Company: CFG-PE
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000759944-25-000044
Chunk: 10

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 10
---
. Following discussions of the Compensation and HR Committee over several months, including with its independent compensation consultant, the Compensation and HR Committee and the full Board each approved the grant of Leadership Succession Awards ("LSAs") to Brendan Coughlin, John Woods, and Elizabeth Johnson in June 2024. An overview of these awards appears below, with more detailed information found in “—Compensation Matters—Compensation Discussion and Analysis—Executive Compensation Overview ”.

#### Rationale
Each of these executives was identified as a CEO successor and these awards were granted as a proactive measure to retain a strong pool of internal CEO candidates over the next several years. Although Mr. Van Saun has no plans to retire at this time, the Compensation and HR Committee believes that maintaining a strong slate of internal CEO candidates is in the best interest of long-term investors. The strength of our leadership team and their success in transforming our business have made our executives highly attractive in the market. Recent senior executive transitions in the financial sector and grants of special awards, including at peers KeyCorp, Truist, and PNC, underscore the strength of the market for executive talent and perceived benefit of protective measures. Although Ms. Johnson retired from the Company on March 3, 2025 and has forfeited her LSAs, at the time the grants were made the Compensation and HR Committee had identified each of the recipients as an internal CEO candidate and believed each would play a significant role in executing our strategic initiatives over the next several years.

#### Amount and Form of Awards
The amount and form of the LSAs granted are reflected below. In determining the overall amount and form of each executive’s award, the Compensation and HR Committee and the Board sought to establish a value that was market competitive, recognized the attractiveness of these candidates for roles at other financial institutions, and took into account the timeline for succession readiness. Another consideration in determining award amounts was the Compensation and HR Committee’s desire to increase Mr. Coughlin’s level of equity ownership relative to other executives, as Mr. Coughlin is a newer member of Mr. Van Saun’s direct management team.

| Name                    |     |   |     | PSU   
 Value |     |   |     | RSU   
 Value |     |   |     | Restricted 
 Cash Value |     |   |      | Total LSA 
 Value     | Annual      
 Run Rate(1) |     |   |      |    |
|:------------------------|:----|:--|----:|:------|:----