Document:

Exhibit

Citibank Tower, Citibank Plaza 
3 Garden Road, Hong Kong
P.O. Box 14, Hong Kong

Strictly Private & Confidential 

January 1, 2009

Mr. Stephen Bird 

Dear Stephen,

Employment Agreement

We are pleased to transfer your employment to Citibank, N.A., Hong Kong Branch, (together with  its affiliates and any successors or assigns of any thereof, the "Company" ). The terms and conditions of your employment are as follows:

		
	Position 
	Chief Executive Officer, North Asia

Head of Consumer Banking & Global Cards, Asia Pacific 

		
	Officer Title 
	Managing Director at grade level "E"

PRE-CONDITIONS

Your employment will be conditional upon your obtaining an appropriate work visa to work in Hong Kong (if applicable), verification of your licences/qualifications (if applicable) and satisfactory reference and background checks.

COMPENSATION

		
	Base salary
	HK$3,347,607 per annum, payable in twelve equal monthly installments one work day before the last work day of each month. Your base salary during the first  and last month of your employment will be prorated to reflect the actual number of days you are in the Company's employment.

Organised under the laws of U.S.A. with limited liability                                    Citibank N.A.

Citibank Tower, Citibank Plaza 
3 Garden Road, Hong Kong
P.O. Box 14, Hong Kong

		
	Annual Discretionary
	You may be eligible to receive annual discretionary incentive and retention awards

		
	Incentive and Retention Award
	which would be paid when all other Company annual discretionary incentive and retention award is paid each year. The exact amount payable, if any, is based on your performance, the performance of your business as well as the Company's performance. Any such incentive and retention award may be payable partly in cash and, partly in restricted or deferred stock award(s) pursuant to and subject to the terms of the Capital Accumulation Prograrn(s) ("CAP") then in effect. In order to receive any incentive and retention award, you must be employed on the day the award is made.

 

Organised under the laws of U.S.A. with limited liability                                    Citibank N.A.

Citibank Tower, Citibank Plaza 
3 Garden Road, Hong Kong
P.O. Box 14, Hong Kong

    
		
	Capital Accumulation Program(s)
	CAP is an incentive and retention award program designed to increase employee share ownership, motivation and retention. CAP award(s) may be made to eligible employees at the discretion of the Company. Generally, CAP award(s) of restricted or deferred shares of Citi stock will be made to certain eligible employees who are selected to receive incentive and retention award for each performance year. An employee participating in CAP will receive CAP award(s) in addition to cash incentive award. Employees who may be eligible in 2009 will receive detailed information about CAP later. This information will explain how CAP works.

		
	Housing 
	You will be entitled to receive a benefit-in-kind for housing. The Company will provide you with a place of residence and the monthly rental payments will be paid by the Company to the lessor. In  terms of dollar value, the current housing benefit provided is HK$300,000 per month. This dollar value excludes government rates, building management fees and utilities which will be paid by the Company and are also considered as part of the housing benefit provided.

BENEFITS

As you are a transfer employee, the Company will recognize your continuity of service for the purposes of benefits entitlement and accrual. Your original employment date (i.e. October 5, 1998) will be used to determine benefits eligibility. In particular, this will reflect in your vacation entitlement and pension vesting in Hong Kong.

The Company offers a comprehensive benefits package, the details of which are set out in the Employee Handbook, including, amongst other staff benefits:

		
	Group Insurance Benefits
	Eligible immediately.

This includes Medical Dental, term-Life and Personal Accident Insurance Schemes.

		
	Retirement Scheme
	Eligible immediately.

You have the option of joining Citibank, N.A. 1987 Retirement Plan, or the Mandatory Provident Fund Scheme. Both Schemes are amended from time to time, subject to the rules of the Scheme.

According to the proportionate taxation rule issued under the Inland Revenue Ordinance, part of your Retirement Benefits may exceed the maximum tax-free limit and therefore may be subject to salaries tax upon payment when you leave the Company or retire.

		
	Vacation Entitlement
	You will be entitled to 22 working days' vacation for each calendar year. During the first and last year of your employment, depending  on your transfer  date, your annual leave entitlement will be prorated according to the benefits policy as set forth in the Employee Handbook, and will be available after three months' service in Hong Kong.

    

Organised under the laws of U.S.A. with limited liability                                    Citibank N.A.

Citibank Tower, Citibank Plaza 
3 Garden Road, Hong Kong
P.O. Box 14, Hong Kong

		
	Personal Loan
	Eligible immediately

The Company reserves the right to change the benefits set forth therein at any time and without notice. 

RELOCATION

Please refer to the attached letter.

TAXATION

Unless otherwise stated in this letter, you will be solely responsible for your personal tax liabilities in Hong Kong or elsewhere in respect of any amounts received pursuant to your employment with the Company.

TERMINATION

		
	(a)
	Either party may terminate the employment by giving appropriate written notice as per below to the other party, or by payment in lieu of notice.

You agree to not resign, retire or otherwise terminate your employment with the Company without first giving the Company 75 days prior written notice of the effective date of your last day of employment if, at the time of notice, you are a Managing Director, 50 days prior written notice if you are a Director, or 30 days prior written notice if you are below Director. The Company may, in its sole discretion:

		
	(i)
	waive all or any part of the applicable notice period and consider your termination effective on any such earlier date as determined by it which shall not be sooner than 2 business days from the date of your notice;

		
	(ii)
	remove you from any assigned duties, assign you to other duties or require you to remain away from its offices, during all or any part of the applicable notice period; and/or

		
	(iii)
	elect to accelerate your then current salary for the applicable notice period and pay it to you in lieu of notice.

(d)     For the purpose of this letter, a termination "for cause" shall mean a termination pursuant to any grounds on which the Company is entitled to summarily terminate the employment in accordance with the Employment Ordinance (Cap 57) of Hong Kong or breach of any policies or regulations of the Company.

ACT IN GOOD FAITH

Throughout your employment and during the applicable notice period, you will not in any way, directly or indirectly, solicit or induce or attempt to solicit or induce away from the Company or any subsidiary or affiliate of the Company in Hong Kong or elsewhere any business from any of their respective customers, clients or accounts with whom you have had contact during employment or any of their respective employees. In the event of a breach, the Company is entitled to pursue any proceedings it deems necessary to enforce its rights and interests under this provision for and on behalf of itself or its affected subsidiary or affiliate.

In addition, you acknowledge and recognize the highly competitive nature of the businesses of the Company and accordingly agree  as  follows:

		
	(i)
	For a period of three (3) months from your last day of employment with the Company, you will not enter into competitive endeavors and will not undertake any commercial activity which  competes  with  any business carried on by the Company or Citigroup in Hong Kong with which you were materially involved in, concerned with or connected with during the last twelve (12) months of your employment with the Company.

		
	(ii)
	For a period of three (3) months from your last day of employment with the Company, you will not in any way, directly or indirectly, induce or attempt to induce or otherwise counsel, advise, encourage or solicit any person to leave the employment ofthe Company or Citigroup.

		
	(iii)
	You acknowledge that should you breach (i) or (ii) above, the Company and Citigroup will suffer immediate and irreparable harm and that money damages will be inadequate relief. Therefore, you agree that the Company and Citigroup will be entitled to injunctive relief to enforce this paragraph and you consent to the issuance by a court of competent jurisdiction of a temporary restraining order, preliminary or permanent injunction to enforce its rights under (i) and (ii) above.

    

Organised under the laws of U.S.A. with limited liability                                    Citibank N.A.

Citibank Tower, Citibank Plaza 
3 Garden Road, Hong Kong
P.O. Box 14, Hong Kong

ASSIGNMENT

Your obligation hereunder is personal and may not be assigned by you. The Company may however assign this employment contract, or second you, to any of its affiliates or subsidiaries in Hong Kong or overseas. The benefits of this employment contract shall inure to the benefit of the Company's assigns, transferees and successors.
    
SEVERABILITY

In the event that any provision of this letter shall be determined to be invalid or unenforceable, in whole or in part, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by law.

ENTIRE AGREEMENT

This letter sets out all the terms and conditions of your employment and supercedes any other documents, discussions or agreements that you may have had with the Company or any officer or agent of the Company prior to the date hereof.

COMPLIANCE  WITH  RULES AND  POLICIES

Throughout your employment you will be subject to, and you hereby agree to abide by, the Company's policies and procedures including, without limitation, the Employee Handbook and the Code of Conduct, that are in effect from time to time.

GOVERNING LAW

This letter shall be construed and governed in accordance with the laws of Hong Kong. The parties irrevocably submit to the non-exclusive jurisdiction of the courts of Hong Kong to hear any disputes arising out of or in connection with this letter.

Organised under the laws of U.S.A. with limited liability                                    Citibank N.A.

Citibank Tower, Citibank Plaza 
3 Garden Road, Hong Kong
P.O. Box 14, Hong Kong

Should you decide to accept the offer outlined above, please acknowledge your acceptance by signing and returning to us the duplicate copy of this letter. In the meantime, if you have any further questions regarding our offer of employment, please do not hesitate to contact us.

Sincerely yours,
For and on behalf of
Citibank N.A. Hong Kong Branch

/s/ Terry Endsor    
Terry Endsor 
Head of Human Resources
Citi Asia Pacific

I accept all the terms and conditions of this letter including, in particular, my obligations to reimburse the Company of any Special Payments. I confirm that I have obtained the appropriate work visa to work in Hong Kong. I further confirm that I am not subject to any fine, suspension or any other regulatory action in Hong Kong or elsewhere and that I am not aware of any contractual or similar impediment to entering and performing my obligation under the terms of this letter.

/s/ Stephen Bird                    8th Jan 2009
Stephen Bird                    Date

Organised under the laws of U.S.A. with limited liability                                    Citibank N.A.

Citibank Tower, Citibank Plaza 
3 Garden Road, Hong Kong
P.O. Box 14, Hong Kong

Mr. Stephen Bird

Relocation Benefits

The Company offers a comprehensive relocation package and you will be eligible to receive the following benefits: 

Shipment of household goods
The Company will arrange to ship your household goods from Singapore to Hong Kong and will provide household
goods transit insurance for your surface and air shipments.
    
The Company may provide permanent storage fees for your household goods items, if necessary.

Airfare
The Company will reimburse the cost of one-way airfare from Singapore to Hong Kong for you and your spouse and your unmarried dependent children living in the same household to take up your employment. Tickets may be arranged through one of the Company's authorized travel agents.

Loss of Car Sale
You will be entitled to Loss of Car Sale in accordance with the Company's policy.

Temporary accommodation
The Company will provide temporary accommodation (basic room rates and taxes) for up to thirty (30) days in Hong Kong.

Tax Preparation Services
The Company will provide annual tax return preparation services by the Company's designated accountants during your employment for both of your host and home country income tax.

Personal Tax
You will be solely responsible for ensuring that any personal income tax liabilities arising from these benefits are fully discharged.

Please countersign the copy of this letter to confirm your agreement to these terms.

/s/ Terry Endsor                        _______________________
Authorized by: Terry Endsor                     Date

/s/ Stephen Bird                        8/01/2009_______________ 
Agreed by: Stephen Bird                    Date

Organised under the laws of U.S.A. with limited liability                                    Citibank N.A.

Organised under the laws of U.S.A. with limited liability

June 17, 2015

PRIVATE & CONFIDENTIAL

Stephen Bird
CEO, Asia Pacific Region    
Citi
3 Garden Road, Central
Hong Kong    HKG 

Dear Stephen:

       Citi Expatriate Program-Assignment Letter  

On behalf of Global Mobility, I am pleased to confirm the terms and conditions of your expatriate assignment to Global Consumer Banking in the United States pursuant to the Citi Expatriate Program (your “Expatriate Assignment”).  Global Mobility is the unit within Citi that oversees administration of the Citi Expatriate Program.  “Citi” refers to Citigroup Inc. and its subsidiaries, including your current employer at Citi and the host company or companies that make up the business unit in your assignment location in the United States, which is your assignment country. 

Your Expatriate Assignment is scheduled to start on July 1, 2015, subject to you obtaining the necessary visa.  Citi will assist you and your family in obtaining the appropriate documents.  

EMPLOYMENT STATUS 

During the term of your Expatriate Assignment, you shall remain an employee of Citibank N.A., Hong Kong Branch as set out in your employment agreement dated January 1, 2009 (your “Employment Agreement”), which will be lending your services to Global Consumer Banking and Citibank N.A. in the United States pursuant to an inter-company agreement for the supply of employee services.  Please be advised your Expatriate salary and benefits will be administered by Citibank, N.A. in the United States as agent for your employer, pursuant to the terms and conditions of the Citi Expatriate Program. During this time you will not be an employee of Citibank, N.A. in the United States. 

This letter is not an employment contract or a guarantee to employ you for any definite period of time or at any place at any time.  To the extent legally permissible, your employment by Citi at all times is on an “at-will” basis and may be terminated at any time (subject to any applicable notice provisions in your Employment Agreement) by you or by Citi.  In the event you voluntarily apply for and are granted permanent resident status or citizenship in the United States, your Expatriate Assignment may be terminated. 

CITI EXPATRIATE PROGRAM

The current terms and conditions of the Citi Expatriate Program are described in detail in the Expatriate Handbook.  The most recent edition of the Expatriate Handbook has been delivered to you together with this letter.  You should refer to the Expatriate Handbook for more detailed descriptions of matters summarized in 

this letter.  In the event of any conflict between the description of an item of expatriate compensation or other feature of the Citi Expatriate Program in this letter and its description in the most recent edition of the Expatriate Handbook, the Expatriate Handbook will control.

Because you will remain an employee of Citibank N.A., Hong Kong Branch during the term of your Expatriate Assignment, you are not eligible for any benefits or salary provided to Citi employees who are employed under local terms and conditions in the United States.  However, while on Expatriate Assignment you will be subject to certain local practices and customs, such as office hours and dress policies, holiday schedules and, if applicable, restrictions in certain countries on participation in Citi equity compensation and investment programs.  Also, you must comply with all regulatory systems and controls, and internal policies and procedures, including with respect to the effective management of risk that apply in your assignment country.

This letter summarizes key elements of the expatriate policies regarding compensation, allowances, reimbursements, tax equalization and other benefits that apply to Citi Expatriates generally and to your Expatriate Assignment specifically.   The preliminary salary worksheet attached to this letter will provide you with an estimate of your compensation and the allowances you will be eligible for during your Expatriate Assignment.  Allowances fluctuate based on various factors, including exchange rates, other market data, and conditions in the assignment country, and are subject to change.  Refer to the most recent Expatriate Program Handbook or contact me for additional details regarding specific allowances. 

DURATION OF AND REASON FOR ASSIGNMENT 

It is anticipated that your participation in the Citi Expatriate Program to fill a specific need as CEO of Global Consumer Banking will end on December 31, 2016, but in any event will not exceed three complete years (36 months), subject to business requirements, market conditions, your job performance and other factors to be considered at Citi’s discretion. If your participation extends beyond three complete years (36 months), during the fourth year, Citi, in its sole discretion, may extend your participation or begin to explore other options, including but not limited to, termination of participation. 

It is anticipated upon termination of your participation (subject to agreement by your Citi employer and/or the assignment host or other relevant parties), Citi shall offer you employment under local terms and conditions in the assignment country, the United States.  However if this should change and provided you have not resigned and your employment has not been terminated involuntarily for cause, if you are not offered (or you do not accept) continued employment with Citi upon termination of your participation, Citi will provide relocation assistance, as detailed in the Expatriate Handbook, to repatriate you to Hong Kong.

EXPATRIATE SALARY AND OTHER COMPENSATION

As of the start date of your Expatriate Assignment, your annual gross base salary will be HK$ 3,877,923 and your job level is Managing Director . As always, your salary remains subject to change, but for the duration of your Expatriate Assignment to Global Consumer Banking in the United States, your compensation country will be Hong Kong  and your salary will be paid in Hong Kong Dollars. Additional details regarding expatriate salary administration can be found in the Expatriate Handbook under the heading “Compensation.”  

Notwithstanding any other provisions of this letter to the contrary, incentive compensation awarded to you and other compensation payable to you during your Expatriate Assignment may be subject to structures and terms and conditions established in accordance with applicable regulatory requirements in your assignment country, as determined by Citi.  Any such requirements are subject to change at any time.

Your salary and any other payments you may receive as a participant in the Citi Expatriate Program are subject to such deductions as are required by law, and as provided pursuant to the Citi Expatriate Program’s tax equalization policy. Elements of the tax equalization policy and other policies and procedures regarding expatriate taxation, including your responsibilities in this regard, are further described below and in greater detail in the Expatriate Handbook under the heading “Tax.”  Note that as part of tax equalization, you may be required to make payments to Citi from time to time, including after your Expatriate Assignment has ended.

As a participant in the Citi Expatriate Program, you will be eligible for the following benefits, subject to the applicable terms and conditions described in detail in the Expatriate Handbook:

	
		
	Annual home leave ticket to designated country
	Housing and utilities allowance
     

	Destination service assistance
	Household goods shipment and transit insurance

	Excess baggage of US$500 per person (each way)
	Moving allowance 

	Final transportation
	Pre-assignment medical examinations/inoculations

	Goods & Services differential (if applicable)
	Pre-assignment trip (house hunting)

	Home country permanent storage
	 Lease break on sending country property

	School visitation trips (Economy-class)
	 Tax equalization/tax protection and tax preparation services

	Temporary living in assignment location
	 

To cover any difference in the cost of goods and services between Hong Kong and New York, you may receive a monthly Goods and Services (G&S) differential payment.  The amount of this payment can change monthly depending on inflation, foreign exchange rates, family size, and salary (capped at HK$ 1,165,000 ).  It is paid only if the cost of goods and services in New York, as determined by our outside consultant, exceeds the costs in Hong Kong. You acknowledge that receipt of a G&S differential payment in one month is not a guarantee that you will receive a G&S differential payment in the same amount (or any amount) in any subsequent month.

Your housing and utility allowance will be paid monthly, beginning with the month in which you occupy expatriate housing.  This housing and utility allowance replaces the housing benefit described in your Employment Agreement, which benefit is suspended while you reside in the United States under your Expatriate Assignment.  The initial amount of your allowance is based on your current job level and family size (which includes only those dependents who accompany you on Expatriate Assignment) and is limited to an amount determined for your assignment country. The housing and utilities allowance is subject to periodic reviews and may change based upon survey data provided by an independent consultant, or upon changes in your family.  You agree to notify Citi promptly of any changes in your family status or if any accompanying family members cease to live with you full-time in the assignment country. You agree that you will be solely responsible for any rental and utility costs in excess of the housing and utilities allowance.  We encourage you not to purchase a home in the assignment location while on Expatriate Assignment as you will forfeit your housing and utility allowance benefit if and when you do.

As an initial moving allowance, you will receive a one-time lump-sum payment of HK$ 77,560 to cover some of your incidental moving expenses.  

EXPATRIATE HANDBOOK

All of the benefits, allowances, and policies referred to in this letter are subject to the terms, conditions and limitations set forth in the Expatriate Handbook, as it may be modified from time to time.  Please note that your participation in the Citi Expatriate Program and entitlement to these benefits is subject to your satisfactory 

performance of certain responsibilities in connection with the administration of these benefits, especially your obligations to submit reimbursement requests within certain deadlines, to provide timely and effective cooperation in the tax return preparation process, to promptly refund to Citi any overpayments you may receive, to promptly pay any tax equalization balance owed to Citi and to promptly realize and return to Citi the value of certain tax credits and benefits that accrue to you but that rightfully belong to Citi pursuant to the tax equalization policy, as described in the Expatriate Handbook.  If you fail to perform any of these obligations, you may lose your eligibility for expatriate benefits, and you may be subject to disciplinary action.  By signing this letter and accepting your Expatriate Assignment, you affirm that you have read and that you understand the Expatriate Handbook and that you accept these obligations.  You may contact Global Mobility if you have any questions.  Contact information can be found under the contact section of the Global Mobility Citi For You site.

The terms and conditions of expatriate benefits and the policies and procedures that make up the Citi Expatriate Program may change.  The Expatriate Handbook will be updated from time to time to reflect such changes or to clarify certain matters.  The most recent version of the Expatriate Program Handbook will be available on the Global Mobility Citi For You site.
 
If a benefit specified above as applying to you is eliminated entirely from the Citi Expatriate Program, you will remain eligible for such benefit until the conclusion of your Expatriate Assignment, as provided in the most recent version of the Expatriate Handbook prior to its elimination, but subject to modification in the ordinary course of business.  Unless you are notified otherwise, you will be eligible for any benefits added in subsequent editions of the Expatriate Handbook, subject to the terms and conditions described therein.

TAX MATTERS AND EXPATRIATE RESPONSIBILITIES

During your Expatriate Assignment, you will be tax equalized to Hong Kong. The tax equalization policy and the expatriate  benefits you will receive are designed with the intent that your out-of-pocket costs for certain living expenses while on Expatriate Assignment, including income taxes, will be similar to what you would have paid had you been or remained an employee under local terms and conditions in your compensation country.  To ensure the fair and equitable administration of the Citi Expatriate Program, you agree to follow the procedures and policies outlined in the Expatriate Handbook, and specifically, to assume the following responsibilities:

		
	•
	Actual and Hypothetical Taxes

As provided in the Expatriate Handbook, as part of the tax equalization process, Citi will pay all income taxes to all taxing jurisdictions on total Citi compensation (and taxable expatriate allowances, reimbursements and benefits) paid during your Expatriate Assignment.  During this same period, Citi will deduct hypothetical taxes from your expatriate salary each month, and from any incentive compensation, including cash bonuses, performance share units, deferred cash awards and equity compensation that is paid to you during your Expatriate Assignment.  You will be responsible for paying hypothetical tax to Citi in cash on any income from Citi equity awards during your Expatriate Assignment (e.g., stock option exercise gains and the value of stock awards at vesting) to the extent the amount of hypothetical tax due on such income may not be deducted in shares.  Payment of hypothetical tax on income from Citi equity awards will be due immediately at the time of the relevant transaction, and if provision for immediate payment in full is not made, your equity award transaction or your rights to the award may be cancelled.

Hypothetical taxes, calculated on your Citi compensation (including equity compensation), will be based on  Hong Kong income tax law in effect at the time each item of Citi compensation is paid to you, as determined by Citi and its tax and legal advisors.  By accepting your Expatriate Assignment, you agree to pay hypothetical 

tax in accordance with the tax equalization policy. You acknowledge that your hypothetical tax obligation to Citi may exceed the amount of actual tax you would pay on the same income were you not subject to the tax equalization policy. 

You will be responsible for all actual taxes due on any non-Citi income, but, as more fully explained in the Expatriate Handbook, you may claim a limited right to tax protection for non-Citi income that becomes subject to tax in your assignment country.  If you receive income from Citi performance share units, equity or deferred cash awards after your Expatriate Assignment has ended but that is subject to tax in a former assignment location, you may also be entitled to a limited tax protection benefit, as more fully described in the Expatriate Handbook.

As more fully described in the Expatriate Handbook, Citi’s expatriate tax preparer, currently PricewaterhouseCoopers (“PwC”), may prepare an annual tax equalization calculation to compare the hypothetical tax withheld from your compensation and paid by you during each year of your Expatriate Assignment to your total hypothetical tax liability for the year on an annualized basis.  If the calculation shows a balance owing to you, it will be paid by Citi within 30 days.  If the calculation shows a balance owing to Citi, you agree to pay the outstanding hypothetical taxes within 30 days of the date of your final tax reconciliation statement for the year.  If you fail to pay by this deadline, you may be subject to disciplinary action.

		
	•
	Filing Tax Returns

You agree to cooperate with PwC in preparing any required income tax returns; including providing PwC with any required information in a timely manner and ensuring that it is complete and accurate in all material respects.  You will be liable for any charges, penalties and interest assessed by the taxing authorities as a result of any untimely or inaccurate submissions by you.

		
	•
	Payment of Certain Tax Benefits to Citi

Because Citi will pay your actual tax liabilities on Citi compensation and taxable expatriate allowances, reimbursements and benefits, and the “tax” you pay on such income will be limited to hypothetical tax on Citi compensation, you agree that Citi will be entitled to receive the value of any foreign tax credits or other tax benefits you may claim on your personal tax returns.  Citi or PwC will advise you as to any such benefits that may be claimed on your personal tax return and you will be entitled to tax preparation services after your Expatriate Assignment has ended to the extent necessary for you to realize such benefits.  As a condition to your Expatriate Assignment, you agree to use your best efforts to realize any such benefits at the earliest possible opportunity and to pay the value of such benefits to Citi within 30 days of the date you file the applicable tax return on which they were utilized, or if sooner, upon your receipt of a corresponding income tax refund.  You agree that this obligation may survive the termination of your Expatriate Assignment or your employment by Citi.

EMPLOYEE BENEFITS AND COUNTRIES DEFINED

Generally you will remain eligible for mandatory or government social/welfare programs in your pension country to the extent legally possible, and you will not be eligible for any company or government provided benefits in your assignment country, unless required by law.  

		
	•
	Employee Benefits

Throughout your Expatriate Assignment, you will be eligible for the expatriate health and insurance program, which includes medical and dental coverage.  Information on your  other broad-based expatriate benefits will be provided to you under separate cover.  During your Expatriate Assignment, you will not be eligible for local 

employee benefit programs in Hong Kong, except for retirement plans (to the extent permitted or required under the terms of the Expatriate Program).

		
	•
	Countries Defined

Your Expatriate Assignment will typically impact more than one jurisdiction.  In order to facilitate the best possible management of expatriate benefits, the countries to which you have a relationship during your Expatriate Assignment are specified as follows:

Your assignment country is the United States and your compensation country is Hong Kong.

Your pension country is Hong Kong.  You will continue to be covered under the Employee Choice Retirement Plan (ECRP) and Total & Permanent Disability (TPB) which is the current retirement plan for your pension country for which you are eligible. 

Your home leave country is the United Kingdom and is the country to which you and your family may take your annual home leave.  

VARIATION OR TERMINATION OF POLICY AND/OR TERMS OF ASSIGNMENT 

Citi reserves the right to modify, amend and/or discontinue any of the benefits, policies or other terms and conditions of the expatriate program described in this letter and/or the Expatriate Handbook at any time and from time to time.  Citi also maintains, and you acknowledge by signing below, that the place of work is not an essential element of the employment relationship and can be changed by Citi, in its sole discretion.  

NOTICE 

Your employment may be terminated in accordance with the notice provisions set out in your Employment Agreement.  

The benefits described in this letter and Expatriate Handbook, and your participation in the Citi Expatriate Program (except with respect to any rights and obligations that expressly survive termination of your Expatriate Assignment, such as rights to repatriation, reimbursement of expenses or tax protection, if applicable, and any payments that may be owed by you to Citi), will cease on the termination of your Expatriate Assignment.  

You should refer to the section of the Expatriate Handbook titled “Conclusion of Expatriate Assignment” for further information on what happens in the event of the termination of your employment (by Citi or by you) during your Expatriate Assignment.

RIGHT OF SET OFF

As a condition of your participation in the Citi Expatriate Program, you agree that any obligation you incur as a participant in the Citi Expatriate Program to pay or refund any amount to Citi (including your obligation to realize and pay to Citi certain tax benefits) will survive the termination of your Expatriate Assignment and the termination of your employment with Citi; that, to the extent permitted by applicable law, any such amounts owed by you may be set off against salary, deferred compensation and incentive awards, or any other amounts owed to you by Citi; and that this right of set off will be in addition to any other legal or equitable remedies that may be available to Citi if amounts owed by you are not timely paid in full.  You agree that amounts owed by you to one Citi entity may be set off against amounts payable to you by another Citi entity.

DATA PRIVACY

By signing this letter, you agree that Citi, any affiliated company, and third parties may, in connection with your employment and/or your Expatriate Assignment (during and after termination), process personal data (including sensitive personal data) for the purposes of managing your employment and assignment arrangements (for example, for the provision of benefits to you), for compliance with legal and regulatory obligations (including, but not limited to, the prevention and detection of crime and anti-terrorism), for the purpose of Citi’s business or other legitimate interests or as otherwise required or permitted by law or regulation. Because of the international nature of an expatriate assignment, your personal data will, subject to applicable law, be transferred to other countries for the purposes of managing your Expatriate Assignment.  This means that personal data will be transferred to countries, particularly the United States, where Citi’s data servers are located.  Each country provides different standards of legal protection of personal data. 

REPAYMENT AGREEMENT 

If your employment with Citi or one of its subsidiaries or their affiliates (jointly and severally “Citi”) terminates for any reason within 12 months after the start date of your Expatriate Assignment, other than if your employment is involuntarily terminated because of (a) a staff reduction or realignment of the work force causing elimination of your position, (b) a significant reduction, change or elimination of the need for specialized skills, (c) a relocation or dissolution of business, (d) the sale of any portion of a business if you are not offered a position by the acquiring organization at substantially the same salary rate, or (e) a schedule change that results in a loss of eligibility for benefits or a change in employment status from full-time to part-time (or vice-versa), you agree to repay the gross amount of all of the relocation expenses paid or reimbursed by Citi to you or on your behalf in accordance with the Citi Expatriate Program (your “Relocation Expenses”).  For the avoidance of doubt, “gross amount” of your Relocation Expenses means the amount of each relocation benefit paid or reimbursed by Citi to you or on your behalf, plus the actual tax liability on such amounts paid or payable on your behalf by Citi pursuant to the tax equalization policy. 

You understand and voluntarily agree that the gross amount of any Relocation Expenses that you owe Citi may be deducted from any amounts or wages owed to you by Citi upon the termination of your employment, to the extent permitted by applicable law.  If these deductions are insufficient to reimburse Citi fully, you will remain liable for the balance of such Relocation Expenses and agree to pay Citi that balance within three months after your termination date.

SIGNATURE

Please sign and date two copies of this letter and return one copy to me and retain the other copy for your records.  By signing below, you agree to the terms and condition and to abide by the policies of the Citi Expatriate Program and your Expatriate Assignment as summarized and set forth in this letter and the Expatriate Handbook, which you acknowledge that you have read and understood.

I wish you much success in your new assignment.

Sincerely,

/s/ Heather Cummo                Date:  6/17/2015                  
Heather Cummo
Global Mobility Coordinator

Accepted by:    /s/ Stephen Bird        Date:  22/6/2015                  

Attachment:     Expatriate Pay Statement Estimate

	
				
	 
	EXPATRIATE PAY STATEMENT ESTIMATE
	 

	 
	 
	 
	 

	NAME:
	Stephen Bird
	GEID:
	 

	HOME LOCATION:
	Hong Kong
	HOST LOCATION:
	New York

	MARITAL STATUS:
	Married
	LIVING AT POST:
	 

	STAFF TYPE:
	Program A
	TAX EXEMPTIONS:
	 

	LEVEL:
	MD
	HARDSHIP ALLOW%:
	0

	HOST TO HOME FX RATE:
	0.12902726
	JOB GRADE:
	6

This is a preliminary salary worksheet.  It provides an estimate of your compensation and allowances under the expatriate program.  This statement is an estimate of net pay.  It includes medical and dental voluntary deductions. Allowances fluctuate based on various conditions, including exchange rates.  For additional details, please refer to the Expatriate Handbook.                            
	
						
	 
	 
	Monthly (HKD)
	Annual (HKD)
	Monthly (USD)
	Annual (USD)

	COMPENSATION
	BASE SALARY
	323,160.25
	3,877,923.00
	$41,696.48
	$500,357.78

	ALLOWANCES
	HOUSING ALLOWANCE
	93,003.60
	1,116,043.20
	$12,000.00
	$144,000.00

	 
	UTILITY ALLOWANCE
	5,812.73
	69,752.70
	$750.00
	$9,000.01

	 
	GOODS & SVC ALLOWANCE
	7,694.40
	92,332.80
	$992.79
	$11,913.45

	PRE-TAX DEDUCTIONS
	MEDICAL CONTRIBUTION
	-3,617.25
	-43,407.00
	-$466.72
	-$5,600.69

	 
	DENTAL CONTRIBUTION
	-113.75
	-1,365.00
	-$14.68
	-$176.12

	HYPO TAX PAID BY EMPLOYEE
	HYPO FEDERAL - HONG KONG
	-46,967.24
	-563,606.88
	-$6,060.05
	-$72,720.65

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	NET PAY 
	 
	378,972.74
	4,547,672.88
	$48,897.81
	$586,773.77

Below is a brief summary of expatriate eligible allowances:                                       

Housing Allowance:  Citi will contribute towards the cost of housing in the assignment country up to housing allowance limits established in the assignment location. They are based on job level/position and family size at the assignment location. Your housing allowance limit is 12,000.00 /month (amount in local currency). 

Utility Allowance:  You will be reimbursed for utilities expenses such as water, gas, electricity and home heating fuel separately, up to a limit established for the host country. In locations where an established utility allowance does not exist, actuals will be reimbursed per policy. Consult with your Assignment Country Mobility Coordinator for additional details. Your utility allowance limit is 750.00 /month (amount in local currency).                                              

Goods and Services (G&S) Allowance:  When everyday living costs are higher in the assignment location than in the compensation country, Citi will pay a G&S differential. This is based on spendable income up to a predetermined maximum annual base salary, actual family size (up to a maximum of six eligible family members including Expatriate), expatriate living costs in the assignment location, and exchange rates.
	
		
	Index:
	123.37

	Family Size:
	 

	Exchange Rate:
	0.1290272

	Spendable:
	474,392.65

 

Moving Allowance:  A lump-sum net moving allowance of HKD 77,560.00 will be credited to your account once you have                                                 
started your expatriate assignment.                                                                                       

Wednesday, June 17, 2015Exhibit

____ PSU FORM OF AWARD AGREEMENT

Citigroup Inc.
Performance Share Unit Award Agreement
Summary

Citigroup Inc. (“Citigroup”) hereby grants to {NAME} (the “Participant”) the performance share unit award summarized below pursuant to the terms of the Discretionary Incentive and Retention Award Plan, as amended and restated effective January 1, 2015 (“DIRAP”).  The terms, conditions and restrictions of your award are contained in this Award Agreement, including the attached Terms and Conditions (together, the “Agreement”).  

For the award to be effective, you must accept below acknowledging that you have received and read this Agreement, including the Appendix.  If you do not formally accept the terms and conditions of your award within the time period prescribed by Citigroup, the award summarized below will be withdrawn and cancelled.

Summary of Participant’s Performance Share Unit Award (the “Award”)

	
		
	Award Date
	[Date]

	Target Award (the “Target Award”)
	[Number] Performance Share Units (“PSUs”)

	Vesting Dates (and percentage vesting), (each, a “Vesting Date”)
	________ __, 20__ (33 1/3%)1
________ __, 20__ (33 1/3%)
________ __, 20__ (33 1/3%)

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 (which includes the attached Terms and Conditions), acknowledging hereby that I have read and that I understand such document, and Citigroup’s policies, as in effect from time to time, relating to the administration of Citigroup’s incentive compensation programs.

CITIGROUP INC.    PARTICIPANT'S ACCEPTANCE:

By: ________________________    __________________________
[Name]    Name:
[Title]    GEID:

_______________ 

		
	1 
	The vesting dates included in award agreements for the Awards granted on February 16, 2016 were January 20, 2017, January 20, 2018, and January 20, 2019. The vesting schedule presented in this form of Award Agreement is indicative and may vary from year to year.

     

CITIGROUP INC.
PERFORMANCE SHARE UNIT AWARD AGREEMENT
TERMS AND CONDITIONS

The Terms and Conditions below constitute part of this Agreement and relate to the Award described on the Award Summary.  Except as otherwise provided herein, the “Company” means Citigroup and its consolidated subsidiaries.  The “Committee” means the Personnel and Compensation Committee of the Citigroup Board of Directors or any person acting with authority delegated from such Committee. 

1.    Participant Acknowledgements.  By accepting the Award, Participant acknowledges that:

(a)Participant has read and understands these Terms and Conditions.  Participant acknowledges that the official language of these documents is English.

(b)Participant understands that the Award and all other incentive awards are entirely discretionary.  Participant acknowledges that, absent a prior written agreement to the contrary, he has no right to receive the Award, or any incentive award, that receipt of the Award 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 that the Company is free to change its practices and policies regarding incentive awards at any time in its sole discretion.

(c)Because the Award is intended to promote employee retention, among other interests, the Award will be cancelled if performance and vesting conditions set forth herein are not satisfied or if a clawback provision is applied.  The Award is a forward-looking award that delivers value only to the extent that performance goals and conditions are attained and specified service conditions are satisfied.

(d)Any actual, anticipated, or estimated financial benefit to Participant from the Award (or any other incentive award) is not and will not be deemed to be a normal or an integral part of Participant’s regular or expected salary or compensation from employment for any purpose.  Participant hereby agrees that neither the Award nor any amounts payable in respect of the Award will be considered when calculating any statutory, common law or other employment-related payment to Participant, including any severance, resignation, termination, redundancy, end-of-service, bonus, long-service awards, pension, superannuation or retirement or welfare or similar payments, benefits or entitlements.

(e)The value that may be realized from the Award, if any, is contingent and depends on the future market price of Citigroup stock, among other factors.  Any monetary value assigned to the Award in any communication 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.  

(f)The Award is an unsecured general obligation of Citigroup and, until paid in accordance with its terms, is subject to the claims of Citigroup’s creditors.  The currency in which Participant’s Award is denominated and/or paid and any required tax withholding and reporting will be in accordance with Citigroup’s policies, as in effect from time to time, relating to the administration of Citigroup’s incentive compensation programs (including Citigroup’s policies with respect to this Award).

(g)The Award does not confer any shareholder rights of any kind.  The Award is not an equity security of Citigroup, and as such, Participant has no shareholder rights derived from the Award.  The Award does not confer any voting rights or rights to dividends at any time, and all value attributable to the Award including the amount equal to cash dividends referenced herein is compensation.
 
	
		
	2.
	Performance Share Units.

	 
	 

(a)    General.  The value of each PSU corresponds to one share of Citigroup common stock; however, PSUs are deliverable only in cash.  The portion, if any, of Participant’s Target Award that will be earned is based on the Company’s performance against the performance measure set forth in this Section 2, the Award’s vesting conditions, and the other terms and conditions of this Agreement.  
(b)    Relative Total Shareholder Return.    

2

(i)        Performance Grid.  Participant’s Award will be earned based on the TSR, as defined herein, on shares of Citigroup common stock as compared to the TSRs of the Comparison Group during the Performance Period.  The number of PSUs earned based on relative TSR (subject to vesting and the other terms and conditions of the Award) will be determined by multiplying the number of PSUs representing Participant’s Target Award by a percentage determined as follows2: 

	
		
	Relative TSR (Percentile) of Citigroup
	Percentage of Target Award Earned Based  
on Relative TSR

	Lower than 25th 
	Entire Award is cancelled under Section 2(d)

	25th or lower
	0%

	50th
	100%

	75th or higher
	150%

(ii)    Determination of Percentiles.  After the end of the Performance Period, the Committee will rank each member of the Comparison Group according to TSR.  The 75th Percentile TSR is the average TSR of the second and third highest TSRs in the Comparison Group; the 50th Percentile TSR is the average TSR of the fourth and fifth highest TSRs in the Comparison Group; and the 25th Percentile TSR is the average TSR of the sixth and seventh highest TSRs in the Comparison Group.  Citigroup’s TSR will then be compared to TSRs of the Comparison Group.  This approach to determining percentiles may be equitably adjusted by the Committee if there is a change in the number of companies in the Comparison Group.3 
(iii)    Interpolation.  If the relative TSR is between the thresholds in the table in Section 2(b)(i) above, the number of PSUs earned by Participant based on relative TSR will be determined by straight-line interpolation.  

_______________
		
	 2 
	The performance grid presented in this form of award agreement was used for the Awards granted on February 16, 2016.  The performance grid may vary from year to year.  The performance grid applicable to any Award will be disclosed in Citigroup’s annual proxy statement reporting on compensation for the year for which the Award was granted.

		
	3 
	This paragraph describes the methodology for determining relative TSR percentile of Citigroup and the other members of the Comparison Group in the form of award agreement used for the Awards granted on February 16, 2016.  As the composition of the Comparison Group may vary from year to year, see footnote 4 below, the methodology for determining relative TSR of Citigroup and the other members of the Comparison Group may be adjusted from year to year to reflect the number of entities in the Comparison Group.

3

(iv)    Defined Terms.  For purposes of this Agreement:
“Adjusted Value of Reinvested Dividends” means the product of A and B divided by C, where “A” is equal to the sum of all dividends paid on the applicable class of common stock during the Performance Period assuming dividend reinvestment through the last trading day of the Performance Period, “B” is the average of the closing prices on the Applicable Exchange on the twenty (20) trading days ending on the last day in the Performance Period, and “C” is the closing price of the applicable class of common stock on the Applicable Exchange on the last trading day of the Performance Period.
“Applicable Exchange” means the Frankfurt Stock Exchange for Deutsche Bank AG, the London Stock Exchange for Barclays plc and HSBC Holdings plc, and the New York Stock Exchange for all other members of the Comparison Group and Citigroup.
“Comparison Group” means the shares of common stock regularly traded on the Applicable Exchange (under the symbol listed below next to the company’s name) of each of the companies listed below4:

Bank of America Corporation (NYSE: BAC)
Barclays plc (LSE: BARC)
Deutsche Bank AG (FWB: DBK)
The Goldman Sachs Group, Inc. (NYSE: GS)
HSBC Holdings plc (LSE: HSBA)
JPMorgan Chase & Co. (NYSE: JPM)
Morgan Stanley (NYSE: MS)
Wells Fargo & Company (NYSE: WFC)
In the event that any member of the Comparison Group is involved in any event that results in such member ceasing to be traded on the Applicable Exchange at any time during the Performance Period, then such entity may be removed by the Committee as a member of the Comparison Group and the determination of the relative TSR (percentile) of Citigroup will be adjusted accordingly.

“Performance Period” means__________ __, 20__ through ________ __, 20__.5  

“TSR” for Citigroup or any member of the Comparison Group will be expressed as a percentage determined by dividing: (A) (1) the average of the closing prices on the Applicable Exchange on the twenty (20) trading days ending on the last day in the Performance Period of the shares of common stock of such company regularly traded on the Applicable Exchange (under the symbol, for each Peer Company, listed next to the company’s name in the definition of “Comparison Group” above) plus (2) the amount of the Adjusted Value of Reinvested Dividends of the applicable class of common stock, minus (3) the average of the closing prices on the Applicable Exchange on the twenty (20) trading days immediately preceding the first day of the Performance Period, by (B) the average of the closing prices on the Applicable Exchange on the twenty (20) trading days immediately preceding the first day of the Performance Period. Percentages will not be adjusted for changes in currency exchange rates during the Performance Period or any other period, and will be equitably adjusted to account for changes in capital structure or other events as provided in Section 9.

(v)    Example.  Appendix A hereto provides an example of the calculation of relative TSR for purposes of this Agreement.
(c)    Cap on Awards for Negative TSR during the Performance Period.  Notwithstanding any provision of this Agreement to the contrary, if the Committee determines that Citigroup’s TSR for the Performance Period is negative, the number of PSUs earned by Participant will not exceed the number of PSUs in Participant’s Target Award shown on the Award Summary. 

______________

		
	 4 
	The Comparison Group presented in this form of award agreement was used for the Awards granted on February 16, 2016. The composition of the Comparison Group may vary from year to year. The entities constituting the Comparison Group applicable to any Award will be disclosed in Citigroup’s annual proxy statement reporting on compensation for the year for which the Award was granted.

		
	 5 
	The Performance Period will be a minimum of three calendar years. (The Performance Period for the Awards granted on February 16, 2016 is January 1, 2016 through December 31, 2018.)

4

(d)    Conversion of Vested Earned PSUs to Cash.  After the end of the Performance Period, the Committee will determine the percentage of the Target Award PSUs that have been earned by the Participant during the Performance Period pursuant to Section 2(b).   The Committee will then multiply the percentage determined pursuant to the performance grid in Section 2(b) by the allocable number of Target Award PSUs (the “Earned Award”), to derive a number of PSUs constituting the Earned Award.  After Participant’s final Vesting Date as set forth in the Award Summary, the Committee will then determine the extent to which Participant has vested in his Earned Award, determined after applying the provisions of Section 3 and Section 4 hereof.  On or as promptly administratively practicable after February__, 20__ 6 (the “Award Payment Date”), Participant will receive a cash payment equal to (i) the number of PSUs in Participant’s vested Earned Award multiplied by the average of the closing prices of Citigroup common stock on the NYSE for the twenty (20) trading days immediately preceding Participant’s final Vesting Date, plus (ii) (A) the number of PSUs in Participant’s vested Earned Award multiplied by (B) an amount equal to the sum of all cash dividends (regular and special) paid on a share of Citigroup common stock after ___________, __, 20__ 7 and on or before the Award Payment Date.

(e)     Committee Authority.  The Committee has exclusive and binding authority to make all determinations relating to the determination of relative TSR and the other provisions of the Agreement, to interpret the Agreement, to make all legal and factual determinations relating to the Award, and to determine all questions arising in the administration of the Award and the Agreement, including, without limitation, the reconciliation of any inconsistent provisions, the resolution of ambiguities, the correction of any defects, and the supplying of omissions.  Each interpretation, determination or other action made or taken by the Committee will be final and binding on all persons.  To the extent permitted by applicable law, the Committee may delegate to one or more employees of the Company some or all of its authority over the administration of the Award.  Such delegation need not be in writing.
 
    (f)    Award Suspension.  Notwithstanding anything in this Agreement to the contrary, the Committee will suspend the vesting and/or payment of an Award pending an investigation into whether there are circumstances that would prevent an Award from vesting under the general vesting conditions or subject the Award to forfeiture pursuant to the General or Citi Clawbacks.  Notwithstanding anything in this Section 2 to the contrary, if it is subsequently determined (whether following an investigation or otherwise) that vesting conditions were in fact not satisfied and that an Award should not have been paid or vested, Participant will be obligated, pursuant to Section 6 of this Agreement, to return or repay to the Company any improperly vested amounts.

3.    Termination of Employment and Other Changes in Status.  If Participant’s employment with the Company terminates or is interrupted before the final Vesting Date set forth in the Award Summary, or if Participant’s status changes under the circumstances described below, Participant’s rights with respect to the Award will be affected as provided in this Section 3.  Participant’s vested status determines the percentage of the Earned Award he is eligible to receive after the end of the Performance Period.  In all cases, a vested Award will be delivered only after the end of the Performance Period, after the Committee determines Participant’s Earned Award.  If Participant’s employment with the Company terminates for any reason not described below, the Award will be cancelled.  

_______________
		
	6 
	Insert the last business day in February first following the end of the Performance Period.  (The date included for the Awards granted on February 16, 2016 was February 28, 2019.)

		
	7 
	Insert the day immediately preceding the first day of the Performance Period.  (The date included for the Awards granted on February 16, 2016 was December 31, 2015.)

5

(a)    Voluntary Resignation.  If Participant voluntarily terminates his employment with the Company and at such time does not satisfy the conditions of Section 3(j) or (k) below, vesting of the Award will cease on the date Participant’s employment is so terminated; the unvested portion of the Award will be cancelled and Participant will retain his rights in the portion of the Award that has vested as of Participant’s termination date subject to all other provisions of this Agreement.  For purposes of this Agreement, a termination of employment by Participant that is claimed to be a “constructive discharge” (or similar claim) will be treated as a voluntary termination of employment, unless otherwise required by law.

(b)    Disability.  The Award will continue to vest on schedule subject to all other provisions of this Agreement during Participant’s approved disability leave pursuant to a Company disability policy.  If Participant’s approved disability leave ends with a termination of Participant’s employment by the Company because Participant can no longer perform the essential elements of his or her job, the unvested portion of the Award will continue to vest on schedule subject to all other provisions of this Agreement.

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

(i)    The Award will continue to vest on schedule subject to all other provisions of this Agreement during the first six months of Participant’s personal leave of absence that was approved by the Company in accordance with the leave of absence policies applicable to Participant (an “approved personal leave of absence”). The unvested portion of the Award will be cancelled as soon as the approved personal leave of absence has exceeded six months, except as provided in paragraph (ii) below.

(ii)    If Participant’s employment terminates for any reason during the first six months of an approved personal leave of absence, the Award will be treated as described in the applicable provision of this Section 3. If Participant satisfies the conditions of Section 3(k) before the approved personal leave of absence exceeds six months, the unvested portion of the Award will continue to vest on schedule subject to Section 3(k), as applicable.

(d)    Statutory Leave of Absence.  The unvested portion of the Award will continue to vest on schedule subject to all other provisions of this Agreement during a leave of absence that is approved by the Company, is provided by applicable law and is taken in accordance with such law and applicable Company policy (a “statutory leave of absence”).  If Participant’s employment terminates for any reason during a statutory leave of absence, the Award will be treated as described in the applicable provision of this Section 3. If Participant satisfies the conditions of Section 3(k) during a statutory leave of absence, the unvested portion of the Award will continue to vest on schedule, subject to Section 3(k). 

(e)    Death.  If Participant’s employment terminates by reason of Participant’s death or if Participant dies following a termination of his employment during the Performance Period while he is continuing to vest in his Award, the unvested portion of the Award will continue to vest on schedule subject to all other provisions of this Agreement, and the Award will be paid to Participant’s estate after the Earned Award has been determined in 20___ 8; provided, however, that if the performance vesting condition or clawback provisions described in Section 4 have been triggered by circumstances existing at any time prior to the time the Award becomes an Earned Award, Participant’s Award will be reduced or cancelled accordingly.

(f)    Involuntary Termination for Gross Misconduct.  If the Company terminates Participant’s employment because of Participant’s “gross misconduct” (as defined below) before the Award becomes an Earned Award, the Award, including any vested portion of the Award, will be cancelled as of the date Participant’s employment is terminated and Participant will have no further rights of any kind with respect to the Award.  For purposes of this Agreement, “gross misconduct” means any conduct that is determined by the Committee, in its sole discretion, (i) to be in competition during employment by the Company with the Company’s business operations, (ii) to be in breach of any obligation that Participant owes to the Company or Participant’s duty of loyalty to the Company, (iii) to be materially injurious to the Company, or (iv) to otherwise constitute gross misconduct under the Company’s guidelines.

_______________
		
	 8 
	Insert either the year in which the Performance Period ends or the next year after the end of the Performance Period, depending on when the Earned Award will be determined.  (The year included in the award agreements for the Awards granted on February 16, 2016 was 2019.)

6

(g)    Involuntary Termination Other than for Gross Misconduct.  If Participant’s employment is terminated by the Company involuntarily other than for gross misconduct, including under a reduction in force or job discontinuance program, the unvested portion of the Award will continue to vest on schedule subject to all other provisions of this Agreement.

(h)    Transfer to Non-Participating Subsidiary.  If Participant transfers to a subsidiary that is a member of the “controlled group” of Citigroup (as defined below), any unvested portion of the Award will continue to vest on schedule subject to all other provisions of this Agreement.  If Participant transfers to a subsidiary that is not a member of the “controlled group” of Citigroup (as defined below), the provisions of Section 3(g) will apply to the Award. For purposes of this Agreement, “controlled group” has the meaning set forth in Treas. Reg. § 1.409A-1(h)(3). 

(i)    Employing Company is Acquired by Another Entity (Change in Control).  If Participant is employed by a company or other legal entity other than Citigroup where Citigroup ceases to own, directly or indirectly, at least 50% of the voting power or value of the equity of the employing entity, the unvested portion of the Award will continue to vest on schedule subject to all other provisions of this Agreement.  A change in control of Citigroup Inc., as defined in the 2014 Stock Incentive Plan, in any successor stock incentive plan, or otherwise, will not cause the Award to vest or otherwise affect the vesting of the Award (although, for the avoidance of doubt, the relative TSR percentiles may be equitably adjusted pursuant to Section 9(b) hereof).

(j)    Voluntary Resignation to Pursue Alternative Career.  If Participant has not met the conditions of Section 3(k), and Participant voluntarily resigns from his or her employment with the Company to work in a full-time paid career (i) in government service, (ii) for a bona fide charitable institution, or (iii) as a teacher at a bona fide educational institution, and/or otherwise satisfies the alternative or additional requirements (including written management approvals) that may be imposed by then applicable guidelines adopted for the purposes of administering this provision (an “alternative career”), any unvested portion of the Award will continue to vest on schedule subject to all other provisions of this Agreement and the applicable guidelines (or until such earlier date on which Section 3(e) applies); provided that in the event of resignations described in Sections 3(j)(ii) and (iii), Participant remains continuously employed in the alternative career (or a new alternative career) until each scheduled Vesting Date and Participant provides by each subsequent Vesting Date, if requested by the Company, a written certification of compliance with the Company’s alternative career guidelines, in a form satisfactory to the Company. If an acceptable certification is not provided by the relevant Vesting Date, any unvested portion of the Award will be cancelled.

(k)    Satisfying the “Rule of 60.”  If Participant (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 (the “Rule of 60”), the unvested portion of the Award will continue to vest on schedule subject to all other provisions of this Agreement, provided that if Participant has voluntarily terminated his employment, Participant is not, at any time up to and including each scheduled Vesting Date (or until such earlier date on which Section 3(e) applies), employed by a Significant Competitor of the Company (as defined in Section 3(l) below).  Participant’s age and years of service will each be rounded down to the nearest whole number when determining whether the Rule of 60 has been attained.

(l)    Definition of “Significant Competitor;” Certification of Compliance.  

(i)    For purposes of this Agreement, a “Significant Competitor” of the Company means 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 by the Company from time to time in its discretion.  For purposes of this Section 3(l), “Company” means Citigroup and any of its subsidiaries.

(ii)    Whenever the Award continues to vest pursuant to Section 3(k) following a termination of employment, the vesting of the Award will be conditioned upon Participant’s providing by each subsequent Vesting Date, if requested by the Company, a written certification that Participant has not been employed by a Significant Competitor in a form satisfactory to the Company. The list of Significant Competitors in effect at the time Participant terminates employment with the Company will apply to such certification. If an acceptable certification is not provided by the relevant Vesting Date, vesting of the Award will cease as of the date that is 

7

immediately prior to the Vesting Date, the Award will be cancelled, and Participant will have no further rights of any kind with respect to the Award.
    
(m)    Suspension of Employment.  If the Company suspends Participant’s employment (with or without pay) during an investigation, then all vesting of an Award will likewise be suspended pending the outcome of the investigation.  If Participant’s employment terminates for any reason during or after such investigation, then the termination of employment will, for purposes of an Award and vesting related thereto, be effective as of the date of the suspension.

4.    Other Vesting Conditions and Clawbacks.  In addition to the time-based vesting schedule set forth in the Award Summary, the Award is subject to the additional vesting and clawback conditions set forth below, which may result in the reduction or cancellation of the Award prior to the time the Award becomes an Earned Award.  The performance vesting and clawback conditions described in this Section 4 do not change during the performance period of the Award, regardless of Participant’s status as an active or terminated employee or other change in employment status. 

(a)Performance Vesting Condition.  The Committee may cancel all or a portion of the Award (including a Vested Award) prior to the time it becomes an Earned Award if it determines, in its sole discretion, that Participant has had significant responsibility for a material adverse outcome for Citigroup or any of its businesses or functions.  The Committee will have the exclusive discretionary authority to determine and define “significant responsibility” and “material adverse outcome.”   

(b)General Clawback.  Participant’s Award will be subject to the following clawback condition (the “General Clawback”).  The Committee may cancel all or a portion of the Award prior to the time the Award becomes an Earned Award if it determines, in its sole discretion, that (i) Participant engaged in behavior constituting misconduct or exercised materially imprudent judgment that caused harm to any of the Company’s business operations, or that resulted or could result in regulatory sanctions (whether or not formalized), (ii) failed to supervise or monitor individuals engaging in, or failed to properly escalate behavior constituting, misconduct (whether or not gross misconduct) in accordance with the Company’s policies regarding the reporting of misconduct, or who exercised materially imprudent judgment that caused harm to any of the Company’s business operations, or (iii) failed to supervise or monitor individuals engaging in, or failed to properly escalate, behavior that resulted or could result in regulatory sanctions (whether or not formalized).  

(c)Citi Clawback.  The Committee will cancel all or a portion of the Award prior to the time the Award becomes an Earned Award if it determines, in its sole discretion, that: (i) Participant received the Award based on materially inaccurate publicly reported financial statements; (ii) Participant knowingly engaged in providing materially inaccurate information relating to publicly reported financial statements; (iii) Participant materially violated any risk limits established or revised by senior management and/or risk management; or (iv) Participant engaged in gross misconduct (the “Citi Clawback”). 

(d)Additional Conditions.  Vesting and payment of an Award are subject to receipt of the information necessary to make required tax payments and confirmation by Citigroup that all applicable conditions to vesting and payment have been satisfied.  All payments pursuant to the Award will be net of any amounts withheld for taxes.

5.    Transferability.  

(a)    Transfers by Participant.  The Award may not be sold, pledged, hypothecated, assigned, margined or otherwise transferred, other than by will or the laws of descent and distribution, and neither the Award nor any interest or right therein will be subject to the debts, contracts or engagements of Participant or his successors in interest or will 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 will be null and void, of no effect, and not binding on the Company in any way. Participant agrees that any purported transfer will be null and void, and will constitute a breach of this Agreement causing damage to the Company for which the remedy will be cancellation of the Award. During Participant’s lifetime, all rights with respect to the Award will be exercisable only by Participant, and any and all payments in respect of the Award will be to Participant only. The Company will be under no obligation to entertain, investigate, respect, preserve, protect or enforce any actual or 

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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. 

(b)    Transfers by the Company.  Citigroup may assign the legal obligation to pay Participant’s vested Earned Award to Participant’s employer without the consent of Participant. 

6.     Repayment Obligations and Right of Set-Off.  

(a)     Repayment Obligations.  If the Committee determines that all conditions to vesting and payment of the Award (or any portion thereof) were not satisfied in full, the Committee will cancel such vesting and immediately terminate Participant’s rights with respect to such Award (or improperly vested portion thereof).  If any such Award (or improperly vested portion thereof) has already been paid, Participant agrees, upon demand, to pay the Company the amount of any cash paid in settlement of the vesting of such Award (or improperly vested portion thereof), without reduction for any amounts withheld to satisfy withholding tax or other obligations due at the time such payment that is subsequently determined to have been improper was made.  

(b)    Right of Set-Off.  Participant agrees that the Company may, to the extent determined by the Company to be permitted by applicable law and consistent with the requirements of Section 409A of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), retain for itself funds otherwise payable to Participant pursuant to the Award or any award under any award program administered by Citigroup to offset (i) 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; or (ii) any outstanding amounts (including, without limitation, travel and entertainment or advance account balances, loans, repayment obligations under any award agreement such as those imposed by a clawback provision, or any obligations pursuant to a tax-equalization or housing allowance policy or other expatriate benefit) that Participant owes the Company or its affiliates. The Company may not retain such funds and set-off such obligations or liabilities, as described above, until such time as they would otherwise be payable to Participant in accordance with the Award terms. Only after-tax amounts will be applied to set-off Participant’s obligations and liabilities and Participant will remain liable to pay any amounts that are not thereby satisfied in full. 

7.    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, brochures, grant or award notifications and agreements, account statements, and all other forms or communications) in connection with the Award 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 secure internet site to which Participant has access. 

8.    Administration.  The Award described in this Agreement has been granted subject to the terms of the DIRAP.  The Committee and its delegates have the exclusive discretionary authority to make findings of fact, conclusions, and determinations regarding the interpretation of the Agreement or the administration of the Award, and will have the exclusive and final authority to determine all calculations of all Award amounts.  The Committee has exclusive authority to establish administrative procedures to implement the terms of the Award, including but not limited to procedures applicable to currency exchange rates, the delivery of the Award in the currency of Participant’s work country or countries, and the administration of the timing of Award delivery.  Any such procedure so established will be conclusive and binding on Participant. 

9.    Adjustments to Awards.  

(a)    Capital Structure.  In the event of any change in the capital structure of Citigroup or of a member of the Comparison Group 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 the capital structure of Citigroup or a member of the Comparison Group, to the extent necessary to prevent the enlargement or diminution of the 

9

rights of Participant, the Committee will make such appropriate equitable adjustments to the Award (including the determination of TSR), which adjustments will not require the consent of Participant.  

(b)    Equitable Adjustments.  If an event occurs with respect to the Company or any member of the Comparison Group that renders, in the sole determination of the Committee, the performance measure set forth in Section 2(b) to no longer be appropriate, then the Committee will equitably adjust the calculation of such measure to the extent necessary to carry out the intent of the original terms of the Award (i.e., without excessively enlarging Participant’s rights).  

(c)    Modifications.  The Committee retains the right to modify the Award if required to comply with applicable law, regulation, or regulatory guidance (including applicable tax law) without the consent of Participant.  Citigroup will furnish or make available to Participant a written notice of any modification through a brochure supplement or otherwise, which notice will specify the effective date of such modification.  Any other adverse modification not elsewhere described in this Agreement will not be effective without Participant’s written consent.

(d)    Adverse Consequences.  Neither the Committee nor Citigroup will be liable to Participant for any additional personal tax or other adverse consequences of any adjustments that are made to the Award.  

10.    Taxes and Tax Residency Status.

(a)    Compliance.  By accepting the Award, Participant agrees to pay all applicable taxes and to file all required tax returns in all jurisdictions where Participant is subject to tax and/or an income tax filing requirement. 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 income tax residency status and the number and location of workdays outside his country of income tax residency from the date of the Award until the vesting of the Award.  Participant also agrees to provide, upon request, complete and accurate information about his or her tax residency status to Citigroup during such periods, and confirmation of his or her status as a (i) U.S. citizen, (ii) holder of a U.S. green card, or (iii) citizen or legal resident of a country other than the U.S.  Participant will be responsible for any tax due, including penalties and interest, arising from any misstatement by Participant regarding such information.  The Award will be subject to cancellation if Participant fails to make any such required tax payment.

(b)    Withholding.  To the extent the Company is required to withhold tax in any jurisdiction or withholds hypothetical tax under a Citigroup Expatriate Policy, the Company will withhold from the vested portion of the Award to the extent permitted by applicable law and Participant will be paid the net after-tax amount.  

(c)    Executive Performance Plan.  Any Award to a participant in the 20__ Executive Performance Plan (the “EPP”) will be granted subject to the terms of the EPP. 

11.    Entire Agreement; No Right to Employment.  The DIRAP plan document and this 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 or in any incentive plan or program documents will 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.

12.    Compliance with Regulatory Requirements.  The Award is subject to the applicable law (including tax laws) and regulatory guidance in multiple jurisdictions, and will be administered and interpreted consistently with such law and regulatory guidance, including but not limited to Section 409A and Section 457A of the Code.  

13.    Section 409A and Section 457A Compliance.  

(a)    Tax Liability.  Participant understands that as a result of Section 409A and/or Section 457A of the Code, if Participant is a U.S. taxpayer he could be subject to adverse tax consequences if the Award and program documents are not administered in accordance with the requirements of Section 409A or Section 

10

457A. Participant further understands that if Participant is a U.S. taxpayer, and the Award is considered to be a “nonqualified deferred compensation plan” and Participant’s employer is considered to be a “nonqualified entity” (as such terms are defined in Section 409A and/or Section 457A of the Code), Participant could be subject to accelerated income recognition or other adverse tax consequences with respect to all or a portion of the Award if Citigroup fails to modify the Award. However, Participant acknowledges that there is no guarantee that the Award, or any amendment or modification thereto, will successfully avoid unintended tax consequences to Participant and that the Company does not accept any liability therefor. 

(b)    Specified Employees.  This Agreement may not be amended, nor may the Award be administered, to provide for any payment of the Award to occur upon any event that would constitute a “separation from service” (within the meaning of Section 409A of the Code) if Participant is a “specified employee” (within the meaning of Treas. Reg. § 1.409A-1(i)(1)) at the time of such Participant’s “separation from service,” unless it is provided that the distribution or payment will not be made until the date which is six months from such “separation from service,” or, if earlier, the date of Participant’s death and that during such six-month deferral period, Participant will not be entitled to interest, or any compensation for any loss in market value or otherwise which occurs with respect to the Award during such deferral period. 

14.     Arbitration; Conflict; Governing Law; Severability.  

(a)    Arbitration.  Any disputes related to the Award will 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 Award will be submitted to arbitration in accordance with the rules of the American Arbitration Association.  To the maximum extent permitted by law, and except where expressly prohibited by law, arbitration on an individual basis will be the exclusive remedy for any claims that might otherwise be brought on a class, representative or collective basis.  Accordingly, Participant may not participate as a class or collective action representative, or as a member of any class, representative or collective action, and will not be entitled to a recovery in a class, representative or collective action in any forum.  Any disputes concerning the validity of this class, representative or collective action waiver will be decided by a court of competent jurisdiction, not by an arbitrator.

(b)    Conflict.  In the event of a conflict between this Agreement and the DIRAP plan document, the DIRAP plan document will control. 

(c)    Governing Law.  This Agreement will 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 Company’s incentive award programs.

(d)    Severability.  The terms of this Agreement will be deemed severable so that if any of its provisions will be held void, unlawful, or unenforceable under any applicable statute or other controlling law, the remainder of this Agreement will continue in full force and effect, and will be construed and enforced in accordance with the purposes of the DIRAP and the Award as if the illegal or invalid provision did not exist. 

15.    Disclosure Regarding Use of Personal Information and Participant’s Consent. 

(a)    Definition and Use of “Personal Information.”  In connection with the grant of the Award, and any other award under other incentive award programs, 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 country of employment.  

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 incentive 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 personal information, and may correct or update such information, by contacting his human resources representative or local equity coordinator.

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Use, transfer, storage and processing of personal information, electronically or otherwise, may be in connection with the Company’s internal administration of its incentive award programs, or in connection with tax or other governmental and regulatory compliance activities directly or indirectly related to an incentive 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 incentive award programs, and may be transferred by the company that employs (or any company that has employed) Participant from Participant’s country of employment to other Citigroup entities and third parties located in the U.S. 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 award programs, including local and regional equity award coordinators, and global coordinators located in the U.S.; (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 superiors; (iv) the Committee or its designee, which is responsible for administering the DIRAP and the Award; (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 incentive 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 incentive 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. 

(b)    Participant’s Consent.  BY ACCEPTING THE AWARD, PARTICIPANT EXPLICITLY CONSENTS (I) TO THE USE OF PARTICIPANT’S PERSONAL INFORMATION FOR THE PURPOSE OF BEING CONSIDERED FOR PARTICIPATION IN FUTURE EQUITY, DEFERRED CASH OR OTHER AWARD PROGRAMS (TO THE EXTENT HE/SHE IS ELIGIBLE UNDER THE TERMS OF SUCH PLAN OR PROGRAM, 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 OR OTHER AWARD, AS DESCRIBED ABOVE.

***

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Appendix A
Example of Determination of Relative TSR

	
		
	Company
	TSR

	Citigroup
	1.32

	Peer 1
	1.50

	Peer 2
	1.40

	Peer 3
	1.30

	Peer 4
	1.20

	Peer 5
	1.10

	Peer 6
	0.95

	Peer 7
	0.85

	Peer 8
	0.75

75th percentile TSR, defined as the average TSR of 2nd and 3rd ranked peers = 1.35.
50th percentile TSR, defined as the average TSR of 4th and 5th ranked peers = 1.15.
25th percentile TSR, defined as the average TSR of 6th and 7th ranked peers = 0.90.

At the 50th percentile, the result of the relative TSR metric is 100% of Target PSUs.
At the 75th percentile, the result of the relative TSR metric is 150% of Target PSUs.

Accordingly, as the relative TSR of Citigroup in this example is between the 50th percentile and the 75th percentile, straight-line interpolation is used to determine the relative TSR:

1.35 – 1.32   x 100% + 1.32 – 1.15  x  150%  = 142.5%
                                         1.35 – 1.15                   1.35 – 1.15

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