Document:

mar2504_ex040301

EXHIBIT 4.3.1

  MRM/RUP 

  6 January 2004

  Strictly Private & Confidential

  Mr Norman McLuskie

  Chairman, Retail
  Direct

  1st Floor

  42
  St Andrew Square

  Edinburgh

  EH2 2YE 

  Dear Norman, 

  I refer to your recent appointment as Chairman of Retail Direct. With reference to such appointment the following confirms: 

  (a) agreed amendments
  to your service agreement dated 9 October 1997 (the “Service Agreement”);
  and 

  (b) agreement that you will no longer be eligible to receive awards under the Medium-term Performance Plan. 

  Unless the context otherwise admits, capitalised terms in this letter shall have the meanings ascribed to them in the Service Agreement. 

  IT IS AGREED as follows: 
  

	(a) 	In
    respect of the Service Agreement 
	 	 
	1.   	 In
        clause FIRST (Position) the words “Managing Director, Operations ” shall
    be deleted and replaced by the following:  
	 	 
	 	“Chairman, Retail Direct ”.
	 	 
	2.   	Clause
    FIFTEENTH (Bonuses) shall be deleted in its entirety.

	3.   	Clause
    EIGHTEENTH (Executive Share         Option Scheme) shall be deleted in its entirety.  
	 	 
	(b) 	In
    respect of the Medium term Performance Plan 
	 	 
	1.  	that
          you will no longer be eligible to receive awards under the Medium-term
    Performance Plan. 

The amendments/changes stated in paragraphs (a) and (b) above shall have (retrospective) effect from 1 January 2004.

  Please acknowledge your acceptance of the terms of this letter by signing in the space provided below. 

  Yours sincerely, 

 

	   /s/ M R McLean 
      
      
	For and on behalf of 
    
	The Royal Bank of Scotland plc 
	 
	 
	 Agreed and accepted  
	 
	 
	  /s/ N. McLuskie 
      
    
	 For and on behalf of 
	 Norman McLuskieUntitled Document

EXHIBIT 4.6 

 EMPLOYMENT AGREEMENT  

      EMPLOYMENT AGREEMENT
    dated as of February 18, 2004, by and between Citizens Financial Group, Inc.,
    a Delaware corporation (the “Company”), and Lawrence K. Fish (the “Executive”),
    residing at 171 Heath Street, Brookline, Massachusetts 02467.  

      WHEREAS the Company
    and Executive are parties to an employment agreement dated July 1, 1996 (the “Prior
    Agreement”);  

      WHEREAS the Company
    desires to continue to employ Executive and to enter into this agreement
    embodying the terms of such employment (the “Agreement”) and replacing
    and superseding the Prior Agreement;  

      WHEREAS Executive
    desires to accept such continued employment and enter into this Agreement;  

      NOW, THEREFORE, in
    consideration of the premises and mutual covenants contained herein and for
    other good and valuable consideration, the parties agree as follows:  

      1.  Term
      and Condition of Employment. Subject
      to the provisions of Section 7,  Executive
      shall continue to be employed by the Company for a period commencing on
      February 18, 2004 (the “Commencement
    Date”) and ending on the earlier of (a) the date which is twelve (12)
    months after written notice of termination is given to Executive by the Company
    and (b) the date which is twelve (12) months after written notice of termination
    is given to the Company by Executive. The period beginning on the Commencement
    Date and ending on such termination date shall be referred to as the “Employment
    Term.” Notwithstanding the foregoing, in no event shall the Employment
    Term extend past the date on which the Executive attains age sixty-five.  

      2. Position.
    (a) During the term of his employment hereunder Executive shall serve as
    Chairman, President and Chief Executive Officer of the Company. Executive
    shall have such duties and authority as shall be determined from time to
    time by the Board of Directors of the Company (the “Board”), which
    duties and authority shall be consistent with his status, titles and positions.
    In such positions, Executive shall have primary responsibility for the operations
    of the businesses of the Company and its subsidiaries, shall have the authority
    of a chief executive officer with respect to such businesses and shall report
    directly to the Board. Executive shall also have a direct reporting responsibility
    to the Chief Executive of The Royal Bank of Scotland plc. To the extent that
    Executive may in accordance with this Section 2 be assigned responsibilities
    or perform services for subsidiaries of the Company, the Company shall cause
    the respective subsidiaries to fulfill or cooperate in fulfilling the Company’s
    obligations under this Agreement.  

        (b) In
      addition, during the term of his employment hereunder Executive shall continue
      to serve as Chairman of the Board, Director of The Royal Bank of Scotland
      plc and Director of The Royal Bank of Scotland Group plc (“RBS”).  

        (c) During
    the term of his employment hereunder, Executive will devote substantially
    all of his business time and best efforts to the performance of his duties 

   hereunder and will not engage in any other business,
        profession or occupation for compensation or otherwise which would conflict
        with the rendition of such services either directly or indirectly, without
        the prior written consent of the Board. Without limiting the generality of
        the foregoing, Executive may devote a reasonable amount of time to such community
        service, including service on governmental advisory bodies, as in the reasonable
        opinion of the Company does not adversely affect his ability to perform his
        obligations hereunder.  

      3.  Base
      Salary. The Company shall pay Executive
      an annual base salary (the  “Base
      Salary”) at the initial rate of
    $1,000,000, payable in arrears in substantially equal installments not less
    frequently than monthly in accordance with the Company’s payroll practices
    during the Employment Term. Executive shall be entitled to such increases
    in his Base Salary, if any, as may be recommended by the Group Chief Executive
    of RBS and approved by the Remuneration Committee of RBS. In no event shall
    Executive’s Base Salary, as it may be increased from time to time in
    accordance with this Section 3, be reduced.  

      4. Incentive
      Compensation. (a) With respect to
      each calendar year during which Executive is employed hereunder, he shall
      also be eligible to participate in the Company’s Annual Incentive
      Plan, in accordance with the terms thereof in effect from time to time; provided,
      however, that notwithstanding any
      term of such Annual Incentive Plan, Executive shall be entitled, with respect
      to each full calendar year during which Executive is employed hereunder,
      to a bonus, subject to attainment of pre-determined performance targets,
      of at least 100%, and not more than 200%, of Base Salary for the relevant
      year. In the event the Employment Term expires pursuant to Section 1 hereof
      during a calendar year, Executive will be eligible to receive a fraction
      of the bonus, if any, he would have received under the Company’s Annual
      Incentive Plan had he been employed by the Company for the entire such
      calendar year, the numerator of which fraction shall be the number of days
      during such calendar year in which the Executive was employed hereunder
      and the denominator of which fraction shall be 365. Such amount, if any,
      shall be paid on the date payment would be otherwise made pursuant to the
      Company’s Annual Incentive Plan.  

        (b) (i)
      With respect to each long-term performance period beginning prior to or on
      January 1, 2004 during all of which (except as otherwise set forth herein)
      Executive is employed hereunder, he shall also be eligible to participate
      in the Company’s historic cash Long Term Incentive Plan (the “Long
      Term Incentive Plan”), in accordance with the terms thereof in effect
      from time to time; provided, however,
      that notwithstanding any term of such Long Term Incentive Plan, Executive
      shall be entitled, with respect to each such performance period during all
      of which Executive is employed hereunder, to a long term incentive, subject
      to attainment of pre-determined performance targets, of at least 60% of Base
      Salary for the relevant period and a maximum long term incentive of 105%
      of Base Salary for the relevant period. In the event the Employment Term
      expires pursuant to Section 1 hereof, Executive will be eligible to receive,
      for each performance period in progress at the time of such expiration, a
      fraction of the long term incentive amount, if any, he would have received
      under the Long Term Incentive Plan had he been employed by the Company for
      the whole of such performance period, the numerator of which fraction shall
      be the number of days during such performance period in which the Executive
      was employed hereunder and the denominator of which  

   fraction shall be 1095. Such amounts, if any, shall
        be paid on the respective dates payment would be otherwise made pursuant
        to the Long Term Incentive Plan. 

  
          (ii) With
      respect to the period beginning on or after January 1, 2005, Executive shall
      be eligible to participate in the long-term incentive programs established
      for executives of the Company from time to time on the same terms and conditions
      as other executive officers of the Company. Under such long term plan or
      plans, Executive will be entitled to receive a total award opportunity consistent
      with his position with the Company and past practice. It is anticipated that
      awards under such plan or plans shall consist of options to purchase RBS
      securities and as well as cash awards, with performance measured at both
      the Company and RBS level. Any such long term plan or the awards thereunder
      will contain provisions addressing the treatment of awards in the event a
      participant’s employment terminates prior to the expiration of the applicable
      performance period.  

  

      5. Employee
      Benefits. During the term of his employment
      hereunder, Executive shall be provided employee benefits (including fringe
      benefits, pension plan participation and life, health, accident and disability
      insurance) (collectively “Employee Benefits”) on the same basis
      as those benefits are generally made available to senior executives of
      the Company from time to time, except as otherwise provided in this Section
      5. To the extent not otherwise provided pursuant to the foregoing provision,
      during the term of his employment, Executive shall be entitled to the following
      benefits:  

        (a) Executive
      shall be eligible to participate in any pension or savings plan maintained
      by the Company and shall be given five years of service credit for vesting
      purposes in respect of any benefit accrued by him under each such plan during
      the Employment Term. In addition, (i) Executive shall be given an additional
      five years of service credit for benefit accrual purposes under the Company’s
      pension plan and any excess plan related or supplemental thereto, in recognition
      of his employment by the Company through March 31, 1997, and (ii) in the
      event Executive remains employed by the Company through age 60, Executive
      shall be given an additional three years of service credit for benefit accrual
      purposes under the Company’s pension plan and any excess plan related
      or supplemental thereto.  

        (b) Executive
    shall be provided long term disability benefits pursuant and supplemental
    to the Company’s long-term disability plan which in the aggregate will
    provide for replacement of 50% of the sum of his Base Salary and most recent
    annual bonus in the event of Executive’s long-term disability occurring
    during the term of Executive’s employment hereunder, subject to adjustment
    as provided below. Such coverage may be provided under an insurance arrangement
    or out of the Company’s general assets, or a combination thereof. The
    benefit provided under this paragraph shall be subject to any amendments
    to or changes in the Company’s long-term disability plan applicable
    to all senior executives of the Company.  

        (c) Executive
    shall be provided with life insurance benefits under the Company’s group
    life insurance plan. The coverage limit under such plan shall be treated
    as increased to $1,500,000, or such additional coverage shall be self-insured
    by the Company.  

        (d) In
      the event that the Company requires that Executive relocate and establish
      a permanent residence in any of the Company’s market areas at any time
      during the Employment Term, the Company will reimburse Executive for reasonable
      relocation expenses, in accordance with applicable Company policy.  

        (e) Executive
    shall be entitled to a minimum of six weeks annual vacation, in accordance
    with the Company’s vacation policies. 

        (f) Executive
    shall be entitled to the use of an automobile and driver and the payment
    by the Company of relevant costs associated with business use thereof in
    accordance with the Company’s usual policy (as supplemented from time
    to time so that Executive receives fringe benefits on terms no less favorable
    than those applicable to any other executive of the Company).  

      6. Business
      Expenses. Reasonable travel, entertainment
      and other business expenses incurred by Executive in the performance of
      his duties hereunder shall be reimbursed by the Company in accordance with
      Company policies.  

      7. Termination.
    Executive’s employment may be terminated by the Company at any time.
    Unless otherwise agreed by the parties, Executive shall be required to give
    twelve (12) months’ prior written notice of his voluntary termination
    of employment, other than for Good Reason as defined in Section 7(d). In
    the event of termination of Executive’s employment hereunder prior to
    the expiration of the Employment Term, Executive’s rights and entitlements
    shall be determined in accordance with the following provisions. Upon termination
    of Executive’s employment by reason of the expiration of the Employment
    Term, including by reason of his attaining age 65, Executive shall be entitled
    to the payments, if any, provided in Section 4 as well as the payments he
    would have received if his employment had been terminated by the Company
    for Cause as defined in Section 7(a).  

        (a) For
        Cause by the Company. The provisions
        of this Section (a) shall apply in the event that Executive’s employment
        hereunder is terminated by the Company for Cause. For purposes of this
        Agreement, “Cause” shall mean (i) Executive’s willful and
        continued failure substantially to perform his duties hereunder (other
        than as a result of total or partial incapacity due to physical or mental
        illness), (ii) the willful commission by Executive of acts that are dishonest
        and demonstrably injurious to the Company, (iii) an act or acts on Executive’s
        part constituting a felony under the laws of the United States or any State
        thereof or (iv) the suspension or removal from office of Executive by any
        State or Federal bank regulatory agency or official; provided, however, that in
        the event of a failure by Executive to perform his duties hereunder as
        described in subsection (i) above, the Board shall give Executive written
        notice of the occurrence of (and the facts surrounding) such failure to
        perform, and such failure to perform shall not give rise to Cause if it
        is fully corrected (to the satisfaction of the Board as expressed in writing)
        within 30 days following receipt by Executive of the notice setting out
        the facts surrounding such failure to perform. If Executive is terminated
        for Cause, he shall be entitled to receive his Base Salary through the
        date of termination but shall not be entitled to receive any payment with
        respect to any bonus amount under the Company’s Annual Incentive Plan
        or the Long Term Incentive Plan or any other long-term incentive plan in
        which he participates in respect of the calendar year or any performance
        period, as the case may be, which has not ended or closed prior to such
        termination. All other benefits due Executive following Executive’s  

   termination of employment pursuant to this Section
        7(a) shall be determined in accordance with the plans, policies and practices
        of the Company at the time of such termination. Any Notice of Termination
        (as defined in subsection (g) of this Section 7), communicating the termination
        of Executive’s employment pursuant to this Section 7(a) shall include
        a copy of a resolution duly adopted by the affirmative vote of not less than
        a majority of the entire membership of the Board at a meeting of the Board
        called and held for that purpose (after reasonable notice to Executive and
        reasonable opportunity for Executive, together with Executive’s counsel,
        to be heard before the Board prior to such vote), finding that in the good
        faith opinion of the Board that any event constituting Cause for termination
        in accordance with this Section 7(a) has occurred and specifying the particulars
        thereof in detail.  

        (b) Disability.
    The provisions of this Section (b) shall apply in the event that Executive’s
    employment terminates on account of Disability. For purposes of this Agreement, “Disability” shall
    mean Executive’s physical or mental incapacity, which results in his
    inability to perform his duties for a period of six (6) consecutive months
    or for an aggregate of six (6) months in any twelve consecutive month period.
    Any question as to the existence of the Disability of Executive as to which
    Executive and the Company cannot agree, shall be determined in writing by
    a qualified independent physician mutually acceptable to Executive and the
    Company. If Executive and the Company cannot agree as to a qualified independent
    physician, each shall appoint such a physician and those two physicians shall
    select a third who shall make such determination in writing. The determination
    of Disability made in writing to the Company and Executive shall be final
    and conclusive for all purposes of the Agreement. All fees and expenses charged
    by any physician in connection with the determinations to be made pursuant
    to this Section 7(b) shall be paid by the Company.  

      Upon termination
    of Executive’s employment hereunder as a result of Disability, Executive
    shall receive his Base Salary through the date on which Executive is first
    eligible to receive payment of disability benefits in lieu of Base Salary
    under the Company’s employee benefit plans as then in effect, taking
    into consideration the provisions of Section 5(b). Notwithstanding anything
    to the contrary contained herein, Executive will be entitled to receive a
    fraction of the bonus, if any, he would have received under (i) the Company’s
    Annual Incentive Plan and (ii) each performance award pursuant to the Long
    Term Incentive Plan in respect of the calendar year or any performance period,
    as the case may be, which has not ended or closed prior to the Executive’s
    Disability had he continued to be employed by the Company for the entire
    such calendar year or performance period, the numerator of which fraction
    shall be the number of days during such calendar year or performance period,
    as the case may be, in which the Executive was employed hereunder and the
    denominator of which fraction shall be 365 in the case of the Annual Incentive
    Plan and 1095 in the case of any performance award pursuant to the Long Term
    Incentive Plan. Such amount, if any, shall be paid on the date payment would
    otherwise be made pursuant to each such Plan. All other benefits due Executive
    following Executive’s termination of employment on account of Disability
    shall be determined in accordance with the applicable plans (and the awards
    granted thereunder to Executive), policies and practices of the Company or
    its affiliates, including any long term incentive plans as contemplated by
    Section 4(b)(ii) hereof, as such may be amended or supplemented by the terms
    of this Agreement.  

        (c) Death.
      Upon termination of Executive’s employment hereunder as a result of
      Executive’s death, Executive’s estate shall receive his Base Salary
      at the rate in effect at the time of Executive’s death through the end
      of the month in which his death occurs. Notwithstanding anything to the contrary
      contained herein, Executive’s estate will be entitled to receive a fraction
      of the bonus, if any, he would have received under (i) the Company’s
      Annual Incentive Plan and (ii) each performance award pursuant to the Long
      Term Incentive Plan in respect of the calendar year or any performance period,
      as the case may be, which has not ended or closed prior to the Executive’s
      death had he continued to be employed by the Company for the entire such
      calendar year or performance period, the numerator of which fraction shall
      be the number of days during such calendar year or performance period, as
      the case may be, in which the Executive was employed hereunder and the denominator
      of which fraction shall be 365 in the case of the Annual Incentive Plan and
      1095 in the case of any performance award pursuant to the Long Term Incentive
      Plan. Such amount, if any, shall be paid on the date payment would otherwise
      be made pursuant to each such Plan.  

      All other benefits
    due Executive following Executive’s termination of employment on account
    of death shall be determined in accordance with the applicable plans (and
    the awards granted thereunder to Executive), policies and practices of the
    Company or its affiliates, including any long term incentive plans as contemplated
    by Section 4(b)(ii) hereof, as such may be amended or supplemented by the
    terms of this Agreement.  

        (d) Without
        Cause by the Company. If Executive’s
        employment is terminated by the Company without Cause (other than by reason
        of Disability or death or his attaining age 65), Executive shall receive,
        as promptly as practicable following such termination, but in any event
        not later than 10 business days following such termination, a lump sum
        payment in cash equal to the sum of (i) the Base Salary at the rate in
        effect at the time of termination and (ii) the average of the highest five
        annual bonuses paid to the Executive during the term of his employment
        with the Company. If Executive’s employment is terminated under the
        circumstances described in this subsection (d) at any time during the calendar
        year 2004, in addition to the amounts described in the preceding sentence,
        he shall also be entitled to an amount equal to the average of the highest
        five bonuses paid to the Executive pursuant to the Long Term Incentive
        Plan during the term of his employment. In the event of any such termination
        without Cause, Executive shall also receive health, life insurance and
        long-term disability coverage for up to twelve months following such termination,
        but in no event past his attaining age 65. All other benefits due Executive
        following Executive’s termination of employment by the Company without
        Cause shall be determined in accordance with the applicable plans (and
        the awards granted thereunder to Executive), policies and practices of
        the Company or its affiliates, including any long term incentive plans
        as contemplated by Section 4(b)(ii) hereof, as such may be amended or supplemented
        by the terms of this Agreement. 

      Termination without
    Cause shall include a termination of employment by Executive for “Good
    Reason.” For purposes of this Agreement, “Good Reason” means:  

  
          (i) any
        adverse change in Executive’s duties, responsibilities, authority, status
        or titles; provided, however,
        that if Executive is promoted and given additional responsibilities, such
        promotion and additional  

  

  
     responsibilities shall not be viewed as an adverse
            change in Executive’s duties or responsibilities;  

          (ii) failure
      by the Company to pay or provide Executive when due any compensation, benefits
      or perquisites to which Executive is entitled pursuant to this Agreement
      or any other plan, contract or arrangement in which Executive participates
      or is entitled to participate;  

          (iii) any
      assignment of this Agreement by the Company in breach of Section 12(h) hereof;
      or 

          (iv) the
      failure by the Company to obtain a satisfactory agreement from any successor
      to assume and agree to perform this Agreement, as required pursuant to Section
      12(h) hereof.  

  

        (e) Without
      Good Reason by Executive. If Executive
      voluntarily terminates his employment with the Company for any reason other
      than Good Reason, Executive shall be entitled to the same payments he would
      have received if his employment had been terminated by the Company for
      Cause.  

        (f) Notice
      of Termination. Any purported termination
      of employment by the Company or by Executive shall be communicated by written
      Notice of Termination to the other party hereto in accordance with Section
      12(i) hereof. For purposes of this Agreement, a “Notice of Termination” shall
      mean a notice which shall indicate the specific termination provision in
      this Agreement relied upon and shall set forth in reasonable detail the
      facts and circumstances claimed to provide a basis for termination of employment
      under the provision so indicated.  

        (g) Adjustment
      of Payments. Notwithstanding any other
      provision of this Agreement, if a reduction in the aggregate amount of
      payments Executive otherwise would be entitled to receive under this Agreement
      would result in a greater Net After-Tax Amount, as such term is defined
      below, then such payments shall be reduced to provide the greatest Net
      After-Tax Amount. For these purposes, the term “Net After-Tax Amount” shall
      mean the net amount of payments Executive is entitled to receive under
      this Agreement after giving effect to all taxes that would be applicable
      to such payments, including, but not limited to, any tax under Section
      4999 of the U.S. Internal Revenue Code. The determination of whether any
      such payment reduction shall be effected shall be made by the Company’s
      auditors and such determination shall be conclusive and binding upon the
      parties hereto. The Company and Executive shall cooperate in good faith
      in making such determination and in providing the necessary information
      for this purpose. In the event that an adjustment is required pursuant
      to this subsection (g), reductions in the various payments under this Agreement
      shall be effected in the order determined by the Executive.  

      8. Noncompetition.
    (a) Executive acknowledges and recognizes the highly competitive nature of
    the businesses of the Company and its subsidiaries and accordingly agrees
    as follows:  

  
          (i) During
        the period of his employment, Executive will not directly or indirectly engage
        in any business which is in competition with  

  

  
     any line of business conducted by the Company or
            its affiliates (including without limitation by performing or soliciting
            the performance of services for any person who was a customer or client of
            the Company or any of its affiliates on the Commencement Date or thereafter)
            whether such engagement is as an officer, director, proprietor, employee,
            partner, investor (other than as a holder of less than 1% of the outstanding
            capital stock of a publicly traded corporation), consultant, advisor, agent,
            sales representative or other participant, in any geographic area in which
            the Company or any of its affiliates conducted or planned to conduct any
            such competing line of business on the Commencement Date or thereafter during
            Executive’s period of employment hereunder.  

          (ii) In
      the event of any termination of his employment by Executive or by the Company,
      for a period of one (1) year after such termination of his employment, Executive
      will not act in a senior executive position with any bank engaged directly,
      or through any subsidiary, in retail banking in the Company’s market
      area which is in competition with any line of business conducted or planned
      to be conducted by the Company or any of its subsidiaries at the time of
      Executive’s termination of employment (including without limitation
      by performing or soliciting the performance of services for any person who
      was a customer or client of the Company or any of its subsidiaries on the
      Commencement Date or thereafter if such services relate to any line of business
      conducted or planned to be conducted by the Company or any of its subsidiaries
      at the time of Executive’s termination of employment).  

  

        (b) During
    the period of his employment and, in the event of any termination of employment
    by Executive or by the Company, for a period of one (1) year after such termination,
    Executive will not directly or indirectly induce any employee of the Company
    or any of its subsidiaries to engage in any activity in which Executive is
    prohibited to engage by paragraph (a) above or to terminate his or her employment
    with the Company or any of its subsidiaries and will not directly or indirectly
    employ or offer employment to any person who was employed by the Company
    or any of its subsidiaries unless such person shall have ceased to be employed
    by the Company or any of its subsidiaries for a period of at least 12 months.  

        (c) It is expressly
    understood and agreed that although Executive and the Company consider the
    restrictions contained in this Section 8 to be reasonable, if a final judicial
    determination is made by a court of competent jurisdiction that the time
    or territory or any other restriction contained in this Agreement is an unenforceable
    restriction against Executive, the provisions of this Agreement shall not
    be rendered void but shall be deemed amended to apply as to such maximum
    time and territory and to such maximum extent as such court may judicially
    determine or indicate to be enforceable. Alternatively, if any court of competent
    jurisdiction finds that any restriction contained in this Agreement is unenforceable,
    and such restriction cannot be amended so as to make it enforceable, such
    finding shall not affect the enforceability of any of the other restrictions
    contained herein.  

      9. Confidentiality.
    Executive will not at any time (whether during or after his employment with
    the Company) disclose or use for his own benefit or purposes or the benefit
    or purposes of any other person, firm, partnership, joint venture, association,  

 corporation or other business organization, entity
    or enterprise other than the Company and any of its subsidiaries or affiliates,
    any trade secrets, information, data, or other confidential information relating
    to customers, development programs, costs, marketing, trading, investment,
    sales activities, promotion, credit and financial data, manufacturing processes,
    financing methods, plans, or the business and affairs of the Company generally,
    or of any subsidiary or affiliate of the Company, provided that the foregoing
    shall not apply to information which is not unique to the Company, which
    is generally known to the industry or the public other than as a result of
    Executive’s breach of this covenant or which is requested pursuant to
    a subpoena or any other means of inquiry by Federal or State authorities.
    Executive agrees that upon termination of his employment with the Company,
    for any reason, he will return to the Company immediately all memoranda,
    books, papers, plans, information, letters and other data, and all copies
    thereof or therefrom, in any way relating to the business of the Company
    and its subsidiaries, except that he may retain personal notes, notebooks
    and diaries. Executive further agrees that he will not retain or use for
    his account at any time any trade names, trademark or other proprietary business
    designation used or owned in connection with the business of the Company
    or its subsidiaries.  

      10. Specific
      Performance. Executive acknowledges
      and agrees that the Company’s remedies at law for a breach or threatened
      breach of any of the provisions of Sections 8 or 9 would be inadequate
      and, in recognition of this fact, Executive agrees that, in the event of
      such a breach or threatened breach, in addition to any remedies at law,
      the Company, without posting any bond, shall be entitled to obtain equitable
      relief in the form of specific performance, temporary restraining order,
      temporary or permanent injunction or any other equitable remedy which may
      then be available.  

      11. Indemnification.
    The Company will indemnify Executive to the fullest extent permitted by the
    laws of the State of Delaware and the Certificate of Incorporation and ByLaws
    of the Company, as in effect at the time of the subject act or omission and
    Executive shall be entitled to the protection of any insurance policies the
    Company may elect to maintain generally for the benefit of its directors
    and officers (and to the extent the Company maintains such an insurance policy
    or policies, Executive shall be covered by such policy or policies, in accordance
    with its or their terms to the maximum extent of the coverage available for
    any Company officer or director), against all costs, charges and expenses
    whatsoever incurred or sustained by him or his legal representatives (including
    but not limited to any judgment entered by a court of law) at the time such
    costs, charges and expenses are incurred or sustained, in connection with
    any action, suit or proceeding to which Executive (or his legal representatives
    or other successors) may be made a party by reason of his being or having
    been a director, officer or employee of the Company, or any subsidiary of
    the Company, or his serving or having served any other enterprise as a director,
    officer or employee at the request of the Company. Executive’s rights
    under this Section 11 shall continue without time limit for so long as he
    may be subject to any such liability, whether or not his term of employment
    may have ended.  

 12. Miscellaneous.  

        (a) Governing
        Law. This Agreement shall be governed
        by and construed in accordance with the laws of the State of Delaware.  

        (b) Entire
      Agreement/Amendments. This Agreement
      (including any compensation or benefit plans, programs, policies or agreements
      referred to herein,  

   as their terms may be supplemented or amended hereby)
        contains the entire understanding of the parties with respect to the employment
        of Executive by the Company and supersedes the Prior Agreement in its entirety.
        To the extent that this Agreement conflicts with the terms of any compensation
        or benefit plan, program, policy or agreement other than the Executive Supplemental
        Retirement Agreement, the terms of this Agreement shall govern. There are
        no restrictions, agreements, promises, warranties, covenants or undertakings
        between the parties with respect to the subject matter herein. This Agreement
        may not be altered, modified, or amended except by written instrument signed
        by the parties hereto.  

        (c) No
      Waiver. The failure of a party to
      insist upon strict adherence to any term of this Agreement on any occasion
      shall not be considered a waiver of such party’s rights or deprive
      such party of the right thereafter to insist upon strict adherence to that
      term or any other term of this Agreement.  

        (d) Severability.
    In the event that any one or more of the provisions of this Agreement shall
    be or become invalid, illegal or unenforceable in any respect, the validity,
    legality and enforceability of the remaining provisions of this Agreement
    shall not be affected thereby.  

        (e) Assignment.
    This Agreement shall not be assignable by Executive and shall be assignable
    by the Company only with the consent of Executive, which consent shall not
    be unreasonably withheld.  

        (f) Mitigation.
    Except as set forth below, Executive shall not be required to mitigate the
    amount of any payment provided for pursuant to this Agreement by seeking
    other employment. Anything in this Agreement to the contrary notwithstanding,
    in the event that Executive provides services for pay following the termination
    of his employment hereunder to anyone other than the Company or any of its
    affiliates or subsidiaries, effective upon commencement of such substitute
    employment, Executive shall notify the Company, and the amount of benefits
    to which Executive would otherwise be entitled pursuant to this Agreement
    shall be reduced (but not below zero) by any such benefits provided by Executive’s
    new employer; provided, however,
    that the foregoing shall not be construed to require Executive to return
    any amount of compensation other than in respect of health, life insurance
    or long-term disability coverage already received pursuant to any term of
    this Agreement.  

        (g) Arbitration.
    Any dispute between the parties to this Agreement arising from or relating
    to the terms of this Agreement or the employment of Executive by the Company
    shall be submitted to arbitration in Rhode Island under the auspices of the
    American Arbitration Association.  

   (h) Successors;
        Binding Agreement.  

  
          (i) The
      Company will require any successor (whether direct or indirect, by purchase,
      merger, consolidation or otherwise) to all or substantially all of the business
      and/or assets of the Company to expressly assume and agree to perform this
      Agreement in the same manner and to the same extent that the Company would
      be required to perform it if no such succession had taken place. Such assumption
      and agreement shall be  

  

  
     obtained prior to the effectiveness
            of any such succession. As used in this Agreement, “Company” shall
            mean the Company as hereinbefore defined and any successor to its business
            and/or assets as aforesaid which assumes and agrees to perform this Agreement
            by operation of law, or otherwise. The term “Company” shall also
            mean any affiliate of the Company to which Executive may be transferred and
            the Company shall cause such successor employer to be considered the “Company” bound
            by the terms of this Agreement and this Agreement shall be amended to so
            provide. 

          (ii) This
      Agreement shall inure to the benefit of and be binding upon personal or legal
      representatives, executors, administrators, successors, heirs, distributees,
      devisees and legatees. If Executive should die while any amount would still
      be payable to Executive hereunder if Executive had continued to live, all
      such amounts, unless otherwise provided herein, shall be paid in accordance
      with the terms of this Agreement to the devisee, legatee or other designee
      of Executive or, if there is no such designee, to the estate of Executive.  

  

        (i) Notice.
    For the purpose of this Agreement, notices and all other communications provided
    for in the Agreement shall be in writing and shall be deemed to have been
    duly given when delivered or mailed by United States registered mail, return
    receipt requested, postage prepaid, addressed to the respective addresses
    set forth on the execution page of this Agreement, provided that all notices
    to the Company shall be directed to the attention of the Board with a copy
    to the Secretary of the Company, and with a copy to the Secretary of The
    Royal Bank of Scotland plc, 42 St. Andrew Square, Edinburgh, EH2 2YE, or
    to such other address as either party may have furnished to the other in
    writing in accordance herewith, except that notice of change of address shall
    be effective only upon receipt.  

        (j) Legal
      Fees and Expenses and Continuation of Benefits.
      In the event of a bona fide dispute between the Company and Executive with
      respect to Executive’s rights under this Agreement, the Company shall
      pay to Executive up to $50,000 for reasonable legal fees and expenses (including
      fees and expenses incurred in connection with an arbitration) certified
      by Executive as actually incurred and necessary to enforce or protect such
      rights. If such dispute shall be finally determined by a court of competent
      jurisdiction in favor of Executive, the Company shall reimburse Executive
      for all reasonable legal fees and expenses over $50,000 incurred by Executive
      in connection therewith. 

        (k) Conditions. This
    Agreement shall be subject to the approval of the Remuneration Committee
    of RBS.  

        (l) Counterparts.
    This Agreement may be executed in two counterparts, each of which shall be
    deemed to be an original, but both of which shall constitute one and the
    same agreement.  

        
IN
      WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
      of the day and year first above written.  

  

	 	 
	 	 
	 	 /s/ LAWRENCE K. FISH  

      Lawrence K. Fish 

      171 Heath Street 

      Brookline,
    MA 02467 
	 	 
	 	CITIZENS FINANCIAL GROUP, INC.
	 	 
	 	By:    /s/
        Robert L. McCabe    
	 	 	Robert L. McCabe 

        Chairman of Citizens
      Joint 

    Compensation Committee

    1 Citizens Plaza 

    Providence, RI 02903-1339

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