Company: CFG-PE
Filing Date: 2025-02-24
Form Type: 424B2
Source: 0001193125-25-032848
Chunk: 39

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-24
Form: 424B2
Chunk 39
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 not be entitled to any sinking fund. Restriction on Disposition of Voting Stock of Certain Subsidiaries Under the Indenture, we have agreed not to sell, assign, pledge, transfer or otherwise dispose of, or permit to be issued any shares of voting stock of any principal subsidiary bank or any securities convertible into or rights to subscribe to such voting stock unless after giving effect to such transaction we would own, directly or indirectly, at least 80% of the outstanding shares of voting stock of each such principal subsidiary bank. We additionally agreed not to pay any dividend or distribution in voting stock of any principal subsidiary bank unless such principal subsidiary bank, after obtaining any necessary regulatory approvals, unconditionally guarantees payment of principal and interest on the notes. The Indenture defines a principal subsidiary bank as any subsidiary bank, the consolidated assets of which constitute 20% or more of our consolidated assets. As of December 31, 2024, CBNA is a subsidiary bank that is a principal subsidiary bank under the Indenture. The Indenture defines “voting stock” as the stock of a corporation or other entity of the class or classes having general voting power in an election of the board of directors, managers or trustees of such corporation or other entity (irrespective of whether, at the time, stock of any other class or classes shall have or might have voting power by reason of the happening of any contingency); provided, however, that preferred stock with customary voting rights upon the nonpayment of a dividend does not constitute voting stock. Notwithstanding the foregoing, this covenant shall not limit or restrict:

| • |     | any dispositions made by us or any principal subsidiary bank (a) acting in a fiduciary capacity for any     
 person other than us or any principal subsidiary bank or (b) to us or any of our wholly owned subsidiaries; |

S-27

| • |     | our ability to consolidate with or merge into or sell, assign, transfer, lease or otherwise convey all or                                                    
 substantially all of our properties and assets to any person in accordance with the covenant described under “—Consolidation, Merger and Sale of Assets”; or |

| • |     | the merger or consolidation of a principal subsidiary bank (a) with and into another principal subsidiary                                                                                                                              
 bank or another of our subsidiaries or (b) another domestic banking institution, if after the merger or consolidation (i) we own at least 80% of the voting stock of the resulting banking institution and (ii)