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LYG » Topics » IT IS AGREED

These excerpts taken from the LYG 20-F filed Jun 29, 2005.
IT IS AGREED as follows:

1

Appointment Pre-Conditions and Term

Appointment

1.1

Provided the Executive has satisfied the conditions set out in Clause 1.2 below, the Employer shall employ the Executive as Group Executive Director Wholesale and International Banking or in such other executive capacity as the Employer may from time to time reasonably require (the “Employment”).

Pre-conditions

1.2

The Executive’s employment is conditional upon:

(a)

the Executive having been approved as an “Approved Person” in respect of the Employment by the Financial Services Authority under the Financial Services and Markets Act 2000 (“FSMA Approval”);

(b)

a work permit having been granted to the Employer for the Employment on terms satisfactory to the Employer

and if those conditions are not satisfied by the Commencement Date then, unless the Employer decides to waive the Conditions or the parties agree to postpone the Commencement Date until the Conditions have been satisfied, this Agreement shall not take effect and the Executive shall not have any claim for compensation or otherwise against the Employer by reason of this.

Term

1.3

The Employment shall begin on 1 August 2004 (the “Commencement Date”) and shall continue until terminated:

(a)

by not less than 12 months’ notice given by the Employer to the Executive; or

(b)

by not less than 6 months’ notice given by the Executive to the Employer; or

 

(c)

by automatic retirement under Clause 1.4; or

 

(d)

under a provision set out in Clause 11.

 

IT IS AGREED as follows:

1

Appointment Pre-Conditions and Term

Appointment

1.1

Provided the Executive has satisfied the conditions set out in Clause 1.2 below, the Employer shall employ the Executive as Group Executive Director, UK Retail Banking or in such other executive capacity as the Employer may from time to time reasonably require (the “Employment”).

Pre-conditions

1.2

The Executive’s employment is conditional upon:

(a)

the Executive having been approved as an “Approved Person” in respect of the Employment by the Financial Services Authority under the Financial Services and Markets Act 2000 (“FSMA Approval”);

(b)

the Executive having passed a medical examination with a medical practitioner nominated by the Employer on terms satisfactory to the Employer and

(c)

a work permit and UK residence permit having been granted to the Employer for the Employment on terms satisfactory to the Employer

and if those conditions (the “

EXCERPTS ON THIS PAGE:

20-F (2 sections)
Jun 29, 2005

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