Document:

Retention Agreement

 Exhibit 10.1 
  
 RETENTION AGREEMENT 
  
 THIS RETENTION AGREEMENT (the “Agreement”) entered into as of September 26, 2005, by and between Radian Group Inc., a Delaware company,
(the “Company”) and Stephen Cooke (“Executive”). 
  
 WHEREAS, in light of the transition in management of the Company, the Board of Directors of the Company (the “Board”) has determined that it is appropriate to enter into a retention agreement with selected key executives whose
continued service is particularly important to the welfare of the Company. 
  
 WHEREAS, Executive and the Company have entered into a Change of Control Agreement (the “CIC Agreement”), and the parties intend to coordinate the terms of this Agreement with those of the CIC Agreement.

  
 NOW, THEREFORE, the parties hereto, intending to be legally
bound, hereby agree as follows: 
  
 1. Termination of
Employment. 
  
 (a) If the Company wishes to terminate
Executive’s employment by the Company and all Affiliates without Cause prior to January 1, 2007 it shall provide Executive with 180 days’ advance notice (the “Notice”), and Executive’s termination of employment shall
occur on the 181st day following the Notice (the “Termination Date”). Executive shall also receive (i) 12 monthly installments of severance, at the then rate of base salary prior to any deductions, payable to Executive beginning on
the Termination Date and paid in accordance with the Company’s normal payroll system, and (ii) a pro rata target cash bonus for the year of the Notice, when bonuses for that year are otherwise paid to executives generally, multiplied by a
fraction, the numerator of which is the number of days in the current calendar year before the date of the Notice and the denominator of which is 365 (collectively, the “Severance Payments”). Notwithstanding anything herein to the
contrary, no payments will be made hereunder in violation of Section 409A(2)(b)(i) of the Internal Revenue Code of 1986, as amended. 
  
 (b) If before the Severance Payments are made, Executive’s employment is terminated by the Company without Cause (as defined in the CIC Agreement),
under circumstances in which the benefits of the CIC Agreement are applicable, Executive will receive the severance benefits provided under the CIC Agreement, but not the Severance Payments. If after the Severance Payments are begun, it is
determined that the circumstances result in the benefits of the CIC Agreement being applicable, Executive will receive the severance benefits provided under the CIC Agreement, but reduced by the amount of the Severance Payments actually made.

  
 (c) If Executive’s employment terminates for any reason
other than as described in paragraph (a) or (b) above, no Severance Payments will be paid to Executive, and this Agreement shall not in any way affect the terms of the CIC Agreement. 

 2. Release. Notwithstanding the foregoing, the Severance Payments shall be conditioned on
Executive’s executing and not revoking a written release upon such termination, substantially in the form attached as Exhibit A (the “Release”), of any and all claims against the Company and all related parties with respect to all
matters arising out of Executive’s employment by the Company, or the termination thereof (other than claims based upon any entitlements under the terms of this Agreement or entitlements under any plans or programs of the Company under which
Executive has accrued and is due a benefit). No payments shall be due or made under this Agreement until the eighth day following the execution of the Release without revocation. 
  
 3. Restrictive Covenants. In consideration of the benefits that may be provided by the Company to Executive under
this Agreement, 
  
 (a) Non-Solicitation and Non-Hire of
Company Personnel. During Executive’s employment by the Company or any Affiliate, and until the first day of the 12th month following Executive’s termination date (for any reason), Executive hereby agrees that he will not either
directly or through others, solicit, hire or attempt to solicit or hire any employee, consultant or independent contractor of the Company to change or terminate his or her relationship with the Company or otherwise to become an employee, consultant
or independent contractor to, for or of any other person or business entity. 
  
 (b) Proprietary Information. At all times, Executive will hold in strictest confidence and will not disclose, use, lecture upon or publish any of the Company’s Proprietary Information (defined
below), except as such disclosure, use or publication may be required in connection with Executive’s work for the Company, or unless the Company expressly authorizes such disclosure in writing or it is required by law or in a judicial or
administrative proceeding in which event Executive shall promptly notify the Company of the required disclosure and assist the Company if it determines to resist the disclosure. “Proprietary Information” shall mean any and all confidential
and/or proprietary knowledge, data or information of the Company, its affiliated entities, any of its portfolio companies, investors, and partners, including but not limited to information relating to financial matters, investments, budgets,
business plans, marketing plans, personnel matters, business contacts, products, processes, know-how, designs, methods, improvements, discoveries, inventions, ideas, data, programs, and other works of authorship. Notwithstanding anything to the
contrary herein, each of the parties hereto (and each employee, representative, or other agent of such parties) may disclose to any person, without limitation of any kind, the federal income tax treatment and federal income tax structure of the
transactions contemplated hereby and all materials (including opinions or other tax analyses) that are provided to such party relating to such tax treatment and tax structure. 
  
 (c) Return of Company Documents. Upon termination of Executive’s employment with the Company for any
reason whatsoever, voluntarily or involuntarily, and at any earlier time the Company requests, Executive will deliver to the person 

 designated by the Company all originals and copies of all documents and other property of the Company in Executive’s
possession, under Executive’s control or to which Executive may have access. Executive will not reproduce or appropriate for Executive’s own use, or for the use of others, any property, Proprietary Information or Company Inventions.

  
 (d) Because Executive’s services are personal and unique
and Executive has had and will continue to have access to and has become and will continue to become acquainted with the Proprietary Information of the Company, and because any breach by Executive of any of the restrictive covenants contained in
this Sections 3 would result in irreparable injury and damage for which money damages would not provide an adequate remedy, the Company shall have the right to enforce this Section 3 and any of their provisions by injunction, specific
performance or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company may have for a breach, or threatened breach, of the restrictive covenants set forth in this Section 3. Executive agrees
that in any action in which the Company seeks injunction, specific performance or other equitable relief, Executive will not assert or contend that any of the provisions of this Section 3 are unreasonable or otherwise unenforceable and that no
bond will be required. Executive irrevocably and unconditionally (i) agrees that any legal proceeding arising out of this paragraph may be brought in the United States District Court for the Eastern District of Pennsylvania, or if such court
does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in Philadelphia County, Pennsylvania, (ii) consents to the non-exclusive jurisdiction of such court in any such proceeding, and (iii) waives
any objection to the laying of venue of any such proceeding in any such court. Executive also irrevocably and unconditionally consents to the service of any process, pleadings, notices or other papers. 
  
 4. Tax Withholding. All payments under this Agreement will be made
subject to applicable federal, state and local tax withholding. 
  
 5. No Employment Rights. This Agreement will not give Executive any right to continued employment nor affect the Company’s (or an Affiliate’s) right to terminate that employment at any time. 
  
 6. Creditors; Successors. None of the rights or benefits under this
Agreement shall be subject to the claims of any of Executive’s creditors, and Executive shall not have the right to alienate, anticipate, pledge, encumber or assign any of the rights or benefits under this Agreement. Executive will in all
respects be an unsecured creditor of the Company. This Agreement will be binding on Executive’s heirs, executors and administrators, and on the successors and assigns of the Company. The Company shall require any successor (whether direct or
indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets of the Company, within 15 days of such succession, expressly to assume and agree to perform this Agreement in the same
manner and to the same extent as the Company would be required to perform if no such succession had taken place. 

 7. Termination and Amendment. This Agreement shall terminate immediately after the Severance
Payments are paid or after the Company determines that no Severance Payments are due pursuant to Section 1. This Agreement may be amended only by written agreement between the parties. 
  
 8. Governing Law. This Agreement shall be governed by and interpreted
under the laws of the Commonwealth of Pennsylvania without giving effect to any conflict of laws provisions. 
  
 IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed this Agreement as of the date first above written. 
  

			
	Radian Group Inc.
		
	By:	 	 /s/ Howard S. Yaruss

	Name:	 	Howard S. Yaruss
	Title:	 	General Counsel and Secretary
	
	 /s/ Stephen Cooke

	Executive	 	 

 EXHIBIT A 
  

GENERAL RELEASE 
  
 1. I,
                            , for and in consideration of certain payments to be made and the benefits
to be provided to me under the Retention Agreement, dated as of September 26, 2005 (the “Agreement”) with Radian Group Inc. (the “Company”), and conditioned upon such payments, do hereby REMISE, RELEASE, AND FOREVER
DISCHARGE the Company and each of its past or present subsidiaries and affiliates, its and their past or present officers, directors, stockholders, employees and agents, their respective successors and assigns, heirs, executors and administrators,
the pension and employee benefit plans of the Company, or of its past or present subsidiaries or affiliates, and the past or present trustees, administrators, agents, or employees of the pension and employee benefit plans (hereinafter collectively
included within the term the “Company”), acting in any capacity whatsoever, of and from any and all manner of actions and causes of actions, suits, debts, claims and demands whatsoever in law or in equity, which I ever had, now have, or
hereafter may have, or which my heirs, executors or administrators hereafter may have, by reason of any matter, cause or thing whatsoever from the beginning of my employment with the Company to the date of these presents and particularly, but
without limitation of the foregoing general terms, any claims arising from or relating in any way to my employment relationship and the termination of my employment relationship with the Company, including but not limited to, any claims which have
been asserted, could have been asserted, or could be asserted now or in the future under any federal, state or local laws, including any claims under the Pennsylvania Human Relations Act, 43 PA. C.S.A. §§ 951 et seq., as amended, the
Rehabilitation Act of 1973, 29 USC §§ 701 et seq., as amended, Title VII of the Civil Rights Act of 1964, 42 USC §§ 2000e et seq., as amended, the Civil Rights Act of 1991, 2 USC §§ 60 et seq., as applicable, the Age
Discrimination in Employment Act of 1967, 29 USC §§ 621 et seq., as amended ( “ADEA”), the Americans with Disabilities Act, 29 USC §§ 706 et seq., and the Employee Retirement Income Security Act of 1974, 29 USC
§§ 301 et seq., as amended, any contracts between the Company and me and any common law claims now or hereafter recognized and all claims for counsel fees and costs; provided, however, that this Release shall not apply to any entitlements
under the terms of the Agreement or under any other plans or programs of the Company in which I participated and under which I have accrued and become entitled to a benefit other than under any Company separation or severance plan or programs and
provided, further, that this Release shall not apply to any claims I may have as a stockholder of the Company so long as I am not the moving, initiating or lead party. 
  
 2. Subject to the limitations of paragraph 1 above, I expressly waive all rights afforded by any statute which expressly
limits the effect of a release with respect to unknown claims. I understand the significance of this release of unknown claims and the waiver of statutory protection against a release of unknown claims. 

 3. I hereby agree and recognize that my employment by the Company was permanently and irrevocably severed
on _________, 200_ and the Company has no obligation, contractual or otherwise to me to hire, rehire or reemploy me in the future. I acknowledge that the terms of the Agreement provide me with payments and benefits which are in addition to any
amounts to which I otherwise would have been entitled. 
  
 4. I
hereby agree and acknowledge that the payments and benefits provided by the Company are to bring about an amicable resolution of my employment arrangements and are not to be construed as an admission of any violation of any federal, state or local
statute or regulation, or of any duty owed by the Company and that the Agreement was, and this Release is, executed voluntarily to provide an amicable resolution of my employment relationship with the Company. 
  
 5. I hereby acknowledge that nothing in this Release shall prohibit or
restrict me from: (i) making any disclosure of information required by law; (ii) providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by, any federal regulatory or law enforcement agency
or legislative body, any self-regulatory organization, or the Company’s designated legal, compliance or human resources officers; or (iii) filing, testifying, participating in or otherwise assisting in a proceeding relating to an alleged
violation of any federal, state or municipal law relating to fraud, or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization. In addition, I understand that each of the parties hereto (and each
employee, representative, or other agent of such parties) may disclose to any person, without limitation of any kind, the federal income tax treatment and federal income tax structure of the transactions contemplated hereby and all materials
(including opinions or other tax analyses) that are provided to such party relating to such tax treatment and tax structure. 
  
 6. I hereby certify that I have read the terms of this Release, that I have been advised by the Company to discuss it with my attorney, that I have
received the advice of counsel and that I understand its terms and effects. I acknowledge, further, that I am executing this Release of my own volition with a full understanding of its terms and effects and with the intention of releasing all claims
recited herein in exchange for the consideration described in the Agreement, which I acknowledge is adequate and satisfactory to me. None of the above named parties, nor their agents, representatives, or attorneys have made any representations to me
concerning the terms or effects of this Release other than those contained herein. 
  
 7. I hereby acknowledge that I have been informed that I have the right to consider this Release for a period of 21 days prior to execution. I also understand that I have the right to revoke this Release for a period
of seven days following execution by giving written notice to the Company at 1601 Market Street, 12th Floor, Philadelphia, PA 19103, Attention: Lead Director. 
  

8. I hereby further acknowledge that the terms of Section 5 of the Agreement shall continue to apply for the balance of the time periods provided
therein and that I will abide by and fully perform such obligations. 

 Intending to be legally bound hereby, I execute the foregoing Release this      day of
                    , 2005. 
  

			
	  

	 	  

	WitnessForm of Note for Citigroup Funding Inc.

 Exhibit 4.01 
  
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO A NOMINEE OF DTC
OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO CITIGROUP FUNDING INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

					
	No. 1	 	 	 	INITIAL PRINCIPAL AMOUNT
	CUSIP: 17308C 88 2	 	 	 	REPRESENTED $33,000,000
	ISIN: US17308C8828	 	 	 	representing 3,300,000 PISTONS
	 	 	 	 	($10 per PISTONS)

  
 CITIGROUP FUNDING INC.

 3,300,000 Portfolio Income STrategic Opportunity NoteS Based Upon the CBOE S&P 500 
 BuyWrite Index Due September 23, 2010 
  
 Citigroup Funding Inc., a Delaware corporation (hereinafter referred to as the “Company,” which term includes any successor corporation
under the Indenture herein referred to), for value received and on condition that this Note is not redeemed by the Company prior to September 23, 2010 (the “Stated Maturity Date”), hereby promises to pay to CEDE & CO.,
or its registered assigns, the Maturity Payment (as defined below), on the Stated Maturity Date. This Note will not bear monthly investment payments, is not subject to any sinking fund, is subject to redemption at the option of the Holder thereof
prior to the Stated Maturity Date and is not subject to the defeasance provisions of the Indenture. The payments on this Note are fully and unconditionally guaranteed by Citigroup Inc., a Delaware corporation (the “Guarantor”).

  
 Payment of the Maturity Payment with respect to this Note
shall be made upon presentation and surrender of this Note at the corporate trust office of the Trustee in the Borough of Manhattan, The City and State of New York, in such coin or currency of the United States as at the time of payment is legal
tender for payment of public and private debts. 
  
 This Note is
one of the series of 3,300,000 Portfolio Income STrategic Opportunity NoteS Based Upon the CBOE S&P 500 BuyWrite Index (the “BXM Index”) Due 2010 (the “PISTONS”). 

 MONTHLY INVESTMENT PAYMENTS 
  
 The Monthly Investment Payments on the PISTONS are payable on each Monthly
Payment Date for each Monthly Calculation Period, equal to the product of (1) 8% per annum, (2) the Net Investment Value of the PISTONS on the first Trading Day of such Monthly Calculation Period and (3) the number of days in the
Monthly Calculation Period divided by 365. 
  
 The Monthly
Investment Payments will be payable to the person in whose name the PISTONS are registered at the close of business two Business Days immediately following the Monthly Determination Date. 
  
 A “Monthly Calculation Period” means a period commencing on and including the third Friday of the
immediately preceding month and ending on and excluding the third Friday of the current month (or, if either Friday is not a Trading Day, on the immediately preceding Trading Day). The first Monthly Calculation Period will commence on
September 26, 2005. 
  
 A “Monthly Payment
Date” means a date that occurs five Trading Days after each Monthly Determination Date, commencing on October 28, 2005. If a Monthly Payment Date falls on a day that is not a Business Day, the Monthly Investment Payment to be made on
such Monthly Payment Date will be made on the next succeeding Business Day with the same force and effect as if made on such Monthly Payment Date, and no additional Monthly Investment Payment will accrue as a result of such delayed payment.

  
 A “Monthly Determination Date” means a date
that occurs on the third Friday of each month (or, if that Friday is not a Trading Day, on the immediately preceding Trading Day), commencing on October 21, 2005 and ending on the Final Valuation Date. 
  
 The “Net Investment Value” of the PISTONS equals, on
September 26, 2005, $9.775 (the “Initial Net Investment Value”), and on any other Trading Day, the product of (x) the Net Investment Value of the PISTONS on the prior Trading Day and (y) the Index Return Percentage.
The Net Investment Value of the PISTONS will be reduced at the end of the last Trading Day of each Monthly Calculation Period by (1) a Monthly Charge Adjustment Amount and (2) a Monthly Investment Adjustment Amount. 
  
 The “Index Return Percentage” on any Trading Day equals

  
 Ending Index Value 
 Starting Index Value 
  
 The “Starting Index Value” equals the Closing Value of the BXM Index on the previous Trading Day. 
  
 The “Ending Index Value” equals the Closing Value of the BXM
Index on the current Trading Day. 
  
 The “Monthly Charge
Adjustment Amount” for each Monthly Calculation Period is an amount equal to the product of (1) 1.55%, (2) the Net Investment Value of the PISTONS on the first 

 Trading Day of the applicable Monthly Calculation Period (or $9.775 for the first Monthly Calculation Period) and
(3) the number of calendar days in the applicable Monthly Calculation Period divided by 365. A portion of the Monthly Charge Adjustment Amount will be paid annually as a trailing commission (the “Trailing Commission”) to
brokerage firms whose clients purchased the PISTONS in the initial offering and who continue to hold their PISTONS on the date two Business Days after the third Friday of September in each year. The Trailing Commission will be paid ten Business Days
after the third Friday of September in each year. 
  
 The Trailing
Commission for any annual period will equal: 
  

					
	 Sum of [(0.004 x NIVp x
	 	 number of calendar days in
 such Monthly Calculation Period
 365
  
	 	) for each monthly calculation period]

  
 where NIVp equals the Net Investment Value as of the first Trading Day of each Monthly Determination Period in such annual period. In no
event will the Trailing Commission exceed $0.04 per PISTONS in any annual period from September 29, 2005. 
  
 The “Monthly Investment Payment Adjustment Amount” for each Monthly Calculation Period is an amount equal to the product of (1) 8%,
(2) the Net Investment Value of the PISTONS on the first Trading Day of the applicable Monthly Calculation Period (or $9.775 for the first Monthly Calculation Period) and (3) the number of calendar days in the applicable Monthly
Calculation Period divided by 365. 
  
 A “Business
Day” means any day that is not a Saturday, a Sunday or a day on which the America Stock Exchange or banking institutions or trust companies in the City of New York are authorized or obligated by law or executive order to close. 

 
 A “Trading Day” means a day, as determined by the
calculation agent, on which trading is generally conducted (or was scheduled to have been generally conducted, but for the occurrence of a Market Disruption Event) on the New York Stock Exchange, the American Stock Exchange, the Nasdaq National
Market, the Chicago Mercantile Exchange and the Chicago Board Options Exchange, and in the over-the-counter market for equity securities in the United States. 
  

REDEMPTION RIGHT 
  
 A Holder of the PISTONS may redeem the PISTONS at its option (the “Redemption Right”) in whole or in part, on any Trading Day during the
first five calendar days of each month (each, a “Monthly Redemption Period”), beginning in October 2005 and ending in September 2010 (such day being the “Redemption Date”), provided that the Trustee receives a
notice (an “Official Notice of Redemption”) from such Holder by 12:00 p.m. New York City time on the last Trading Day in such Monthly Redemption Period. 
  
 If a Holder of the PISTONS so redeems the PISTONS, such Holder will receive for each PISTONS a cash amount (the
“Redemption Price”) equal to (1) the Net Investment Value of the PISTONS on the Trading Day following the fifth calendar day of that Monthly Redemption Period 

 (the “Redemption Valuation Date”) minus (2) a Redemption Adjustment Amount of 0.15% of the Net
Investment Value on that Redemption Valuation Date. Such cash amount will be paid to the Trustee for delivery on the fifth Trading Day following the Redemption Valuation Date. The Redemption Price will be rounded to the fourth decimal place and will
not include the amount of unpaid Monthly Investment Payment accrued to and including the Redemption Date. 
  
 So long as the PISTONS are represented by this Note and are held on behalf of DTC, only DTC may exercise the Redemption Right with respect to the PISTONS.
Accordingly, beneficial owners of the PISTONS that desire to have all or any portion of their PISTONS redeemed must instruct the participant through which they own their interest to direct DTC to exercise the Redemption Right on their behalf by
forwarding the Official Notice of Redemption to the Company. In order to ensure that the Company receives the instruction on a particular day, the applicable beneficial owner must so instruct the participant through which it owns its interest before
the participant’s deadline for accepting instructions from the customer. All instructions given to participants from beneficial owners of the PISTONS relating to the right to redeem their PISTONS will be irrevocable. 
  
 PAYMENT AT MATURITY 
  
 The PISTONS will mature on September 23, 2010. On the Stated Maturity
Date, Holders of the PISTONS will receive for each PISTONS the Maturity Payment described below. 
  
 The Maturity Payment for each PISTONS equals the Net Investment Value of the PISTONS on September 16, 2010, the fifth Trading Day before the Stated
Maturity Date (the “Final Valuation Date”). 
  
 If no Closing Value of the BXM Index is available on the Final Valuation Date because of a Market Disruption Event or otherwise, then the Final Valuation Date will be the immediate succeeding Trading Day on which no Market Disruption Event
has occurred. Notwithstanding the foregoing, the Final Valuation Date will be no later than the second Trading Day preceding the Stated Maturity Date. If no Closing Value of the BXM Index is available on any Trading Day other than the Final
Valuation Date because of a Market Disruption Event or otherwise, or if the Closing Value of the BXM Index could not be determined in the manner specified in the first and second sentences of this paragraph, the value of the BXM Index for that
Trading Day will be calculated by the calculation agent in accordance with the formula for and method of calculating the BXM Index last in effect prior to the commencement of the Market Disruption Event or otherwise, using (x) in respect of the
S&P 500 Index, the closing price (or, if trading in the relevant securities has been materially suspended or materially limited, its good faith estimate of the closing price that would have prevailed but for such suspension or limitation) at the
close of the principal trading session of the relevant exchange on that date of the securities most recently comprising the S&P 500 Index; and (y) in respect of the call option included in the BXM Index, the arithmetic average of the last
bid and ask prices (or, if trading in call options has been materially suspended or materially limited, its good faith estimate of the arithmetic average of the last bid and ask prices that would have prevailed but for such suspension or limitation)
of the call option reported before 4:00 p.m. (New York City time) on that date. 

 The relevant exchange is the primary U.S. organized exchange or market of trading for any security then
included in the BXM Index, the S&P 500 Index or any successor index. 
  
 A “Market Disruption Event” means, as determined by the calculation agent in its sole discretion, the occurrence or existence of any suspension of or limitation imposed on trading (by reason of
movements in price exceeding limits permitted by any relevant exchange or market or otherwise) of, or the unavailability, through a recognized system of public dissemination of transaction information, for a period longer than two hours, or during
the one-half hour period preceding the close of trading, on the applicable exchange or market, of accurate price, volume or related information in respect of (a) stocks which then comprise 20% or more of the value of the S&P 500 Index or
any successor index, (b) any options or futures contracts, or any options on such futures contracts relating to the BXM Index or the S&P 500 Index or any successor index, or (c) any options or futures contracts relating to stocks which
then comprise 20% or more of the value of the S&P 500 Index or any successor index on any exchange or market if, in each case, in the determination of the calculation agent, any such suspension, limitation or unavailability is material. For the
purpose of determining whether a Market Disruption Event exists at any time, if trading in a security included in the S&P 500 Index or the BXM Index is materially suspended or materially limited at that time, then the relevant percentage
contribution of that security to the value of the S&P 500 Index or the BXM Index, as the case may be, will be based on a comparison of the portion of the value of the index attributable to that security relative to the overall value of the index
in each case immediately before that suspension or limitation. 
  
 For purposes of determining whether a Market Disruption Event has occurred: (1) a limitation on the hours or number of days of trading will not constitute a Market Disruption Event if it results from an announced change in the regular
business hours of the relevant exchange or market; (2) a decision to permanently discontinue trading in the relevant futures or options contract or exchange traded fund will not constitute a Market Disruption Event; (3) limitations
pursuant to the rules of any relevant exchange similar to NYSE Rule 80A (or any applicable rule or regulation enacted or promulgated by any other self-regulatory organization or any government agency of scope similar to NYSE Rule 80A as determined
by the calculation agent) on trading during significant market fluctuations will constitute a suspension, absence or material limitation of trading; (4) a suspension of trading in futures or options contracts on the BXM Index or the S&P 500
Index by the primary securities market trading in such contracts by reason of (a) a price change exceeding limits set by such exchange or market, (b) an imbalance of orders relating to such contracts or (c) a disparity in bid and ask
quotes relating to such contracts will constitute a suspension, absence or material limitation of trading in futures or options contracts related to the BXM Index or the S&P 500 Index and (5) a “suspension of or limitation imposed on
trading” on any relevant exchange or on the primary market on which futures or options contracts related to the BXM Index or the S&P 500 Index are traded will not include any time when such market is itself closed for trading under ordinary
circumstances. 
  
 DISCONTINUANCE OF THE BXM
INDEX 
  
 If the CBOE announces the discontinuance or suspension
of publication of the BXM Index and, prior to the date of such discontinuance or suspension (the “Discontinuance Date”), the CBOE or another entity publishes a successor or substitute index that Citigroup Global Markets Inc., as

 
the calculation agent, determines, in its sole discretion, to be substantially identical to the discontinued or suspended BXM Index (a “successor
index”), then any index value beginning on and subsequent to the Discontinuance Date will be determined by reference to the value of such successor index. 
  
 If the calculation agent is unable to identify a successor index prior to the Discontinuance Date, then beginning on the
Discontinuance Date, the calculation agent will determine the Closing Value of the BXM Index value on a daily basis and the calculation agent will undertake to identify and designate, in its sole discretion, a successor index prior to the next
Monthly Determination Date following the Discontinuance Date. Upon the designation of such successor index by the calculation agent, any Closing Value of the BXM Index will be determined by reference to the value of such successor index upon such
designation. If, however, the calculation agent is unable to identify a successor index prior to the Trading Day preceding the next Monthly Determination Date following the Discontinuance Date, then the Final Valuation Date will be deemed
accelerated to the next Monthly Determination Date following the Discontinuance Date, and the calculation agent will determine the Net Investment Value of the PISTONS on that date. You will receive a payment on the fifth Trading Day after such Final
Valuation Date, if you do not redeem the PISTONS at an earlier date, in the amount equal to the Net Investment Value determined on the Final Valuation Date plus accrued and unpaid Monthly Investment Payments up to, but excluding, the Final Valuation
Date. 
  
 If the CBOE discontinues or suspends publication of the
BXM Index without prior notice, then upon such discontinuance or suspension the calculation agent will determine the Closing Value of the BXM Index on a daily basis and the calculation agent will undertake to identify and designate, in its sole
discretion, a successor index prior to the next Monthly Determination Date. Upon the designation of such successor index by the calculation agent, any Closing Value of the Index will be determined by reference to the Closing Value of such successor
index upon such designation. If the calculation agent is unable to identify a successor index prior to the Trading Day preceding the next Monthly Determination Date following the discontinuation or suspension, then the Final Valuation Date will be
deemed accelerated to the next Monthly Determination Date following the discontinuation or suspension, and the calculation agent will determine the Net Investment Value of the PISTONS on that date. You will receive a payment on the fifth Trading Day
after such Final Valuation Date, if you do not redeem the PISTONS at an earlier date, in the amount equal to the Net Investment Value determined on the Final Valuation Date plus accrued and unpaid Monthly Investment Payments up to, but excluding,
the Final Valuation Date. 
  
 In the event that the calculation
agent is required to determine the Closing Value of the BXM Index or any successor index pursuant to the preceding two paragraphs, the Closing Value of the BXM Index of any successor index will be computed by the calculation agent or one of its
affiliates in accordance with the formula for and method of calculating the BXM Index last in effect prior to the discontinuance or suspension, using the closing value (in the case of the S&P 500 Index) and closing price (in the case of the
S&P 500 Index call option) (or, if trading in the relevant securities has been materially suspended or materially limited, its good faith estimate of the closing value or closing price that would have prevailed but for that suspension or
limitation) at the close of the principal trading session of the relevant exchange on that date of the securities most recently comprising the BXM Index. 

 ALTERATION OF METHOD OF CALCULATION 
  
 If at any time the method of calculating the Index or a successor index is
changed in any material respect, or if the BXM Index or a successor index is in any other way modified so that the value of the BXM Index or the successor index does not, in the opinion of the calculation agent, fairly represent the value of that
index had the changes or modifications not been made, then, from and after that time, the calculation agent will, at the close of business in New York, New York, make those adjustments as, in the good faith judgment of the calculation agent, may be
necessary in order to arrive at a calculation of a value of a stock index comparable to the BXM Index or the successor index, as the case may be, as if the changes or modifications had not been made, and calculate the closing value with reference to
the BXM Index or the successor index. Accordingly, if the method of calculating the BXM Index or the successor index is modified so that the value of the BXM Index or the successor index is a fraction or a multiple of what it would have been if it
had not been modified (e.g., due to a split in the index), then the calculation agent will adjust that index in order to arrive at a value of the index as if it had not been modified (e.g., as if the split had not occurred).

  
 GENERAL 
  
 This Note is one of a duly authorized issue of debt securities (the
“Debt Securities”) of the Company, issued and to be issued in one or more series under a Senior Debt Indenture, dated as of June 1, 2005 (the “Indenture”), among the Company, the Guarantor, and The Bank of New
York, as trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Guarantor, the Trustee and the Holders of the PISTONS, and the terms upon which the PISTONS are, and are to be, authenticated and delivered. 
  
 In case an Event of Default with respect to the PISTONS shall have occurred and be continuing, the principal of the PISTONS
may be declared due and payable in the manner and with the effect provided in the Indenture. In such case, the amount declared due and payable upon any acceleration permitted by the Indenture will be determined by the calculation agent and will be
equal to, with respect to this Note, the Maturity Payment, calculated as though the Stated Maturity Date of this Note were the date of early repayment. 
  
 In case of default in payment at Maturity of the Notes, this Note shall bear interest, payable upon demand of the beneficial owners of this Note in
accordance with the terms of the PISTONS, from and after Maturity through the date when payment of the unpaid amount has been made or duly provided for, at the rate of 5.125% per annum on the unpaid amount due. 
  
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company, the Guarantor and the rights of the Holders of the Debt Securities of each series to be affected under the Indenture at any time by the Company, the Guarantor and a
majority in aggregate principal amount of the Debt Securities at the time Outstanding of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Debt

 
Securities of any series at the time Outstanding, on behalf of the Holders of all Debt Securities of such series, to waive compliance by the Company and the
Guarantor with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
  
 The Holder of this Note may not enforce such Holder’s rights pursuant to
the Indenture or the Notes except as provided in the Indenture. No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company and the Guarantor to pay the Maturity Payment
with respect to this Note, and to pay any interest on any overdue amount thereof at the time, place and rate, and in the coin or currency, herein prescribed. 
  
 All terms used in this Note which are defined in the Indenture but not in this Note shall have the meanings assigned to them in the Indenture. 

 
 Unless the certificate of authentication hereon has been executed by the
Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

  

			
	CITIGROUP FUNDING INC.
		
	By:	 	 /s/ Geoffrey S. Richards

	Name:	 	Geoffrey S. Richards
	Title:	 	Vice President and Assistant Treasurer

  

			
	 Corporate Seal

	 Attest:

		
	 By:
	 	 /s/ Douglas C. Turnbull

	 Name:
	 	 Douglas C. Turnbull

	 Title:
	 	 Assistant Secretary

		
	 Dated:
	 	 September 29, 2005

	
	 CERTIFICATE OF AUTHENTICATION

	 This is one of the Notes referred to in
 the within-mentioned Indenture.

	
	 The Bank of New York,
 as Trustee

		
	 By:
	 	 /s/ Stacey Poindexter

	 	 	 Authorized Signatory

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