Document:

Service Contract and Subsequent Side Letter to Service Contract - Gary Hoffman

 Exhibit 4.12 
 DATED                                     
                2003 
 BARCLAYS BANK PLC
(1)
 - and - 
 GARY HOFFMAN
(2)
  

 CONTRACT OF
EMPLOYMENT 
  

 (22.12.03) 

 This Agreement is made the          day
of                      2003 
 BETWEEN:

  

	(1)	BARCLAYS BANK PLC (a company registered in England and Wales under no. 1026167) whose registered office is at 54 Lombard Street, London EC3P 3AH (“Barclays”)
and; 

  

	(2)	Gary Hoffman of Church Farm House, Holdenby Road, Church Brampton, Northampton NN6 8BN (“the Executive”). 

 WHEREAS: 
 The Executive has been employed by Barclays as Chief
Executive of Barclaycard, and the parties wish his employment to continue on the terms and conditions set out in this Agreement in substitution for any previous agreement or arrangement. 
 IT IS HEREBY AGREED: 
  

	1.	DEFINITIONS 

  

	1.1	In this Agreement: 

 “Associated Company” means
any company which for the time being is: 
  

	 	(i)	a holding company (as defined by Section 736 of the Companies Act 1985) of Barclays; 

  

	 	(ii)	a subsidiary (as defined by Section 736 of the Companies Act 1985) of Barclays or of its holding company; 

  

	 	(iii)	a company over which Barclays has control within the meaning of Section 840 of the Income and Corporation Taxes Act 1988; or 

  

	 	(iv)	a subsidiary undertaking of Barclays as defined by Section 258 of the Companies Act 1985. 

 “Barclays Group” means Barclays and any Associated Company and “member of the Barclays
Group” shall be construed accordingly; 
 “Board” means the Board of Directors of Barclays and any duly appointed committee of
the Board. 
  

	1.2	References to any statute includes any modification or re-enactment of it. 

  

	2.	APPOINTMENT AND TERM 

  

	2.1	This Agreement shall take effect and the Executive shall commence his employment on 1 January 2004 (“the Effective Date”). 

  

	2.2	From the Effective Date Barclays shall continue to employ the Executive and the Executive shall serve Barclays as Chief Executive, Barclaycard or in such other capacity as Barclays
reasonably decides from time to time. The Executive shall also be appointed as a director of Barclays PLC and of Barclays Bank PLC, and remain a member of Group Executive Committee. The Executive’s duties as a director of Barclays or any member
of the Barclays Group are subject to be Articles of Association of the relevant Company for the time being. 

  

	2.3	Subject to clause 14, the Executive’s employment may be terminated on: 

  

	 	2.3.1	12 months’ written notice given at any time by Barclays to the Executive; or 

  

	 	2.3.2	6 months’ written notice given at any time by the Executive to Barclays. 

  

	2.4	If not terminated earlier, the Executive’s employment shall terminate automatically when the Executive reaches the age of 60. 

	3.	DUTIES 

  

	3.1	During his employment, the Executive shall: 

  

	 	3.1.1	diligently perform such duties and exercise such powers and functions not inconsistent with the holding of the position of Chief Executive, Barclaycard or being appointed as a
director of Barclays PLC and of Barclays Bank PLC and a member of the Executive Committee as may reasonably be assigned to or vested in him from time to time by the Board in relation to any member of the Barclays Group; 

  

	 	3.1.2	faithfully and loyally serve Barclays to the best of his ability and use his utmost endeavours to promote the interests of the Barclays Group to the best of his ability and to this
end during working hours devote his time and attention, exclusively to his duties under this Agreement; 

  

	 	3.1.3	comply with all reasonable requests, instructions and regulations given by the Board or anyone authorised by it and promptly provide such explanations, information and assistance as
to his activities in the business of the Barclays Group as they may reasonably require; 

  

	 	3.1.4	neither engage in any activities which would detract from the proper performance of his duties under this Agreement, nor (without the prior written consent of the Board, such
consent not to be unreasonably withheld) in any capacity including as director, shareholder, principal, consultant, agent, partner or employee engage or be concerned or interested directly or indirectly in any other trade, business or occupation
whatsoever. This clause shall not prevent the Executive holding shares for investment purposes only of securities, which do not exceed five per cent (5%) in nominal value of the share capital or stock of any class of any company quoted on a
recognised stock exchange. 

	3.2	Notwithstanding the provisions of clause 3.1, Barclays shall: 

  

	 	3.2.1	be entitled during any period when the Executive is prevented by illness, accident or other incapacity from properly performing his duties or when the Executive is suspended
pursuant to 3.2.2 or 3.3 below to appoint another person or persons to act jointly with the Executive so long as such circumstances prevail; 

  

	 	3.2.2	have the right to require the Executive at any time to carry out such special projects or duties commensurate with his abilities as Barclays shall in its absolute discretion
determine; and 

  

	 	3.2.3	have the right to suspend at any time the Executive from the performance of any duties or exclude him from any premises of Barclays to allow it to undertake any investigation
including, but not limited to, any investigation under the disciplinary procedure or failure to obtain or hold any regulatory authorisations necessary to fulfil the position held by the Executive, provided that such period of suspension shall be up
to 28 days unless it is reasonably necessary to carry out a longer investigation. 

  

	3.3	If either party has given notice to terminate the Executive’s employment, Barclays may, in its absolute discretion, at any time require the Executive to cease performing his
job and/or not to attend at his place of work for the whole or part of his notice period, (not exceeding six months in aggregate) without affecting the Executive’s obligations to attend and serve Barclays during any part of the notice period at
such location(s) as it may reasonably require in accordance with the terms of this Agreement and the Executive’s salary and contractual benefits and eligibility be considered for an award in incentive arrangements will not cease to be affected
by reason of Barclays exercise of its powers under this clause. For the avoidance of doubt, during any period of garden leave under this clause, the Executive shall remain bound by the terms and conditions of his employment (except as expressly
included in this clause) and, in particular, by his obligations of confidentiality and good faith to Barclays. 

	3.4	During any period of suspension under clause 3.2.3 or any period of garden leave under clause 3.3, Barclays shall have the right to require the Executive not to speak to or
otherwise communicate with any director or employee of any member of the Barclays Group or any person, firm or company who at the date of such suspension or exclusion is a client or customer of any member of the Barclays Group, without the prior
consent of the Chairman (not to be unreasonably withheld). It is agreed that this sub-clause shall not apply to non-business communications. 

  

	4.	DEALING RULES 

  

	4.1	The Executive hereby agrees to be bound by and comply with the Barclays Group Share Dealing Code or with any more stringent dealing rules which Barclays notifies to the Executive
are applicable to him. 

  

	5.	REMUNERATION AND REIMBURSEMENT OF EXPENSES 

  

	5.1	Barclays shall pay the Executive a basic salary at the rate of £500,000 per annum payable in arrears by equal monthly instalments on or by the last day of each month. The
Executive’s basic salary is inclusive of any fees to which the Executive may be entitled as a director of any member of the Barclays Group. The Executive’s basic salary shall be reviewed from time to time and may in the sole discretion of
the Board be increased following any such review. 

  

	5.2	The Executive will be eligible to receive a discretionary bonus award, in respect of each financial year subject to such rules of the bonus scheme as may be from time to time in
force and the following conditions: 

  

	 	5.2.1	the amount, structure and form of any bonus award will be determined by Barclays in its sole discretion (which for the avoidance of doubt 

 includes the right to make a nil award) provided such discretion is exercised reasonably and in good
faith having regard to the Executive’s status, responsibilities and Barclays Group performance as well individual performance; 
  

	 	5.2.2	any award will only be paid if the Executive is in Barclays employment and not having served notice of termination to Barclays before the time of its payment which will be no later
than 31 March following the relevant performance year; and 

  

	 	5.2.3	any award will be paid less deductions of income tax and national insurance contributions, as appropriate. 

  

	5.3	Barclays shall reimburse to the Executive all travelling, hotel, entertainment and other expenses properly and reasonably incurred by him in the performance of his duties under this
Agreement and properly claimed and vouched for in accordance with Barclays current expense reporting procedure. 

  

	6.	SHARE SCHEMES 

  

	6.1	The Executive will be considered on an annual basis for participation in the Barclays PLC Incentive Share Option Plan subject to the rules of the plan in force from time to time.
Any award by Barclays will be entirely at its discretion provided such discretion is exercised reasonably and in good faith having regard to status, responsibilities and Barclays Group performance as well as his own performance. Barclays reserves
the right to withdraw, amend or replace the plan at any time. 

  

	7.	PENSIONS PROVISION AND LIFE ASSURANCE 

  

	7.1	The Executive is a member of the 1964 Pension Scheme section of the Barclays Bank UK Retirement Fund which is a final salary arrangement contracted-out of the State Earnings Related
Pension Scheme. The Executive’s membership of and participation in the 1964 Pension Scheme shall be subject to the Trust Deed and Rules of the scheme in force from time to time. 

	7.2	Under the current rules of the Barclays Bank UK Retirement Fund, in the event of the Executive’s death whilst in the service of Barclays, a lump sum of 4 x Basic Salary is
payable, plus a spouse’s pension and children’s pension. For the purposes of this clause “Basic Salary” shall mean the Executive’s basic salary at the date of his death, subject to any Inland Revenue limits that may apply.
The Executive shall continue to participate in this scheme subject to the rules of the scheme from time to time. 

  

	8.	OTHER BENEFITS 

  

	8.1	Subject to the rules of the relevant schemes from time to time in force, Barclays will continue to provide the following benefits to the Executive. For the avoidance of doubt, these
benefits are provided at the discretion of Barclays and do not create enforceable contract terms under the Contracts (Rights of Third Parties) Act 1999. Barclays shall have the right to change these arrangements or withdraw the provision of these
benefits as it sees fit, and/or give notice to lawfully terminate this Agreement as specified in clause 2.3, provided that, in changing or withdrawing such benefits, the Executive is treated no less favourably compared with the general treatment of
the other Barclays executives. 

  

	 	8.1.1	The Executive will be eligible to participate in the Barclays car scheme, which provides the option of a car for personal and business use or a non-pensionable cash alternative,
which will be payable subject to income tax and national insurance contributions, as appropriate. 

  

	 	8.1.2	Medical cover will be available through AXA/PPP or any substitute scheme operated by Barclays for its employees. Medical cover may be provided for the Executive’s spouse and
dependants at the Executive’s cost through a separate scheme. All cover will cease on the Executive leaving employment whether on retirement, resignation or for any other reason. 

	9.	HOLIDAYS  

  

	9.1	In addition to Bank and Public Holidays, the Executive shall be entitled to 30 working days’ paid holiday during each holiday year, which runs from 1 March to the end of
February the following year. The Executive’s holiday dates must be agreed with the Group Chief Executive. Regulation 15(1-4) of the Working Time Regulations 1998 (dates on which leave is taken) do not apply. The Executive may not carry forward
any unused part of his holiday entitlement to a subsequent holiday year without the written consent of the Group Chief Executive (such consent not to be unreasonably withheld). 

  

	9.2	If the Executive joins or leaves during a holiday year, his holiday entitlement will be recalculated as 2.5 day’s holiday for each completed month worked in the year. If
when the Executive is leaving his employment he has taken less holiday than his accrued entitlement, he will be paid salary in lieu of any outstanding holiday entitlement. If when the Executive is leaving he has taken more holiday than his accrued
entitlement, he will have to repay to Barclays any salary received in excess of his proportionate holiday entitlement. One day’s holiday pay will be deemed to be 1/260th of his annual basic salary. 

  

	10.	INCAPACITY  

  

	10.1	If the Executive shall at any time be prevented by illness or accident or other incapacity from properly performing the duties of his employment, he shall report this fact forthwith
to the Group Chief Executive (or such other person as may be notified to the Executive from time to time). The Executive shall be required to produce an appropriate doctor’s certificate in respect of any period of absence of more than seven
consecutive days. The Executive may be asked to submit to a medical examination as directed by Barclays. 

	10.2	Subject to the Executive complying with clause 10.1, if as a result of illness or accident or other incapacity the Executive is unable to perform his duties, he will be eligible to
receive his basic salary for a period of 26 weeks (whether consecutive or not) in any period of 12 consecutive months. The Executive will also be granted a further 13 weeks of half his basic salary if his entitlement to full sick pay
expires during an extended absence caused by serious illness. Thereafter Barclays may by notice to the Executive discontinue payment in whole or in part of his salary until such incapacity shall cease or terminate this Agreement. Any payment will be
subject to the deduction of any Statutory Sick Pay or social security or other benefits payable to the Executive including any sums recoverable from a third party. The Executive’s qualifying days for Statutory Sick Pay purposes are Monday to
Friday. For the avoidance of doubt, Barclays has the right at any time to serve notice to terminate this Agreement under clause 2.3. 

  

	11.	INTELLECTUAL PROPERTY 

  

	11.1	The Executive will promptly disclose to Barclays and keep confidential all inventions, copyright works, designs or technical know-how conceived or made by the Executive alone or
with others in the course of his employment. The Executive will hold all such intellectual property in trust for Barclays and will do everything necessary or desirable at Barclays expense to vest the intellectual property fully in Barclays and/or to
secure patent or other appropriate forms of protection for the intellectual property. Decisions as to the protection or exploitation of any intellectual property shall be in the absolute discretion of Barclays. 

  

	12.	CONFIDENTIAL INFORMATION 

  

	12.1	The Executive shall not during his employment (except as necessary for the proper performance of his duties) or at any time after its termination for any reason whatsoever disclose
to any person whatsoever or otherwise make use of any confidential or secret information which he has or may have acquired in the course of his employment concerning the business or affairs of any member of the Barclays Group or any of their
suppliers or customers. 

	12.2	Confidential information includes but is not limited to: 

  

	 	12.2.1	corporate and marketing strategy, business development plans, sales reports and research results; 

  

	 	12.2.2	business methods and processes, technical information and know-how relating to the Barclays Group’s business and which is not available to the public generally, including
inventions, designs, programmes, techniques, database systems, formulae and ideas; 

  

	 	12.2.3	business contacts, lists or details of customers and suppliers and details of contacts with them, their business or affairs; 

  

	 	12.2.4	information on employees and the terms and conditions of their employment, details of employee benefits, incentive schemes/plans, salary scales, trade union/employee disputes
current or anticipated; 

  

	 	12.2.5	information or details of any actual, potential or threatened litigation, legal action, claim, dispute or arbitration against or with any member of the Barclays Group or any
director, officer or employee of the Barclays Group in such capacity and any information in respect of provisions for any such action; 

  

	 	12.2.6	budgets, management accounts, trading statements and other financial reports; and 

  

	 	12.2.7	unpublished price sensitive information relating to shares or securities listed or dealt in on any recognised stock exchange. 

	12.3	The Executive shall at all times comply with any relevant Barclays policies on the security of information and shall use his best endeavours to prevent any unauthorised publication
or disclosure of any confidential or secret information. 

  

	12.4	The restrictions in this clause 12 shall not apply in respect of information in the public domain (save as a result of default by the Executive) or if such information is required
to be produced by a court of law, or by a governmental or regulatory body. 

  

	13.	RESTRICTIVE COVENANTS 

  

	13.1	The Executive shall not without the prior written consent of the Board (such consent to be withheld only so far as may be reasonably necessary to protect the legitimate interests of
the Barclays Group) either on his own behalf or on behalf of any other person, firm or company: 

  

	 	13.1.1	for a period of 6 months from the termination of the Executive’s employment be engaged or interested (whether as a director, shareholder, principal, consultant, agent,
partner or employee) in any business within the European Union which is competitive or likely to be competitive with any business of the Barclays Group in the provision of banking or financial services and with which he was concerned to a material
extent during the period of 12 months prior to the termination of his employment which is carried on by the Group as at the date the Executive’s employment terminates; 

  

	 	13.1.2	for a period of 12 months from the termination of the Executive’s employment (on his own account or on behalf of any person, firm or company) (directly or indirectly)
canvass or solicit business for products or services similar to those being offered by the Barclays Group from any person, firm or company who is or has been a customer of the Barclays Group in the 12 months prior to the termination of the
Executive’s employment and with whom he had material dealings in respect of banking facilities or other products or services provided by the Barclays Group during that period; 

	 	13.1.3	for a period of 12 months from the termination of the Executive’s employment (directly or indirectly) induce or attempt to induce or entice away any director, officer or
employee of executive status to leave the employment of the Barclays Group and with whom the Executive had material dealings in the 12 months prior to the termination of his employment. 

  

	13.2	Each of the restrictions contained in clauses 13.1.1, 13.1.2 and 13.1.3 of this clause are considered by the parties to be reasonable in all the circumstances as at the date of this
Agreement. However, the parties agree that if any one or more of such restrictions shall be judged to be void as going beyond what is reasonable in all the circumstances for the protection of the interests of the Barclays Group but if words were
deleted or the period was reduced or the range of activities or area covered was reduced in scope would be valid the restrictions shall be deemed to apply with such modifications as may be necessary to make them valid and effective. Any such
modification shall not affect the validity of any other restriction contained in this Agreement. 

  

	13.3	The period of restriction stated in clause 13.1.1 13.1.2 and 13.1.3 shall be reduced by the length of time, if any, that the Executive is suspended from his duties pursuant to
clause 3.3. 

  

	14.	TERMINATION ON THE HAPPENING OF CERTAIN EVENTS 

  

	14.1	Without prejudice to any remedy Barclays may have against the Executive for breach or non-performance of any of the provisions of this Agreement, Barclays may (without thereby
incurring any obligation to pay compensation (including, but without limitation, any payment in lieu of notice) save in relation to payments accrued and owing at the date of termination) 

 immediately determine the Executive’s employment by notice in writing to the Executive if he shall:

  

	 	14.1.1	become bankrupt (or equivalent in any other jurisdiction) or become the subject of an interim order under the Insolvency Act 1986 or make any arrangements or composition with his
creditors; or 

  

	 	14.1.2	be convicted of any criminal offence (other than a road traffic offence not involving a custodial sentence or an offence which, in the reasonable opinion of Barclays, does not
affect the Executive’s position as an employee of Barclays, bearing in mind the nature of his duties and the capacity in which he is employed); or 

  

	 	14.1.3	commit any act of dishonesty whether relating to any member of the Barclays Group, other employees or otherwise; or 

  

	 	14.1.4	be guilty of any serious misconduct or any conduct calculated or tending to bring any member of the Barclays Group or himself into disrepute or be guilty of any material breach or
material non-observance of any of the provisions of this Agreement or be guilty of any serious negligence in carrying out his duties properly assigned to him under this Agreement; or 

  

	 	14.1.5	cease to hold or fail to obtain any regulatory approvals or consents which are required for the effective discharge by the Executive of any duties assigned to him save where such
cessation or failure is as a result of a default by any member of the Barclays Group. 

  

	14.2	Barclays reserves the option in its absolute discretion to terminate the Executive’s employment by giving him notice and (subject to Barclays right to place the Executive on
garden leave for a period not exceeding 6 months under clause 3.3) pay him his basic salary and bonus (as defined in clause 14.3 below) subject to deductions for income tax and national insurance 

 contributions (as appropriate) in equal instalments at such time(s) as he would have received such
payment(s) of basic salary had he been required to work for the whole or remainder of such notice period. The amount of such payment(s) (including the amount in respect of bonus) shall be pro rated for the applicable period of the notice period.
Benefits will be credited to the Executive in the pension scheme referred to in Clause 7 as if the Executive had remained in service for the applicable period of the notice period. The Executive acknowledges and accepts his obligation to mitigate
his loss by seeking comparable new employment. If the Executive commences alternative employment or his services are employed during the period in which payments are due or pension scheme benefits are to be credited, Barclays reserves the right to
cease further payment or further crediting of pension scheme benefits. 
  

	14.3	For the purposes of clause 14.2 “bonus” will be calculated as: 

  

	 	(a)	the average of the value of the annual bonuses which the Executive has received in respect of the three completed financial years preceding termination of his employment under
clause 14.2 (subject to this average being capped at 100% of the basic salary prevailing at the time Barclays exercises the option described in clause 14.2) or, if greater, 50% of his current basic salary; and 

  

	 	(b)	an annual bonus under clause 5.2 pro rated for the period of the financial year until Barclays exercises its discretion to give notice under clause 14.2, in which case, clause 5.2.2
shall cease to apply. Payment of such annual bonus will be paid in a lump sum no later than 31 March following the end of the relevant financial year. 

  

	15.	RETURN OF BARCLAYS DOCUMENTS 

  

	15.1	Upon the termination of his employment for whatever reason, the Executive shall deliver up to Barclays all vehicles, keys, credit cards, correspondence, documents, specifications,
reports, papers and records (including any 

 computer material such as discs or tapes) and any other property of any kind relating to the business of
or belonging to any member of the Barclays Group which may be in his possession or under his control. The Executive shall also deliver up all copies of such documents, which he has in his possession or under his control. 
  

	15.2	Following the termination of his employment for whatever reason, the Executive shall not at any time represent himself as still being connected with any member of the Barclays
Group. 

  

	16.	STAFF HANDBOOK 

  

	16.1	The employment of the Executive shall also be governed by the terms and conditions applicable to Barclays staff contained in the Barclays Staff Handbook ‘You &
Barclays’ (as may be amended from time to time) except where these are inconsistent with, or specifically dealt with by, the provisions of this Agreement, in which case the provisions of this Agreement shall apply. 

  

	17.	STATUTORY REQUIREMENTS 

  

	17.1	The following particulars are given in compliance with the requirements of Section 1 of the Employment Rights Act 1996. 

  

	 	17.1.1	The employment of the Executive by Barclays began on 6 September 1982. No employment with a previous employer will count as part of his continuous employment with Barclays.

  

	 	17.1.2	The Executive agrees that the maximum weekly working time as set out in Regulation 4 of the Working Time Regulations 1998 shall not apply in relation to his employment. This
condition shall apply indefinitely subject to the Executive’s right to withdraw his agreement to the exclusion of the maximum weekly working time on providing three months’ written notice. 

	 	17.1.3	Barclays has a disciplinary and grievance procedure, details of which are in the staff manual. Barclays’ disciplinary procedure is not incorporated by reference in this
Agreement and therefore does not form part of the Executive’s contract of employment. If the Executive has a grievance in relation to his employment or is dissatisfied with a disciplinary decision against him he may apply in writing to the
Group Chairman whose decision will be final. 

  

	 	17.1.4	While the Executive’s initial place of work will be Northampton, he will work at and/or travel to such places (inside and outside the United Kingdom) as Barclays may require
from time to time. If the Executive is required to work outside the UK for a period in excess of one month, the additional terms which will apply will be notified to him. 

  

	 	17.1.5	There are no collective agreements with any trade unions which directly affect the terms and conditions of the Executive’s employment. 

  

	18	NOTICES 

  

	18.1	Any notice to be given under this Agreement shall be in writing. Notice to the Executive shall be sufficiently given by being delivered personally to him or by being sent by first
class post addressed to him at the address stated in this Agreement or the last place of residence in the UK notified to Barclays by the Executive. Notice to Barclays shall be sufficiently given by being delivered to the Group Secretary or by being
sent by first class post to the registered office of Barclays addressed for the attention of the Group Secretary. Any notice if posted shall be deemed served upon the third day following that on which it was posted. 

	19	APPLICABLE LAW 

  

	19.1	English law shall apply to this Agreement and the parties submit to the jurisdiction of the English courts. 

  

	20	MISCELLANEOUS 

  

	20.1	This Agreement, together with any documents referred to in it, sets out the whole agreement between the parties relating to and cancels all previous agreements, representations and
arrangements in connection with the Executive’s employment by Barclays. 

  

	20.2	No omission to exercise or delay in exercising any right, power or remedy provided to Barclays by law or under this Agreement will be a waiver of it. 

  

	20.3	Termination of this Agreement shall not affect any provisions which are intended to operate after termination. 

  

	20.4	For the purposes of the Employment Rights Act 1996 or otherwise, the Executive hereby consents to the deduction of any sums owing by him to Barclays at any time from his salary or
any other payment due from Barclays to the Executive and the Executive hereby also agrees to make a payment to Barclays of any sums owed by him to Barclays upon demand by Barclays at any time. 

  

	20.5	During the Executive’s employment, he must comply with Barclays policies and procedures relating to the Data Protection Act 1998. This means that the Executive consents to
Barclays processing any data relating to him where it is necessary or reasonably required for the conduct of Barclays business. This may include personal data as well as documentation relating to the Executive’s absence from work through
sickness or injury. Further details of the type of data that is covered by this provision can be found in the Barclays Staff Handbook. 

					
	IN WITNESS the hands of the parties hereto	  		 	
			
	 ( SIGNED BY a duly
 ( authorised signatory for

( and on behalf of Barclays
	  		 	

		  		 	
	SIGNED BY The Executive	  	)
)
)	 	

			
	

	  	John Varley
	  	Group Chief Executive
		
		  	Barclays Bank PLC
		  	1 Churchill Place
	Strictly Private & Confidential	  	London
		  	E14 5HP
		
	Gary Hoffman	  	Tel 020 7116 1000
	1 Churchill Place	  	Tel 020 7116 3000 (Direct)
	Canary Wharf	  	Fax 020 7116 7780
	London	  	john.varley@barclays.co.uk
	E14 5HP	  	
		  	www.barclays.com

 7 December 2005 
 Dear Gary, 
 I am writing to confirm that
your role will change from Chief Executive, Barclaycard to Chairman, UK Banking and Barclaycard. In your new role you will continue to report to me, and will remain a member of the Barclays Executive Committee and a Director of Barclays PLC.

 A change of role, such as this, is provided for by your Employment Contract (clause 2). It is anticipated that your new role will begin on 8 December
2005, subject to final confirmation at the Board meeting scheduled for that day. In recognition of your enlarged responsibilities, your basic salary will increase, from 1 January 2006, to £625,000. The terms of your Contract of Employment
remain otherwise unchanged. 
 I wish you the very best in your new role, and I would be grateful if you could sign this and the attached copy to confirm
that you understand and are in agreement with the change described. 
 With kind regards 
 Yours sincerely 
 

 
 John Varley 
 cc. Cathy Turner 
 I understand and accept
the change in my role and that my Contract of Employment may be amended accordingly. 
  

			
	Signed:	 	 

	Date:	 	9/1/06

 Barclays Bank PLC. Authorised and regulated by the Financial Services Authority.

 Barclays Bank PLC represents only the Legal & General Marketing Group of companies for life assurance, pensions and unit trusts.

 Registered in England. Registered No 1026167. Registered Office 54 Lombard Street. London EC3P 3AH 
 Please note that with effect from 31st May 2005 our Registered Office will move to 1 Churchill Place, London E14 5HPService Contract - Robert E. Diamond Jr

 Exhibit 4.14 
 DATED 25th MAY 2005 
 GRACECHURCH SERVICES CORPORATION 
 (a subsidiary of Barclays Bank PLC)

 - and - 
 ROBERT
E. DIAMOND JR. 
  

 SERVICE and ASSIGNMENT AGREEMENT 
  

 This Agreement is made the 25th day of May 2005 
 BETWEEN: 
  

	(1)	GRACECHURCH SERVICES CORPORATION of 200 Park Avenue, New York, NY 10166 (the Company); and 

  

	(2)	MR ROBERT E. DIAMOND JR. of 5 The North Colonnade, London, E14 4BB (you). 

  

	1.	APPOINTMENT & TERM 

  

	1.1	This Contract, which sets forth the terms governing your continued employment with the Company, shall be effective as of 1 June, 2005 and shall terminate on the earlier of
(a) the date your employment pursuant to Section 4 of this Contract terminates, or (b) the date you die or become totally disabled. 

  

	1.2	This Employment Contract and the Assignment Agreement attached to this Employment Contract at Schedule 1 supersede and replace the provisions of any and all prior employment and/or
assignment agreements you may have executed with the Company and/or any other member of the Barclays Group (as defined herein), which are hereby terminated. The Company acknowledges that your employment commencement date is the date your employment
began on July 1, 1996 

  

	2.	TERMINATION 

  

	2.1	The Company may terminate your employment at any time for any reason, or for no reason, upon twelve (12) months’ prior written notice to you and you may terminate your
employment at any time upon six (6) months’ prior written notice to the Company; provided, however, the Company may elect to place you on paid leave for all or part of the applicable notice period, and 

 provided further, that if your employment is terminated by the Company for Cause, then your employment
may be terminated immediately without any prior notice or payment to you (other than any amounts required to be paid to you under applicable law). 
  

	2.2	“Cause” shall mean: gross neglect of or willful and continuing refusal to substantially perform your duties, including duties under any assignment to another member of the
Barclays Group; willful engaging in conduct which is demonstrably injurious to any member of the Barclays Group; a conviction or a plea of guilty or no contest to a felony or to a misdemeanor involving fraud, dishonesty or theft, or a conviction or
guilty plea to any criminal offense of similar gravity under the laws of any jurisdiction to which you may be assigned; a breach of the confidentiality provisions contained in this Contract and/or in any Barclays Group Assignment Agreement to which
you are a party; willfully attempting to obstruct or willfully failing to cooperate with any investigation authorized by the Company or any governmental or self-regulatory entity; any other act or conduct which would amount to an act justifying
immediate termination under the rules or regulations governing the direct employees of any member of the Barclays Group to which you are assigned; or any violation of any laws or regulations governing your duties or activities.

  

	2.3	In addition to being able to terminate your employment for Cause without giving the prior notice contemplated by Section 2.1, then the Company may terminate your employment
without prior notice by making a payment to you, as soon as practicable, of liquidated damages of an amount equal to one year’s total annual compensation (12 months’ salary and annual bonus as defined in clause 2.3 (a) below) in equal
installments at such time(s) as you would have received such payment(s) of basic salary had you been required to work for the whole of such period (unless you continue employment elsewhere within the Barclays Group, in which event no payment will be
due to you). For the avoidance of doubt, any amount payable under this clause shall be less appropriate deductions and withholdings as required by law. You acknowledge and accept your obligation to mitigate your loss by seeking comparable new

 employment. If you commence alternative employment or your services are employed during the period in
which payments are due, the Company reserves the right to cease further payment 
  

	 	(a)	For the purposes of this clause 2.3 “bonus” will be calculated as the average value of the annual bonuses which you have received in respect of the three completed
financial years preceding termination of your employment under clause 2.3 above. 

  

	 	(b)	If any payment under clause 2.3 above would be subject to additional tax under Section 409A of the Internal Revenue Code, the payment will be delayed and made to you at the
earliest time that the additional tax would not apply. 

  

	2.4	On termination for whatever reason of your employment within the Barclays Group, you will deliver to the Company all papers, tapes and records (in whatever medium) relating to your
employment and all property of the Barclays Group in your possession or under your control and resign any appointments as director that you may hold in any Barclays Group company. 

  

	3.	DUTIES 

  

	 	3.1	You shall perform such duties and exercise such powers in relation to the business of the Company and those companies which are (or which become during the term of this Contract)
subsidiaries or associated companies of Barclays PLC (the “Barclays Group”) as may be assigned to or vested in you from time to time and which are consistent with your present scope and breadth of duties and your status as an executive,
and you will at all times and in all respects comply with the reasonable directions and restrictions made by the applicable members of the Barclays Group. By signing this letter, you accept employment by the Company and agree to faithfully serve the
Barclays Group and to devote your full working time and efforts, to the best of your ability, experience and talent, to the performance of services, duties and 

 responsibilities in connection therewith, or such further duties and services of a similar nature as may
be reasonably required of you by the applicable members of the Barclays Group. It may become necessary to require you to work in different divisions, sections or offices of the applicable members of the Barclays Group. You may also at some time in
the future be asked to work in an overseas office and you agree not to unreasonably refuse such request. By accepting this offer of employment you will acknowledge your acceptance of this obligation of flexibility. 
  

	4.	REMUNERATION 

  

	 	4.1	The Company shall pay you a gross base salary at the annual rate of £250,000. This will be paid to you monthly and shall be subject to such deductions and withholdings as
required by law. On the recommendation of an entity to which you are assigned, your gross salary during your assignment may be increased. Your notional base salary for US benefits participation will be $450,000 gross per annum.

  

	5.	BENEFITS 

 5.1 During this Contract’s term, you
shall be eligible to participate, on the same basis as other employees, in 
  

	 	(i)	welfare benefit plans sponsored or maintained by Barclays Bank PLC North America (“Barclays”), including, without limitation, group life, medical, dental, or disability
insurance or similar plans or programs maintained by Barclays, 

  

	 	(ii)	pension plans sponsored or maintained by Barclays (including the Barclays Bank PLC Thrift Savings Plan and the Barclays Bank PLC USA Staff Pension Plan). 

	6.	CONFIDENTIAL INFORMATION 

 During the term of this
Contract and at all times thereafter, you shall not (without the Company’s prior written consent, or as specifically provided in any Barclays Group Assignment Agreement to which you are a party) disclose or make accessible to any other person
or entity any Confidential Information pertaining to the business of any member of the Barclays Group, except (i) in accordance with the terms of any Barclays Group Assignment Agreement to which you are a party, or (ii) when required to do
so by applicable law. “Confidential Information” shall mean non-public information concerning the financial data, business plans, product development (or other proprietary inventions, improvements or product data), customer lists and other
nonpublic, proprietary and confidential information of any member of the Barclays group, which has come to your knowledge during the course of your Employment by the Company or the course of your Assignment pursuant to any Barclays Group Assignment
Agreement to which you are party, that is not otherwise available to the public. Except as required by law, you will not publicly disclose the contents of this Contract or any Barclays Group Assignment Agreement to which you are a party. However,
nothing in this Contract or any Assignment Agreement will operate to prohibit you from providing truthful information concerning the Barclays Group to governmental, regulatory or self-regulatory authorities. 
  

	7	MISCELLANEOUS 

  

	7.1	If any provision of this Contract shall be declared to be invalid or unenforceable, in whole or in part, such invalidity or unenforceability shall not affect the remaining
provisions hereof which shall remain in full force and effect. 

  

	7.2	This Contract shall be binding and inure to the benefit of the heirs and representatives of you and the assigns and successors of the Company, but neither this contract nor any
rights or obligations hereunder shall be assignable 

 or otherwise subject to hypothecation by you (except by will or by operation of the laws of intestate
succession) or by the Company, except that the Company may assign this Contract to any member of the Barclays Group or to any successors (whether by merger, purchase or otherwise) to all or substantially all of the stock, assets or businesses of the
Company. 
  

	7.3	Where the context of this Contract requires, the respective rights and obligations of the parties shall survive any termination or expiration of the term of your employment.

  

	7.4	This Contract shall take precedence over and control in the event of any conflict between this Contract and any of the Company’s plan documents or program documents.

  

	7.5	The respective rights and obligations of the parties hereunder shall survive any termination of this Contract to the extent necessary to the intended preservation of such rights and
obligations. The provisions of this Clause are in addition to the survivorship provisions of any other section of this Contract. 

  

	8.	GOVERNING LAW 

  

	8.1	This Contract will be construed, interpreted and governed in accordance with the laws of the State of New York without reference to rules relating to conflicts of law; provided,
however, in the event that any Assignment Agreement to which you are party provides that the laws of any jurisdiction other than the State of New York shall apply to such Assignment Agreement, such provision in the Assignment Agreement shall control
with respect to the Assignment Agreement. 

  

	8.2	The federal and states courts located in the County of New York are to have exclusive jurisdiction to settle any disputes which may arise in connection with this Contract.

	9.	ENTIRE AGREEMENT 

  

	9.1	This Contract, together with the Assignment Agreement attached at Schedule 1 ,constitute the entire agreement between you and the company with respect to the subject mater hereof
and may only be amended by a written agreement between you and the Company. 

  

			
	 Signed by a duly authorised signatory on

	 behalf of:

	
	 Gracechurch Services Corporation

	 200 Park Avenue

	 New York, NY 10166

		
	 By:
	 	 /s/ Patrick Mullin

		 	Patrick Mullin, Sr. Vice President
	
	 Date: 5/25/05

 I accept the offer of employment and agree to this Contracts terms.

  

	
	 /s/ Robert E. Diamond Jr.

	Robert E. Diamond Jr.
	
	Date: 25 May 2005 

 SCHEDULE 1 
 ASSIGNMENT AGREEMENT 
 Dear Bob: 
 1. General Terms.  
 This Agreement
sets forth the terms governing your continued assignment (your “Assignment”) to Barclays Bank PLC in the UK. During your Assignment, the terms of your employment contract (as such may be amended from time to time, your
‘Contract”) with Gracechurch Services Corporation (the “Company”) will continue to apply. You will also remain an employee of the Company and will be subject to the ultimate right of the Company to direct and control your
activities; however, you will be seconded to Barclays Bank PLC. Capitalized terms not otherwise defined herein will have the same meanings as set forth in the Contract. 
 2. Term.  
 This Agreement shall be
effective as of 1 June, 2005 (subject to you maintaining your required work permit/visa and any required regulatory qualifications and permissions), and shall terminate on the earlier of (a) the date your employment with the Company
terminates, or (b) the date Barclays Bank PLC terminates your Assignment. 
 3. Duties During Assignment. 

 You will initially be employed as President of Barclays PLC and CEO Investment Banking and Investment Management and Private Clients and will be appointed
a Director of Barclays Bank PLC and Barclays PLC. Your duties as a director of Barclays PLC and Barclays Bank PLC are subject to the Articles of Association of the relevant company for the time being. You shall perform your duties primarily from
Barclays Capital’s facilities at 5 The North Colonnade, Canary Wharf, London, UK, or such other locations you may be assigned to by Barclays Bank PLC. However, by signing this Agreement, you acknowledge and agree that from time to time, in the
ordinary course of Barclays Bank PLC’s business, you will be required to travel, and you hereby agree to undertake such travel. 

 4. Salary.  
 Your salary will be as set out in clause 4.1 of your Contract of Employment. 
 5. Bonus. 
 Barclays Bank PLC
operates a discretionary bonus scheme for its employees. The Company may, on the recommendation of Barclays Bank PLC, make a bonus payment to you. Any such payment will be contingent upon your performance of your duties hereunder in accordance with
the standards established by the management of Barclays Bank PLC, in conformity with Barclays Bank PLC’s policies, and in a manner that furthers the interests of Barclays Bank PLC and its affiliates. Entitlement to any discretionary bonus is
subject to your continuing to be employed by a member of the Barclays Group without any notice of termination of your employment being in effect at the time that payment is due to be made or shares are due to be released (regardless of whether you
have previously been notified of any provisional bonus award). 
 6. Benefits.  
 You will receive, in accordance with Barclays Bank PLC’s and/or the Company’s generally applicable policies and procedures: 
  

	 	a)	A gross car allowance of £5,500 per annum. This is subject to income tax paid monthly with your salary, and 

  

	 	b)	30 days’ paid vacation annually and English Public Holidays (with no carryover of unused vacation). 

 7. Termination of Employment Due to Death or Due to Voluntary Resignation.  
 In the event of a termination of your employment due to death, your estate will receive the proceeds of life insurance in the amount of $1,300,000. 

 In the event of your voluntary resignation, you will be entitled to no payment of salary
or bonus. 
 8. Taxes.  
 You will be responsible for actual taxes incurred in respect of your Company sourced and personal income, and shall indemnify and hold the Company and all of the members of the Barclays Group harmless from any losses they may suffer as a
result of your failing to pay any taxes you are obligated to pay. 
 9. Compliance.  
 While on Assignment, you are required to comply with any rules and regulations of any authority which regulates the business of any member of the Barclays Group in any
relevant jurisdiction, including the Barclays Group Share Dealing Code. Any breach of such rules or regulations could lead to termination of your Assignment and/or your employment with the Company (without notice or any additional payments). In
addition, you will be required to comply with Barclays Bank PLC’s standards for work performance and business conduct at all times, and any failure on your part to do so will be handled under the terms of Barclays Bank PLC’s disciplinary
procedure by Barclays Bank PLC’s local management. 
 10. Intellectual Property.  
  

	a)	You will promptly disclose to Barclays Bank PLC and keep confidential all inventions, processes, copyright works, designs, technical know-how or any other materials whatsoever
conceived, developed or made by you at any time in the course of your employment (whether or not conceived, developed or made during normal working hours and whether before or after the date of this Agreement and whether or not alone or in
conjunction with others) (the “Works”). You acknowledge that all Works and all Intellectual Property rights therein shall belong to and vest in Barclays Bank PLC absolutely. 

  

	b)	You will hold all such Works and Intellectual Property rights in trust for Barclays Bank PLC to the extent that the Works and all Intellectual Property 

 rights therein may not be and until the Works and all Intellectual Property rights therein are vested
absolutely in Barclays Bank PLC. You assign all current and future copyright, database rights and design rights in the Works and any other proprietary rights capable of assignment by way of present assignment of future rights for the full term of
such rights. 
  

	c)	You unconditionally and irrevocably waive your rights to be identified as the author of the Works and not to have the Works subject to derogatory treatment. d) You will do
everything necessary or desirable at Barclays Bank PLC expense to vest the Works and Intellectual Property rights fully in Barclays Bank PLC and/or to secure patent or other appropriate forms of protection for the Intellectual Property rights in the
Works. Decisions as to the protection or exploitation of any of the Works and the Intellectual Property rights therein shall be in the absolute discretion of Barclays. 

 11. Nondisclosure of Confidential Information and Restrictive Covenants.  
  

	a.)	During the term of your Assignment you shall not (without the prior written consent of the Chief Executive of Barclays Bank PLC) disclose or make accessible to any other person or
entity any Confidential Information pertaining to the business of Barclays Bank PLC or any member of the Barclays Group, except (I) while assigned to Barclays Bank PLC, in the business of and for the benefit of Barclays Bank PLC, or
(ii) when required to do so by applicable law. “Confidential Information” shall mean non-public information concerning the financial data, business plans, product development (or other proprietary inventions, improvements or product
data), customer lists and other non-public, proprietary or confidential information of Barclays Bank PLC and each other member of the Barclays Group, which has come to your knowledge during the course of your employment by the Company or during the
course of your Assignment, and that is not otherwise available to the public. Except as required by law, you will not publicly disclose the contents of this Agreement 

	b.)	On termination for whatever reason of your Assignment, upon direction you (or your personal representative) will deliver to Barclays Bank PLC all papers, tapes and records (in
whatever medium) relating to your Assignment and all property of Barclays Bank PLC and each other member of the Barclays Group that is in your possession or under your control. 

  

	c.)	Restrictive Covenants You shall not without the prior written consent of the Board of Barclays Bank PLC (such consent to be withheld only so far as may be reasonably
necessary to protect the legitimate interests of the Barclays Group) either on your own behalf or on behalf of any other person, firm or company: 

  

	 	i)	for a period of 6 months from the date of termination of your employment (for any reason) be engaged or interested (whether as a director, shareholder, principal, consultant, agent,
partner or employee) in any business within the European Union or the United States of America which is competitive or likely to be competitive with any business of the Barclays Group in the provision of banking or financial services and which is
carried on by the Group as at the date your employment terminates; 

  

	 	ii)	for a period of 12 months from the termination of your employment for any reason(on your own account or on behalf of any person, firm or company) (directly or indirectly) canvass or
solicit business for products or services similar to those being offered by the Barclays Group from any person, firm or company who is or has been a customer of the Barclays Group in the 12 months prior to the termination of your employment and with
whom you had material dealings in respect of banking facilities or other products or services provided by the Barclays Group during that period; and 

  

	 	iii)	for a period of 12 months from the termination of your employment for any reason(directly or indirectly) induce or attempt to induce or entice away any director, officer or employee
of executive status to 

 leave the employment of the Barclays Group and with whom you had material dealings in the 12 months prior
to the termination of your employment. 
  

	d.)	You agree that the provisions of this Section are reasonable and further agree that if a final judicial determination is made by a court of competent jurisdiction that the duration
or any other restriction contained in this Section is an unenforceable restriction against you, the provisions of this Section shall not be rendered void but shall be deemed amended to apply to such maximum extent as such court may judicially
determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Section is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding
shall not affect the enforceability of any of the other restrictions contained herein. You agree that any breach of the agreements contained in this Section would irreparably injure the Company and Barclays Bank PLC. Accordingly, the Company and/or
Barclays Bank PLC (and/or any of their respective successors or assigns) may, in addition to pursuing any other remedies they may have in law or in equity, obtain an injunction against you restraining your further violation of this Agreement.

 12. Governing Law and Dispute Resolution.  
 This Assignment, which may only be amended by written agreement of the parties hereto, shall be construed, interpreted and governed in accordance with the laws of the
State of New York without reference to rules relating to conflicts of law and the federal and states courts located in the County of New York are to have exclusive jurisdiction to settle any disputes which may arise in connection with this Agreement
and/or your Assignment. 
 Please confirm your consent to this Agreement’s terms by signing and dating the attached copy of this letter, and forwarding
it to me. 

			
	By:	 	 /s/ Patrick Mullin

		 	Patrick Mullin, Sr. Vice President
		
	Date:	 	25/5/05

 I accept the Assignment and agree to this Agreement’s terms. 
  

	
	 /s/ Robert E. Diamond Jr.

	Robert E. Diamond Jr.
	
	Date: 25 May 2005

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