Dear Stephen, SERVICE AGREEMENT AMENDMENT
EXHIBIT
4.2
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Xxxx Xxxxx
Group Director, Human Resources
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Mr
Xxxxxxx Xxxxxx
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Xxxxxxxxx
Edinburgh
EH12
1HQ
Telephone:
0000 000 0000
Facsimile:
0131 523 4985
xxx.xxx.xxx
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24th February 2009
Dear
Xxxxxxx,
SERVICE
AGREEMENT AMENDMENT
I
refer to our recent discussions regarding your service agreement, signed by The
Royal Bank of Scotland pic on 4 November 2008 (your "Service Agreement").
As
discussed, this letter is to briefly confirm our agreement to amend clause 26.4
of your Service Agreement by deleting the current clause in its entirety and
replacing it with the following:
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"26.4
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Notwithstanding anything
else in this Agreement:
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(a)
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having complied with its
obligations contained in the second sentence of clause 4.5 above, the Company may elect
to terminate the Executive's employment by reason of the Executive's personal
underperformance by giving written notice with immediate effect (and, for
the avoidance of
any doubt, without making any payment in lieu of notice);
and/or
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(b) |
in the event that the
Executive resigns (other than as a consequence of fundamental breach by the
Company of the
terms of this
Agreement), the Company may elect to make a payment in lieu of
notice. The payment in
lieu of notice in
this case will be a sum equal to Salary Element of the Executive's ValueAccount
for the Applicable Notice Period. No payment will be made in respect
of any other
benefit."
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This amendment
will take effect on the date your Service Agreement commenced
operation.
Please could you
kindly sign and return a copy of this letter to confirm your agreement to the
above-noted amendment?
Yours
sincerely,
/s/
Xxxx Xxxxx
Xxxx Xxxxx
Group
HR Director
| Signed |
/s/ Xxxxxxx
Xxxxxx
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| Dated |
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The Royal
Bank of Scotland Group pic
Regjstered in
Scotland No. 45551
Registered Office: 00
Xx Xxxxxx
Xxxxxx
Xxxxxxxxx
XX0 0XX
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