Document:

Exhibit

Exhibit 10.8
***Text omitted pursuant to 
Item 601(a)(6) of Regulation S-K.

SEVERANCE AGREEMENT AND MUTUAL RELEASE
This Severance Agreement and Mutual Release (“Agreement”) is made by and between P. Kevin Chase (“Chase”) and San Diego Gas & Electric Company (“SDG&E”) and Southern California Gas Company (“SoCalGas”) (collectively referred to as “Companies”).  Chase and the Companies will at times be referred to collectively as the “Parties” and may individually be referred to as the “party.” 
RECITALS
A.Chase’s employment with San Diego Gas & Electric Company as a shared officer for the Companies ended on April 2, 2019.  
B.The Parties disagree on the issue of Chase’s entitlement to benefits under the Severance Pay Agreement between Chase and Sempra Energy dated March 4, 2017 (“Severance Pay Agreement”).  
C.The Parties now mutually desire to fully settle and finally resolve any and all claims the Parties have, or could have had, or may have had, with respect to Chase’s employment with the Companies and his separation from employment with the Companies.  
D.The Parties understand that they are waiving legal rights or claims by signing this Agreement and further acknowledge that they each are voluntarily entering into this Agreement with a full and complete understanding of its terms and with the full intent to be bound thereby.
THEREFORE, in consideration of the promises, covenants, representations, and warranties contained herein, and for good and valuable consideration given hereunder, the adequacy of which is hereby acknowledged, the Parties hereby agree as follows: 
AGREEMENTS
1.Benefits Payable: In exchange for Chase entering into this Agreement and for the covenants and releases contained herein, the Companies will pay to Chase the following amounts, hereinafter referred to as “Severance Payment”: 
1.1.      A lump sum payment of one million three hundred sixty-three thousand seven hundred twenty-five dollars ($1,363,725.00), less applicable payroll tax withholdings, which is equal to the amount Chase would be entitled to pursuant to sections 4 and 5 of the Severance Pay Agreement.  Provided Chase has executed and not revoked this Agreement, this sum will be paid by check to Chase on or before October 2, 2019 by delivering the check to his attorney’s office at Haeggquist & Eck, LLP, Re: Kevin Chase Payment, 225 Broadway, Suite 2050, San Diego, CA 92101. 
1.2.      A lump sum payment of seven hundred seventy-one thousand eight hundred thirty-seven dollars and eighty-four cents ($771,837.84), less any applicable payroll deductions, which equals the value of the time-based restricted stock units (“RSUs”) granted under the Company’s Long Term Incentive Plan (“LTIP”) calculated using the April 2, 2019 closing price of 

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Sempra Energy common stock.  This cash payment will be paid by check to Chase on the 10th business day after the Company receives Chase’s signature on this Agreement, provided Chase has not revoked it, and the check will be delivered to Chase at his attorney’s office at Haeggquist & Eck, LLP, Re: Kevin Chase Payment, 225 Broadway, Suite 2050, San Diego, CA 92101. 
1.3.      Chase will receive separate notification of his right to extend his Company provided healthcare benefits through COBRA with a copy of this notification to be sent to Chase’s attorney’s office at Haeggquist & Eck, LLP, Re: Kevin Chase Payment, 225 Broadway, Suite 2050, San Diego, CA 92101. As further consideration for this Agreement, should Chase elect to continue his healthcare benefits through COBRA, the Companies will pay for such extension for eighteen (18) months (or, if less, the period that the extended coverage under COBRA is in effect). The Companies will make 100% of the premium payments directly to Chase’s insurer for up to eighteen (18) months of extended coverage.
1.4.      The Companies further agree to provide to Chase outplacement assistance with Lee Hecht Harrison for twenty four (24) months, the cost to the Companies for which shall not to exceed fifty thousand dollars ($50,000.00), and which shall cease upon Chase’s acceptance of employment with a subsequent employer, not including any interim work Chase may engage as an independent contractor or any new start-up companies Chase may form during the next twenty four (24) months; and financial advice planning services with The Ayco Company for twenty four  (24) months, the cost to the Companies of which shall not exceed twenty five thousand dollars ($25,000.00) per year.  The value of the outplacement and financial planning services shall not be subject to liquidation or exchange for any other benefit.
2.Reason for Termination.  The Companies agree to characterize the termination of Chase’s employment as a resignation.  In this regard, the Companies agree as follows: 
2.1.      Within ten (10) days of Chase signing this Agreement, the Companies will destroy and otherwise strike from the Companies’ records, including without limitation, from Chase’s personnel file, any information stating that the termination was other than a resignation.  
2.2.      Within two (2) business days of Chase signing this Agreement, the Companies shall send an email from Scott Drury, SDG&E President, and Bret Lane, SoCalGas CEO, to: (a) all employees of Companies in the entire information technology department supporting both SDG&E and SoCalGas as well as all Sempra Energy Employees in the entire cybersecurity department at Sempra Energy; (b) all officers of SDG&E and SoCalGas; and (c) the Company’s assigned account executive(s) at PWC, Accenture, Deloitte, E&Y, KPMG, Dell/EMC, WWT, CapGemini, HCL, SAP Microsoft, IBM, B&V, and Osceola, consisting of the following language:
We have received some inquiries regarding Kevin Chase’s departure as SVP, CIO & Chief Digital Officer for SDG&E and SoCalGas. Kevin would like you to know that his decision was difficult, but after much consideration, the best course for Mr. Chase was to resign so he could pursue other career opportunities that he has been contemplating recently.  Kevin expressed his heartfelt warm wishes for everyone at Sempra Energy, SDG&E and SoCalGas, noting that he is extremely proud of the entire technology organization and its strategic vendors for all the positive change 

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that has occurred over the past two years under his leadership. The executive teams at SDG&E and SoCalGas look forward to building on the successful strategies Mr. Chase implemented.  We have wished Kevin only the best in his future endeavors. 
The Companies shall forward to Chase at [***]@gmail.com a copy of the email that was sent within twenty-four (24) hours of its issuance to the relevant individuals. 
2.3.      The Companies agree that in responding to any inquiries from prospective employers, persons, and/or entities inquiring about the status, terms, and/or performance of Chase’s employment with the Companies that the Companies shall only disclose the beginning and ending dates of Chase’s employment and last position held at the Companies. The Companies shall further advise that its policies restrict the Companies from disclosing any additional information than that set forth in this subsection 2.3. 
3.Termination of Employment and Payment of Wages. Chase agrees that his employment with the Companies terminated on April 2, 2019, (“Termination Date”). Chase acknowledges that on the Termination Date, Chase received his final paycheck, including all wages owed to Chase through April 1, 2019, and any unused vacation time and personal days accrued through that date, plus two-weeks’ pay in lieu of notice.  Chase further acknowledges that he received a second check for waged earned on April 2, 2019. Chase acknowledges that no part of the Severance Payment consists of wages owed to Chase for his employment through the Termination Date.
4.Mutual Release and Wavier of all Claims.  Except as provided for in this Agreement, the Parties agree to the following releases and waivers of all claims:
4.1.      Chase releases the Companies, their current or former parents, subsidiaries, and affiliates, and their current or former employees or agents, and related parties, (“Releasees”) from all known or unknown claims arising out of Chase’s employment with, or separation from, the Companies that he may presently have or which may accrue at any time before this Agreement becomes irrevocable by Chase. The claims Chase is releasing include, for example, but are not limited to, the following: claims under any express or implied contract including the Severance Pay Agreement between Chase and Sempra Energy dated March 4, 2017 (“Severance Pay Agreement”), the Civil Rights Acts of 1866 and 1964, the Americans with Disabilities Act, the California Fair Employment and Housing Act (FEHA), the Age Discrimination in Employment Act (ADEA), the Older Workers Benefits Protection Act (OWBPA), state and federal laws regarding whistleblowing or otherwise prohibiting retaliation, or any other federal, state, or local common law, statute, regulation, or law of any other type. Chase will never file any lawsuit based on any such claim, and Chase will withdraw with prejudice any such lawsuit that may already be pending. This release also includes any claim for attorneys’ fees. This subsection 4.1 does not apply to Workers’ Compensation claims or to any claims that cannot be waived as a matter of law. Chase agrees to refrain from pursuing or escalating his concerns related to the assessment conducted by PwC in 2017. The Parties understand that nothing in this Agreement prohibits Chase’s participation in any investigation by a state, federal, or local agency or as otherwise required by law, such as pursuant to a subpoena or other valid legal process. 

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4.2.      The Companies, their Parents, subsidiaries and/or Affiliates, release Chase and his agents, attorneys, representatives, successors, heirs, executors, administrators, assigns and related parties (“Chase Releasees”), from all known and unknown claims, losses, liabilities, charges, demands, and causes of action, arising directly or indirectly out of or in any way connected with Chase’s employment with, or separation from, the Companies, that the Companies or any of its current or former parents, subsidiaries, affiliates, and current or former employees or agents, may presently have or which may accrue at any time before this Agreement becomes irrevocable by Chase. This release is intended to have the broadest possible application and includes, but is not limited to, any and all tort, contract, common law, constitutional, or other statutory claims, and any and all claims for attorney’s fees, costs and expenses.  The claims the Company and its current or former parents, subsidiaries, affiliates, and current or former employees or agents are releasing include, for example, but are not limited to, the following: claims under any express or implied contract, including, without limitation, the January 24, 2017 offer letter and the Severance Pay Agreement, violation of any of Sempra Energy/Companies’ policies, practices, or procedures, all applicable anti-bribery and anti-corruption laws and regulations, and/or any other federal, state, or local common law, statute, regulation, or law of any other type.  This subsection 4.2 does not apply to any claims that cannot be waived as a matter of law. The Parties understand that this Agreement does not prohibit its participation in any investigation by a state, federal, or local agency.
4.3.      Waiver of California Civil Code Section 1542. The Parties expressly waive and relinquish all rights and benefits afforded by any statute (including, but not limited to, Section 1542 of the Civil Code of the State of California) which limits the effect of a release with respect to unknown claims. The Parties do so understanding and acknowledging the significance of their release of unknown claims and their waiver of statutory protection against a release of unknown claims. Section 1542 of the Civil Code of the State of California states as follows:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, AND THAT, IF KNOWN BY HIM OR HER WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.
Thus, notwithstanding the provisions of Section 1542 or of any similar statute, and for the purpose of implementing a full and complete release and discharge of the Releasees and Chase Releasees, the Parties expressly acknowledge that this Agreement is intended to include in its effect, without limitation, all Claims which are known to the Parties and all Claims which the Parties do not know or suspect to exist in their respective favor at the time of execution of this Agreement and that this Agreement contemplates the extinguishment of all such Claims.
5.Confidential Information. Chase acknowledges that by reason of his position with the Companies that he had access to information of a confidential or sensitive nature. Chase represents that he held all such information confidential and will continue to do so, except as required by subpoena or other valid legal process, provided he give the Companies sufficient notice to contest the subpoena or other legal process. In view of the nature of his employment, Chase agrees that the 

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Companies would be irreparably harmed by any violation or threatened violation of this paragraph. The undertakings set forth in this paragraph shall survive the termination of benefits under this Agreement.  However, this Agreement shall in no way be interpreted to restrain Chase from engaging in lawful profession, trade, or business of any kind within the meaning of California Business & Professions Code §16600.  The Parties understand and agree that nothing in this Agreement is intended to interfere with or discourage Chase’s good-faith disclosure to any governmental entity related to a reasonably suspected violation of the law. The Parties further understand and agree that Chase cannot and will not be held criminally or civilly liable under any federal or state trade secret law for disclosing otherwise protected trade secrets and/or confidential or proprietary information so long as the disclosure is made in: (1) to a federal, state, or local government official, directly or indirectly, or to an attorney and solely for the purpose of reporting or investigating a suspected violation of law; (2) a complaint or other document filed in a lawsuit or other proceeding; and/or (3) as otherwise allowed by law.  The Parties also agree that the Companies will not retaliate against Chase in any way for a disclosure made pursuant to this paragraph.
6.Mutual Non-Disparagement.  
6.1.      Chase agrees as of the date he signs this Agreement to not disparage, defame, or otherwise detrimentally comment upon the Companies, their parents, subsidiaries, and/or Affiliates, and/or any of their respective officers, directors or board members, financial condition, business, capabilities, and/or the ability to perform its business obligations, unless pursuant to a subpoena or court process. As used herein, the term “Affiliate” means any corporation, partnership, limited liability company, joint venture, or other entity of which an aggregate of twenty-five percent (25%) or more of the issued and outstanding capital stock or other equity interests is owned by the Companies.  
6.2.      The Companies agree that from the date on which this Agreement is fully executed, they will take reasonable steps to ensure that the following individuals: Dawn Andrews, Joyce Rowland, Patti Wagner, Deborah Martin, Randall Clark, Gillian Wright, Kevin Sagara, Scott Drury, Caroline Winn, David Geier, Scott Crider, Diana Day, Eugene “Mitch” Mitchell, Dan Skopec, Mike Schneider, Bruce Folkmann, Kendall Helm, John Jenkins, Angelica Espinosa, Estela De Llanos, Bret Lane, Jimmie Cho, Maryam Brown, Rodger Schweke, David Barrett, Paul Goldstein, Denita Willoughby, David Buczkowski, Gina Orozco, Neal Navin, Jawad Malik, Jeff Walker, Sandra Hrna, Sharon Tomkins, Joe Householder, Jeff Martin, Dennis Arrioloa, Trevor Mihalik, Peter Wall, Amy Chiu, Emily Shults, Karen Sedgwick, Gary Perlmutter, Janette Piankoff, Laura Georgantos, Ben Gordon, Dawn Welch, Andrew Raines, Chris Olmsted, Laura Atkinson, Gavin Worden, Tia Ballard, Jamie Exon, David Gillespie, Joe Shoffner, Charlie Snyder and Eric Trapp, will not disparage, defame, or otherwise detrimentally comment upon Chase.  
7.Return of Companies Property. By signing this Agreement, Chase represents and agrees that he has returned or will immediately return or destroy all documents and information belonging to Companies that is not routinely given to all employees, whether the documents are on hard copy, tape, disk, or other method of storage. For any documents maintained electronically, Chase agrees to destroy any such documents and confirm destruction.  Additionally, Chase represents and agrees that he has returned or will immediately return all memoranda, records, other documents, and 

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physical or personal property, including identification and credit cards which he received from the Companies and which are the property of the Companies. 
8.Arbitration of Disputes. This Agreement is entered in California and shall be governed by substantive California law, except as provided in this section.  If any dispute arises between Chase and the Companies, including, but not limited to, disputes relating to this Agreement, or if the Parties prosecute a claim the party purported to release by means of this Agreement (“Arbitrable Dispute”), Chase and the Companies agree to resolve that Arbitrable Dispute through final and binding arbitration under this Section 8. The Parties also agree to arbitrate any Arbitrable Dispute which also involves any other released party who offers or agrees to arbitrate the dispute under this section. The Parties agreement to arbitrate applies, for example, to disputes about the validity, interpretation, or effect of this Agreement or alleged violations of it, claims of discrimination under federal or state law, or other statutory violation claims.
8.1.      Arbitration shall take place in San Diego, California under the employment dispute resolution rules of the Judicial Arbitration and Mediation Service before an experienced employment arbitrator selected in accordance with those rules. The arbitrator may not modify or change this Agreement in any way. The Companies will be responsible for paying any filing fee and the fees and costs of the Arbitrator; provided, however, that if Chase is the party initiating the claim, he will contribute an amount equal to the filing fee to initiate a claim in the court of general jurisdiction in the state in which Chase was employed by the Companies. Each party shall pay for its own costs and attorneys’ fees, if any.  However if any party prevails on a statutory claim which affords the prevailing party attorneys’ fees and costs, or if there is a written agreement providing for attorneys’ fees and/or costs, the Arbitrator may award reasonable attorneys’ fees and/or costs to the prevailing party, applying the same standards a court would apply under the law applicable to the claim. The Arbitrator shall apply the Federal Rules of Evidence and shall have the authority to entertain a motion to dismiss or a motion for summary judgment by any party and shall apply the standards governing such motions under the Federal Rules of Civil Procedure. The Federal Arbitration Act shall govern the arbitration and shall govern the interpretation or enforcement of this section or any arbitration award. 
8.2.      To the extent that the Federal Arbitration Act is inapplicable, California law pertaining to arbitration agreements shall apply. Arbitration in this manner shall be the exclusive remedy for any Arbitrable Dispute. Except as prohibited by the ADEA, should Chase or the Companies attempt to resolve an Arbitrable Dispute by any method other than arbitration pursuant to this section, the responding party will be entitled to recover from the initiating party all damages, expenses, and attorneys’ fees incurred as a result of this breach. This Section 8 supersedes any existing arbitration agreement between the Companies and Chase as to any Arbitrable Dispute. Notwithstanding anything in this Section 8 to the contrary, a claim for benefits under an ERISA-covered plan shall not be an Arbitrable Dispute.
9.Non-Publicity: As of the date signed by the Parties, the Parties agree that they will not publicize the terms of this Agreement, including by going to the press, posting on social media or websites, or otherwise advertising or marketing the terms of this Agreement in any manner, medium, and/or forum.  The Parties agree and acknowledge this provision is a material term of the Agreement, 

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the absence of which would have resulted in the other party refusing to enter into this Agreement. The Companies shall in no way be deemed to have breached this provision by communicating this Agreement to their Boards of Directors and/or by including it in any securities filings (including as an exhibit) deemed necessary given Chase’s status as a Named Executive Officer of the Companies under applicable securities laws and regulations.  Nor shall Companies be deemed to have breached this provision by communicating to the individuals named in Section 6.2 that they have an obligation not to disparage, defame, or otherwise detrimentally comment upon Chase.   
10.Future Issues. This Agreement shall not in any way be construed as an admission by the Companies, their Parents, and/or Affiliates that they or their employees, officers, or directors have acted wrongfully with respect to Chase or any other person, or that Chase has any rights whatsoever against the Companies, and the Companies specifically disclaim any liability to or wrongful acts against Chase or any other person, on the part of themselves, their employees, or their agents. This Agreement shall not in any way be construed as an admission by Chase that he acted wrongfully with respect to the Companies, or that he failed to perform his duties or negligently performed or breached his duties in any way, and Chase specifically disclaims any liability or wrongful acts against the Companies or any other person on the part of himself or his agents.
10.1.      If Chase is a party or is threatened to be made a party to any proceeding by reason of the fact that Chase was an officer or director of the Companies, the Companies shall indemnify Chase against any expenses (including reasonable attorneys’ fees; provided, that counsel has been approved by the Companies prior to retention, which approval shall not be unreasonably withheld), judgments, fines, settlements, and other amounts actually or reasonably incurred by Chase in connection with that proceeding; provided, further, that Chase acted in good faith and in a manner Chase reasonably believed to be in the best interest of the Companies. The limitations of Section 317 of the Corporations Code of the State of California shall apply to this assurance of indemnification. For avoidance of any doubt, Chase’s current legal counsel at Haeggquist & Eck, LLP (offices located at 225 Broadway, Suite 2050, San Diego, CA 92101) is pre-approved by Companies to represent Chase on any future matters as outlined in this section provided no currently unknown conflicts exist or arise that would preclude such representation.
10.2.      Chase agrees to cooperate with the Companies and their designated attorneys, representatives, and agents in connection with any actual or threatened judicial, administrative, or other legal or equitable proceeding in which the Companies are or may become involved.  Upon reasonable notice, Chase agrees to meet with and provide to the Companies or their designated attorneys, representatives, or agents all information and knowledge Chase has relating to the subject matter of any such proceeding. The Companies agree to reimburse Chase for any reasonable costs incurred in providing such cooperation.
11.Integration. Except as set forth in the Employment, Confidential Information, and Invention Assignment Agreement signed by Chase on January 26, 2017, the Confidentiality Agreement signed by Chase on March 6, 2017, and the Confidential Information and Invention Assignment Agreement signed by Chase on June 18, 2018, the Parties agree that this Agreement contains their entire agreement and supersedes all other agreements and understandings, whether written or oral, covering the subject matter hereof.  The Parties warrant that there were no 

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representations, agreements, arrangements, or understandings, whether written or oral, between them relating to the subject matter contained in this Agreement which are not fully expressed herein.  No modification, amendment, or waiver of any of the provisions contained in this Agreement, or any future presentations, promises, or conditions in connection with the subject matter of this Agreement, shall be binding upon any party to this Agreement unless made in writing and signed by all Parties to this Agreement.
12.Review and Revocation Periods.  Chase understands that he should take this Agreement home, read it, and carefully consider all its terms before signing it.  The Companies gave Chase twenty-one (21) days in which to consider this Agreement.  Chase waives any right he might have to additional time beyond this consideration period within which to consider this Agreement.  Chase further understands that the Companies advised him to discuss this agreement with his own attorney (at his own expense) during this period if he wished to do so.  Chase understands that he may revoke this Agreement within seven (7) days after he signs it by delivering a written notice of revocation to Scott Drury at San Diego Gas & Electric Company, 8330 Century Park Court, San Diego, CA 92123-1530 or sdrury@semprautilities.com, in which case Chase will not receive the Severance Payment.
THE PARTIES, WITH THE BENEFIT OF REPRESENTATION AND ADVICE OF COUNSEL, HAVE READ THIS AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED IN IT. THE PARTIES ARE RECEIVING VALUABLE CONSIDERATION IN EXCHANGE FOR THEIR EXECUTION OF THIS AGREEMENT THAT THEY WOULD NOT OTHERWISE BE ENTITLED TO RECEIVE.

APPROVED AND ACCEPTED:  

	
				
	Date:
	April 19, 2019
	 
	

By: /s/ P. Kevin Chase

	 
	 
	 
	P. Kevin Chase

	 
	 
	 
	

	Date:
	April 19, 2019
	 
	By: /s/ Scott D. Drury

	 
	 
	 
	Scott D. Drury, President
San Diego Gas & Electric Company

	 
	 
	 
	

	Date:
	April 19, 2019
	 
	By: /s/ J. Bret Lane

	 
	 
	 
	J. Bret Lane, CEO
Southern California Gas Company

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 Exhibit 4.2 
  

 
  

BARCLAYS PLC, 
 Issuer, 

THE BANK OF NEW YORK MELLON, LONDON BRANCH, 

as Trustee 
 and 

THE BANK OF NEW YORK MELLON SA/NV, LUXEMBOURG BRANCH 

as Senior Debt Security Registrar 
  

 
 FIFTH
SUPPLEMENTAL INDENTURE 
 Dated as of May 7, 2019 
  

 
 To the Senior
Debt Securities Indenture, dated as of January 17, 2018, 
 Between Barclays PLC 

and 
 The Bank of New York Mellon,
London Branch, as Trustee 
 $2,000,000,000 Principal Amount of 3.932%
Fixed-to-Floating Rate Senior Notes due 2025 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I	  

	
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  

			
	 SECTION 1.01
	  	 Definitions
	  	 	1	 
	 SECTION 1.02
	  	 Effect of Headings
	  	 	4	 
	 SECTION 1.03
	  	 Separability Clause
	  	 	4	 
	 SECTION 1.04
	  	 Benefits of Instrument
	  	 	4	 
	 SECTION 1.05
	  	 Relation to Base Indenture
	  	 	4	 
	 SECTION 1.06
	  	 Construction and Interpretation
	  	 	4	 
	
	ARTICLE II	  

	
	3.932% FIXED-TO-FLOATING RATE SENIOR NOTES DUE 2025	  

			
	 SECTION 2.01
	  	 Creation of Series; Establishment of Form
	  	 	5	 
	 SECTION 2.02
	  	 Interest
	  	 	6	 
	 SECTION 2.03
	  	 Payment of Principal, Interest and Other Amounts
	  	 	6	 
	 SECTION 2.04
	  	 Optional Redemption
	  	 	7	 
	 SECTION 2.05
	  	 Loss Absorption Disqualification Event Redemption
	  	 	8	 
	 SECTION 2.06
	  	 Events of Default
	  	 	9	 
	 SECTION 2.07
	  	 Enforcement Events and Remedies
	  	 	9	 
	 SECTION 2.08
	  	 Trustee’s Duties
	  	 	10	 
	 SECTION 2.09
	  	 Waiver of Certain Past Events of Default
	  	 	10	 
	 SECTION 2.10
	  	 Notice of Defaults Following an Event of Default
	  	 	10	 
	 SECTION 2.11
	  	 Applicability of the Term “Event of Default
	  	 	11	 
	 SECTION 2.12
	  	 Certain Acts of Holders Following an Event of Default
	  	 	11	 
	 SECTION 2.13
	  	 Notice of Redemption
	  	 	11	 
	 SECTION 2.14
	  	 Acknowledgement with respect to Treatment of EEA BRRD Liabilities
	  	 	12	 
	 SECTION 2.15
	  	 Acknowledgement with Respect to Treatment of BRRD Liabilities
	  	 	13	 
	
	ARTICLE III	  

	
	MISCELLANEOUS PROVISIONS	  

			
	 SECTION 3.01
	  	 Effectiveness
	  	 	13	 
	 SECTION 3.02
	  	 Original Issue
	  	 	13	 
	 SECTION 3.03
	  	 Ratification and Integral Part
	  	 	13	 
	 SECTION 3.04
	  	 Priority
	  	 	13	 
	 SECTION 3.05
	  	 Not Responsible for Recitals or Issuance of Securities
	  	 	13	 

  
 -i- 

							
	 SECTION 3.06
	  	 Successors and Assigns
	  	 	14	 
	 SECTION 3.07
	  	 Counterparts
	  	 	14	 
	 SECTION 3.08
	  	 Governing Law
	  	 	14	 
		
	 ANNEX I – Interest Terms of the Securities
	  	 	I-1	 
	 EXHIBIT A – Form of Fixed-to-Flating Rate Global Note
	  	 	A-1	 

  
 -ii- 

 FIFTH SUPPLEMENTAL INDENTURE, dated as of May 7, 2019 (the “Fifth Supplemental
Indenture”), among BARCLAYS PLC, a public limited company registered in England and Wales (herein called the “Company”), having its registered office at 1 Churchill Place, London E14 5HP, United Kingdom, THE BANK OF NEW
YORK MELLON, LONDON BRANCH, a New York banking corporation, as Trustee and Paying Agent (herein called the “Trustee”), having a Corporate Trust Office at One Canada Square, London E14 5AL, United Kingdom, and THE BANK OF
NEW YORK MELLON SA/NV, LUXEMBOURG BRANCH, as Senior Debt Security Registrar, having an office at 2-4 Rue Eugene Ruppert, Vertigo Building – Polaris, Luxembourg, 2453, Luxembourg, to the SENIOR DEBT
SECURITIES INDENTURE, dated as of January 17, 2018, between the Company and the Trustee (as heretofore amended and supplemented, the “Base Indenture” and, together with this Fifth Supplemental Indenture, the
“Indenture”). 
 RECITALS OF THE COMPANY 

WHEREAS, the Company and the Trustee are parties to the Base Indenture, which provides for the issuance by the Company from time to time of
its Senior Debt Securities in one or more series; 
 WHEREAS, Section 9.01 of the Base Indenture permits supplements thereto without
the consent of Holders of Senior Debt Securities to establish the form or terms of Senior Debt Securities of any series as permitted by Sections 2.01 and 3.01 of the Base Indenture; 

WHEREAS, as contemplated by Section 3.01 of the Base Indenture, the Company intends to issue an additional series of Senior Debt
Securities, to be known as the Company’s “3.932% Fixed-to-Floating Rate Senior Notes due 2025” (the “Securities”) under the Indenture;

 WHEREAS, the Company has taken all necessary corporate action to authorize the execution and delivery of this Fifth Supplemental
Indenture; 
 NOW, THEREFORE, THIS FIFTH SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Company and the Trustee mutually agree as follows with regard to the Securities: 
 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

SECTION 1.01    Definitions. Except as otherwise expressly provided or unless the context otherwise
requires, all terms used in this Fifth Supplemental Indenture that are defined in the Base Indenture shall have the meanings ascribed to them in the Base Indenture. 

The following terms used in this Fifth Supplemental Indenture have the following respective meanings with respect to the Securities only: 

“Bail-in Legislation” has the meaning set forth in
Section 2.14 hereof. 

  
 -1- 

 “Base Indenture” has the meaning set forth in the first
paragraph of this Fifth Supplemental Indenture. 
 “BRRD” has the meaning set forth in Section 2.14
hereof. 
 “BRRD Party” has the meaning set forth in Section 2.14 hereof. 

“Business Day” means any weekday, other than one on which banking institutions are authorized or obligated by
law, regulation or executive order to close in London, England or in New York City. 
 “Capital Regulations”
means, at any time, the laws, regulations, requirements, standards, guidelines and policies relating to capital adequacy and/or minimum requirement for own funds and eligible liabilities and/or loss absorbing capacity of credit institutions of
either (i) the PRA and/or (ii) any other national or European authority, in each case then in effect in the United Kingdom (or in such other jurisdiction in which the Company may be organized or domiciled) and applicable to the Group
including, as at the date hereof, CRD IV and related technical standards. 
 “Company” has the meaning set
forth in the first paragraph of this Fifth Supplemental Indenture, and includes any successor entity. 
 “Comparable
Treasury Issue” has the meaning set forth in Section 2.04 hereof. 
 “Comparable Treasury
Price” has the meaning set forth in Section 2.04 hereof. 
 “CRD IV” means the legislative
package consisting of Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, as the same may be amended or replaced from time to time, and the CRD IV
Regulation. 
 “CRD IV Regulation” means Regulation (EU) No. 575/2013 on prudential requirements for
credit institutions and investment firms of the European Parliament and of the Council of June 26, 2013, as the same may be amended or replaced from time to time. 

“Determination Agent” has the meaning set forth in Section 2.04 hereof. 

“DTC” means The Depository Trust Company, or any successor clearing system. 

“EEA Bail-in Power” has the meaning set forth in
Section 2.14 hereof. 
 “EEA BRRD Liability” has the meaning set forth in Section 2.14 hereof.

 “EU Bail-in Legislation Schedule” has the meaning set
forth in Section 2.14 hereof. 
 “Fixed Rate Interest Payment Date” has the meaning set forth in Annex
I hereto. 

  
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 “Indenture” has the meaning set forth in the first
paragraph of this Fifth Supplemental Indenture. 
 “Interest Payment Date” has the meaning set forth in
Annex I hereto. 
 “Issue Date” has the meaning set forth in Section 2.01(f) hereof. 

“Loss Absorption Disqualification Event” with respect to a series of securities means the whole or any part of
the principal amount of the Securities Outstanding of such series at any time being excluded from or ceasing to count towards the Company’s and/or the Group’s own funds and eligible liabilities and/or loss absorbing capacity, in each case
for the purposes of, and in accordance with, the relevant Capital Regulations, provided that a Loss Absorption Disqualification Event shall not occur if such whole or part of the principal amount of the Securities Outstanding of such series
is excluded from, or ceases to count towards, such own funds and eligible liabilities and/or loss absorbing capacity due to the remaining maturity of the Securities of such series being less than one year. 

“Loss Absorption Regulations Event” means that (i) any Capital Regulations become effective with respect
to the Company and/or the Group or (ii) there is an amendment to, or change in, any Capital Regulation, or any change in the official application of any Capital Regulation that becomes effective with respect to the Company and/or the Group.

 “Make-Whole Redemption” has the meaning set forth in
Section 2.04 hereof. 
 “Margin” has the meaning set forth in Annex I hereto. 

“Monetary Judgment” has the meaning set forth in Section 2.07(c) hereof. 

“Non-Payment Event” has the meaning set forth in
Section 2.07(b) hereof. 
 “Par Redemption” has the meaning set forth in Section 2.04 hereof. 

“Par Redemption Date” has the meaning set forth in Annex I hereto. 

“Performance Obligation” has the meaning set forth in Section 2.07(c) hereof. 

“Reference Treasury Dealer” has the meaning set forth in Section 2.04 hereof. 

“Reference Treasury Dealer Quotations” has the meaning set forth in Section 2.04 hereof. 

“Regular Record Date” means the close of business on the Business Day immediately preceding each Interest
Payment Date (or, if the Securities are held in definitive form, the close of business on the 15th Business Day preceding each Interest Payment Date). 

“Relevant EEA Resolution Authority” has the meaning set forth in Section 2.14 hereof. 

  
 -3- 

 “Fifth Supplemental Indenture” has the meaning set forth in
the first paragraph of this Fifth Supplemental Indenture. 
 “Securities” has the meaning set forth in the
Recitals to this Fifth Supplemental Indenture. 
 “Senior Enforcement Event” has the meaning set forth in
Section 2.08 hereof. 
 “Stated Maturity” has the meaning set forth in Section 2.01(g) hereof.

 “Treasury Rate” has the meaning set forth in Section 2.04 hereof. 

“Trustee” has the meaning set forth in the first paragraph of this Fifth Supplemental Indenture, and includes
any successor entity. 
 A “Winding-Up Event” with respect to
the Securities shall result if (i) a court of competent jurisdiction in England (or such other jurisdiction in which the Company may be organized) makes an order for the Company’s winding-up which is
not successfully appealed within thirty (30) days of the making of such order, (ii) the Company’s shareholders adopt an effective resolution for the Company’s winding-up (other than, in the
case of either (i) or (ii) above, under or in connection with a scheme of reconstruction, merger or amalgamation not involving a bankruptcy or insolvency) or (iii) following the appointment of an administrator of the Company, the
administrator gives notice that it intends to declare and distribute a dividend. 
 SECTION 1.02    Effect of
Headings. The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 
 SECTION
1.03    Separability Clause. In case any provision in this Fifth Supplemental Indenture 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. 
 SECTION 1.04    Benefits of Instrument. Nothing in this Fifth
Supplemental Indenture, 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 the Indenture. 

SECTION 1.05    Relation to Base Indenture. This Fifth Supplemental Indenture constitutes an integral part
of the Indenture. Notwithstanding any other provision of this Fifth Supplemental Indenture, all provisions of this Fifth Supplemental Indenture are expressly and solely for the benefit of the Holders of the Securities and the Trustee and any such
provisions shall not be deemed to apply to any other Senior Debt Securities issued under the Base Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for any purpose other than with respect to the Securities. 

SECTION 1.06    Construction and Interpretation. Unless the context otherwise requires: 

(a)    the words “hereof”, “herein” and “hereunder” and words of similar import, when used in
this Fifth Supplemental Indenture, refer to this Fifth Supplemental Indenture as a whole and not to any particular provision of this Fifth Supplemental Indenture; 

  
 -4- 

 (b)    the terms defined in the singular have a comparable meaning when
used in the plural, and vice versa; 
 (c)    the terms “U.S. dollars,” “US$” and “$”
refer to the lawful currency for the time being of the United States; 
 (d)    references herein to a specific Section,
Article or Exhibit refer to Sections or Articles of, or an Exhibit to, this Fifth Supplemental Indenture; 

(e)    wherever the words “include”, “includes” or “including” are used in this Fifth
Supplemental Indenture, they shall be deemed to be followed by the words “without limitation;” 

(f)    references to a Person are also to its successors and permitted assigns; and 

(g)    the use of “or” is not intended to be exclusive unless expressly indicated otherwise. 

ARTICLE II 
 3.932% FIXED-TO-FLOATING RATE SENIOR NOTES DUE 2025 
 SECTION
2.01    Creation of Series; Establishment of Form. 
 (a)    There is hereby established
an additional series of Senior Debt Securities under the Base Indenture entitled the “3.932% Fixed-to-Floating Rate Senior Notes due 2025.” 

(b)    The Securities shall be issued initially in the form of one or more registered Global Securities that shall be
deposited with DTC on the Issue Date. The Global Securities shall be registered in the name of Cede & Co. and executed and issued in substantially the form attached hereto as Exhibit A. 

(c)    The Company shall issue the Securities in an aggregate principal amount of $2,000,000,000. The Company may from
time to time, without the consent of the Holders of the Securities, issue additional securities of such series having the same ranking and same interest rate, Stated Maturity, redemption terms and other terms as the Securities described in this
Fifth Supplemental Indenture, except for the price to the public and Issue Date. Any such additional securities subsequently issued shall rank equally and ratably with the Securities in all respects, so that such further securities shall be
consolidated and form a single series with the applicable series of the Securities. 
 (d)    Any proposed transfer of
an interest in Securities held in the form of a Global Security shall be effected through the book-entry system maintained by DTC. 

(e)    The Securities shall not have a sinking fund. 

(f)    The Securities shall be issued on May 7, 2019 (the “Issue Date”). 

(g)    The stated maturity of the principal of the Securities shall be May 7, 2025 (the “Stated
Maturity”). 

  
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 (h)    The Securities shall be redeemable prior to their Stated Maturity
in accordance with Section 2.04 hereof. 
 (i)    The Securities shall be issued in minimum denominations of
$200,000 in principal amount and integral multiples of $1,000 in excess thereof. 
 (j)    Section 11.09 of the Base
Indenture shall apply to the Securities. 
 (k)    The Securities shall constitute the Company’s direct,
unconditional, unsecured and unsubordinated obligations and shall at all times rank pari passu without any preference among themselves. In the event of a winding-up or administration of the Company, the
Securities shall rank pari passu with all other outstanding unsecured and unsubordinated obligations of the Company, present and future, except such obligations as are preferred by operation of law. 

SECTION 2.02    Interest. 

(a)    The interest rate on the Securities shall be, or shall be determined, as set forth in Annex I hereto. 

(b)    The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided
in the Indenture, be paid to the Person in whose name the relevant Security (or any Predecessor Security) is registered at the close of business on the Regular Record Date for such interest. 

SECTION 2.03    Payment of Principal, Interest and Other Amounts. 

(a)    Payments of principal of and interest on the Securities shall be made in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts and such payments on Securities represented by a Global Security shall be made through one or more Paying Agents appointed under the Base Indenture to DTC
or its nominee, as the Holder or Holders of the Global Security. Initially, the Paying Agent for the Securities shall be The Bank of New York Mellon, London Branch, One Canada Square, London E14 5AL, United Kingdom and the Place of Payment in
respect of the Securities shall be the Corporate Trust Office of the Trustee, which as of the date hereof is hereby designated for purposes of the Securities initially as the office or agency of the Trustee located at said address. Initially, the
Senior Debt Security Registrar for the Securities shall be The Bank of New York Mellon SA/NV, Luxembourg Branch, 2-4 Rue Eugene Ruppert, Vertigo Building – Polaris, Luxembourg, 2453, Luxembourg (which
location shall also be a Place of Payment for purposes of Section 3.05(a) of the Base Indenture). The Company at any time and from time to time may change the Paying Agent or, subject to Section 9.01 of the Base Indenture, the Place of
Payment, and the Senior Debt Security Registrar without prior notice to the Holders of the Securities, and in such an event the Company may act as Paying Agent or Senior Debt Security Registrar. Payments of principal of and interest on the
Securities represented by a Global Security shall be made by wire transfer of immediately available funds; provided, however, that in the case of payments of principal, such Global Security is first surrendered to the Paying Agent. If
a date of redemption or repayment or the Stated Maturity is not a Business Day, the Company may pay interest and principal and/or any amount payable upon redemption or repayment of the Securities on the next succeeding Business Day, but interest on
that payment will not accrue during the period from and after the date of redemption or repayment or such Stated Maturity. 

  
 -6- 

 SECTION 2.04    Optional Redemption. Subject to the notice
period and provisions set forth in Sections 11.02 and 11.04 of the Base Indenture, and to the conditions set forth in Section 11.10 of the Base Indenture, the Company may redeem, at its option (A) the Securities at any time outstanding, in
whole or in part, at any time on or after November 7, 2019 (six months following the Issue Date and, if any additional Securities are issued after the Issue Date, except for the period of six months beginning on the issue date for any
additional Securities) to (but excluding) the Par Redemption Date, at an amount equal to the higher of (i) 100% of the principal amount of the Securities to be redeemed and (ii) as determined by the Determination Agent, the sum of the present
values of the principal (discounted from the Par Redemption Date) and remaining payments of interest to be made on any scheduled Fixed Rate Interest Payment Date to the Par Redemption Date for the Securities to be redeemed (not including accrued but
unpaid interest, if any, on the principal amount of the Securities) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate plus 25 basis points together with, in either case of (i) or (ii) above, accrued but unpaid interest, if any, on the principal amount of the Securities to be
redeemed to (but excluding) the Redemption Date (the “Make-Whole Redemption”) and/or (B) the Securities then outstanding, in whole but not in part, on the Par Redemption Date for
the Securities, at an amount equal to 100% of their principal amount together with accrued but unpaid interest, if any, on the principal amount of the Securities to be redeemed to (but excluding) the Redemption Date (the “Par
Redemption”). 
 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum
equal to: (1) the yield, under the heading which represents the average for the week immediately prior to the calculation date, appearing in the most recently published statistical release designated “H.15”, or any successor
publication that is published by the Board of Governors of the Federal Reserve System that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity, under the caption “Treasury Constant Maturities”, for
the maturity most closely corresponding to the Par Redemption Date of the Securities being redeemed (if no maturity is within three months before or after the Par Redemption Date of the Securities to be redeemed, yields for the two published
maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the
nearest month); or (2) if such release (or any successor release) is not published during the week immediately prior to the calculation date or does not contain such yields, the rate per annum equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such Redemption Date; provided that, if the period from the Redemption Date to the Par Redemption Date is less than one year, the weekly average yield on actually traded U.S. Treasury securities adjusted to a constant
maturity of one year will be used. 
 The Treasury Rate shall be calculated by the Determination Agent on the third Business Day preceding the Redemption
Date. 
 In determining the Treasury Rate, the below terms will have the following meaning: 

“Comparable Treasury Issue” means, with respect to the Redemption Date, the U.S. Treasury security selected by
the Determination Agent as having an actual or 

  
 -7- 

 
interpolated maturity comparable with the remaining term to the Par Redemption Date of the Securities that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities denominated in U.S. dollars and of comparable maturity to the remaining term to the Par Redemption Date of the Securities. 

“Comparable Treasury Price” means, with respect to the Redemption Date, (i) the arithmetic average of the
Reference Treasury Dealer Quotations for such Redemption Date (calculated on the third Business Day preceding such Redemption Date), after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if fewer than five
such Reference Treasury Dealer Quotations are received, the arithmetic average of all such quotations, or (iii) if fewer than two such Reference Treasury Dealer Quotations are received, then such Reference Treasury Dealer Quotation as quoted in
writing to the Determination Agent by a Reference Treasury Dealer. 
 “Determination Agent” means an
investment bank or financial institution of international standing selected by the Company and which may be an affiliate of the Company. 

“Reference Treasury Dealer” means each of up to five banks selected by the Company (following, where
practicable, consultation with the Determination Agent, if applicable), or the affiliates of such banks, which are (i) primary U.S. government securities dealers, and their respective successors, or (ii) market makers in pricing corporate
bond issues. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and the Redemption Date, the arithmetic average, as determined by the Determination Agent, of the bid and offered prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) at 11:00 a.m., New
York time, on the third Business Day preceding such Redemption Date. 
 Unless the Company defaults on payment of the Redemption Price, interest will cease
to accrue on the Redemption Date on the Securities or portions thereof called for redemption. The Trustee has no responsibility for any calculation or determination in respect of the establishment of the
Make-Whole Redemption price and shall be entitled to receive and rely conclusively upon an Officer’s Certificate executed in accordance with the Base Indenture that states the Make-Whole Redemption price. 
 SECTION 2.05    Loss Absorption
Disqualification Event Redemption. If a Loss Absorption Regulations Event occurs on or after the Issue Date that does, or would be likely to (in the opinion of the Company, the PRA or any other relevant national or European authority), result in
a Loss Absorption Disqualification Event, the Company may, at the Company’s option, at any time, redeem the Securities, in whole but not in part, at a Redemption Price equal to 100% of the principal amount of the Securities being redeemed
together with accrued but unpaid interest, if any, on the principal amount of the Securities to be redeemed to (but excluding) the Redemption Date. For the avoidance of doubt, except as otherwise set forth in this Fifth Supplemental Indenture,
Article 11 of the Base Indenture shall apply to any redemption of Securities pursuant to this Section 2.05. 

  
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 SECTION 2.06    Events of Default. The terms of
Sections 5.01, 5.02 and 5.03 (except for Sections 5.03(c) and 5.03(f)) of the Base Indenture shall not apply to the Securities and shall be replaced in their entirety by the enforcement events and remedies set forth in Section 2.07 hereof. 

SECTION 2.07    Enforcement Events and Remedies. 

(a)    If a Winding-Up Event occurs, the principal amount of the Outstanding
Securities, together with any accrued but unpaid interest thereon, shall become immediately due and payable, without the need of any further action on the part of the Trustee, the Holders or any other Person. 

(b)    If the Company fails to pay any amount that has become due and payable under the Securities and such failure
continues for fourteen (14) days, the Trustee may provide a written notice of such failure to the Company. If within a period of fourteen (14) days following the provision of such notice, the failure continues and has not been cured nor
waived (a “Non-Payment Event”), the Trustee may at its discretion and without further notice to the Company institute proceedings in England (or such other jurisdiction in which the
Company may be organized) (but not elsewhere) for the Company’s winding-up and/or prove in the Company’s winding-up and/or claim in the Company’s
liquidation or administration. 
 (c)    In addition to the remedies for a
Non-Payment Event provided in Section 2.07(b) hereof, the Trustee may, without further notice, institute such proceedings against the Company as the Trustee may deem fit to enforce any term, obligation or
condition binding on the Company under the Securities or the Indenture (other than any payment obligation of the Company under or arising from the Securities or the Indenture, including, without limitation, payment of any principal or interest,
including Additional Amounts) (such obligation, a “Performance Obligation”); provided always that the Trustee (acting on behalf of the Holders and Beneficial Owners of the Securities) and the Holders and Beneficial Owners of
the Securities may not enforce, and may not be entitled to enforce or otherwise claim, against the Company any judgment or other award given in such proceedings that requires the payment of money by the Company, whether by way of damages or
otherwise (a “Monetary Judgment”), except by proving such Monetary Judgment in the Company’s winding-up and/or by claiming such Monetary Judgment in the Company’s administration.

 (d)    By its acquisition of the Securities, each Holder and Beneficial Owner of the Securities acknowledges and
agrees that such Holder and Beneficial Owner shall not seek to enforce or otherwise claim, and shall not direct the Trustee (acting on behalf of the Holders and Beneficial Owners of the Securities) to enforce or otherwise claim, a Monetary Judgment
against the Company in connection with the Company’s breach of a Performance Obligation, except by proving such Monetary Judgment in the Company’s winding-up and/or by claiming such Monetary Judgment
in the Company’s administration. 
 (e)    Other than the limited remedies specified in this Section 2.07 and
subject to Section 2.07(f) hereof, no remedy against the Company shall be available to the Trustee (acting on behalf of the Holders and Beneficial Owners of the Securities) or the Holders and Beneficial Owners of the Securities whether for the
recovery of amounts owing in respect of such Securities or under the Indenture or in respect of any breach by the Company of any of the Company’s obligations under or in respect of the terms of such Securities or under the Indenture in relation
thereto; provided, however, that the Company’s 

  
 -9- 

 
obligations to, and rights of, the Trustee under Section 6.07 of the Base Indenture and the Trustee’s rights to have money collected applied first to pay amounts due to it under such
Section pursuant to Section 5.06 of the Base Indenture expressly survive any Senior Enforcement Event. 

(f)    Notwithstanding the limitation on remedies specified in this Section 2.07, (1) the Trustee shall have such
powers as are required to be authorized to it under the Trust Indenture Act in respect of the rights of the Holders of the Securities under the provisions of the Indenture and (2) nothing shall impair the right of a Holder of the Securities
under the Trust Indenture Act, absent such Holder’s consent, to sue for any payment due but unpaid with respect to the Securities. No Holder of Securities shall be entitled to proceed directly against the Company except as described in
Section 5.07 of the Base Indenture. 
 SECTION 2.08    Trustee’s Duties. In
case of a Senior Enforcement Event with respect to the Securities, the Trustee shall with respect to such Securities exercise such of the rights and powers vested in it by the Indenture, and use the same degree of care and skill in their exercise,
as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. For these purposes, a “Senior Enforcement Event” shall occur (i) upon the occurrence of a
Winding-Up Event, (ii) upon the occurrence of a Non-Payment Event or (iii) upon a breach by the Company of a Performance Obligation with respect to the
Securities. 
 SECTION 2.09    Waiver of Certain Past Events of Default. For purposes of the Base
Indenture and with respect to the Securities, Section 5.13 of the Base Indenture shall be replaced in its entirety by the following: 

“(a)    Holders of not less than a majority in aggregate principal amount of the Outstanding Senior
Debt Securities of any series may on behalf of the Holders of all of the Senior Debt Securities of such series waive any past Event of Default that results from a breach by the Company of a Performance Obligation. Holders of a majority of the
aggregate principal amount of the Outstanding Senior Debt Securities of such series shall not be entitled to waive any past Event of Default that results from a Winding-Up Event or a Non-Payment Event. 
 (b)    Upon the occurrence of any waiver
permitted by paragraph (a) above, such Event of Default shall cease to exist, and any Event of Default with respect to any series arising therefrom shall be deemed to have been cured and not to have occurred for every purpose of this Senior
Debt Securities Indenture, but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereon.” 

SECTION 2.10    Notice of Defaults Following an Event of Default. For purposes of the Base Indenture and
with respect to the Securities, Section 6.02 of the Base Indenture shall be replaced in its entirety by the following: 

“Within ninety (90) days after the occurrence of any Event of Default hereunder with respect to Senior Debt
Securities of any series, the Trustee shall transmit in the manner and to the extent provided in Section 1.06 to Holders of Senior Debt Securities of such series notice of such Event of Default hereunder actually known to the Trustee, unless
such Event of Default shall have been cured or waived; provided, however, that the Trustee shall be protected in withholding such notice if a 

  
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trust committee of Responsible Officers of the Trustee determine in good faith that the withholding of such notice is in the interest of the Holders of Senior Debt Securities of such
series.” 
 SECTION 2.11    Applicability of the Term “Event of Default.
For purposes of the Base Indenture, the term “Event of Default” shall mean “Senior Enforcement Event” as defined in this Fifth Supplemental Indenture, except that the term “Event of Default” as used in Sections
3.05(c)(ii) and 6.07 of the Base Indenture and Article 8 of the Base Indenture shall mean “Winding-Up Event.” 

SECTION 2.12    Certain Acts of Holders Following an Event of Default. For purposes of the Base Indenture
and with respect to the Securities, Section 1.04(d) of the Base Indenture shall be replaced in its entirety by the following: 

“Upon receipt by the Trustee from any Holder of Senior Debt Securities of a particular series of any direction referred to
in Section 5.12 with respect to Senior Debt Securities of such series, if the Trustee shall not have taken the action specified in such direction, then the Trustee may set a record date for determining the Holders of Outstanding Senior Debt
Securities of such series entitled to join in such direction. The Trustee will notify the Company and the Holders of Outstanding Senior Debt Securities of such series of any such record date so fixed. The Holders of Outstanding Senior Debt
Securities of such series as of the close of business on such record date, and no other Holders, shall be entitled to join in such direction, whether or not such Holders remain Holders after such record date.” 

SECTION 2.13    Notice of Redemption. 

(a)    Before the Company may redeem the Securities pursuant to Section 2.04 or Section 2.05 hereof or pursuant
to Section 11.09 of the Base Indenture, the Company shall deliver via DTC or the relevant clearing system(s) (or, if the Securities are definitive Securities, to the Holders at their addresses shown on the register for the Securities) prior
notice of not less than fifteen (15) days, nor more than sixty (60) days, to the Holders of the Securities. The Company shall deliver written notice of such redemption of the Securities to the Trustee at least five (5) Business Days
prior to the date on which the relevant notice of redemption is sent to Holders (unless a shorter notice period shall be satisfactory to the Trustee). Such notice shall specify the Company’s election to redeem the Securities and the date fixed
for such redemption and shall be irrevocable except in the limited circumstances described in paragraphs (b) below. 

(b)    If the Company has delivered a notice of redemption pursuant to paragraph (a) of this Section 2.13, but
prior to the payment of the redemption amount with respect to such redemption the Relevant U.K. Resolution Authority exercises its U.K. Bail-in Power with respect to the Securities, such redemption notice
shall be automatically rescinded and shall be of no force and effect, and no payment in respect of the redemption amount shall be due and payable. 

(c)    If any event specified in paragraph (b) above occurs, the Company shall promptly deliver notice to the Holders
of the Securities via DTC or the relevant clearing system(s) (or, if the Securities are definitive Securities, to the Holders at their addresses shown on the shown on the register for the Securities) and to the Trustee directly, specifying the
occurrence of the relevant event. 

  
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 SECTION 2.14    Acknowledgement with respect to Treatment of
EEA BRRD Liabilities. Notwithstanding and to the exclusion of any other term of the Indenture, this Fifth Supplemental Indenture or any other agreements, arrangements, or understanding between the BRRD Party, on the one hand, and the
Company, on the other hand, the Company acknowledges and accepts that an EEA BRRD Liability arising under the Indenture and this Fifth Supplemental Indenture may be subject to the exercise of EEA Bail-in
Powers by the Relevant EEA Resolution Authority, and acknowledges, accepts, and agrees to be bound by: 
 (a)    the
effect of the exercise of EEA Bail-in Powers by the Relevant EEA Resolution Authority in relation to any EEA BRRD Liability that (without limitation) may include and result in any of the following, or some
combination thereof: 
 (i)    the reduction of all, or a portion, of the EEA BRRD Liability or
outstanding amounts due thereon; 
 (ii)    the conversion of all, or a portion, of the EEA BRRD
Liability into shares, other securities or other obligations of the BRRD Party or another person, and the issue to or conferral on the Company of such shares, securities or obligations; 

(iii)    the cancellation of the EEA BRRD Liability; or 

(iv)    the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on
which any payments are due including by suspending payment for a temporary period. 
 (b)    the variation of the terms
of the Indenture or this Fifth Supplemental Indenture, as deemed necessary by the Relevant EEA Resolution Authority, to give effect to the exercise of EEA Bail-in Powers by the Relevant EEA Resolution
Authority in respect of the BRRD Party. 
 For these purposes: 

“Bail-in Legislation” means in relation to a member state of the European
Economic Area or the United Kingdom which has implemented, or which at any time implements, the BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation
Schedule from time to time. 
 “BRRD” means Directive 2014/59/EU establishing a framework for the recovery and resolution
of credit institutions and investment firms. 
 “BRRD Party” means The Bank of New York Mellon SA/NV, Luxembourg Branch,
solely and exclusively in its role as Senior Debt Security Registrar under the Indenture and this Fifth Supplemental Indenture. For the avoidance of doubt, The Bank of New York Mellon, London Branch, as Trustee and Paying Agent and in any other
capacity under the Indenture or this Fifth Supplemental Indenture is not a BRRD Party under the Indenture or this Fifth Supplemental Indenture. 

“EEA Bail-in Power” means any
Write-down and Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation to the relevant Bail-in
Legislation. 

  
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 “EEA BRRD Liability” means a liability of the BRRD Party to the Company
under the Indenture or this Fifth Supplemental Indenture, if any, in respect of which the EEA Bail-in Power may be exercised. 

“EU Bail-in Legislation Schedule” means the document described as such, then
in effect, and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com. 

“Relevant EEA Resolution Authority” means the resolution authority with the ability to exercise any EEA Bail-in Powers in relation to the BRRD Party. 
 SECTION
2.15    Acknowledgement with Respect to Treatment of BRRD Liabilities. Any references to the “Trustee” in Article 12.02 of the Base Indenture shall be deemed to refer to the Trustee and The Bank of New York
Mellon SA/NV, Luxembourg Branch. 
 ARTICLE III 

MISCELLANEOUS PROVISIONS 

SECTION 3.01    Effectiveness. This Fifth Supplemental Indenture shall become effective upon its execution
and delivery. 
 SECTION 3.02    Original Issue. The Securities may, upon execution of this Fifth
Supplemental Indenture, be executed by the Company and delivered by the Company to the Trustee for authentication, and the Trustee shall, upon a Company Order, authenticate and deliver such Securities as in such Company Order provided. 

SECTION 3.03    Ratification and Integral Part. The Base Indenture as supplemented by this Fifth
Supplemental Indenture, is in all respects ratified and confirmed, including without limitation all the rights, immunities and indemnities of the Trustee, and this Fifth Supplemental Indenture shall be deemed an integral part of the Base Indenture
in the manner and to the extent herein and therein provided. 
 SECTION 3.04    Priority. This Fifth
Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. The provisions of this Fifth Supplemental Indenture shall, with respect to the Securities and subject to the terms hereof,
supersede the provisions of the Base Indenture to the extent the Base Indenture is inconsistent herewith. 
 SECTION
3.05    Not Responsible for Recitals or Issuance of Securities. The recitals contained herein and in the Securities, except the Trustee’s certificate of authentication, shall be taken as the statements of
the Company, and neither the Trustee nor any authenticating agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Fifth Supplemental Indenture or of the Securities,
except that the Trustee represents and warrants that it has duly authorized, executed and delivered this Fifth Supplemental Indenture. Neither the Trustee nor any authenticating agent shall be accountable for the use or application by the Company of
the Securities or the proceeds thereof. 

  
 -13- 

 SECTION 3.06    Successors and Assigns. All covenants and
agreements in the Base Indenture, as supplemented and amended by this Fifth Supplemental Indenture, by the Company shall bind its successors and assigns, whether so expressed or not. 

SECTION 3.07    Counterparts. This Fifth Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 3.08    Governing Law. This Fifth Supplemental Indenture and the Securities shall be governed by and
construed in accordance with the laws of the State of New York, except for the waiver of set-off provisions set forth in Section 5.03(c) of the Base Indenture, which shall be governed by and construed in
accordance with English law, and except that the authorization and execution of this Fifth Supplemental Indenture and the Securities shall be governed (in addition to the laws of the State of New York relevant to execution) by the respective
jurisdictions of organization of the Company and the Trustee, as the case may be. 
 [Signature Page Follows] 

  
 -14- 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be
duly executed as of the day and year first above written. 
  

			
	BARCLAYS PLC
		
	By:	 	 /s/ Miray Muminoglu

	Name:	 	Miray Muminoglu
	Title:	 	Managing Director
	
	 THE BANK OF NEW YORK MELLON,
LONDON
     BRANCH, AS TRUSTEE AND PAYING
AGENT

		
	By:	 	 /s/ Jonathan Rogers

	Name:	 	Jonathan Rogers
	Title:	 	Authorised Signatory
	
	THE BANK OF NEW YORK MELLON SA/NV, LUXEMBOURG BRANCH, AS SENIOR
DEBT SECURITY REGISTRAR
		
	By:	 	 /s/ Jonathan Rogers

	Name:	 	Jonathan Rogers
	Title:	 	Authorised Signatory

 [Signature Page to Fifth Supplemental Indenture] 

 ANNEX I 

Interest Terms of the Securities 

Interest Terms of the Securities 
  

			
	Fixed Rate Period:	  	From (and including) the Issue Date, to (but excluding) May 7, 2024 (the “Par Redemption Date”).
		
	Floating Rate Period:	  	From (and including) the Par Redemption Date, to (but excluding) the Stated Maturity.
		
	Fixed Interest Rate:	  	During the Fixed Rate Period, interest on the Securities will accrue at a rate of 3.932% per annum.
		
	Floating Interest Rate:	  	During the Floating Rate Period, interest on the Securities will accrue at a rate equal to LIBOR (as defined under “—Interest Terms Common to the Securities” below), as determined on the applicable Interest
Determination Date (as defined below), plus the Margin per annum. The Floating Interest Rate will be reset quarterly on each Interest Reset Date.
		
	Margin:	  	The “Margin” is 1.610%.
		
	Fixed Rate Interest Payment Dates:	  	Every May 7 and November 7 in each year, commencing on November 7, 2019 and ending on the Par Redemption Date; provided that if any scheduled Fixed Rate Interest Payment Date is not a Business Day, the Fixed
Rate Interest Payment Date will be postponed to the next succeeding Business Day, but interest on that payment will not accrue during the period from and after the scheduled Fixed Rate Interest Payment Date.
		
	Floating Rate Interest Payment Dates:	  	August 7, 2024, November 7, 2024, February 7, 2025 and the Stated Maturity (the “Floating Rate Interest Payment Dates” and each a “Floating Rate Interest Payment Date”); provided
that if any scheduled Floating Rate Interest Payment Date, other than the Stated Maturity, is not a Business Day, the Floating Rate Interest Payment Date will be postponed to the next succeeding Business Day, except that if that Business Day
falls in the next succeeding calendar month, the Floating Rate Interest Payment Date will be the immediately preceding Business Day.
		
	 Interest Reset Dates:
	  	The Par Redemption Date, August 7, 2024, November 7, 2024 and February 7, 2025, (each an “Interest Reset Date”). If any Interest Reset Date would fall on a day that is not a Business Day, the Interest
Reset Date will be postponed to the next succeeding Business Day, except that if that Business Day falls in the next succeeding calendar month, the Interest Reset Date will be the immediately preceding Business
Day.

			
		
	Floating Rate Interest Periods:	  	The period beginning on, and including, a Floating Rate Interest Payment Date and ending on, but not including, the next succeeding Floating Rate Interest Payment Date (each a “Floating Rate Interest Period”),
provided that the first Floating Rate Interest Period will begin on and include the Par Redemption Date and will end on, but exclude, August 7, 2024.
		
	Interest Determination Dates:	  	The second London Banking Day (as defined below) preceding the applicable Interest Reset Date.
		
	Day Count:	  	 30/360, Following, Unadjusted (during the Fixed Rate Period).
  

Actual/360, Modified Following, Adjusted (during the Floating Rate Period).

		
	Interest Payment Dates:	  	Each of the Fixed Rate Interest Payment Dates and the Floating Rate Interest Payment Dates (each an “Interest Payment Date”).
		
	LIBOR:	  	The three-month U.S. dollar London Interbank Offered Rate.
		
	London Banking Day:	  	Any day on which dealings in U.S. dollars are transacted in the London interbank market.
		
	Calculation Agent:	  	The Bank of New York Mellon, London Branch, or its successor appointed by the Company.
		
	Calculation of LIBOR:	  	 LIBOR will be determined by the Calculation Agent in accordance with the following provisions:

 
 (1)    With respect to any Interest Determination Date, LIBOR will
be the rate (expressed as a percentage per annum) for deposits in U.S. dollars having a maturity of three months commencing on the related Interest Reset Date that appears on Reuters Page LIBOR01 as of 11:00 a.m., London time, on that Interest
Determination Date. If no such rate appears, then LIBOR, in respect of that Interest Determination Date, will be determined in accordance with the provisions described in (2) below; and

 
 (2)    With respect to an Interest Determination Date on which no
rate appears on Reuters Page LIBOR01 (in circumstances other than those described under “ —Replacement for LIBOR” below), the Calculation Agent will request the principal London offices of each of four major reference banks in
the London interbank market (which may include affiliates of the underwriters), as selected and identified by the Company, to provide its offered quotation (expressed as a percentage per annum) for deposits in
U.S.

			
		
		  	 dollars for the period of three months, commencing on the related Interest Reset Date, to prime banks in the London interbank market at
approximately 11:00 a.m., London time, on that Interest Determination Date and in a principal amount that is representative for a single transaction in U.S. dollars in that market at that time. If at least two quotations are provided, then LIBOR on
that Interest Determination Date will be the arithmetic mean of those quotations. If fewer than two quotations are provided, then LIBOR on the Interest Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m.,
in the City of New York, on the Interest Determination Date by three major banks in The City of New York (which may include affiliates of the underwriters) selected and identified by the Company for loans in U.S. dollars to leading European banks,
for a period of three months, commencing on the related Interest Reset Date, and in a principal amount that is representative for a single transaction in U.S. dollars in that market at that time. If at least two such rates are so provided, LIBOR on
the Interest Determination Date will be the arithmetic mean of such rates. If fewer than two such rates are so provided, LIBOR on the Interest Determination Date will be equal to LIBOR in effect with respect to the immediately preceding Interest
Determination Date.
  
 “Reuters Page LIBOR01” means the display that
appears on Reuters Page LIBOR01 or any page as may replace such page on such service (or any successor service) for the purpose of displaying London interbank offered rates of major banks for U.S. dollars.

 
 All percentages resulting from any calculation of the Floating Interest Rate will be
rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 9.876545% (or .09876545) would be rounded to 9.87655%
(or .0987655)), and all dollar amounts would be rounded to the nearest cent, with one-half cent being rounded upward.
  

All calculations made by the Calculation Agent for the purposes of calculating interest on the Securities shall be conclusive and binding on the Holders of the
Securities, the Company and the Trustee, absent manifest error.
  
 For any Floating
Rate Interest Period, if LIBOR is negative, then it would reduce the Floating Interest Rate payable for such interest period below the specified Margin. Accordingly, Holders may receive a Floating Interest Rate that is lower than the specified
Margin. In any event, the Floating Interest Rate will not be less than zero.

			
		
	Replacement for LIBOR:	  	 If the Company determines that a Benchmark Event has occurred or there is a Successor Rate, in either case when the Floating Interest Rate
(or the relevant component part thereof) remains to be determined by LIBOR, then the Issuer may elect (acting in good faith and in a commercially reasonable manner) to apply the following provisions:

 
 (i) the Company shall use reasonable
endeavors to appoint, as soon as reasonably practicable, an Independent Adviser to determine (acting in good faith and in a commercially reasonable manner), no later than five Business Days prior to the relevant Interest Determination Date relating
to the next succeeding Floating Rate Interest Period (the “IA Determination Cut-off Date”), a Successor Rate (as defined below) or, alternatively, if the Independent Adviser determines that
there is no Successor Rate, an Alternative Reference Rate (as defined below) for purposes of determining the applicable Floating Interest Rate (or the relevant component part thereof) applicable to the Securities;

 
 (ii)  if the Company is unable to
appoint an Independent Adviser, or the Independent Adviser appointed by it fails to determine a Successor Rate or an Alternative Reference Rate prior to the IA Determination Cut-off Date, the Company (acting
in good faith and in a commercially reasonable manner) may determine a Successor Rate or, if the Issuer determines that there is no Successor Rate, an Alternative Reference Rate;

 
 (iii)  if a Successor Rate or,
failing which, an Alternative Reference Rate (as applicable) is determined in accordance with the preceding provisions, such Successor Rate or, failing which, an Alternative Reference Rate (as applicable) shall be LIBOR for each of the future
Floating Rate Interest Periods (subject to the subsequent operation of, and to adjustment as described under “— Replacement for LIBOR”); provided, however, that if sub-paragraph
(ii) applies and the Company is unable to or does not determine a Successor Rate or an Alternative Reference Rate prior to the relevant Interest Determination Date, the Floating Interest Rate applicable to the
next

			
		
		  	 succeeding Floating Rate Interest Period shall be equal to the Floating Interest Rate last determined in relation to the
Securities in respect of the preceding Floating Rate Interest Period (or alternatively, if there has not been a first Floating Rate Interest Period in respect of the Securities, the Floating Interest Rate shall be the Fixed Interest Rate); for the
avoidance of doubt, the proviso in this subparagraph (iii) shall apply to the relevant Floating Rate Interest Period only and any subsequent Floating Rate Interest Periods are subject to the subsequent operation of, and to adjustment as
described under “—Replacement for LIBOR”;
  

(iv) if the Independent Adviser (in consultation with the Company) or (if the Company is unable to appoint an
Independent Adviser, or the Independent Adviser appointed by it fails to determine whether an Adjustment Spread should be applied) the Company (acting in good faith and in a commercially reasonable manner) determines that an Adjustment Spread should
be applied to the relevant Successor Rate or the relevant Alternative Reference Rate (as applicable) and determines the quantum of, or a formula or methodology for determining, such Adjustment Spread, then such Adjustment Spread shall be applied to
such Successor Rate or Alternative Reference Rate (as applicable). If the Independent Adviser or the Company (as applicable) is unable to determine, prior to the Interest Determination Date relating to the next succeeding Floating Rate Interest
Period, the quantum of, or a formula or methodology for determining, such Adjustment Spread, then such Successor Rate or Alternative Reference Rate (as applicable) will apply without an Adjustment Spread;

 
 (v)   if the Independent
Adviser or the Company determines a Successor Rate or, failing which, an Alternative Reference Rate (as applicable) and, in each case, any Adjustment Spread in accordance with the above provisions, the Independent Adviser or the Company (as
applicable), may also specify changes to terms of the Securities, including but not limited to the Margin, relevant day count, Relevant Screen Page, Business Day, Interest
Determination

			
		
		  	 Date and/or the definition of LIBOR, and the method for determining the fallback rate in relation to the Securities, in
order to follow market practice in relation to the Successor Rate, the Alternative Reference Rate (as applicable) and/or the Adjustment Spread. For the avoidance of doubt, the Trustee and Calculation Agent shall, at the direction and expense of the
Company, effect such consequential amendments to the Indenture, the Calculation Agency Agreement and the terms of the Securities as may be required in order to give effect to the provisions set forth here under “ —Replacement for
LIBOR”. Consent of the Holders of the Securities shall not be required in connection with implementing the Successor Rate, Alternative Reference Rate (as applicable) and/or any Adjustment Spread or such other changes, including for the
execution of any documents, amendments or other steps by the Trustee or the Calculation Agent (if required); and
  

(vi) the Company shall promptly, following the determination of any Successor Rate, Alternative Reference Rate
(as applicable) and/or any Adjustment Spread, give notice thereof to the Trustee, the Calculation Agent and the Holders of the Securities, which shall specify the effective date(s) for such Successor Rate, Alternative Reference Rate (as applicable)
and/or any Adjustment Spread and any consequential changes made to the Indenture, the Calculation Agency Agreement and/or the terms of the Securities,
  

provided that the determination of any Successor Rate, Alternative Reference Rate and/or any Adjustment Spread, and any other related changes to the
Securities, shall be made in accordance with the relevant Capital Regulations (if applicable). In effecting any such consequential amendments to the Indenture, the Calculation Agency Agreement and/or the terms of the Securities as may be directed by
the Company in order to give effect to the provisions hereof, neither the Trustee nor the Calculation Agent shall be required to effect any amendments that affects their own rights, duties or immunities under the Indenture, the Calculation Agency
Agreement or otherwise.

			
		
		  	 For the purposes of this section “ —Replacement for LIBOR” in respect of the Securities:

 
 “Adjustment Spread” means a spread (which may be positive or negative)
or formula or methodology for calculating a spread, which the Independent Adviser (in consultation with the Company) or the Company (as applicable), determines is required to be applied to the Successor Rate or the Alternative Reference Rate (as
applicable) in order to reduce or eliminate, to the extent reasonably practicable in the circumstances, any economic prejudice or benefit (as applicable) to Holders of the Securities as a result of the replacement of LIBOR with the Successor Rate or
the Alternative Reference Rate (as applicable) and is the spread, formula or methodology which:
  

(i) in the case of a Successor Rate, is recommended in relation to the replacement of LIBOR with the Successor
Rate by any Relevant Nominating Body; or
  

(ii)  in the case of a Successor Rate for which no such recommendation has been made or in the case of an
Alternative Reference Rate, the Independent Adviser (in consultation with the Company) or the Company (as applicable) determines, is recognized or acknowledged as being in customary market usage in international debt capital markets transactions
which reference LIBOR, where such rate has been replaced by the Successor Rate or the Alternative Reference Rate (as applicable); or
  

(iii)  if no such customary market usage is recognized or acknowledged, the Independent Adviser (in
consultation with the Company) or the Company in its discretion (as applicable), determines (acting in good faith and in a commercially reasonable manner) to be appropriate;
  

“Alternative Reference Rate” means the rate that the Independent Adviser or the Company (as applicable) determines has replaced LIBOR in
customary market usage in the international debt capital markets for the purposes of determining rates of interest in respect of bonds denominated in U.S. dollars and of a comparable duration to the relevant Floating Rate Interest Period, or, if the
Independent Adviser or the Company (as applicable) determines that there is no such rate, such other rate as the Independent Adviser or the Company (as applicable) determines in its discretion (acting in good faith and in a commercially reasonable
manner) is most comparable to LIBOR;

			
		
		  	 “Benchmark Event” means:
  

(i) LIBOR has ceased to be published on the Relevant Screen Page as a result of such benchmark ceasing to be
calculated or administered; or
  

(ii)  a public statement by the administrator of LIBOR that it has ceased, or will cease, publishing such
reference rate permanently or indefinitely (in circumstances where no successor administrator has been appointed that will continue publication of such reference rate); or
  

(iii)  a public statement by the supervisor of the administrator of LIBOR that such reference rate has
been or will be permanently or indefinitely discontinued; or
  

(iv) a public statement by the supervisor of the administrator of LIBOR as a consequence of which such reference
rate will be prohibited from being used or that its use will be subject to restrictions or adverse consequences either generally, or in respect of the Securities; or
  

(v)   a public statement by the supervisor of the administrator of LIBOR that, in the view of such
supervisor, such reference rate is no longer representative of an underlying market or the methodology to calculate such reference rate has materially changed; or
  

(vi) it has or will become unlawful for the Calculation Agent or the Company to calculate any payments due to be
made to any holder of the Securities using LIBOR (including, without limitation, under the Benchmark Regulation (EU) 2016/1011, if applicable);
  

“Independent Adviser” means an independent financial institution of international repute or other independent financial adviser experienced in
the international debt capital markets, in each case appointed by the Company at its own expense;

			
		
		  	 “Relevant Nominating Body” means, in respect of LIBOR:

 
 (i) the central bank for the U.S. dollar,
or any central bank or other supervisory authority which is responsible for supervising the administrator of LIBOR; or
  

(ii)  any working group or committee sponsored by, chaired or
co-chaired by or constituted at the request of (a) the central bank for the U.S. dollar, (b) any central bank or other supervisory authority which is responsible for supervising the administrator of
LIBOR, (c) a group of the aforementioned central banks or other supervisory authorities, (d) the International Swaps and Derivatives Association, Inc. or any part thereof or (e) the Financial Stability Board or any part thereof;
and
  
 “Successor Rate” means the reference rate (and related
alternative screen page or source, if applicable) that the Independent Adviser or the Company (as applicable) determines is a successor to or replacement of LIBOR which is formally recommended by any Relevant Nominating Body.

 EXHIBIT A 

Form of Global Note 
 THIS SECURITY IS A
GLOBAL REGISTERED SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (OR ANY SUCCESSOR CLEARING SYSTEM)
(“DTC”), TO BARCLAYS PLC, OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 This Security is one of a duly authorized issue of securities of the Company (as
defined below) (herein called the “Securities” and each, a “Security”) issued and to be issued in one or more series under and governed by the Senior Debt Securities Indenture, dated as of January 17, 2018 (as
heretofore amended and supplemented, the “Base Indenture”), as amended and supplemented by the Fifth Supplemental Indenture, dated as of May 7, 2019 (the “Fifth Supplemental Indenture” and, together with the
Base Indenture, the “Indenture”). 
 Notwithstanding any other agreements, arrangements, or understandings between the Company and any
Holder or Beneficial Owner of the Securities, by acquiring the Securities, each Holder and Beneficial Owner of the Securities acknowledges, accepts, agrees to be bound by, and consents to, the exercise of any U.K.
Bail-in Power by the Relevant U.K. Resolution Authority (as those terms are defined in the Base Indenture) and the provisions set forth in Section 12.01 of the Base Indenture. 

In accordance with Article 13 of the Base Indenture, each Holder and Beneficial Owner of the Securities that acquires the Securities in the secondary market
shall be deemed to acknowledge, agree to be bound by, and consent to, the same provisions set forth in the Securities and the Indenture to the same extent as the Holders and Beneficial Owners of the Securities that acquire the Securities upon their
initial issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by, and consent to, the terms of the Securities, including in relation to the provisions contained in Section 5.03(c) and
Section 12.01 of the Base Indenture. 

 3.932%
Fixed-to-Floating Rate Senior Notes due 2025 
  

					
	No. 00[●]	  		  	 $[●]
  

CUSIP NO. 06738E BH7
 ISIN NO.
US06738EBH71
 COMMON CODE NO. 199211544

 BARCLAYS PLC, a company duly incorporated and existing under the laws of England and Wales (herein called the
“Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of US$[●]
([●]) on May 7, 2025 (the “Maturity Date”), except as otherwise provided herein, and to pay interest thereon, in accordance with the terms hereof. Interest shall accrue on this Security from May 7, 2019 or from the
most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for, until the principal hereof is paid or made available for payment. Interest shall be paid semi-annually
in arrear on May 7 and November 7 of each year (each, a “Fixed Rate Interest Payment Date”), commencing on November 7, 2019 and ending on May 7, 2024 (the “Par Redemption Date”), except as
otherwise provided herein, at the rate of 3.932% per annum. Thereafter, interest shall be paid quarterly in arrear on August 7, 2024, November 7, 2024, February 7, 2025 and the Maturity Date (each, a “Floating Rate Interest
Payment Date” and, together with the Fixed Rate Interest Payment Dates, an “Interest Payment Date”), except as otherwise provided herein, at a floating rate equal to the three-month
U.S. dollar London Interbank Offered Rate (“LIBOR”), reset quarterly, plus 1.610% per annum, as described below. 
 The interest
rate on the Securities for any Floating Rate Interest Period will be LIBOR, as determined on the applicable Interest Determination Date, plus 1.610% per annum. During the Floating Rate Period, the interest rate on the Securities will be reset
quarterly on each Interest Reset Date. Subject to the limitations specified on the reverse of this Security, interest on the Securities shall be computed and payable in arrear and on the basis of a 360 day year of twelve 30 day months during the
Fixed Rate Period and on the basis of the actual number of days in each Floating Rate Interest Period and a 360-day year during the Floating Rate Period. 

The Calculation Agent, initially the Bank of New York Mellon, London Branch (the “Calculation Agent”), will determine LIBOR
in any circumstance where the Calculation Agent is so required under the terms of the Securities and the Indenture, in accordance with the provisions set forth in Annex I to the Fifth Supplemental Indenture. Any replacement for LIBOR will also be
calculated in accordance with the provisions set forth in Annex I to the Fifth Supplemental Indenture. 
 All calculations made by the
Calculation Agent for the purposes of calculating the interest rate on the Securities shall be conclusive and binding on the Holders of the Securities, the Company and the Trustee, absent manifest error. 

If any scheduled Fixed Rate Interest Payment Date is not a Business Day, the Fixed Rate Interest Payment Date shall be postponed to the next
succeeding Business Day (as defined below), but interest on that payment will not accrue during the period from and after the scheduled Fixed Rate Interest Payment Date. If any scheduled Floating Rate Interest Payment Date is not a Business Day, the
Floating Rate Interest Payment Date shall be 

 
postponed to the next succeeding Business Day, except that if that Business Day falls in the next succeeding calendar month, the Floating Rate Interest Payment Date will be the immediately
preceding Business Day. If the Maturity Date or date of redemption or repayment is not a Business Day, the payment of interest and principal and/or any amount payable upon redemption or repayment of the Securities will be made on the next succeeding
Business Day, but interest on that payment will not accrue during the period from and after such Maturity Date or date of redemption or repayment. If the Securities are redeemed, unless the Company defaults on payment of the Redemption Price,
interest will cease to accrue on the Redemption Date on the Securities called for redemption. A “Business Day” means any weekday, other than one on which banking institutions are authorized or obligated by law, regulation or
executive order to close in London, England or in the City of New York, United States. 
 The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name the relevant Security (or any Predecessor Security) is registered at the close of business on the Regular Record Date (as
defined in the Fifth Supplemental Indenture) for such interest. 
 No repayment of the principal amount of the Securities or payment of
interest on the Securities shall become due and payable after the exercise of any U.K. Bail-in Power by the Relevant U.K. Resolution Authority, unless such repayment or payment would be permitted to be made by
the Company under the laws and regulations of the United Kingdom and the European Union applicable to the Company. 
 Payments of principal
of and interest, if any, on the Securities shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts and such payments shall be made through one or more
Paying Agents appointed under the Indenture to the Holder or Holders of this Security. Initially, the Paying Agent for the Securities shall be The Bank of New York Mellon, London Branch, One Canada Square, London E14 5AL, United Kingdom and the
Place of Payment in respect of the Securities shall be the Corporate Trust Office of the Trustee, which as of the date hereof is hereby designated for purposes of the Securities initially as the office or agency of the Trustee located at said
address. Initially, the Senior Debt Security Registrar for the Securities shall be The Bank of New York Mellon SA/NV, Luxembourg Branch, 2-4 Rue Eugene Ruppert, Vertigo Building – Polaris, Luxembourg,
2453, Luxembourg (which location shall also be a Place of Payment for purposes of Section 3.05(a) of the Base Indenture). The Company at any time and from time to time may change the Paying Agent or, subject to Section 9.01 of the Base
Indenture, the Place of Payment, and the Senior Debt Security Registrar without prior notice to the Holders of the Securities, and in such an event the Company may act as Paying Agent or Security Registrar. Payments of principal of and interest on
the Securities shall be made by wire transfer of immediately available funds; provided, however, that in the case of payments of principal, this Security is first surrendered to the Paying Agent. 

This Security shall be governed by and construed in accordance with the laws of the State of New York, except for the waiver of set-off provisions referenced herein and set forth in Section 5.03(c) of the Base Indenture which shall be governed by and construed in accordance with English law. 

 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 All terms used in this
Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture, as defined herein. 
 THIS SECURITY
IS NOT A DEPOSIT AND IS NOT COVERED BY THE U.K. FINANCIAL SERVICES COMPENSATION SCHEME OR INSURED BY THE UNITED STATES FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OF THE UNITED STATES, THE UNITED KINGDOM OR ANY OTHER
JURISDICTION. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof,
directly or through an Authenticating Agent, by manual signature of an authorized signatory, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

							
	Date:	 		 	    BARCLAYS PLC

							
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

 Trustee’s Certificate of Authentication 

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

 

							
	Date:	 		 	THE BANK OF NEW YORK MELLON, as Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

 [Signature Page to Fixed-to-Floating Rate Global Note No [●]] 

 (Reverse of Security) 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities” and each, a
“Security”) issued and to be issued in one or more series under and governed by the Senior Debt Securities Indenture, dated as of January 17, 2018 (herein called the “Base Indenture”), between the Company and
The Bank of New York Mellon, London Branch, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture (as defined below)) as amended and supplemented by the Fifth Supplemental Indenture,
dated as of May 7, 2019 (the “Fifth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), and reference is hereby made to the Indenture, the terms of which are incorporated
herein by reference, for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. Insofar as the provisions of the Indenture conflict with this Security, the Indenture shall control for purposes of this Security. 

This Security is one of the series designated on the face hereof, limited to an aggregate principal amount of $2,000,000,000, which amount may
be increased at the option of the Company if in the future it determines that it may wish to sell additional Securities of this series. References herein to “this series” mean the series designated on the face hereof. 

For purposes of this Security: 

“Fixed Rate Interest Period” means the period beginning on (and including) a Fixed Rate Interest Payment Date and ending on
(but not including) the next succeeding Fixed Rate Interest Payment Date; provided that the first Fixed Rate Interest Period will begin on and include May 7, 2019 and will end on (but exclude) November 7, 2019. 

“Fixed Rate Period” means the period beginning on (and including) May 7, 2019 and ending on (but not including) the Par
Redemption Date. 
 “Floating Rate Interest Period” means the period beginning on (and including) a Floating Rate Interest
Payment Date and ending on (but not including) the next succeeding Floating Rate Interest Payment Date, provided that the first Floating Rate Interest Period will begin on and include the Par Redemption Date and will end on, but exclude,
August 7, 2024. 
 “Floating Rate Period” means the period beginning on (and including) the Par Redemption Date and
ending on (but not including) the Maturity Date. 
 “Interest Determination Date” means the second London Banking Day
preceding the applicable Interest Reset Date. 
 “Interest Reset Date” means the Par Redemption Date, August 7, 2024,
November 7, 2024 and February 7, 2025; provided that if any Interest Reset Date falls on a day that is not a Business Day, the Interest Reset Date will be postponed to the next succeeding Business Day, except that if that Business
Day falls in the next succeeding calendar month, the Interest Reset Date will be the immediately preceding Business Day. 
 “London
Banking Day” means any day on which dealings in U.S. dollars are transacted in the London interbank market. 

 The provisions set forth in Section 10.04 of the Base Indenture are applicable to this
Security. In addition, the Company agrees, to the extent the Company has actual knowledge of such information, to provide the Paying Agent with sufficient information about any modification to the terms of the Securities for the purposes of
determining whether FATCA Withholding Tax applies to any payment of principal or interest in the Securities. 
 The Company may redeem the
Securities pursuant to Section 2.04 of the Fifth Supplemental Indenture. The Company may also redeem the Securities pursuant to Section 11.09 of the Base Indenture and/or Section 2.05 of the Fifth Supplemental Indenture. Any
redemption of Securities by the Company is subject to the notice period and provisions set forth in Sections 11.02 and 11.04 of the Base Indenture and in Section 2.13 of the Fifth Supplemental Indenture, and to the conditions set forth in
Section 11.10 of the Base Indenture. 
 The Company may repurchase the Securities pursuant to Section 11.12 of the Base Indenture.

 All authority conferred or agreed to be conferred by each Holder and Beneficial Owner pursuant to this Security, including the consents
given by such Holder and Beneficial Owner, shall be binding upon the successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of such Holder and Beneficial Owner. 

The Securities shall constitute the Company’s direct, unconditional, unsecured and unsubordinated obligations and shall rank as set forth
in Section 2.01(k) of the Fifth Supplemental Indenture. 
 The Securities are subject to the waiver of
set-off provisions set forth in Section 5.03(c) of the Base Indenture. 
 This Security is
subject to the provisions regarding the U.K. Bail-in Power Acknowledgement set forth in Section 12.01 of the Base Indenture, subject to the provisions of Section 2.14 of the Fifth Supplemental
Indenture. 
 The Securities are subject to provisions set forth in Article 5 of the Base Indenture, provided that the terms of
Section 5.01, Section 5.02 and Section 5.03 (except for Section 5.03(c) and Section 5.03(f)) of the Base Indenture shall not apply to the Securities and shall be replaced in their entirety by the enforcement events and
remedies set forth in the second and third following paragraphs and as contemplated by Section 2.07 of the Fifth Supplemental Indenture. 

The Securities will also be subject to the limitation of remedies provisions set forth in Section 2.07 of the Fifth Supplemental
Indenture, and the provisions of Section 2.08, Section 2.09, Section 2.10, Section 2.11 and Section 2.12 of the Fifth Supplemental Indenture. 

If a Winding-Up Event (as defined in the Fifth Supplemental Indenture) occurs, the principal amount of
this Security, together with any accrued but unpaid interest thereon, shall become immediately due and payable, without the need of any further action on the part of the Trustee, the Holders or any other Person. 

 If a Non-Payment Event (as defined in the Fifth
Supplemental Indenture) occurs, the Trustee may, at its discretion, and without further notice to the Company, institute proceedings in England (or such other jurisdiction in which the Company may be organized) (but not elsewhere) for the winding-up of the Company and/or prove in a winding-up of the Company and/or claim in a liquidation or administration of the Company. 

The Indenture permits the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of
the Securities to be affected under the Indenture as contemplated by Article 9 of the Base Indenture. To the extent required by the U.S. Trust Indenture Act of 1939, as amended, but otherwise notwithstanding any other provision in this Security, the
Holder of this Security shall have the right to receive (subject to Section 3.07 of the Base Indenture) payment of any principal of, and interest on, this Security when due (or, in the case of redemption, on or after the Redemption Date), and
to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder or holder. 

This Security, and any other Securities of this series and of like tenor, are issuable only in registered form without coupons in initial
denominations of $200,000 and increments of $1,000 thereafter. The denominations cannot be changed without the consent of the Trustee. The provisions on registration, transfer, or exchange, of the Securities set forth in Section 3.05 of the
Base Indenture are applicable to the Securities. 
 No service charge shall be made for any such registration of transfer or exchange, but
the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or
not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

This Security shall be governed by and construed in accordance with the laws of the State of New York, except for the waiver of set-off provisions referenced herein and set forth in Section 5.03(c) of the Base Indenture, which shall be governed by and construed in accordance with English law.

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