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Exhibit 10.03  

 
 

[FORM OF RELOAD OPTION GRANT NOTIFICATION (EFFECTIVE NOVEMBER 1, 2006)]    
    

  

 
 

RELOAD STOCK OPTION GRANT NOTIFICATION
  (Grant dated «stock_price_date»)    
    

1. Grant of Reload Option.    Citigroup Inc. ("Citigroup") hereby grants to  «window_1» ("Participant") one or more
non-qualified stock options to purchase the number of shares of Citigroup
common stock noted in the Reload Stock Option Grant Summary below, at a grant price per share (the "Grant Price") of  $«option_price» subject to the terms, conditions, and restrictions
described herein pursuant to the Citigroup 1999 Stock
Incentive Plan, as amended and restated effective April 19, 2005, and as it may be further amended from time to time (the "Plan"). As used in this Notification, the term "Reload Option" shall
mean a single reload option grant as well as multiple reload option grants, if the grant of more than one reload option is indicated below. The "Company", for purposes of this Agreement, shall mean
Citigroup and its subsidiaries that participate in the Plan. 

	Reload Stock Option Grant Summary

	Vesting Date
	 	Grant Price
	 	Plan

	«vesting_date»	 	$«option_price»	 	1999 Stock Incentive Plan
	

 	
 	

 	
 	

 

	NUMBER OF OPTION SHARES
	 	EXPIRATION DATES

	

 	
 	

 
	

 	
 	

 

2. Terms and Conditions.    The terms, conditions, and restrictions applicable to the Reload Option are specified in the prospectus dated
February 13, 2002 (titled "Your Citigroup Stock Option Grant"), the prospectus supplements thereto dated October 1, 2002, and January 1, 2004, and August 1, 2006,
(together, the "Prospectus"), and the grant agreement governing the original option pursuant to which this Reload Option has been granted. These terms include, but are not limited to, provisions
relating to amendment, vesting, cancellation, expiration and exercise, restrictions on transfer, and sale restrictions that may apply to shares acquired upon exercise, all of which are hereby
incorporated by reference into this Notification. By accepting this Reload Option, Participant confirms receipt of the Prospectus and the original option grant agreement, and that he or she has read
and understands these documents. The Reload Option is also subject to all program guidelines that may be in effect from time to time. 

IMPORTANT NOTE ABOUT THE AMERICAN JOBS CREATION ACT OF 2004  

As
part of the American Jobs Creation Act of 2004, Section 409A was added to the Internal Revenue Code (the "Code"). Section 409A applies to all stock options that were not vested as of
December 31, 2004. It provides, among other things, for an additional 20% tax on "deferred compensation" that is not paid in accordance with Section 409A, as determined by final
regulations to be issued by the Internal Revenue Service (IRS). The Reload Option may be considered "deferred compensation" within the meaning of Section 409A. The IRS has issued proposed
regulations under Section 409A, but the rules are not yet final. 

The
terms and conditions of, and the program guidelines and Plan provisions applicable to the Reload Option may be amended to conform them to the requirements of Section 409A and the final
regulations. However, there is no guarantee that any Reload Option will not be subject to additional tax under Section 409A. Participant will
receive a prospectus supplement describing any changes made after the date hereof as a result of Section 409A or the final regulations. The terms and conditions in the original option
agreement, the prospectus and prospectus supplements described above, and as summarized elsewhere herein, will be superseded by any amended provisions contained in a subsequent prospectus supplement. 

 

        Certain terms and conditions of your Reload Option are summarized below (see your original grant agreement, the Prospectus and any subsequent prospectus
supplement for complete details and the specific terms governing your grant):

	•
	The
Reload Option, whether vested or unvested, may be canceled when your employment terminates, depending on the reason for termination.

	•
	The
vesting of your Reload Option and your right to exercise your Reload Option may be suspended during any break in your employment.

	•
	You
may be entitled to exercise your Reload Option using the reload option exercise method, by which you may receive a new reload option grant; however, you will not be able
to use the reload option exercise method following a termination of your employment.

	•
	If
you resign, or if your employment is terminated by the Company because of your "gross misconduct," your Reload Option will be canceled on your termination date.

	•
	If
the Company terminates your employment involuntarily for a reason other than your "gross misconduct," the vesting of your Reload Option will stop, and you will have up to
30 days from your termination date (depending on the specific terms governing your grant) to exercise your Reload Option, but not later than the expiration date of your Reload Option.

	•
	If
you terminate your employment under an "age and years of service" provision applicable to your Reload Option, vesting of your Reload Option may be accelerated, and you
will have up to two (2), three (3), or five (5) years from your termination date (depending on the specific terms governing your grant) to exercise your Reload Option, but not later than the
expiration date of your Reload Option.

	•
	For
purposes of the Reload Option, your employment shall be deemed terminated as of the last day of your active service with the Company, regardless of any entitlement to
notice, payment in lieu of notice, severance pay, termination pay, pension payment, or the equivalent that may be provided by any other plan, contract, or law. Remaining employed pursuant to a Company
employment termination notice policy or notice period, not to exceed 75 days, shall be considered active service with the Company. If you are placed on salary continuation, active service with
the Company shall continue until the last business day immediately preceding the first day of the salary continuation period.

	•
	If
you die, the vesting of your Reload Option may stop or be accelerated and/or your estate will have up to two (2) or five (5) years from the date of your
death (depending on the specific terms governing your grant) to exercise your Reload Option, but not later than the expiration date of your Reload Option.

	•
	During
a statutory leave of absence, the vesting of your Reload Option will continue and you can exercise your Reload Option during such leave, but not later than the
expiration date of your Reload Option, provided that such leave is approved by management of Participant's business unit, is provided by applicable law and taken in accordance with such law and
applicable Company policy.

	•
	If
you are on a personal leave of absence, or if you are on a statutory leave of absence followed immediately by a personal leave of absence, your Reload Option will be
canceled as soon as the personal leave of absence (or combined statutory leave and personal leave of absence) has exceeded six months.

	•
	Unless
otherwise canceled at an earlier date, the Reload Option will expire when the original option expires.

	•
	Your
Reload Option may not be sold, pledged, hypothecated, assigned or otherwise transferred, other than by will or the laws of descent and distribution, and during your
lifetime, it may be exercised only by you. 

3. Participant Understandings.    Participant understands that: (a) all equity incentive awards are entirely discretionary and that no
right to receive an award exists absent a prior written agreement to the contrary; (b) the value that may be realized from an equity incentive award, if any, is contingent, and depends on the
future market price of Citigroup stock, among other factors; (c) equity incentive awards, being intended to promote employee retention and stock ownership and to align employees' interests with
those of shareholders, are subject to vesting 

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conditions
and will be canceled if vesting conditions are not satisfied; (d) any monetary value assigned to an equity incentive award in any communication regarding the award is contingent,
hypothetical, and for illustrative purposes only, and does not express or imply any promise or intent by the Company to deliver, directly or indirectly, any certain or determinable cash value to
Participant; (e) receipt of this Reload Option or any incentive award in the past is neither an indication nor a guarantee that an incentive award of any type or amount will be made in the
future, and that absent a written agreement to the contrary, the Company is free to change its practices and policies regarding incentive awards at any time in its sole discretion; and
(f) vesting is subject to confirmation and final determination by Citigroup that conditions to vesting have been satisfied. Participant shall have no rights as a stockholder of the Company with
respect to any shares covered by this Reload Option unless and until the Reload Option vests and is exercised for shares. 

4. Vesting and Expiration Dates.    The Reload Option shall vest and become exercisable on the vesting date stated in the Reload Stock Option
Grant Summary provided Participant remains continuously employed by the Company or one of its participating subsidiaries. The Reload Option will expire on the date(s) indicated in the Reload Stock
Option Grant Summary, which dates correspond to the expiration dates of the original option or reload option pursuant to which this Reload Option has been granted, subject to earlier cancellation or
suspension upon or following a termination of employment or other change in employment status during the option term as provided in the Prospectus and the original option grant agreement. 

5. Exercise of Reload Option.    Participant may exercise the Reload Option in whole or in part upon notice to the Company together with
provision for payment of the Grant Price and applicable withholding taxes. Such notice shall be given in the manner prescribed by the Company and shall specify the date and method of exercise and the
number of shares being exercised. All stock option exercises will be processed in accordance with the Citigroup Equity Compensation administrative procedures and deadlines then in effect. Participant
acknowledges that the laws of the country in which Participant is working at the time of grant, vesting and/or exercise of the Reload Option (including any rules or regulations governing securities,
foreign exchange, tax, or labor matters) or Company accounting or other policies dictated by such country's political or regulatory climate, may restrict or prohibit any one or more of the stock
option exercise methods described in the Prospectus, that such restrictions may apply differently if Participant is a resident or expatriate employee, and that such restrictions are subject to change
at any time. If the last day on which the Reload Option may
be exercised is not a trading day on the New York Stock Exchange, then the immediately preceding New York Stock Exchange trading day shall be the last day on which the Reload Option may be exercised.
A Reload Option may not be exercised after the Expiration Date set forth on the first page of this Notification. The Company is not obligated to notify Participant that a
Reload Option is nearing expiration.

6. Plan Administration.    The Reload Option has been granted subject to the terms of the Plan, and the shares deliverable to Participant upon
exercise will be from the shares available for grant pursuant to the terms of the Plan. The Board of Directors of Citigroup may terminate or suspend the Plan, and may amend the Plan, subject to the
approval of stockholders, if required, at any time. No termination, suspension or amendment of the Plan shall adversely affect the right of any Participant with respect to a Reload Option theretofore
granted, as determined by the Committee, without such Participant's written consent. 

7. Adjustments.    In the event of any change in Citigroup's capital structure on account of (i) any extraordinary dividend, stock
dividend, stock split, reverse stock split or any similar equity restructuring; or (ii) any combination or exchange of equity securities, merger, consolidation, recapitalization,
reorganization, divestiture or other distribution (other than ordinary cash dividends) of assets to stockholders, or any other similar event affecting Citigroup's capital structure, to the extent
necessary to prevent the enlargement or diminution of the rights of Participants, the Committee shall make such appropriate equitable adjustments as may be permitted by the terms of the Plan and
applicable law, to the number or kind of shares subject to the Reload Option and/or its grant price. All such adjustments shall conform to the requirements of Section 409A of the Code, to the
extent applicable. Citigroup shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes. Notwithstanding the
foregoing, the Committee may, in its discretion, decline to adjust any Reload grant to any Participant, if it determines that such adjustment would violate applicable law or result in adverse tax
consequences to the Participant or the Company, and neither the Committee nor Citigroup shall be bound to compensate any Participant for any such adjustment not made, nor shall they be liable to
Participant for any additional personal tax or other consequences of any adjustments that are made to a Reload Option. 

8. Taxes and Tax Residency Status.    By accepting the Reload Option, Participant agrees to pay all applicable income and/or social taxes and
file all required tax returns in all jurisdictions where Participant is subject to tax 

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and/or
an income tax filing requirement. If Participant is an employee in one of Citigroup's expatriate programs, he or she agrees to pay all applicable income and/or social taxes and file all tax
returns in accordance with the applicable expatriate policy. To assist Citigroup in achieving full compliance with its obligations under the laws of all relevant taxing jurisdictions, Participant
agrees to keep complete and accurate records of his or her income tax residency status and the number and location of workdays outside his or her country of income tax residency from the grant date
until the date of exercise and the subsequent sale of any shares received upon exercise. Participant also agrees to provide, upon request, information about his or her tax residency status to
Citigroup during such period. Participant will be responsible for any income tax due, including penalties and interest, arising from any misstatement by Participant regarding such information. 

9. Consent to Electronic Delivery.    In lieu of receiving documents in paper format, Participant agrees, to the fullest extent permitted by
law, to accept electronic delivery of any documents that the Company may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and
agreements, account statements, annual and quarterly reports, and all other forms or communications) in connection with this and any other prior or future incentive award or program made or offered by
the Company or its predecessors or successors. Electronic delivery of a document to Participant may be via a Company e-mail system or by reference to a location on a Company intranet site
to which Participant has access. 

10. Consent and Disclosure Regarding Use of Personal Information.    In connection with the grant of this Reload Option, and any other award
under any other equity award program, and the implementation and administration of any such program, including, without limitation, Participant's actual participation, or consideration by the Company
for potential future participation, in any program at any time, it is or may become necessary for the Company, to collect, transfer, use, and hold certain personal information regarding Participant in
and/or outside of Participant's home country. By accepting this Reload Option, Participant explicitly consents (i) to the use of such information for the purpose of being considered for
participation in future equity awards (to the extent he/she is eligible under applicable program guidelines, and without any guarantee that any award will be made); and (ii) to the use,
transfer, processing and storage, electronically or otherwise, of his/her personal information, as such use has occurred to date, and as such use may occur in the future, in connection with this
Reload Option or any other equity award, as further described below. 

Use,
transfer, storage and processing of personal information, electronically or otherwise, may be in connection with the Company's internal administration of its equity award programs, or in
connection with tax or other governmental and regulatory compliance activities directly or indirectly related to an equity award program. For such purposes only, personal information may be used by
third parties retained by the Company to assist with the administration and compliance activities of its equity award programs, and may be transferred by the company that employs (or any company that
has employed) Participant from Participant's home country to other Citigroup entities and third parties located in the United States and in other countries. Specifically, those parties that may have
access to Participant's information for the purposes described herein include, but are not limited to, (i) human resources personnel responsible for administering the equity award programs,
including local and regional equity award coordinators, and global coordinators located in the United States; (ii) Participant's U.S. broker and equity account administrator and trade
facilitator; (iii) Participant's U.S., regional and local employing entity and business unit management, including Participant's supervisor and his/her superiors; (iv) the Personnel and
Compensation Committee of the Citigroup Board of Directors or its designee, which is responsible for administering the Plan; (v) Citigroup's technology systems support team (but only to the
extent necessary to maintain the proper operation of electronic information systems that support the equity award programs); and (vi) internal and external legal, tax and accounting advisors
(but only to the extent necessary for them to advise the Company on compliance and other issues affecting the equity award programs in their respective fields of expertise). 

At
all times, Company personnel and third parties will be obligated to maintain the confidentiality of Participant's personal information except to the extent the Company is required to provide such
information to governmental agencies or other parties. Such action will always be undertaken only in accordance with applicable law. The personal information that Citigroup may collect, process, store
and transfer for the purposes outlined above may include Participant's name, nationality, citizenship, tax or other residency status, work authorization, date of birth, age, government/tax
identification number, passport number, brokerage account information, GEID or other internal identifying information, home address, work address, job and location history, compensation and equity
award information and history, business unit, employing entity, and Participant's beneficiaries and contact information. Participant may obtain more details regarding the access and use of his/her
personal information, and may correct or update such information, by contacting his/her human resources representative or local equity coordinator. 

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11. Right of Set Off.    Participant agrees that the Company may retain for itself funds or securities otherwise payable to Participant
pursuant to this Reload Option or any award under any equity award program administered by Citigroup to offset any amounts paid by the Company to a third party pursuant to any award, judgment, or
settlement of a complaint, arbitration, or lawsuit of which Participant was the subject; to satisfy any obligation or debt that Participant owes the Company or its affiliates; or in the event any
equity award is canceled pursuant to its terms 

12. Entire Agreement; No Right to Employment.    The Prospectus, the original option grant agreement and this Notification constitute the
entire understanding between the parties hereto regarding the Reload Option and supersede all previous written, oral, or implied understandings between the parties hereto about the subject matter
hereof. Nothing contained herein, in the Plan, or in the Prospectus shall confer upon the Participant any rights to continued employment or employment in any particular position, at any specific rate
of compensation, or for any particular period of time. 

13. Arbitration; Conflict; Governing Law.    Any disputes regarding the Reload Option shall be resolved by arbitration in accordance with the
Company's arbitration policies. In the absence of an effective arbitration policy, Participant understands and agrees that any dispute related to the Reload Option shall be submitted to arbitration in
accordance with the rules of the American Arbitration Association, if so elected by the Company in its sole discretion. In the event of a conflict between the Plan and this Notification, or the terms,
conditions, and restrictions of the Reload Option as specified in the Prospectus, the Plan shall control. This Notification shall be governed by the laws of the State of New York (regardless of
conflict of laws principles) as to all matters, including, but not limited to, the construction, application, validity and administration of the Reload Option and the Plan. 

14. Acceptance and Agreement by Participant.    By accepting this Reload Option, Participant agrees to be bound by the terms, conditions, and
restrictions set forth in the Prospectus, this Notification, and the Company's policies, as in effect from time to time, relating to the administration of the Plan. 

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[FORM OF RELOAD OPTION GRANT NOTIFICATION (EFFECTIVE NOVEMBER 1, 2006)]

RELOAD STOCK OPTION GRANT NOTIFICATION (Grant dated «stock_price_date»)QuickLinks
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Exhibit 10.04  

 
  [FORM OF CITIGROUP EQUITY AWARD AGREEMENT (EFFECTIVE NOVEMBER 1, 2006)]  

 
  Citigroup Inc.
  Equity Award Agreement  

1. Award Agreement.    Citigroup Inc. ("Citigroup") hereby grants to {NAME} (the "Participant"), the award(s) summarized below,
pursuant to the terms of the [EQUITY AWARD PROGRAM NAME] (the "Program"). The terms, conditions and restrictions of your award are contained in this Equity Award Agreement,
including the attached Appendix (together, the "Agreement"), and are summarized, along with additional information, in the [EQUITY AWARD PROGRAM NAME] prospectus dated
[MONTH] [DAY], [YEAR], and any applicable prospectus supplements (together, a "Prospectus"). Your award is also governed by the
Citigroup 1999 Stock Incentive Plan, as amended and restated effective April 19, 2005, and as it may be further amended from time to time (the "Plan") [IF APPLICABLE:, and the
Letter Agreement (as defined in the Appendix)]. For the award to be effective, you must [accept][sign] below[and return this
page of the Agreement], acknowledging that you have received and read the Prospectus and this Agreement, including the Appendix. 

	2.
	[EQUITY AWARD PROGRAM NAME] Award Summary*

	{Restricted/Deferred} Stock Award Summary
	Award Date:	 	{AWARD DATE}
	Number of Shares:	 	{# SHARES}
	Vesting Dates (            % each vesting date):(1)	 	{VEST DATE 1}(2)
	 	 	{VEST DATE 2}
	 	 	{VEST DATE 3}
	 	 	{VEST DATE 4}
	Stock Option Grant Summary	 	 
	Grant Date:	 	{GRANT DATE}
	Grant Price:	 	{$ Grant Price per share}(3)
	Number of Shares:	 	{# OPTION SHARES}
	Vesting Dates (    % each vesting date):(4)	 	{VEST DATE 1}(5)
	 	 	{VEST DATE 2}
	 	 	{VEST DATE 3}
	 	 	{VEST DATE 4}
	Option Expiration Date:	 	{EXPIRATION DATE}(6)

3. Acceptance and Agreement by Participant.    I hereby accept the award described above, and agree to be bound by the terms, conditions, and
restrictions of such award as set forth in this Agreement, including the Appendix, and in the Prospectus (acknowledging hereby that I have read and that I understand such documents), the Plan and
Citigroup's policies, as in effect from time to time, relating to the administration of the Program and the Plan. I understand that vesting is conditioned upon continuous employment with the Company,
and that an Award may be cancelled if there is a break in or termination of my employment with the Company. 

	 
	 	 
	 	 

	CITIGROUP INC.	 	PARTICIPANT'S [SIGNATURE][ACCEPTANCE]:
	

By:	
 	

 	
 	

 
	 	 	
	 	

	 	 	[Name]	 	Name:
	 	 	[Title]	 	GEID:

	*
	The
terms, conditions and restrictions applicable to your award, including what happens in the event of a termination or suspension of your employment, are contained in this Agreement,
which includes the Appendix hereto, and are also summarized in the Prospectus. 

	(1)
	Generally,
no more rapidly than 25% each vesting date. 
	(2)
	At
least one year after award date. 
	(3)
	No
less than prior day NYSE closing price. 
	(4)
	Generally,
no more rapidly than 25% each vesting date. 
	(5)
	Generally,
at least one year after award date. 
	(6)
	Generally,
no later than sixth anniversary of grant date. 

 
 
 

CITIGROUP INC.
  EQUITY AWARD AGREEMENT
  APPENDIX  

This
Appendix constitutes part of the Equity Award Agreement (the "Agreement") and is applicable to the [EQUITY AWARD PROGRAM NAME] award(s) summarized on the first page of
this Agreement. This Appendix is part of the Agreement and sets forth the terms and conditions and other information applicable to the restricted or deferred stock award, and/or
non-qualified stock option grant (an "Option"), made to Participant under the Program, as described in the Award Summary on page 1. Restricted or deferred stock awards and Option grants
are hereinafter referred to as "Awards". All Awards are denominated in shares of Citigroup common stock, par value $.01 per share (referred to herein as "shares" or "Citigroup stock"). The "Company",
for purposes of this Agreement, shall mean Citigroup and its subsidiaries that participate in the Program, except where provided otherwise herein. 

1. Terms and Conditions.    The terms, conditions, and restrictions of the Award are set forth below [IF APPLICABLE:, subject to
the letter agreement between the Company and Participant dated [MONTH] [DAY], [YEAR] (the "Letter Agreement")].
Certain of these provisions [IF APPLICABLE:, except as they are deemed modified by the terms of the Letter Agreement], along with other important information, are summarized in
the [EQUITY PROGRAM NAME] prospectus dated [MONTH] [DAY], [YEAR], and any applicable prospectus
supplement (together, the "Prospectus"). The terms, conditions, and restrictions of the Award include, but are not limited to, provisions relating to amendment, vesting, and cancellation of Awards,
restrictions on the transfer of Awards, and sale restrictions on shares acquired upon the exercise of an Option. 

By accepting an Award, Participant acknowledges that he or she has read and understands the Prospectus and the terms and conditions set forth in this Appendix. Participant
understands that this Award and all other incentive awards are entirely discretionary and that no right to receive the Award, or any incentive award, exists absent a prior written agreement to the
contrary.

Participant understands that the value that may be realized from an Award, if any, is contingent and depends on the future market price of Citigroup stock, among other factors,
and that because equity awards are intended to promote employee retention and stock ownership and to align employees' interests with those of stockholders, equity awards are subject to vesting
conditions and will be canceled if vesting conditions are not satisfied.

Any monetary value assigned to an Award in any communication regarding the Award is contingent, hypothetical, and for illustrative purposes only and does not express or imply
any promise or intent by the Company to deliver, directly or indirectly, any certain or determinable cash value to Participant. Receipt of an Award covered by this Agreement, or any other incentive
award, is neither an indication nor a guarantee that an incentive award of any type or amount will be made in the future, and absent a written agreement to the contrary, the Company is free to change
its practices and policies regarding incentive awards at any time in its sole discretion.

Any actual, anticipated, or estimated financial benefit to Participant from an Award is not and shall not be deemed to be an integral part of Participant's regular compensation
from employment, and any
actual, anticipated, or estimated value of an Award (and/or cancellation of an Award) will not be used in any measure or calculation of any statutory, common law, or other termination or severance
payment to Participant, unless otherwise agreed in writing by the Company.

2. Vesting.    Shares underlying an Award of restricted or deferred stock will be distributed to Participant as soon as practicable following
the vesting date(s) set forth in the Stock Award Summary, subject to receipt of the information necessary to make required tax payments and confirmation by Citigroup that all conditions to vesting and
distribution of the shares have been satisfied. If conditions to vesting are satisfied, an Option will vest and Option shares shall become exercisable in the installment amounts (subject to rounding,
in Citigroup's discretion) and on the vesting dates set forth in the Stock Option Grant Summary. 

Vesting is conditioned on Participant's continuous employment with the Company up to and including the scheduled vesting date, unless otherwise provided
below.

2

 

3. Exercise of Option.    Vested Option shares may be exercised in whole or in part by Participant upon notice to the Company, together with
provision for payment of the grant price (set forth in the Stock Option Grant Summary) and applicable withholding taxes. Such notice shall be given in the manner prescribed by Citigroup and shall
specify the date and method of exercise and the number of Option shares that are being exercised. The currently available option exercise methods, which are subject to change at any time, are
described in the Prospectus. All stock option exercises will be processed in accordance with the Citigroup Equity Compensation administrative procedures and deadlines then in effect. The laws of the
country in which Participant is working at the time of grant, vesting, and/or exercise of the Option (including any rules or regulations governing securities, foreign exchange, tax or labor matters),
and Citigroup accounting or other policies, whether dictated by such country's political or regulatory climate or otherwise, may restrict or prohibit any one or more of the stock option exercise
methods described in the Prospectus; such restrictions may apply differently if Participant is a resident or expatriate employee, and are subject to change at any time. If the last day on which an
Option may be exercised pursuant to any provision of this Agreement is not a trading day on the New York Stock Exchange, then the immediately preceding New York Stock Exchange trading day shall be the
last day on which an Option may be exercised. An Option may not be exercised after the Option Expiration Date set forth in the Stock Option Grant Summary (the "Option expiration date").  The Company is not obligated to notify a
Participant that an Option is nearing expiration.  

4. Sale Restriction on Option Shares.    Except in the case of Participant's termination of employment pursuant to
paragraphs [(b and (e)] [(b), (e), (j), (k) or (l)] of Section 5, Participant acknowledges that shares acquired upon an Option exercise
during the term of Participant's employment may not be sold or otherwise transferred until two years from the date of exercise. 

5. Termination and Interruption of Employment.    Participation in the Program, including but not limited to Participant's right to vest in an
Award or exercise an Option, is conditioned upon Participant's continuous employment with the Company, except as otherwise provided below. 

For all purposes related to an Award, Participant's employment shall be deemed terminated as of the last day of active service with the Company, regardless of any entitlement
to notice, payment in lieu of notice, severance pay, termination pay, pension payment, or the equivalent that may be provided by any other plan, contract, or law. Remaining employed pursuant to a
Company employment termination notice policy or notice period, not to exceed 75 days, shall be considered active service with the Company. If an employee is placed on salary continuation,
active service with the Company shall continue until the last business day immediately preceding the first day of the salary continuation period.

If
Participant's continuous employment with the Company terminates or is interrupted for any reason stated below, Participant's rights with respect to the Award, including any "Core CAP Basic Shares"
and "Core CAP Premium Shares" (each as defined below), "Supplemental CAP Shares" and shares subject to an Option ("Option shares"), each as may be set forth in the Stock Award Summary and/or
Stock Option Grant Summary of this Agreement, will be affected as described below. With respect to any provision herein that provides for the distribution of shares upon the termination of
Participant's employment, such distribution may be delayed for a period of six months, if Citigroup determines that Participant is among the Company's top 50 most highly compensated employees.
Interest will not accrue during the period of delay and there will not be any compensation for loss in market value or otherwise. [INCLUDE PARAGRAPHS (a)—(q) AS
APPLICABLE]: 

        (a) Voluntary Resignation.    If Participant voluntarily terminates his or her employment with the Company, vesting will cease,
as will the right to exercise any vested Option shares, on the date Participant's employment is so terminated; all unvested shares and unexercised Option shares subject to the Award will be canceled
and Participant shall have no further rights of any kind with respect to the Award. 

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        (b)   Disability.

        (i)    A
restricted stock award will continue to vest during the first 12 months of Participant's approved disability leave pursuant to a Company disability policy. If
Participant remains on an approved disability leave for more than 12 months, any unvested portion of the Award will vest and shares of Citigroup stock will be delivered to Participant as soon
as practicable thereafter. 

        (ii)   A
deferred stock award will continue to vest on schedule during the first six months of Participant's approved disability leave pursuant to a Company disability policy.
If Participant is still on such disability leave at the end of such six-month period, or if before the end of such six-month period Participant provides proof satisfactory to
the Company that Participant has been determined by the United States Social Security Administration to be totally disabled, any unvested portion of the deferred stock award will vest and shares of
Citigroup stock will be delivered to Participant as soon as practicable thereafter. 

        (iii)  An
Option will continue to vest on schedule and may be exercised during the first 12 months of an approved disability leave (but not later than the Option
expiration date). If Participant remains on an approved disability leave for more than 12 months, any unvested Option shares will vest immediately, and the Option may be exercised for up to two
years thereafter (but not later than the Option expiration date); the two year sale restriction imposed on Option shares will cease to apply and will not be imposed on any shares that may be acquired
from a future exercise of the Option. 

        (c)   Approved Personal Leave of Absence (Non-Statutory Leave).

        (i)    A
restricted or deferred stock award will continue to vest on schedule during the first six months of Participant's personal leave of absence, provided that
Participant's leave of absence was approved by management of Participant's business unit in accordance with the leave of absence policies applicable to Participant (an "approved personal leave of
absence"). Any unvested restricted or deferred stock will be canceled as soon as the approved personal leave of absence has exceeded six months.. 

        (ii)   An
Option will continue to vest on schedule during the first 12 months of an approved personal leave of absence. Vested Option shares may be exercised during the
first 12 months of an approved personal leave of absence (but not later than the Option expiration date). All unexercised Option shares will be canceled as soon as the approved personal leave
of absence has exceeded six months. 

        (iii)  If
Participant terminates employment for any reason during the first six months of an approved personal leave of absence[, or if on or prior to such time
Participant satisfies the conditions of paragraphs (j), (k) or (l)], then such applicable paragraph of this Section 5 will apply. [For purposes of paragraphs (j),
(k) and (l), Participant's employment will be deemed to have terminated as of the date that an approved personal leave of absence exceeds six months.] 

        (d)   Statutory Leave of Absence.    The Award will continue to vest and Participant may continue to exercise vested
Option shares during an approved leave of absence under the Family Medical Leave Act of 1993, military leave, or other statutory leave of absence (but not later than the Option expiration date),
provided that such leave is approved by management of Participant's business unit, is provided by applicable law and taken in accordance with such law and applicable Company policy (a "statutory leave
of absence"). If a statutory leave of absence is followed without interruption by an approved personal leave of absence, any unvested restricted or deferred stock and unexercised Option shares will be
canceled as of the date that the combined leaves, if continuous, have exceeded six months. If Participant terminates employment for any reason during an approved statutory leave of
absence[, or if on or prior to such time Participant satisfies the conditions of paragraphs (j), (k), or (l)], then such applicable paragraph of this Section 5 will
apply. [For purposes of paragraphs (j), (k) and (l), if a statutory leave of absence is followed without interruption by an approved personal leave of absence, Participant's
employment will be deemed to have terminated as of the date that the combined leaves exceed six months.] 

4

 

        (e)   Death.    If Participant's employment terminates by reason of Participant's death, (i) any unvested
restricted or deferred stock will vest and shares of Citigroup common stock will be delivered to Participant's estate as soon as practicable thereafter; (ii) any unvested Option shares will
vest and may be exercised by Participant's estate for up to two years from the date of Participant's death (but not later than the Option expiration date); and (iii) the two-year
sale restriction imposed on Option shares will cease to apply and will not be imposed on any shares that may be acquired by Participant's estate in a future exercise of the Option. 

        (f)    Involuntary Termination for Gross Misconduct.    Notwithstanding any provisions of this Agreement to the
contrary, if the Company terminates Participant's employment because of Participant's "gross misconduct" (as defined below), vesting of the Award, and the right to exercise vested Option shares, will
cease on the date Participant's employment is so terminated; all unvested restricted or deferred stock and all unexercised Option shares will be canceled as of the termination date of Participant's
employment and Participant shall have no further rights of any kind with respect to the Award. For purposes of this Agreement, "gross misconduct" means any conduct that (i) is in competition
with the Company's business operations, (ii) that breaches any obligation that Participant owes to the Company or Participant's duty of loyalty to the Company, (iii) is materially
injurious to the Company, monetarily or otherwise, or (iv) is otherwise determined by the Personnel and Compensation Committee of the Citigroup Board of Directors (the "Committee), in its sole
discretion, to constitute gross misconduct. For purposes of this paragraph, "Company" shall mean Citigroup and any of its subsidiaries. 

        (g)   Transfer to Non-Participating Subsidiary.

        (i)    If
Participant transfers to a subsidiary that is a member of the "controlled group" of Citigroup (as defined below), or to a subsidiary that is not a member of such
"controlled group," but is consolidated with Citigroup for financial reporting purposes (including, in each case, a transfer covered under the Citigroup Expatriate Program), the Award will continue to
vest on schedule and vested Option shares may continue to be exercised (but not later than the Option expiration date). 

        (ii)   If
Participant transfers to a subsidiary that is not a member of the "controlled group" of Citigroup (as defined below), and that is not consolidated with Citigroup for
financial reporting purposes, [(A)] unvested [shares] ["Core CAP Basic Shares" (as defined below) and "Supplemental CAP Shares"]
will vest and shares of Citigroup stock will be distributed to Participant as soon as practicable thereafter [; (B) a prorated portion of any unvested "Core CAP Premium Shares" (as
defined below) will vest and shares of Citigroup stock will be distributed to Participant as soon as practicable thereafter (such prorated portion shall be calculated (1) by assuming that the
portion of the restricted or deferred stock award scheduled to vest on each different vesting date is a separate award, and (2) for each separate award, by multiplying the number of unvested
"Core CAP Premium Shares" (as defined below) that are subject to such separate award by a fraction, the numerator of which is equal to the number of days the Participant was employed by the Company
during the vesting period applicable to such separate award and the denominator of which is equal to the number of days in the entire vesting period applicable to such separate award);]
and [(C)] vesting of an Option will cease and vested Option shares may continue to be exercised for up to 90 days after the termination date of Participant's employment
(but not later than the Option expiration date). 

        For
purposes of sub-paragraphs (i) and (ii) above, "controlled group" means any company or other entity that is related to Citigroup as a member of a controlled
group of corporations in accordance with Section 414(b) of the United States Internal Revenue Code of 1986 (the "Code") or as a trade or business under common control in accordance with
Section 414(c) of the Code. 

        (h)   Involuntary Termination Other than for Gross Misconduct.    Except as provided in paragraph (n) below,
if Participant's employment is terminated by the Company for any reason other than gross misconduct [and Participant has not met the conditions specified in paragraph (j),
(k) or (l) of this Section 5], [(i)] unvested [shares] ["Core CAP Basic Shares" (as defined below) and
"Supplemental CAP Shares"] will vest and shares of Citigroup stock will be distributed to Participant as soon as practicable thereafter [; (ii) a prorated portion of any
unvested "Core CAP Premium Shares" (as defined below) will 

5

 

vest
and shares of Citigroup stock will be distributed to Participant as soon as practicable thereafter (such prorated portion shall be calculated (A) by assuming that the portion of the
restricted or deferred stock award scheduled to vest on each different vesting date is a separate award, and (B) for each separate award, by multiplying the number of unvested Core CAP Premium
Shares that are subject to such separate award by a fraction, the numerator of which is equal to the number of days the Participant was employed by the Company during the vesting period applicable to
such separate award and the denominator of which is equal to the number of days in the entire vesting period applicable to such separate award);] and [(iii)]
vesting of an Option will cease and any vested Option shares may continue to be exercised for up to 90 days after the termination date of Participant's employment (but not later than the Option
expiration date). 

        (i)    Voluntary Resignation to Pursue Alternative Career.    If [Participant has not met the conditions
of paragraph (j), (k) or (l), and], with the approval of the Senior Human Resources Officer for Participant's business, in his or her sole discretion, Participant voluntarily
resigns from his or her employment with the Company to pursue a continuing full-time career in either government service, for a bona fide charitable institution, or as a teacher at a bona
fide educational institution, (i) unvested "Core CAP Basic Shares" (as defined below) and "Supplemental CAP Shares" will vest and be distributed to Participant as soon as practicable following
receipt of documentation satisfactory to Citigroup of Participant's new employment; and (ii) unvested "Core CAP Premium Shares" (as defined below) will be canceled and Participant shall have no
further rights of any kind with respect to such portion of the Award; and (iii) vesting of an Option will cease and all unexercised Option shares will be canceled as of the termination date of
Participant's employment and Participant shall have no further rights of any kind with respect to the Option. 

        (j)    Satisfying the "Rule of 75."    If Participant has completed a number of full years of service with the Company
that, when added to his or her age, equals at least 75, (i) unvested [shares] ["Core CAP Basic Shares" and "Core CAP Premium Shares" (each as defined below)
and "Supplemental CAP Shares"] will continue to vest on schedule, provided that Participant is not, at any time up to and including any vesting date, employed by a "significant competitor"
of the Company (as defined in paragraph (q) below); and (ii) an Option will continue to vest on schedule and may be exercised (but not later than the Option expiration date) while
Participant is employed by the Company; unvested Option shares will vest on the date Participant's employment with the Company is terminated for any reason other than gross misconduct and may be
exercised for up to two years after the termination date of Participant's employment (but not later than the Option expiration date), provided that Participant is not, at any time up to and including
any exercise date, employed by a "significant competitor" of the Company (as defined in paragraph (q) below). 

        (k)   Satisfying the "Rule of 60."    If Participant [does not satisfy the conditions of
paragraph (j) above, but] (i) is at least age 50 and has completed at least five full years of service with the Company and Participant's age plus the number of full years of
service with the Company equals at least 60, or (ii) Participant is under age 50, but has completed at least 20 full years of service with the Company and Participant's age plus the number of
full years of service with the Company equals at least 60, then (1) unvested [shares] ["Core CAP Basic Shares" (as defined below) and "Supplemental CAP
Shares"] will continue to vest on schedule, provided that Participant is not, at any time up to and including any vesting date, employed by a "significant competitor" of the Company (as
defined in paragraph (q) below); [(2) unvested "Core CAP Premium Shares" (as defined below) will continue to vest on schedule, provided that Participant is not, at any time up to
and including any vesting date, employed by a "significant competitor" of the Company (as defined in paragraph (q) below), and provided that if Participant is no longer employed by the Company,
any unvested "Core CAP Premium Shares" will be canceled on the termination date of Participant's employment and Participant shall have no further rights of any kind with respect to such portion of the
Award;] and (3) an Option will continue to vest on schedule and may be exercised (but not later than the Option expiration date) while Participant is employed by the Company;
provided that Participant is not, at any time up to and including any vesting or exercise date, employed by a "significant competitor" of the Company (as defined in paragraph (q) below), and
provided that if Participant is no longer employed by the Company, vesting of the Option will cease on the date Participant's employment is terminated and any vested Option shares may be exercised for
up to two 

6

 

years
after the termination date of Participant's employment (but not later than the Option expiration date), provided that Participant is not, at any time up to and including any exercise date,
employed by a "significant competitor" of the Company (as defined in paragraph (q) below). 

        (l)    Reaching Age 55 by Certain Legacy Citibank Employees.    If Participant is at least age 55 and is a legacy
Citibank employee who participates in (i) the grandfathered Citibank formula of the U.S. Citigroup Pension Plan or (ii) the grandfathered Citibank formula of the Head Office Guarantee
(HOG) Plan, then [(1)] any unvested [shares] ["Core CAP Basic Shares" (as defined below)] will continue to vest on schedule,
provided that Participant is not, at any time up to and including any vesting date, employed by a "significant competitor" of the Company (as defined in paragraph (q) below);; [(2)
any unvested [shares] ["Supplemental CAP Shares" (as defined below)] will be treated in accordance with paragraph (j) or (k), if applicable, or
will be canceled if Participant is no longer employed by the Company; and [(3)] an Option will continue to vest on schedule and may be exercised (but not later than the Option
expiration date) while Participant is employed by the Company, provided that Participant is not, at any time up to and including any vesting or exercise date, employed by a "significant competitor" of
the Company (as defined in paragraph (q) below). If Participant has received an Award under the Core Capital Accumulation Program and otherwise satisfies the conditions of this
paragraph (l), any unvested Option shares will vest on the date Participant's employment with the Company is terminated for any reason other than gross misconduct and may be exercised for up to
two years after the termination date of Participant's employment (but not later than the Option expiration date), provided that Participant is not, at any time up to and including any exercise date,
employed by a "significant competitor" of the Company (as defined in paragraph (q) below). If Participant has received an Award under the Supplemental Capital Accumulation Program only, even if
Participant has otherwise satisfied the conditions of this paragraph (l), any unvested Option shares will be treated in accordance with paragraph (j) or (k), if applicable, or will be
canceled if Participant is no longer employed by the Company. 

        (m)  Termination of Employment other than for Gross Misconduct or Transfer to Non-Participating Subsidiary, when Also Eligible under
Paragraphs (j), (k) or (l).    If Participant is terminated other than for gross misconduct or is transferred to a subsidiary described in
paragraph (g)(ii) above and on the date Participant's employment is so terminated or transferred, Participant has satisfied the conditions of paragraphs (j), (k) or
(l) above, then the provisions of such paragraph will apply; provided, however, that continued vesting of the Award and the right to exercise vested Option shares will not be subject to the
condition that Participant not be employed by a "significant competitor" of the Company (as defined in paragraph (q) below), and provided further that if Participant has satisfied the
conditions of paragraph (k) but not (j) above, Participant shall also continue to vest in a pro rata portion of any "Core CAP Premium Shares" (as defined below), which portion shall be
computed in accordance with paragraph (h) above. 

        (n)   Employing Company is Acquired by Another Entity (Change of Control).    If Participant is employed by a company
or other legal entity that is acquired by another entity in a transaction that is described in Section 409A(a)(2)(A)(v) of the Code and the regulations thereunder (a "change in
control"), the provisions of paragraph (h) of this Section 5 shall apply; provided, however, that if Participant has satisfied the conditions specified in paragraphs (j), (k) or
(l), any Option shares that vested prior to the effective date of the change in control may be exercised for two years from the effective date of the change in control (but not later then the Option
expiration date). The Committee may, in its sole discretion, accelerate the vesting of additional shares and/or Option shares, and any vesting that occurs as a result of such change in control will
occur on the effective date of the change in control and any distribution of vested shares shall occur as soon as practicable thereafter. If any additional Option shares are vested, the Committee
shall specify the time permitted to exercise such additional Option shares, which may not exceed 90 days, even if Participant has met the conditions of paragraph (j), (k) or
(l) above. 

        (o)   Additional Conditions Applicable to Post-Employment Participation.    Except as otherwise provided
herein, in any instance in which, if, in the determination of the Committee, Participant engages in conduct that is in competition with the Company's business operations, breaches his or her duty of
loyalty or any obligation Participant owes to the Company, or is materially injurious to the 

7

 

Company,
monetarily or otherwise, while holding any shares of Citigroup common stock subject to a sale restriction, such shares may be canceled, in the sole discretion of the Committee. If any such
shares are canceled pursuant to this paragraph (o), Participant will receive a cash payment (without interest) equal to the grant price of the Option under which the shares were issued (as
adjusted, if applicable) multiplied by the number of shares canceled. Additionally, the Committee may cancel any unvested restricted or deferred stock if it determines that Participant has, since the
termination of Participant's employment with the Company, engaged in conduct that breaches any obligation or duty of loyalty to the Company or that is materially injurious to the Company, monetarily
or otherwise. For purposes of this paragraph, "Company" shall mean Citigroup and any of its subsidiaries. 

        (p)   Definition of "Core CAP Basic Shares" and "Core CAP Premium Shares."    "Core CAP Basic Shares" shall mean 75%
(subject to rounding, in Citigroup's discretion) of the number of shares of Citigroup stock in an award of restricted or deferred stock indicated in the Core CAP Restricted (or Deferred) Stock Award
Summary on page 1 of this Agreement; provided, however, in the case of a Participant who participates in (i) the grandfathered Citibank formula of the U.S. Citigroup Pension Plan or
(ii) the grandfathered Citibank formula of the Head Office Guarantee (HOG) Plan, "Core CAP Basic Shares" shall mean 100% of the number of shares of Citigroup stock in an award of restricted or
deferred stock indicated in the Core CAP Restricted (or Deferred) Stock Award Summary on page 1 of this Agreement. "Core CAP Premium Shares" shall mean 25% (subject to rounding, in the Company's
discretion) of the number of shares of Citigroup stock in an award of restricted or deferred stock indicated in the Core CAP Restricted (or Deferred) Stock Award Summary on page 1 of this Agreement,
and shall not apply to a Participant who participates in (i) the grandfathered Citibank formula of the U.S. Citigroup Pension Plan or (ii) the grandfathered Citibank formula of the Head
Office Guarantee (HOG) Plan. 

        (q)   Definition of "Significant Competitor."    For purposes of this Agreement, a "significant competitor" of the
Company shall mean any company or other entity designated by the Committee as such and included on a list of "significant competitors" that will be made available to Participant and which may be
updated from time to time. If Participant has terminated employment with the Company, a "significant competitor" shall mean a company or other entity included on the list in effect at the time
Participant's employment with the Company was terminated. For purposes of this paragraph, "Company" shall mean Citigroup and any of its subsidiaries. 

6. Non-Transferability.    Neither the Award, nor any component of the Award, may be sold, pledged, hypothecated, assigned,
margined or otherwise transferred, other than by will or the laws of descent and distribution, and no Award or interest or right therein shall be subject to the debts, contracts or engagements of
Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition
be voluntary or involuntary or by operation of law, by judgment, lien, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy or divorce), and any attempted
disposition thereof shall be null and void, of no effect, and not binding on the Company in any way. Participant agrees that any purported transfer shall be null and void, and shall constitute a
breach of this Agreement causing damage to the Company for which the remedy shall be a cancellation of the Award. During Participant's lifetime, all rights with respect to the Award shall be
exercisable only by Participant, and any and all payments in respect of the Award shall be to Participant only. The Company shall be under no obligation to entertain, investigate, respect, preserve,
protect or enforce any actual or purported rights or interests asserted by any creditor of Participant or any other third party in the Award, and Participant agrees to take all reasonable measures to
protect the Company against any such claims being asserted in respect of Participant's Award and to reimburse the Company for any and all reasonable expenses it incurs defending against or complying
with any such third-party claims if Participant could have reasonably acted to prevent such claims from being asserted against the Company. 

7. Stockholder Rights.    Participant shall have no rights as a stockholder of Citigroup over any shares covered by an Award, except to the
limited extent provided in the Prospectus for an Award of restricted stock, unless and until shares are distributed to Participant in connection with the vesting of a restricted or deferred stock
award or an Option exercise. During the vesting period, Participant may receive dividend 

8

 

or
dividend equivalent payments in respect of shares subject to a restricted or deferred stock award, to the extent provided in the Prospectus. 

8. Right of Set Off.    Participant agrees that the Company may retain for itself funds or securities otherwise payable to Participant
pursuant to this Award or any award under any equity award program administered by Citigroup to offset any amounts paid by the Company to a third party pursuant to any award, judgment, or settlement
of a complaint, arbitration, or lawsuit of which Participant was the subject; to satisfy any obligation or debt that Participant owes the Company or its affiliates; or in the event any equity award is
canceled pursuant to its terms. 

9. Consent to Electronic Delivery.    In lieu of receiving documents in paper format, Participant hereby agrees, to the fullest extent
permitted by law, to accept electronic delivery of any documents that Citigroup may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award
notifications and agreements, account statements, annual and quarterly reports, and all other forms or communications) in connection with the Award(s) covered by this Agreement and any other prior or
future incentive award or program made or offered by Citigroup or its predecessors or successors. Electronic delivery of a document to Participant may be via a Company e-mail system or by
reference to a location on a Company intranet site to which Participant has access. 

10. Plan Administration.    The Award described in this Agreement has been granted subject to the terms of the Plan, and the shares
deliverable to Participant in connection with an Award, whether upon the exercise of an Option or vesting of a restricted or deferred stock award, will be from the shares available for grant pursuant
to the terms of the Plan. The Board of Directors of Citigroup may terminate or suspend the Plan, and may amend the Plan, subject to the approval of stockholders, if
required, at any time. No termination, suspension or amendment of the Plan shall adversely affect the right of any Participant with respect to any Award theretofore granted, as determined by the
Committee, without such Participant's written consent. 

11. Adjustments.    In the event of any change in Citigroup's capital structure on account of (i) any extraordinary dividend, stock
dividend, stock split, reverse stock split or any similar equity restructuring; or (ii) any combination or exchange of equity securities, merger, consolidation, recapitalization,
reorganization, divestiture or other distribution (other than ordinary cash dividends) of assets to stockholders, or any other similar event affecting Citigroup's capital structure, to the extent
necessary to prevent the enlargement or diminution of the rights of Participants, the Committee shall make such appropriate equitable adjustments as may be permitted by the terms of the Plan and
applicable law, to the number or kind of shares subject to an Award and/or the grant price applicable to an Award. All such adjustments shall conform to the requirements of Section 409A of the
Code, to the extent applicable, and with respect to Awards intended to qualify as "performance-based compensation" under Section 162(m) of the Code, such adjustments or substitutions shall be
made only to the extent that the Committee determines that such adjustments or substitutions may be made without causing the Company to be denied a tax deduction on account of Section 162(m) of
the Code. Citigroup shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes. Notwithstanding the foregoing, the
Committee may, in its discretion, decline to adjust any Award made to a Participant, if it determines that such adjustment would violate applicable law or result in adverse tax consequences to the
Participant or the Company, and neither the Committee nor Citigroup shall be bound to compensate any Participant for any such adjustment not made, nor shall they be liable to Participant for any
additional personal tax or other consequences of any adjustments that are made to an Award. 

12. Taxes and Tax Residency Status.    By accepting the Award, Participant agrees to pay all applicable income and/or social taxes and file
all required tax returns in all jurisdictions where Participant is subject to tax and/or an income tax filing requirement. If Participant is an employee in one of Citigroup's expatriate programs, he
or she agrees to pay all applicable income and/or social taxes and file all tax returns in accordance with the applicable expatriate policy. To assist Citigroup in achieving full compliance with its
obligations under the laws of all relevant taxing jurisdictions, Participant agrees to keep complete and accurate records of his or her income tax residency status and the number and location of
workdays outside his or her country of income tax residency from the date of an Award until the later of the vesting of an Award, the exercise of an Option, or the subsequent sale of any shares
received in connection with an Award. By signing this Agreement, Participant also agrees to provide, upon request, information about his or her tax residency status to Citigroup during such period. 

9

 

Participant
will be responsible for any income tax due, including penalties and interest, arising from any misstatement by Participant regarding such information. 

13. Entire Agreement; No Right to Employment.    [IF APPLICABLE: The Letter Agreement,] [T]he
Prospectus and the Agreement constitute the entire understanding between the Company and Participant regarding the Award and supersede all previous written, oral, or implied understandings between the
parties hereto about the subject matter hereof, including any written or electronic agreement, election form or other communication to, from or between Participant and the Company. Nothing contained
herein, in the Plan, or in any Prospectus shall confer upon Participant any rights to continued employment or employment in any particular position, at any specific rate of compensation, or for any
particular period of time. 

14. American Jobs Creation Act of 2004.    Participant understands that as a result of the American Jobs Creation Act of 2004, which added
Section 409A to the Code, the tax consequences described in the Prospectus under "U.S. Taxes" may be subject to change, and that if Participant is a U.S. taxpayer he or she could be subject to
adverse tax consequences if the Award, the Program and/or the Plan are not conformed to the requirements of Section 409A. Citigroup may modify the provisions of the Award, the Program and/or
the Plan, as necessary, to conform them to the requirements of Section 409A. To the extent Citigroup deems it necessary or appropriate to amend the Award, the Program or the Plan to conform to
Section 409A, Participant shall receive a supplement to the Prospectus describing any such changes. 

15. Arbitration; Conflict; Governing Law.    Any disputes related to the Award shall be resolved by arbitration in accordance with the
Company's arbitration policies. In the absence of an effective arbitration policy, Participant understands and agrees that any dispute related to an Award shall be submitted to arbitration in
accordance with the rules of the American Arbitration Association, if so elected by the Company in its sole discretion. In the event of a conflict between the Prospectus and this Agreement
[IF APPLICABLE: the Letter Agreement and this Agreement], this Agreement [IF APPLICABLE: the Letter Agreement] shall control. In the event of a conflict
between this Agreement and the Plan, the Plan shall control. This Agreement shall be governed by the laws of the State of New York (regardless of conflict of laws principles) as to all matters,
including, but not limited to, the construction, application, validity and administration of the Program. 

16. Consent and Disclosure Regarding Use of Personal Information.    In connection with the grant of this Award, and any other award under the
Program or any other equity award program, and the implementation and administration of any such program, including, without limitation, Participant's actual participation, or consideration by the
Company for potential future participation, in any program at any time, it is or may become necessary for the Company to collect, transfer, use, and hold certain personal information regarding
Participant in and/or outside of Participant's home country. By accepting this Award, Participant explicitly consents (i) to the use of such information for the purpose of being considered for
participation in future equity awards (to the extent he/she is eligible under applicable program guidelines, and without any guarantee that any award will be made); and (ii) to the use,
transfer, processing and storage, electronically or otherwise, of his/her personal information, as such use has occurred to date, and as such use may occur in the future, in connection with this or
any other equity award, as further described below. 

Use,
transfer, storage and processing of personal information, electronically or otherwise, may be in connection with the Company's internal administration of its equity award programs, or in
connection with tax or other governmental and regulatory compliance activities directly or indirectly related to an equity award program. For such purposes only, personal information may be used by
third parties retained by the Company to assist with the administration and compliance activities of its equity award programs, and may be transferred by the company that employs (or any company that
has employed) Participant from Participant's home country to other Citigroup entities and third parties located in the United States and in other countries. Specifically, those parties that may have
access to Participant's information for the purposes described herein include, but are not limited to, (i) human resources personnel responsible for administering the equity award programs,
including local and regional equity award coordinators, and global coordinators located in the United States; (ii) Participant's U.S. broker and equity account administrator and trade
facilitator; (iii) Participant's U.S., regional and local employing entity and business 

10

 

unit
management, including Participant's supervisor and his/her superiors; (iv) the Committee or its designee, which is responsible for administering the Plan; (v) Citigroup's technology
systems support team (but only to the extent necessary to maintain the proper operation of electronic information systems that support the equity award programs); and (vi) internal and external
legal, tax and accounting advisors (but only to the extent necessary for them to advise the Company on compliance and other issues affecting the equity award programs in their respective fields of
expertise). 

        At
all times, Company personnel and third parties will be obligated to maintain the confidentiality of Participant's personal information except to the extent the Company is required to
provide such information to governmental agencies or other parties. Such action will always be undertaken only in accordance with applicable law. The personal information that Citigroup may collect,
process, store and transfer for the purposes outlined above may include Participant's name, nationality, citizenship, tax or other residency status, work authorization, date of birth, age,
government/tax identification number, passport number, brokerage account information, GEID or other internal identifying information, home address, work address, job and location history, compensation
and equity award information and history, business unit, employing entity, and Participant's beneficiaries and contact information. Participant may obtain more details regarding the access and use of
his/her personal information, and may correct or update such information, by contacting his/her human resources representative or local equity coordinator. 

***

11

QuickLinks

[FORM OF CITIGROUP EQUITY AWARD AGREEMENT (EFFECTIVE NOVEMBER 1, 2006)]

Citigroup Inc. Equity Award Agreement

CITIGROUP INC. EQUITY AWARD AGREEMENT APPENDIX

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