Company: CFG-PE
Filing Date: 2025-04-11
Form Type: DEFA14A
Source: 0000759944-25-000047
Chunk: 1

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-04-11
Form: DEFA14A
Chunk 1
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 in June 2024 to obtain shareholder views on those awards and understand what elements of disclosure regarding the LSAs would be important for us to include in our 2025 Proxy Statement. The Company invited a substantial number of shareholders to engagement sessions and held in-depth discussions with shareholders that voted both in favor of and against last year’s say-on-pay proposal. Nearly all these conversations were led by Edward J. Kelly III, our Lead Director and Chair of our Compensation and HR Committee, and were joined by Susan LaMonica, our Chief Human Resources Officer, as well as representatives from our Legal, Reward, Investor Relations, and Sustainability teams. Compensation Program Enhancements In response to shareholder feedback, during 2024 the Compensation and HR Committee made several changes to our compensation program structure and enhancements to related disclosure, including the below (described in detail on pages 49-50 of our 2025 Proxy Statement): • Incorporated weightings on performance elements and maximum achievement levels. • Implemented parameters relating to executive pay adjustments. • Adopted target compensation amounts for all named executive officers. • Enhanced our disclosure on the following topics: performance factors weighted most heavily in determining executive compensation; core metric performance ranges for our performance stock unit awards; and our succession planning process. Leadership Succession Awards The Board and Compensation and HR Committee consider CEO succession planning one of their most vital duties. Since our initial public offering, the Board and Compensation and HR Committee have discussed CEO succession planning on a regular basis to ensure that a comprehensive plan is in place for various circumstances and time horizons. Given that Bruce Van Saun is nearly 68 years old, those discussions have intensified over the past few years. Although Mr. Van Saun does not have immediate plans to retire and has not identified a retirement date, that transition has the potential to occur within the next several years.

2 Information about key elements of the awards is included below. We encourage shareholders to read the detailed discussion of the LSAs on pages 51-53 of the 2025 Proxy Statement. • Rationale for Awards Poorly executed CEO transitions can significantly hurt shareholder value in both the short and long- term. Accordingly, the Board and Compensation and HR Committee identified a strong slate of candidates. After multiple discussions over several months, the Board and Compensation and HR Committee determined it was prudent to grant Leadership Succession Awards (“LSAs”) to three executives identified as potential CEO successors: John F. Woods (Vice Chair and Chief Financial Officer), Brendan Coughlin (Vice Chair and Head of Consumer Banking),