SERVICE AGREEMENT ADDENDUM The following clauses should be read in conjunction with this Service Agreement Fixed Share AwardService Agreement Addendum • February 26th, 2021 • Lloyds Banking Group PLC • Commercial banks, nec
The Executive is entitled to receive an annual Fixed Share Award (the “Award”) on the following terms. The Award is £504,000 per annum and payable in respect of the Executive’s role as Chief Financial Officer. For 2019 the Award will be pro-rated from the date when the Executive commenced this role.
A)The Employer and the Executive entered into a Service Agreement dated 15 March 2019 (the “Agreement”).Deed of Variation • February 26th, 2021 • Lloyds Banking Group PLC • Commercial banks, nec • England and Wales
(B)Under clause 4.1 of the Agreement the Employer is obliged to pay a contribution of 25% (“the Original Rate”) of the Executive’s annual salary either into the Employer’s Your Tomorrow Pension Scheme (“the Scheme”) for the benefit of the Executive (“the Pension Contribution”), or, if the Executive has chosen to opt out of the Scheme or cap pension contributions to the Scheme, as a non-pensionable cash supplement (“the Pension Supplement”) to the Executive.
BACKGROUNDDeed of Variation • February 26th, 2021 • Lloyds Banking Group PLC • Commercial banks, nec • England and Wales
(A)The Employer and the Executive entered into Heads of Terms dated 2 November 2010 (“HoT”) and an Executive Service Agreement dated 3 November 2010 (the “Agreement”).
