JURISDICTION	  	19
	SCHEDULE 1	  	22
	PRESS ANNOUNCEMENT	  	22
	SCHEDULE 2	  	23
	AGREED SCHEME TIMETABLE	  	23

 THIS AGREEMENT is made on 17 December 2007 
 BETWEEN: 
  

	(1)	NSB RETAIL SYSTEMS PLC, incorporated in England and Wales with registered number 03015908 and whose registered office/principal place of business is at Parkfield Business
Centre, Parkfield House Park Street, Stafford, Staffordshire, ST17 4AL, United Kingdom (“NSB”); and 

  

	(2)	EPICOR SOFTWARE CORPORATION, of 18299 Von Karman Avenue, Suite 1000, Irvine, CA 92612, United States (“Epicor”). 

 INTRODUCTION 
  

	(A)	Epicor intends to announce a firm intention to acquire NSB through its wholly owned subsidiary, Epicor Retail Solutions Inc. (“Epicor Sub”) on the terms and subject
to the conditions set out in the Press Announcement (as defined below). 

  

	(B)	The parties have agreed to implement such acquisition by means of a scheme of arrangement under section 425 of the Act (as defined below). 

  

	(C)	The parties have agreed to take certain steps to effect completion of such acquisition and wish to enter into this Agreement to record their respective obligations relating to such
matters. 

 IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	The following words and expressions where used in this Agreement have the meanings given to them below: 

  

			
	Act	  	the Companies Act 1985 (as amended).
		
	Agreed Scheme Timetable	  	the Scheme timetable in the agreed form set out in Schedule 2.
		
	Business Day	  	any day other than a Saturday, Sunday or English bank or public holiday.
		
	Capital Reduction	  	the proposed reduction of capital of NSB in connection with the Scheme.
		
	City Code	  	the City Code on Takeovers and Mergers in force from time to time.

			
	Clearances	  	all consents, clearances, permissions and waivers as may be necessary, and all filings and waiting periods as may be necessary, from or under the law, regulations or practices applied by any
applicable regulatory authority in connection with the implementation of the Transaction.
		
	Competing Offer	  	 (a)     an offer for or the proposed acquisition of 50% or more of the issued ordinary share capital of
NSB;

		
		  	 (b)     a scheme of arrangement between NSB and some or all of its members under section 425 of the Act, the effect
of which is to vest control of NSB in a third party;

		
		  	 (c)     any transaction whereby a third party seeks to acquire all or substantially all of the business or assets of
the NSB Group;

		
		  	 (d)     a combination of all or substantially (being 90% or more) all of the business of the NSB Group with any other
person or business;

		
		  	 (e)     a joint venture relating to substantially (being 90% or more) all of the business of the NSB Group;
or

		
		  	 (f)      any transaction or series of transactions equivalent or similar to the foregoing;

		
		  	in each case involving a third party which is not acting in concert (as defined in the City Code) with Epicor.
		
	Conditions	  	the conditions to the implementation of the Scheme and the Transaction in the form set out in the Press Announcement subject to any modifications that may be required (and permitted by the
Panel) if Epicor decides to implement the Transaction by way of the Offer, and “Condition” means any one of such conditions.
		
	Court	  	the High Court of Justice in England and Wales.

  

 2 

			
	Court Hearing	  	means the hearing by the Court of the petition to sanction the Scheme.
		
	Court Meeting	  	the meeting of NSB Shareholders to be convened by order of the Court pursuant to section 425 of the Act in connection with the Scheme and the Transaction, including any adjournment
thereof.
		
	Epicor Group	  	Epicor and its subsidiaries and subsidiary undertakings.
		
	Effective Date	  	the date on which the Scheme becomes effective in accordance with its terms.
		
	General Meeting	  	the general meeting of NSB Shareholders to be convened in connection with the Scheme and the Transaction, including any adjournment thereof.
		
	holder	  	a registered holder.
		
	Inducement Fee	  	as defined in clause 7.1.
		
	London Stock Exchange	  	London Stock Exchange plc.
		
	NSB Directors	  	the directors of NSB from time to time.
		
	NSB Incentive Plans	  	the NSB Long Term Incentive Stock Option Plan for Former Employees of STS Systems, the NSB Long-Term Incentive Plan, the NSB 1998 Share Option Scheme, the NSB Savings-Related Share Option
Scheme, the NSB US Sharesave Plan and the NSB Canadian Sharesave Plan.
		
	NSB Group	  	NSB and its subsidiaries and subsidiary undertakings.
		
	NSB Shareholders	  	holders of NSB Shares.
		
	NSB Shares	  	the ordinary shares of 2p each in the capital of NSB from time to time in issue.
		
	Offer	  	if pursuant to clause 9 Epicor decides to implement the Transaction by way of a takeover offer under the City Code, the offer to be made for or on behalf of Epicor for the entire issued and to
be issued share capital of NSB and including, where the context so requires, any subsequent variation, revision, extension or renewal thereof.

  

 3 

			
	Offer Document	  	the circular to be posted to NSB Shareholders (and, as required, others) in connection with the Transaction if the Transaction is effected by way of the Offer.
		
	Panel	  	the Panel on Takeovers and Mergers.
		
	Personnel	  	in relation to any person, its board of directors, members of their immediate families, related trusts and persons connected with them, as such expressions are construed in accordance with the
City Code.
		
	Press Announcement	  	the announcement in the agreed form to be issued by Epicor of a firm intention to implement the Transaction, the latest draft of which is attached as Schedule 1 to this
Agreement.
		
	Record Time	  	6.00 p.m. on the Business Day immediately preceding the date on which the Court hearing to confirm the Capital Reduction is held.
		
	Related Persons	  	the professional advisers, agents, contractors, directors, officers or employees of any member of the Wider NSB Group.
		
	Scheme	  	the proposed scheme of arrangement under section 425 of the Act between NSB and the holders of the NSB Shares by means of which the Transaction is to be effected, subject to such changes as may
be approved or imposed by the Court and agreed between NSB and Epicor.
		
	Scheme Document	  	the document to be posted to NSB Shareholders (and, as required, others) in connection with the Transaction, containing, inter alia, the Scheme, the notice of the Court Meeting and the notice of
the General Meeting.
		
	Transaction	  	the acquisition of the NSB Shares, pursuant to the Scheme.
		
	Third Party	  	a person other than Epicor or an associate (as defined in the City Code) of Epicor.
		
	Wider NSB Group	  	the NSB Group and its associated undertakings and any other body corporate, partnership, joint venture or persons in which the NSB Group and such

  

 4 

			
		
		  	undertakings (aggregating their interests) have an interest of more than 20 per cent. of the voting or equity capital or the equivalent.

  

	1.2	Unless the context requires otherwise, words and expressions defined in or having a meaning provided by the Act at the date of this Agreement shall have the same meaning in this
Agreement. 

  

	1.3	Unless the context requires otherwise, references in this Agreement to: 

  

	 	1.3.1	 any of the masculine, feminine and neuter genders shall include other genders; 

  

	 	1.3.2	 the singular shall include the plural and vice versa; 

  

	 	1.3.3	 a “person” shall include a reference to any natural person, body corporate, unincorporated association, partnership and trust; 

  

	 	1.3.4	 “law” shall include statutes, statutory instruments, orders and regulations and directions made or issued under the same and shall be construed so as to
include a reference to the same as it may have been, or may from time to time be, amended, modified, consolidated, re-enacted or replaced; and 

  

	 	1.3.5	 a document “in agreed form” shall mean a document, the terms of which have been approved by the parties and a copy of which has been identified as such and
initialled by or on behalf of each of Epicor and NSB. 

  

	1.4	The headings in this Agreement are for convenience only and shall not affect its meaning. References to a clause, Schedule or paragraph are (unless otherwise stated) to a clause of
or a Schedule to this Agreement or to a paragraph of the relevant Schedule. The Schedules form part of this Agreement and shall have the same force and effect as if expressly set out in the body of this Agreement. 

  

	1.5	References to any time or date shall be construed as a reference to the time and date prevailing in England. 

  

	2.	ANNOUNCEMENTS AND PUBLICATIONS 

  

	2.1	The parties shall procure the release of the Press Announcement by 7.00 a.m. on 17 December 2007, or such other time as may be agreed by the parties and the obligations of the
parties under this Agreement, other than this clause 2.1, shall be conditional on such release. 

  

	2.2	 The parties shall, subject to the requirements of law or any court order or the rules of any applicable regulatory body (including, without limitation, the Panel)
or any stock exchange 

  

 5 

 
and to the extent reasonably practicable, consult with each other as to the terms of, the timing of and the manner of publication of, any other
formal announcement, circular or publication which any party may make in connection with the Transaction, the Scheme, this Agreement or any matter referred to in the Press Announcement PROVIDED THAT nothing in this
clause 2.2 shall require Epicor to consult with NSB in connection with any increased price for the Transaction.  
  

	3.	IMPLEMENTATION OF TRANSACTION 

 General

  

	3.1	Each of NSB and Epicor, as appropriate, shall as promptly as reasonably practicable prepare (and in any event within the time period permitted by the Panel), and subject to the
approval of the Panel and the Court, as appropriate, publish and circulate: 

  

	 	3.1.1	 the Scheme Document or, following an Epicor election pursuant to clause 9, the Offer Document; 

  

	 	3.1.2	 such other information, circulars, forms notices or announcements (as the case may be), as is or may be required by the City Code, the Panel, the Companies Act, the Listing
Rules or any applicable laws or regulations; 

  

	 	3.1.3	 such other information, circulars, forms, notices or announcements (as the case may be) as Epicor and NSB shall agree in writing. 

  

	3.2	Each of the parties undertakes to the other that subject to the Conditions it will as promptly as reasonably practicable, take or procure to be taken all such steps as are within
its power and necessary to implement the Transaction in accordance with the Agreed Scheme Timetable. 

 Court Process 

  

	3.3	Without prejudice to clause 3.1, NSB shall as soon as reasonably practicable in accordance with the Agreed Scheme Timetable (or where relevant, by such other date as shall be agreed
between the parties having regard to the availability of Court dates, acting reasonably): 

  

	 	3.3.1	 following the completion of the Scheme Document (i) apply to the Court for leave to convene the Court Meeting; and (ii) file such documents and take such other steps
as may be necessary in connection therewith; 

  

	 	3.3.2	 subject to: 

  

	 	(a)	the Court making the order necessary for the purpose of convening the Court Meeting; 

  

 6 

	 	(b)	the necessary documents being settled with the Court and, where required, being approved by Epicor under clause 4 (such approval to be given at such times as will allow the
parties to meet the Agreed Scheme Timetable and in any event to allow the Effective Date to be no later than midnight on 31 March 2007); and 

  

	 	(c)	Epicor complying with its obligations under clause 4.5, 

 post the requisite documents (including the Scheme Document and appropriate forms of proxy) to NSB Shareholders and thereafter in a timely manner, publish and/or post such other documents and information as the Court or any regulatory
authority may approve or require from time to time in connection with the due implementation of the Transaction or the Scheme; 
  

	 	3.3.3	 convene the General Meeting and any other meetings of NSB Shareholders as are necessary in connection with the Transaction and not extend the date for such meetings without
Epicor’s consent; 

  

	 	3.3.4	 following and subject to the resolutions to be proposed at each of the Court Meeting and the General Meeting having been passed by the requisite majorities, unless Epicor has
given NSB notice that either (i) it is entitled to invoke one or more of the Conditions with the consent of the Panel (ii) or that it is in discussion with the Panel in connection with invoking one or more of the Conditions, NSB shall
issue to the Court a claim form (together with all necessary supporting documents) seeking the Court’s sanction of the Scheme and take any other action within its power and reasonably necessary to make the Scheme effective;

  

	 	3.3.5	 following the Scheme and the Capital Reduction having been confirmed by the Court: 

  

	 	(a)	cause office copies of such Court order to be filed with the Registrar of Companies; and 

  

	 	(b)	shall use its reasonable endeavours (including obtaining appropriate directions from the Court as necessary) to ensure that registration of the Court order confirming the Scheme and
the Capital Reduction takes place as soon as practicable after its delivery to the Registrar of Companies; 

 provided that NSB
shall not proceed with registration of the Court order confirming the Capital Reduction unless the Court order sanctioning the Scheme has by such time been filed with the Registrar of Companies; 
  

 7 

	 	3.3.6	 at the request of Epicor, take all necessary actions to adjourn the Court Meeting, the General Meeting and any other meeting of NSB Shareholders called in connection with the
Transaction to such time and date as Epicor may require provided that the directors of NSB, acting in good faith and having taken legal advice reasonably consider such adjournment is necessary to implement the Transaction and does not impose an
additional material obligation on NSB or the NSB Group; 

  

	 	3.3.7	 if the Court so requires, reconvene the Court Meeting and any other necessary meeting of NSB Shareholders; and 

  

	 	3.3.8	 not allot or issue any NSB Shares between the Record Time and the time at which the Scheme becomes effective save as may be required to satisfy share awards and/or the
exercise of options granted under the NSB Incentive Plans. 

 Amendments to Scheme and notice(s) 
  

	3.4	Save to the extent that the NSB Directors, having taken appropriate legal advice in relation to their fiduciary duties and acting reasonably, determine in good faith following the
announcement of a Competing Proposal that where to give such recommendation or not to withdraw or modify such recommendation would be in breach of their fiduciary duties, NSB undertakes to Epicor that it shall not after the posting of the Scheme
Document, save as required by law, any Court order or any regulatory authority, seek to amend the notice of Court Meeting, the Scheme or the resolution(s) set out in the notice of General Meeting in each case from the form set out in the Scheme
Document without the prior written consent of Epicor. 

 Recommendation 
  

	3.5	NSB agrees that the Scheme Document shall, when issued, incorporate a unanimous and unqualified recommendation of the NSB Directors to NSB Shareholders to vote in favour of the
Scheme and the resolution(s) to be proposed at the General Meeting, such recommendation to be in the form set out in the Press Announcement save to the extent that the NSB Directors, having taken appropriate legal advice in relation to their
fiduciary duties and acting reasonably, determine in good faith following the announcement of a Competing Proposal that to give such recommendation or not to withdraw or modify such recommendation would be in breach of their fiduciary duties.

 Conditions 
  

	3.6	Subject to the rulings of the Panel, the obligations of the parties to implement the Transaction are subject to the satisfaction (or waiver) of the Conditions.

  

 8 

	4.	PREPARATION OF DOCUMENTS 

 Contents and
information 
  

	4.1	Subject to clause 9, NSB agrees to consult with Epicor as to the form and content of the Scheme Document and NSB shall seek the approval of Epicor (not to be unreasonably withheld
or delayed) to the content of the Scheme Document and afford Epicor reasonable time to consider such document in order to give its approval. NSB shall not despatch the Scheme Document until it has been approved by Epicor in writing.

  

	4.2	NSB agrees to provide Epicor with drafts of the documents as are referred to in clause 3.3.2, and afford Epicor reasonable time to provide its comments and to take accounts of its
reasonable comments. 

  

	4.3	Epicor undertakes to provide NSB as soon as reasonably practicable with all such information about itself, the Epicor group and its Associates as may reasonably be required (having
regard to the City Code and applicable regulations) for inclusion in the Scheme Document and such other documents as are referred to in clause 3.3.2 and to provide all such other assistance as may reasonably be required in connection with the
preparation of the Scheme Document or for due implementation of the Transaction or the Scheme, including access to, and ensuring the provision of reasonable assistance by, relevant professional advisers. 

 Responsibility 
  

	4.4	Subject in each case to the requirements of the Panel: 

  

	 	4.4.1	 NSB shall procure that its directors accept responsibility for all information in the Scheme Document relating to NSB, the NSB Group and their Personnel; and

  

	 	4.4.2	 Epicor shall procure that Epicor directors accept responsibility for all information in the Scheme Document (other than information referred to in clause 4.4.1).

  

	5.	CONDUCT OF BUSINESS 

  

	5.1	NSB undertakes that save as otherwise contemplated in this Agreement, the Scheme Document and any other document or action contemplated to be entered into or taken hereunder, prior
to the Effective Date, NSB shall not, and it shall procure that no other member of the NSB Group shall (except with the express prior written consent of Epicor): 

  

	 	5.1.1	 carry on business other than in the ordinary course and in all material respects consistently with past practice without the prior approval of Epicor and in 

  

 9 

	 	 
particular shall not undertake any material commitment or enter into any material contract or acquire or dispose of any material assets, liabilities or
businesses. For the purposes of this clause 5.1.1, a matter shall be “material” if it amounts to or exceeds 2% of aggregate Scheme price in aggregate; 

  

	 	5.1.2	 recommend, declare, pay or make or propose to recommend, declare, pay or make, any bonus issue, dividend or other distribution, whether payable in cash or otherwise;

  

	 	5.1.3	 take any step in relation to its business which is calculated to have the effect of preventing or delaying satisfaction of any Condition in accordance with its terms, or
actively determine to omit to take any step it would otherwise take in the ordinary course of business which the NSB Directors calculate at the time of omitting to take such step, if taken, would be reasonably likely to have the effect of satisfying
any Condition in accordance with its terms; 

  

	 	5.1.4	 take any action which would amount to an action requiring the approval of NSB Shareholders in general meeting or requiring the consent of the Panel under Rule 21.1 of the City
Code; 

  

	 	5.1.5	 incur any indebtedness for borrowed money which is material in the context of the Transaction except as permitted by the terms at the date of this Agreement of its existing
facility agreements and shall not make any early repayments of existing debt which is material in the context of the Transaction. For the purposes of this clause 5.1.5, indebtedness shall be “material” if it amounts to or exceeds 2%
of aggregate Scheme price in aggregate; 

  

	 	5.1.6	 grant any encumbrance over any material assets of the business except in the ordinary course of trading; 

  

	 	5.1.7	 enter into any guarantee of the obligations of any person (other than a member of the NSB Group) except in the ordinary course of trading; 

  

	 	5.1.8	  amend the existing employment, remuneration or consultancy terms or arrangements between NSB or any subsidiary and any director or managerial employee thereof
or make any bonus or other special payment to any such director or any other employee of NSB or any subsidiary that is not provided for in their existing contractual arrangements or make any payment to or grant options to any such director or
employee of NSB or any subsidiary in respect of any deferred bonus payable on or in respect of a change of control of NSB but excluding all matters relating to the implementation of those remuneration and bonus matters set out in the note attached
to an email from Andrew Cossar of CMS Cameron McKenna LLP to Nick Burgess of Travers Smith on 16 December 2007 at 14.57, together with such variations or ancillary matters as 

  

 10 

	 	 
the remuneration committee of Naomi may (acting reasonably) deem non-material in connection with those remuneration and bonus matters;

  

	 	5.1.9	 amend its articles of association or memorandum of association except to the extent required in order to implement the Scheme; 

  

	 	5.1.10	 enter into any hedging transactions except in the ordinary course of trading; 

  

	 	5.1.11	 save with the express prior written agreement of Epicor, enter into any binding arrangement with the trustees of any pension scheme, in which NSB or any member of the Wider
NSB Group participates, in relation to funding levels of such pension scheme, save as required by law or regulation or the rules of any such pension scheme; or 

  

	 	5.1.12	 enter into any agreement or assume any obligation to do any of the foregoing. 

  

	5.2	Save as otherwise contemplated in this agreement, the Scheme Document and any other document or action contemplated to be entered into or taken hereunder, NSB undertakes to Epicor
to consult with Epicor prior to: 

  

	 	5.2.1	 undertaking any material commitment, entering into, terminating or amending any material contract or acquiring or disposing of any material asset, liability or business, in
each case to the extent not referred to in clause 5.1; or 

  

	 	5.2.2	 agreeing to do any of the things set out in clause 5.2.1; 

  

	 	5.2.3	 NSB undertakes to keep Epicor reasonably informed of the progress of, and of any material developments relating to, the business and financial affairs of NSB Group and,
without limitation to the foregoing, to procure that representatives of Epicor shall have the opportunity to discuss these matters with the chief executive officer or the chief financial officer of NSB not less than once every two weeks.

  

	5.3	NSB shall use its reasonable endeavours to cause 3068358 N.B. Inc. and 513165 N.B. Inc. to do all such things, deliver all such notices and execute and deliver all such
instruments or documents as may be necessary to cause all the exchangeable shares that 3068358 N.B. Inc. holds in 513165 N.B. Inc. to be redeemed or exchanged for NSB Shares with effect immediately following the time of the Court Approval.

  

	6.	MUTUAL ASSISTANCE 

 Information and assistance

  

	6.1	Without prejudice to clause 4: 

  

 11 

	 	6.1.1	 each party shall provide promptly such assistance and information as is reasonably required by the other party for the purposes of, or in connection with, the preparation of
all documentation necessary or desirable in connection with the Transaction; and 

  

	 	6.1.2	 each party shall procure (so far as it is reasonably able to do so) the provision of assistance by its professional advisers. 

 Clearances 
  

	6.2	The parties shall co-operate in relation to the obtaining of any necessary or ( if agreed to be such by both parties) expedient Clearances and, without prejudice to the generality
of the foregoing, shall: 

  

	 	6.2.1	 make as promptly as reasonably practicable such filings with any relevant authority, jointly or separately, as are necessary or (if agreed to be such by both parties)
expedient for the implementation of the Transaction; 

  

	 	6.2.2	 co-operate in any dealings with any relevant authority (including without prejudice to the generality of the foregoing where reasonably required, jointly attending meetings
and conference calls) and deal with all requests and enquiries from any such relevant authority in consultation with the other party; 

  

	 	6.2.3	 inform the other party (and the other party’s legal advisers) as promptly as reasonably practicable of all communications and dealings with any relevant authority and
consult with the other party (and the other party’s legal advisers) on all matters pertinent to enabling the relevant Condition to be satisfied,; 

  

	 	6.2.4	 provide as promptly as reasonably practicable to any relevant authority such information as may be reasonably required by such authority in connection with any authorisations,
clearances or consents required or expedient in the context of the Transaction; and 

  

	 	6.2.5	 if necessary, negotiate with any relevant authority in relation to any undertakings, orders or agreements which such relevant authority requires to facilitate the Transaction
(whether or not the consent of that authority is required to satisfy any Condition) provided that this provision shall not require any party to agree to any such undertakings, orders or agreements that would impose an additional material obligation
on NSB or the NSB Group, 

 PROVIDED THAT nothing in this clause 6.2 shall require any party to disclose any information
disclosed to it in confidence or the disclosure of which would otherwise result 

  

 12 

 
in a breach of any law, regulation, provision of the City Code, court order or confidentiality obligation. 
 Proxies 
  

	6.3	Prior to each of the Court Meeting and the General Meeting, NSB shall provide to Epicor as soon as reasonably practicable a summary of proxies received in respect of such meeting.

  

	7.	NON-SOLICIT AND INDUCEMENT FEE 

  

	7.1	As an inducement and pre-condition to Epicor agreeing to issue the Press Announcement, NSB undertakes to pay Epicor the sum of £1,600,000 (inclusive of value added tax, if
any, except to the extent any such value added tax is recoverable by NSB) (the “Inducement Fee”) if: after Epicor has issued the Press Announcement: 

  

	 	7.1.1	 a Competing Offer (in accordance with Rule 2.5 of the City Code) is announced before the Scheme lapses or is withdrawn (or within 3 months after such date) which becomes
unconditional in all respects or otherwise completes; or 

  

	 	7.1.2	 the board of directors of NSB does not recommend the Transaction or the recommendation of the Board is withdrawn or modified in a manner which is adverse to the likelihood of
the Transaction becoming or being declared unconditional in all respects and as a result the Scheme (and any Revised Scheme and any Offer made in substitution for the Scheme) lapses. 

  

	7.2	NSB agrees that, after Epicor issues the Press Announcement and subject to the Scheme not having lapsed or having been withdrawn, NSB shall promptly, and in any event, provide
notice of a Competing Offer (a “Superior Competing Offer Notice”) within one day if the board of directors of NSB acting in good faith determines that any bona fide approach relating to a Competing Offer constitutes a superior
Competing Offer in which case it shall provide Epicor with notice of such approach (but not be obliged to provide any detail in respect of the identity of the party making such approach) and the terms proposed (including, without limitation, as to
price, timetable and conditionality) and shall not withhold, withdraw, change or adversely modify its recommendation in respect of the Scheme or Offer or recommend the superior Competing Offer unless: 

  

	 	7.2.1	 Epicor informs NSB that it is not willing to revise the Scheme such that the Scheme (as revised) is no less in value than such Competing Offer; 

  

	 	7.2.2	  Epicor fails, within 48 hours following receipt of the Superior Competing Offer Notice, to confirm to NSB that it is willing to revise the Scheme
(“Revised Scheme”) such that the Revised Scheme is no less in value than such Competing Offer. For the purposes of this clause 7.2.2, where the Competing 

  

 13 

	 	 
Offer and/or the Revised Scheme is partly or wholly in securities, in determining whether the Revised Scheme is no less in value that the Competing Offer,
the securities included in such offer(s) shall be valued at the average mid-market closing price for such securities for the 5 dealing days prior to the date of such Competing Offer; or 

  

	 	7.2.3	 Epicor, having confirmed to NSB, within 48 hours following receipt of the Superior Competing Offer Notice, that it is willing to so revise the Scheme Epicor then fails within
96 hours following receipt of the Superior Competing Offer Notice to announce such Revised Scheme (including the price thereof) publicly. 

  

	7.3	In relation to clause 7.2, the board of directors of NSB agree that it shall not withhold, withdraw, change or adversely modify its recommendation in respect of the Scheme or
recommend the Competing Offer unless it determines, in good faith having taken advice from outside counsel, that its fiduciary duties, or other duties to NSB Shareholders so require. Before concluding that the fiduciary duties require it to
recommend the superior Competing Offer the board of directors of NSB shall take into account the following matters: 

  

	 	7.3.1	 the terms and conditions of the Competing Offer; 

  

	 	7.3.2	 the availability of financing for the Competing Offer and the terms and conditions thereof; 

  

	 	7.3.3	 third party consents which are necessary or desirable for the implementation of the Competing Offer; 

  

	 	7.3.4	 regulatory and anti-trust aspects of the Competing Offer; and 

  

	 	7.3.5	 the likelihood of the Competing Offer completing without undue delay. 

  

	7.4	In the event that this Agreement terminates in accordance with clause 10, Epicor agrees that nothing shall prevent or restrict NSB from implementing the Scheme in order to effect a
Competing Offer in accordance with the Scheme Document with such amendments, modifications, additions or variations as NSB should think fit and to adjourn, extend or hold any Court Hearing or Court Meeting or General Meeting in each case in
connection with any such Competing Proposal and Epicor will not and will procure that its Associates will not petition the Court to prevent the use of the Scheme for such purpose. 

  

	7.5	 Notwithstanding any other provision of this Agreement, NSB shall be entitled to provide information to, accommodate, assist and negotiate with the third party
offeror or potential third party offeror with regard to a Competing Offer in order to comply with its obligations under Rule 20.2 of the City Code and any such action shall not constitute a breach of any 

  

 14 

	 	 
provision of this Agreement provided that NSB does not breach any of the specific obligations owed to under the non-solicitation agreement dated
13 November between the parties. 

  

	7.6	Any amount payable pursuant to clause 7.1 shall be paid by telegraphic transfer to a bank account nominated by Epicor no later than two Business Days after any of the circumstances
or actions triggering payment set out in clause 7.1 shall occur. 

  

	7.7	NSB and Close Brothers have confirmed to the Panel that the Inducement Fee is in the best interest of the shareholders of NSB, and the Panel has given its clearance in accordance
with Rule 21.2 of the City Code. Nothing in this agreement shall oblige NSB to pay any amount which the Panel determines would not be permitted by Rule 21.2 of the City Code. 

  

	7.8	Notwithstanding the terms of this agreement, the non-solicitation agreement dated 13 November between the parties shall continue in force in accordance with its terms save that
the first part of clause 1.1.1 shall be varied to read “not, and will procure that neither you nor your subsidiary undertakings (together the “NSB Group”) nor the professional advisers, agents, contractors, directors, officers
or employees of any member of the NSB Group (the “Related Persons”) will, from the date of this Agreement until the earlier of the Offer lapsing or being withdrawn or, the date on which we shall notify you in writing that we no
longer wish to proceed with the Offer (the “Long Stop Date”) or the implementation agreement proposed to be entered into between the parties, being terminated:.” 

  

	8.	EPICOR TO BE BOUND BY SCHEME 

 Subject to the
satisfaction or waiver of the Conditions, Epicor hereby agrees to procure that Epicor Sub (i) agrees to be bound by the Scheme and (ii) instructs counsel to agree on its behalf at the Court hearing of the claim form to sanction the Scheme
to undertake to be bound thereby and to execute and do, and procure the execution and doing of all such documents, acts and other things, as may be reasonably necessary or desirable to be executed and done for the purposes of giving effect to the
Scheme. 
  

	9.	CHANGE TO AN OFFER 

 Epicor may elect to change from
a Scheme to an Offer if it determines that it is impractical to proceed with the Scheme or is otherwise in its interests to do so provided that the relevant Offer is made substantially in accordance with the relevant terms and conditions set out in
the press Announcement or upon such other terms as in the reasonable opinion of the NSB Directors are no less advantageous to the shareholders of the Company and upon the relevant Conditions subject to the appropriate amendments including (without
limitation) an acceptance condition set out at 90% of the shares to which the Offer relates (or such lower amount as Epicor may decide subject to the City Code). If Epicor so elects in accordance with this Agreement, the terms of this Agreement
shall apply to such Offer, unless inapplicable, mutatis mutandis. 
  

 15 

	10.	TERMINATION 

  

	10.1	Without prejudice to the parties’ obligations under the City Code, and in particular, Epicor’s obligation to proceed with the Transaction in accordance with Rule 2.7 of
the City Code, or pursuant to a court order, this Agreement, other than clause 1, clause 7.1 and 7.4 to 7.8, this clause 10 and clauses 11 to 15 (inclusive) which shall survive such termination, may be terminated 

	on	the earliest to occur of the following: 

  

	 	10.1.1	 by the express written consent of the parties at any time prior to the Effective Date; 

  

	 	10.1.2	 if the Effective Date has not occurred by 31 March 2007; 

  

	 	10.1.3	 by written notice from one party to the other following a material breach by such other party of any of the provisions of this Agreement which, if capable of remedy, has not
been remedied within 10 days of a notice from the non defaulting party requesting the same; 

  

	 	10.1.4	 if the NSB Shareholders fail to pass by the required majority the resolutions to be proposed at the Court Meeting in connection with the Scheme and/or fail to pass by the
required majority the resolutions to be proposed at the General Meeting in connection with the Scheme; 

  

	 	10.1.5	 if the NSB Directors fail to recommend or withdraw or adversely modify the recommendation to NSB Shareholders to vote in favour of the Transaction; 

 

	 	10.1.6	 if the Court refuses to sanction the Scheme or the Capital Reduction; 

  

	 	10.1.7	 by written notice from Epicor to NSB if: 

  

	 	(a)	any of the Conditions which is capable of waiver and which has not been waived is (or becomes) incapable of satisfaction and Epicor notifies NSB in writing that, notwithstanding
that it has the right to waive any such Condition, it shall not do so; or 

  

	 	(b)	if any of the Conditions which is incapable of waiver is not satisfied or becomes incapable of satisfaction, 

 and in either case the Panel permits the invocation of such Condition and PROVIDED THAT if Epicor elects to implement the Transaction by way of the
Offer, then, for the purposes of this clause 10.1. Conditions 1(a) to 1(c) and 2 shall be ignored and be replaced by a condition relating to receipt of 90% acceptances; 
  

 16 

	 	10.1.8	 if Epicor determines to implement the Transaction by way of the Offer, if the Offer lapses or is withdrawn; 

  

	 	10.1.9	 if on or before the tenth day after the Scheme is withdrawn or lapses, Epicor has not publicly announced an Offer; 

  

	 	10.1.10	 if, after the lapse or withdrawal of the Scheme, Epicor publicly announces that it shall not make an Offer; 

  

	 	10.1.11	 if any Offer that Epicor publicly announces lapses or is withdrawn; 

  

	 	10.1.12	 if the Inducement Fee is paid or becomes unconditionally owing pursuant to clause 7; or 

  

	 	10.1.13	 if NSB serves a Superior Competing Offer Notice in accordance with clause 7.2 and Epicor does not confirm to NSB that it is willing to revise the Scheme in accordance with
clause 7.2.2 and publicly announce such Revised Scheme in accordance with clause 7.2.3. 

  

	10.2	 In the event of termination under clause 10.1 above, the parties agree that this Agreement shall terminate without prejudice to any rights or liabilities that have accrued
prior to such termination. 

  

	11.	FEES AND EXPENSES 

 Each party shall pay its own
costs and expenses incurred in connection with the preparation, negotiation and completion or termination of this Agreement. The Inducement Fee is payable by NSB to Epicor on the terms and in the circumstances set out in clause 7. 
  

	12.	CAPACITY 

 Each party warrants and represents to the
other that it has full power and authority to perform the obligations expressed to be assumed by it under this Agreement and that the obligations expressed to be assumed by it hereunder are legal, valid and binding and enforceable against it in
accordance with their terms. 
  

	13.	NOTICES 

 Form of Notice 
  

	13.1	 Any notice, approval or other communication to be given or made under or in connection with this Agreement (each a “Notice” for the purposes of this clause)
shall be in English, in writing and signed by or on behalf of the party giving it. 

  

 17 

 Method of service 
  

	13.2	 Service of a Notice must be effected by one of the following methods: 

  

	 	13.2.1	 by hand to the relevant address set out in clause 13.4 and shall be deemed served upon delivery if delivered during a Business Day, or at the start of the next Business Day if
delivered at any other time; or 

  

	 	13.2.2	 by prepaid first-class post to the relevant address set out in clause 13.4 and shall be deemed served at the start of the fourth Business Day after the date of posting; or

  

	 	13.2.3	 by facsimile transmission to the relevant facsimile number set out in clause 13.4 and shall be deemed served on despatch if despatched during a Business Day, or at the start
of the next Business Day if despatched at any other time, provided that in each case a receipt indicating complete transmission of the Notice is obtained by the sender and that a copy of the Notice is also despatched to the recipient using a method
described in clauses 13.2.1 to 13.2.2 (inclusive) no later than the end of the next Business Day. 

  

	13.3	 In clause 13.2 “during a Business Day” means any time between 9.30 a.m. and 5.30 p.m. on a Business Day based on the local time where the recipient of the
Notice is located. References to “the start of a Business Day” and “the end of a Business Day” shall be construed accordingly. 

 Address for service 
  

	13.4	 Notices shall be marked as follows: 

  

	 	13.4.1	 Notices for NSB shall be marked for the attention of: 

  

			
	Name:	  	Stuart Mitchell
		
	Address:	  	Parkfield Business Centre, Parkfield House, Park Street,
		  	Stafford, Staffordshire, ST17 4AL
		
	Fax number:	  	+44 (0) 1785 252 378
	With a copy to:	  	
	Name:	  	Louise Wallace/Andrew Cossar c/o CMS Cameron McKenna LLP
		
	Address:	  	Mitre House, 160 Aldersgate Street, London, EC1A 4DD

  

 18 

			
	Fax:	  	+44 (0) 20 7367 2000

  

	 	13.4.2	 Notices for Epicor shall be marked for the attention of: 

  

			
	Name:	  	John Ireland
		
	Address:	  	18200 Von Karman Avenue,
		  	Suite 1000,
		  	Irvine, CA 92612
		
	Fax number:	  	+1 949 433 5853

 Copies of Notices 
  

	13.5	 Copies of all Notices sent to NSB shall also be sent or given to Simon Willis of Close Brothers of 10 Crown Place London EC2A 4FT, fax number: +44 (0) 870 889 5802 and
Louise Wallace of CMS Cameron McKenna LLP, Mitre House, 160 Aldersgate Street, London EC1A 4 DD, fax number: +44 207 367 3000. Copies of all notices sent to Epicor shall also be sent or given to Craig Calvert of UBS of 2 Finsbury Avenue, London EC2M
2PP, fax number: +44 20 7568 4353 and shall be sent or given in accordance with one of the methods described in clause 13.2. Failure to communicate such copies shall not invalidate such Notice. 

 Change of details 
  

	13.6	 A party may change its address for service provided that the new address is within the same country and that it gives the other parties not less than five Business Days’
prior notice in accordance with this clause 13. Until the end of such notice period, service on either address shall remain effective. 

  

	14.	GENERAL 

 Entire agreement 
  

	14.1	 This Agreement (together with any documents referred to herein or required to be entered into pursuant to this Agreement) contains the entire agreement and understanding of
the parties and supersedes all prior agreements, understandings or arrangements (both oral and written) relating to the subject matter of this Agreement and any such document. 

 Variations 
  

	14.2	 No variation of this Agreement shall be effective unless made in writing signed by or on behalf of both parties and expressed to be such a variation. 

 

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 Remedies and waivers 
  

	14.3	Without prejudice to any other rights and remedies which any party may have, each party acknowledges and agrees that any breach by any party of this Agreement could cause Epicor
injury for which damages may not be an adequate remedy. In the event of a breach or threatened breach by NSB of any of the provisions of this Agreement, any party shall be entitled to seek the remedies of injunction, specific performance and other
equitable relief in any court of competent jurisdiction. 

  

	14.4	No failure or delay by either party or time or indulgence given in exercising any remedy or right under or in relation to this Agreement shall operate as a waiver of the same nor
shall any single or partial exercise of any remedy or right preclude any further exercise of the same or the exercise of any other remedy or right. 

  

	14.5	No waiver by either party of any requirement of this Agreement, or of any remedy or right under this Agreement, shall have effect unless given in writing and signed by such party.
No waiver of any particular breach of the provisions of this Agreement shall operate as a waiver of any repetition of such breach. 

 Assignment 
  

	14.6	No party shall be entitled to assign, transfer or create any trust in respect of the benefit or burden of any provision of this Agreement without the prior written consent of the
other party. 

 Counterparts 
  

	14.7	This Agreement may be executed as two or more counterparts and execution by each of the parties of any one of such counterparts shall constitute due execution of this Agreement.

 Further assurance 
  

	14.8	Each party shall, and shall use all reasonable endeavours to procure that any necessary third party shall, do and execute and perform all such further deeds, documents, assurances,
acts and things as may reasonably be required to give effect to this Agreement. 

 Third party rights 
  

	14.9	The undertakings and commitments given by NSB are given to Epicor acting for itself and as agent for Epicor Sub and Epicor Sub shall be entitled to enforce the provisions of this
agreement as if it were a party hereto. 

  

	14.10	Save as expressly provided in this Agreement, no provisions of this Agreement shall be enforceable pursuant to the Contracts (Rights of Third Parties) Act 1999 by any third party.

  

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	14.11	 The terms of this Agreement may be rescinded or varied at any time by the parties in accordance with clause 14.2 without the consent of any third parties.

  

	15.	APPLICABLE LAW AND JURISDICTION 

  

	15.1	 This Agreement and the rights and obligations of the parties shall be governed by and construed in accordance with the laws of England and Wales. 

  

	15.2	 The parties irrevocably submit to the exclusive jurisdiction of the Courts of England and Wales in respect of any claim, dispute or difference arising out of or in connection
with this Agreement, provided that nothing contained in this clause shall be taken to have limited the right of Epicor to proceed in the courts of any other competent jurisdiction. 

 THIS AGREEMENT has been duly executed on the date first stated above. 
  

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	 SIGNED by
	  	)	  	/s/ John D. Ireland	  	
		  	)	  	Senior Vice President, General Counsel & Secretary	  	
	 for and on behalf of
	  	)	  		  	
	EPICOR SOFTWARE	  	)	  		  	
	CORPORATION	  	)	  		  	
				
	 SIGNED by
	  	)	  	/s/ Angus Monro	  	
		  	)	  	Non-Executive Chairman	  	
	 for and on behalf of
	  	)	  		  	
	NSB RETAIL	  	)	  		  	
	SYSTEMS PLC	  	)	  		  	

  

 22

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