Company: CFG-PE
Filing Date: 2025-07-22
Form Type: 424B2
Source: 0001193125-25-162273
Chunk: 37

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-22
Form: 424B2
Chunk 37
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 equal to any declared but unpaid dividends in the case of any holder or stock on which dividends accrue on a non-cumulativebasis and, in the case of any holder of stock on which dividends accrue on a cumulative basis, an S-21

amount equal to any unpaid, accrued, cumulative dividends, whether or not earned or declared, as applicable. If the liquidation preference has been paid in full to all holders of Series I
Preferred Stock and all holders of any liquidation preference parity stock, the holders of junior stock will be entitled to receive all of our remaining assets according to their respective rights and preferences.

For purposes of the liquidation rights, the merger, consolidation or other business combination of us with or into any other corporation,
including a transaction in which the holders of Series I Preferred Stock receive cash or property for their shares, or the sale, conveyance, lease, exchange or transfer (for cash, shares of stock, securities or other consideration) of all or
substantially all of our assets, shall not constitute a liquidation, dissolution or winding up of the Company.

The Series I Preferred
Stock may be fully subordinate to interests held by the U.S. government in the event of a receivership, insolvency, liquidation, or similar proceeding, including a proceeding under the “orderly liquidation authority” provisions of the
Dodd-Frank Act.

Voting Rights

Except as indicated below or otherwise required by law, the holders of the Series I Preferred Stock will not have any voting rights.

Right to Elect Two Directors on Nonpayment of Dividends. Whenever dividends on any shares of the Series I Preferred Stock, or any
other voting preferred stock (as defined below), shall have not been declared and paid for the equivalent of three semi-annual or six full quarterly dividend payments, whether or not for consecutive dividend periods (a
“nonpayment”), the holders of such shares, voting together as a class with holders of any and all other series of voting preferred stock then outstanding, will be entitled to vote for the election of a total of two additional
members of our Board of Directors (the “preferred stock directors”), provided that the election of any such directors shall not cause us to violate the corporate governance requirement of the New York Stock Exchange (or any other
exchange on which our securities may be listed) that listed companies must have a majority of independent directors and provided further that our board of directors shall at no time include more than two preferred stock directors. In that event, the