Document:

EX-4.01

 Exhibit 4.01 

This Note is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository
named below or a nominee of the Depository. This Note is not exchangeable for Notes registered in the name of a Person other than the Depository or its nominee except in the limited circumstances described herein and in the Indenture, and no
transfer of this Note (other than a transfer of this Note as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository) may be registered except in the limited
circumstances described herein. 
 Unless this certificate is presented by an authorized representative of The Depository Trust Company, a
New York corporation (the “Depository”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of the Depository (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of the Depository), 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. 

CITIGROUP INC. 
 4.910%
Fixed Rate / Floating Rate Callable Senior Notes due May 24, 2033 
  

			
	REGISTERED	  	REGISTERED
		
		  	CUSIP: 172967NU1
		  	ISIN: US172967NU15
		
	No. R-00*	  	$

 CITIGROUP INC., a Delaware corporation (the “Company”, which term includes any successor Person
under the Indenture), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $                on May 24,
2033 (the “Maturity Date”) and to pay interest thereon from and including May 24, 2022 or from the most recent Interest Payment Date to which interest has been paid or duly provided for. The Company shall pay interest (i) from
May 24, 2022 to, but excluding, May 24, 2032 (the “Fixed Rate Period”) at a fixed rate of 4.910% per annum semi-annually, on May 24th and November 24th of each year (each such date, a “Fixed Rate Period Interest Payment
Date”), commencing November 24, 2022 and (ii) from, and including, May 24, 2032 (the “Floating Rate Period”), at an annual rate equal to Compounded SOFR (and defined on the reverse hereof) plus 2.086% quarterly, on the
second business day following each Interest Period End Date (each such business day, a “Floating Rate Period Interest Payment Date” and together with any Fixed Rate Period Payment Date, an “Interest Payment Date”), commencing
August 26, 2032, until the principal hereof is paid or made available for payment and provided that the Interest Payment Date with respect to the final Interest Period will be a redemption date or the Maturity Date. An Interest Period End Date
is the 24th of each February, May, August and November, beginning on August 24, 2032 and ending on a redemption date or the Maturity Date. The interest so payable, and punctually paid or duly provided for, on any

 
Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Record Date for such interest, which shall be
the Business Day immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the holder on such Record Date and may either be paid to the Person in whose name
this Note is registered at the close of business on a subsequent Record Date, such subsequent Record Date to be not less than ten days prior to the date of payment of such defaulted interest, notice whereof shall be given to holders of Notes of this
series not less than ten days prior to such subsequent Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in the Indenture. 
 During the Fixed Rate Period, interest hereon will be calculated
on the basis of a 360-day year comprised of twelve 30-day months, and an Interest Period shall be the period from and including an Interest Payment Date (or May 24,
2022 in the case of the first Interest Period) to and including the day immediately preceding the next Interest Payment Date. During the Fixed Rate Period, if an Interest Payment Date falls on a day that is not a Business Day, such Interest Payment
Date will be the next succeeding Business Day, and no further interest will accrue in respect of such postponement. For these purposes, “Business Day” means any day on which commercial banks settle payments and are open for general
business in The City of New York. 
 During the Floating Rate Period, interest hereon will be calculated on the basis of the actual number of days elapsed
in an interest period and a 360-day year, and an Interest Period shall be the period from and including an Interest Period End Date (or May 24, 2032 in the case of the first Interest Period during the
Floating Rate Period) to, but excluding, the next succeeding Interest Period End Date; provided that the Interest Period following an election by the Company to redeem the Notes and the final Interest Period will be the period from, and
including, the immediately preceding Interest Period End Date to, but excluding, the redemption date or the Maturity Date; and provided further that SOFR for each calendar day from, and including, the Rate
Cut-Off Date (as defined on the reverse hereof) to, but excluding, the redemption date or the Maturity Date will equal SOFR in respect of the Rate Cut-Off Date. In the
event that any Interest Period End Date (other than a redemption date or the Maturity Date) is not a Business Day, then such date will be postponed to the next succeeding Business Day, unless that day falls in the next calendar month, in which case
the interest period end date will be the immediately preceding Business Day. For these purposes, “Business Day” means any day on which commercial banks settle payments and are open for general business in The City of New York and a U.S.
Government Securities Business Day (as defined on the reverse hereof) 
 Dollar amounts resulting from such calculations will be rounded to the nearest
cent, with one-half cent being rounded upward. In the event that the Maturity Date or a redemption date is not a Business Day, then such date will be postponed to the next succeeding Business Day, and no
further interest will accrue with respect to such postponement. No interest will accrue on any amounts payable for the period from and after the due date for payment of such principal or interest. 

 Payment of the principal of and interest on this Note will be made at the office or agency of the paying
agent maintained for that purpose in The City of New York. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee or by an authenticating agent on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

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

			
	CITIGROUP INC.
		
	By:	 	          

		 	Name:
		 	Title:

  

			
	ATTEST:
		
	By:	 	          

		 	Name:
		 	Title:

 This is one of the Notes of the series issued under the within-mentioned Indenture. 

Dated: 
  

			
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:	 	          

		 	Name:
		 	Title:
		
	-or-	 	
	
	CITIBANK, N.A.,
	as Authenticating Agent
		
	By:	 	          

		 	Name:
		 	Title:

 This Note is one of a duly authorized issue of Securities of the Company (the “Notes”), issued and
to be issued in one or more series under the senior debt indenture, dated as of November 13, 2013 (as amended and supplemented from time to time, the “Indenture”), between the Company and The Bank of New York Mellon, as trustee (the
“Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in
aggregate principal to $2,500,000,000. 
 During the Floating Rate Period, this Note will bear interest for each Interest Period at a rate determined by
Citibank, N.A., London Branch, acting as Calculation Agent. The interest rate on this Note for a particular Interest Period during the Floating Rate Period will be a per annum rate equal to Compounded SOFR (as defined below) plus 2.086%. Interest
during the Floating Rate Period will be calculated by multiplying the principal amount of the Notes by the product of (i) Compounded SOFR plus 2.086% multiplied by (ii) the quotient of actual number of calendar days in such interest period
divided by 360; provided that in no event will the interest payable on the Notes be less than zero. Promptly upon determination, the Calculation Agent will inform the Trustee and the Company of the interest rate for the next Interest Period.
Absent manifest error, the determination of the interest rate by the Calculation Agent shall be binding and conclusive on the holders of Notes, the Trustee and the Company. 

For the purposes of calculating interest with respect to any Interest Period during the Floating Rate Period: 

“Compounded SOFR” means a rate of return of a daily compounded interest investment calculated in accordance with the formula below,
with the resulting percentage being rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (0.00000005 being rounded upwards) : 
  

 
 where 

“do”, for any Interest Period, is the number of U.S. Government Securities Business Days in the relevant Interest Period. 

“i” is a series of whole numbers from one to do, each representing the relevant U.S. Government Securities Business Days in
chronological order from, and including, the first U.S. Government Securities Business Day in the relevant Interest Period. 

“SOFRi”, for any day “i” in the relevant Interest Period, is a reference rate equal to SOFR in respect of that day.

 “ni”, for any day “i” in the relevant Interest Period, is the
number of calendar days from, and including, such U.S. Government Securities Business Day “i” to, but excluding, the following U.S. Government Securities Business Day. 

“d” is the number of calendar days in the relevant Interest Period. 

“U.S. Government Securities Business Day” means any day except for a Saturday, Sunday or a day on which the Securities Industry and
Financial Markets Association (SIFMA) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

“SOFR” means, with respect to any day, the rate determined by the Calculation Agent in accordance with the following provisions:

 (1) the Secured Overnight Financing Rate for trades made on such day that appears at approximately 3:00 p.m. (New York City time) on the
NY Federal Reserve’s Website on the U.S. Government Securities Business Day immediately following such day (“SOFR Determination Time”); or 

(2) if the rate specified in (1) above does not so appear, unless a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred as described in (3) below, the Secured Overnight Financing Rate published on the NY Federal Reserve’s Website for the first preceding U.S. Government Securities Business Day for which the Secured Overnight Financing Rate was
published on the NY Federal Reserve’s Website; or 
 (3) if a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred prior to the relevant interest period end date, the Calculation Agent will use the Benchmark Replacement to determine the rate and for all other purposes relating to the Notes. 

In connection with the Compounded SOFR definition above, the following definitions apply: 

“Benchmark” means, initially, Compounded SOFR; provided that if the Company (or one of its affiliates) determines that on or prior
to the Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Compounded SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.

 “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by Citigroup (or one of
its affiliates) as of the Benchmark Replacement Date: 
 (1) the sum of: (a) the alternate rate of interest that has been selected or
recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment; or 

(2) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or 

 (3) the sum of: (a) the alternate rate of interest that has been selected by the
Company (or one of its affiliates) as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes
at such time and (b) the Benchmark Replacement Adjustment. 
 “Benchmark Replacement Adjustment” means the first alternative
set forth in the order below that can be determined by the Company (or one of its affiliates) as of the Benchmark Replacement Date: 
 (1)
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted
Benchmark Replacement; 
 (2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA
Fallback Adjustment; 
 (3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company
(or one of its affiliates) giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted
Benchmark Replacement for U.S. dollar-denominated floating rate notes at such time. 
 “Benchmark Replacement Conforming Changes”
means, with respect to any Benchmark Replacement, any technical, administrative or operational changes that the Company (or one of its affiliates) decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner
substantially consistent with market practice (or, if the Company (or such affiliate) decides that adoption of any portion of such market practice is not administratively feasible or if the Company (or such affiliate) determines that no market
practice for use of the Benchmark Replacement exists, in such other manner as the Company (or such affiliate) determines is reasonably necessary). 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark: 

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the
public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or 

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein. 
 For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the
same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. 

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 (1) a public statement or publication of information by or on behalf of the administrator of
the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to
provide the Benchmark; 
 (2) a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an
entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at
the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or 
 (3) a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative. 

“Business Day” means any weekday that is not a legal holiday in New York City and is not a day on which banking institutions in New
York City are authorized or required by law or regulation to be closed and is a U.S. Government Securities Business Day. 
 “ISDA”
means the International Swaps and Derivatives Association, Inc. or any successor thereto. 
 “ISDA Definitions” means the 2006
ISDA Definitions published by ISDA, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for
derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“NY Federal Reserve” means the Federal Reserve Bank of New York. 

“NY Federal Reserve’s Website” means the website of the NY Federal Reserve, currently at http://www.newyorkfed.org, or any
successor website of the NY Federal Reserve or the website of any successor administrator of the Secured Overnight Financing Rate. 

“Rate Cut-Off Date” means the second U.S. Government Securities Business Day prior to a
redemption date or the Maturity Date. 
 “Reference Time” with respect to any determination of the Benchmark means (1) if the
Benchmark is Compounded SOFR, the SOFR Determination Time and (2) if the Benchmark is not Compounded SOFR, the time determined by Citigroup (or one of its affiliates) in accordance with the Benchmark Replacement Conforming Changes. 

 “Relevant Governmental Body” means the Federal Reserve Board and/or the NY Federal
Reserve, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NY Federal Reserve or any successor thereto. 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

Upon request from any Noteholder, the Calculation Agent will provide the interest rate in effect on this Note for the current Interest Period during the
Floating Rate Period and, if it has been determined, the interest rate to be in effect for the next Interest Period during the Floating Rate Period. 
 If
an event of default (as defined in the Indenture) with respect to Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the
Indenture. 
 Sections 12.02 and 12.03 of the Indenture containing provisions for defeasance apply to this Note. At any time the entire indebtedness of this
Note may be defeased upon compliance by the Company with certain conditions set forth in Section 12.04 of the Indenture. 
 The
Indenture contains provisions permitting the Company and the Trustee, without the consent of the holders of the Securities, to establish, among other things, the form and terms of any series of Securities issuable thereunder by one or more
supplemental indentures, and, with the consent of the holders of a majority in aggregate principal amount of Securities at the time outstanding which are affected thereby, to modify the Indenture or any supplemental indenture or the rights of the
holders of Securities of such series to be affected, provided that no such modification will (i) extend the fixed maturity of any Securities, reduce the rate or extend the time of payment of interest thereon, reduce the principal amount thereof
or the premium, if any, thereon, reduce the amount of the principal of Original Issue Discount Securities payable on any date, change the currency in which Securities are payable, or impair the right to institute suit for the enforcement of any such
payment on or after the maturity thereof, without the consent of the holder of each Security so affected, or (ii) reduce the aforesaid percentage of Securities of any series the consent of the holders of which is required for any such
modification without the consent of the holders of all Securities of such series then outstanding, or (iii) modify the rights, duties or immunities of the Trustee unless the Trustee agrees to such modification. 

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, which is absolute
and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
 This
Note is a Global Security registered in the name of a nominee of the Depository. This Note is exchangeable for Notes registered in the name of a person other than the Depository or its nominee only in the limited circumstances hereinafter described.
Unless and until it is exchanged in whole or in part for definitive Notes in certificated form, this Note may not be transferred except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository
or another nominee of the Depository. 

 The Notes represented by this Global Security are exchangeable for definitive Notes in certificated form of
like tenor as such Notes in denominations of $1,000 and whole multiples of $1,000 in excess thereof only if (i) the Depository notifies the Company that it is unwilling or unable to continue as Depository for the Notes and the Company is unable
to appoint a successor depository or (ii) the Depository ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, or (iii) the Company in its sole discretion decides to allow the Notes to be
exchanged for definitive Notes in registered form. Any Notes that are exchangeable pursuant to the preceding sentence are exchangeable for certificated Notes issuable in authorized denominations and registered in such names as the Depository shall
direct. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of definitive Notes in certificated form is registrable in the register maintained by the Company in The City of New York for such purpose, upon
surrender of the definitive Note for registration of transfer at the office or agency of the registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the registrar duly executed by, the
holder thereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or
transferees. Subject to the foregoing, this Note is not exchangeable, except for a Global Security or Global Securities of this issue of the same principal amount to be registered in the name of the Depository or its nominee. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 The Company will pay additional amounts (“Additional Amounts”) to the beneficial owner of any Note that is
a non-United States person in order to ensure that every net payment on such Note will not be less, due to payment of U.S. withholding tax, than the amount then due and payable. For this purpose, a “net
payment” on a Note means a payment by the Company or a paying agent, including payment of principal and interest, after deduction for any present or future tax, assessment or other governmental charge of the United States. These Additional
Amounts will constitute additional interest on the Note. 
 The Company will not be required to pay Additional Amounts, however, in any of the circumstances
described in items (1) through (13) below. 
 (1) Additional Amounts will not be payable if a payment on a Note is reduced as a result
of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner: 
  

	 	(a)	 having a relationship with the United States as a citizen, resident or otherwise; 

 

	 	(b)	 having had such a relationship in the past; or 

 

	 	(c)	 being considered as having had such a relationship. 

(2) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld solely by reason of the beneficial owner: 

	 	(a)	 being treated as present in or engaged in a trade or business in the United States; 

 

	 	(b)	 being treated as having been present in or engaged in a trade or business in the United States in the past; or

  

	 	(c)	 having or having had a permanent establishment in the United States. 

(3) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld in whole or in part by reason of the beneficial owner being or having been any of the following (as such terms are defined in the Internal Revenue Code of 1986, as amended): 

 

	 	(a)	 personal holding company; 

 

	 	(b)	 foreign private foundation or other foreign tax-exempt organization;

  

	 	(c)	 passive foreign investment company; 

 

	 	(d)	 controlled foreign corporation; or 

 

	 	(e)	 corporation which has accumulated earnings to avoid United States federal income tax. 

(4) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld solely by reason of the beneficial owner owning or having owned, actually or constructively, 10 percent or more of the total combined voting power of all classes of stock of the Company entitled to vote or by reason
of the beneficial owner being a bank that has invested in a Note as an extension of credit in the ordinary course of its trade or business. 
 For purposes
of items (1) through (4) above, “beneficial owner” means a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership, limited liability company, corporation or other entity, or
a person holding a power over an estate or trust administered by a fiduciary holder. 
 (5) Additional Amounts will not be payable to any
beneficial owner of a Note that is a: 
  

	 	(a)	 fiduciary; 

  

	 	(b)	 partnership; 

  

	 	(c)	 limited liability company; or 

 

	 	(d)	 other fiscally transparent entity 

or that is not the sole beneficial owner of the Note, or any portion of the Note. However, this exception to the obligation to pay Additional
Amounts will only apply to the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner or member of the partnership, limited liability company or other fiscally transparent entity, would not have been entitled to the
payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment. 

(6) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld solely by reason of the failure of the beneficial owner or any other person to comply with applicable certification, identification, documentation or other information reporting requirements. This exception to the
obligation to pay Additional Amounts will only apply if compliance with such reporting requirements is required by statute or regulation of the United States or by an applicable income tax treaty to which the United States is a party as a
precondition to exemption from such tax, assessment or other governmental charge. 

 (7) Additional Amounts will not be payable if a payment on a Note is reduced as a result of
any tax, assessment or other governmental charge that is collected or imposed by any method other than by withholding from a payment on a Note by the Company or a paying agent. 

(8) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld by reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later. 

(9) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld by reason of the presentation by the beneficial owner of a Note for payment more than 30 days after the date on which such payment becomes due or is duly provided for, whichever occurs later. 

(10) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any: 

 

	 	(a)	 estate tax; 

  

	 	(b)	 inheritance tax; 

  

	 	(c)	 gift tax; 

  

	 	(d)	 sales tax; 

  

	 	(e)	 excise tax; 

  

	 	(f)	 transfer tax; 

  

	 	(g)	 wealth tax; 

  

	 	(h)	 personal property tax; or 

 

	 	(i)	 any similar tax, assessment, withholding, deduction or other governmental charge. 

(11) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment, or other governmental charge
required to be withheld by any paying agent from a payment of principal or interest on a Note if such payment can be made without such withholding by any other paying agent. 

(12) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any withholding, deduction, tax, duty assessment
or other governmental charge that would not have been imposed but for a failure by the holder or beneficial owner of a Note (or any financial institution through which the holder or beneficial owner holds the Note or through which payment on the
Note is made) to take any action (including entering into an agreement with the Internal Revenue Service, or a governmental authority of another jurisdiction if the holder is entitled to the benefits of an intergovernmental agreement between that
jurisdiction and the United States) or to comply with any applicable certification, documentation, information or other reporting requirement or agreement concerning accounts maintained by the holder or beneficial owner (or any such financial
institution), or concerning ownership of the holder or beneficial owner, or any substantially similar requirement or agreement. 
 (13)
Additional Amounts will not be payable if a payment on a Note is reduced as a result of any combination of items (1) through (12) above. 

 Except as specifically provided herein, the Company will not be required to make any payment
of any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of such government. 

As used in this Note, “United States person” means: 
  

	 	(a)	 any individual who is a citizen or resident of the United States; 

 

	 	(b)	 any corporation, partnership or other entity created or organized in or under the laws of the United States or
any political subdivision thereof; 

  

	 	(c)	 any estate if the income of such estate falls within the federal income tax jurisdiction of the United States
regardless of the source of such income; and 

  

	 	(d)	 any trust if (i) a United States court is able to exercise primary supervision over its administration and
one or more United States persons have the authority to control all of the substantial decisions of the trust; or (ii) it has a valid election in effect under applicable United States Treasury regulations to be treated as a United States
person. 

 Additionally, “non-United States person” means a person who
is not a United States person, and “United States” means the states of the United States of America and the District of Columbia, but excluding its territories and its possessions. 

Except as provided below, the Notes may not be redeemed prior to maturity. 

(1) The Company may, at its option, redeem the Notes if: 
  

	 	(a)	 the Company becomes or will become obligated to pay Additional Amounts as described above;

  

	 	(b)	 the obligation to pay Additional Amounts arises as a result of any change in the laws, regulations or rulings
of the United States, or an official position regarding the application or interpretation of such laws, regulations or rulings, which change is announced or becomes effective on or after May 17, 2022; and 

 

	 	(c)	 the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be
avoided by the use of reasonable measures available to it, other than substituting the obligor under the Notes or taking any action that would entail a material cost to the Company. 

(2) The Company may also redeem the Notes, at its option, if: 
  

	 	(a)	 any act is taken by a taxing authority of the United States on or after May 17, 2022 whether or not such
act is taken in relation to the Company or any subsidiary, that results in a substantial probability that the Company will or may be required to pay Additional Amounts as described above; 

 

	 	(b)	 the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be
avoided by the use of reasonable measures available to it, other than substituting the obligor under the Notes or taking any action that would entail a material cost to the Company; and 

	 	(c)	 the Company receives an opinion of independent counsel to the effect that an act taken by a taxing authority of
the United States results in a substantial probability that the Company will or may be required to pay the Additional Amounts described above, and delivers to the Trustee a certificate, signed by a duly authorized officer, stating that based on such
opinion the Company is entitled to redeem the Notes pursuant to their terms. 

 Any redemption of the Notes as set forth in clauses
(1) or (2) above shall be in whole, and not in part, and will be made at a redemption price equal to 100% of the principal amount of the Notes Outstanding plus accrued and unpaid interest thereon to the date of redemption. 

 

	 	(3)	 The Company may also redeem the Notes, at its option, in whole at any time or in part from time to time, on or
after November 24, 2022 (or, if additional notes are issued after May 24, 2022, beginning six months after the issue date of such additional notes) and prior to May 24, 2032, at a redemption price equal to the sum of (i) 100% of the
principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding the date of redemption; and (ii) the Make-Whole Amount, if any, with respect to such Notes. The Reinvestment Rate will equal the Treasury
Yield calculated to May 24, 2032, plus 0.300%. 

  

	 	•	 	 “Make-Whole Amount” means the excess, if any, of: (i) the aggregate present value as of the date
of such redemption of each dollar of principal being redeemed and the amount of interest (exclusive of interest accrued to the date of redemption) that would have been payable in respect of each such dollar if such redemption had not been made,
determined by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate (as defined below) (determined on the third business day preceding the date that notice of such redemption is given) from the respective dates on
which such principal and interest would have been payable if such redemption had not been made, to the date of redemption, over (ii) the aggregate principal amount of the Notes being redeemed. 

 

	 	•	 	 “Reinvestment Rate” means the yield on Treasury securities at a constant maturity corresponding to the
remaining life (as of the date of redemption, and rounded to the nearest month) to May 24, 2032, of the principal being redeemed (the “Treasury Yield”), plus 0.300%. For purposes of the Notes, the Treasury Yield shall be equal to the
arithmetic mean of the yields published in the Statistical Release (as defined below) under the heading “Week Ending” for “U.S. Government Securities — Treasury Constant Maturities” with a maturity equal to such
remaining life; provided that if no published maturity exactly corresponds to such remaining life, then the Treasury Yield shall be interpolated or extrapolated on a straight-line basis from the arithmetic means of the yields for the next shortest
and next longest published maturities. For purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used. If the format or content of the
Statistical Release changes in a manner that precludes determination of the Treasury Yield in the above manner, then the Treasury Yield shall be determined in the manner that most closely approximates the above manner, as reasonably determined by
the Company. 

  

	 	•	 	 “Statistical Release” means the statistical release designated “H.15(519)” or any successor
publication which is published weekly by the Federal Reserve and which reports yields on actively traded United States government securities adjusted to constant maturities or, if such statistical release is not published at the time of any
determination under the Indenture, then such other reasonably comparable index which shall be designated by the Company. 

	 	(4)	 The Company may also redeem the Notes, at its option, (i) in whole, but not in part, on May 24, 2032,
or (ii) in whole at any time or in part from time to time, on or after April 24, 2033 at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the
date of redemption. 

 Holders shall be given not less than 15 days’ nor more than 60 days’ prior notice by the Trustee of the
date fixed for such redemption described in (1) and (2) above. Holders shall be given not less than 5 days’ nor more than 30 days’ prior notice by the Trustee of the date fixed for such redemption described in (3) and (4) above.

 All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. The Notes are governed by the
laws of the State of New York. 

 Schedule 1 

Redemptions and Amount of Securities 
  

							
	 Date of

partial

redemption
	 	 Aggregate

principal amount
 of
Securities then
 redeemed
	 	 Remaining

principal amount
 of this
Global
 Security
	 	 Authorized SignatureExhibit
10.1

 

[***]
Certain information has been excluded pursuant to Item 601(b)(10)(iv) of Regulation S-K from this document because it is both not material
and is the type that the registrant treats as private or confidential.

 

 

May
19, 2022

 

Mr.
Michael Rama

Chief
Financial Officer

Via
email: [***]

 

Re:
New Employment Agreement

 

Dear
Michael:

 

On
behalf of Blink Charging Co. (the “Company”), I am pleased to make this offer to renew your employment as the Chief
Financial Officer of the Company (the “New Agreement”). As Chief Financial Officer (“CFO”), you
will continue to report to the Company’s Chief Executive Officer and Executive Chairman and work at the Company’s headquarters
at 605 Lincoln Road, 5th Floor, Miami Beach, FL 33139. This New Agreement and the compensation package contemplated herein are subject
to the recommendation of the Compensation Committee (“Compensation Committee”) and the approval of the Company’s
Board of Directors (“Board”).

 

Effectiveness.
This New Agreement shall become effective only upon your execution. Upon Board approval, this New Agreement shall replace your original
Offer Letter dated February 7th, 2020 (the “Expired Agreement”). The start date of this New Agreement shall
be January 1, 2022 (the “Start Date”). Following the Start Date, the New Agreement shall solely and exclusively govern
your relationship with the Company, but the Expired Agreement will continue to control all entitlements and obligations with respect
to the Company prior to the Start Date.

 

Further,
all equity awards, stock options, and/or common or restricted common stock earned, granted, or issued to you prior to the Start Date
shall remain subject to those terms and conditions set forth in the Expired Agreement. For the purposes of this New Agreement, your effective
employment date will be January 1, 2022. The necessary adjustments and prorations for the period between January 1, 2022, and the Start
Date will be fully described in Appendix B enclosed with this letter.

 

Base
Salary. Your annual base salary will increase to $390,000 ($32,500 monthly) less applicable taxes, deductions, and withholdings,
to be paid monthly and subject to an annual review (“Base Salary”). You will be paid on the Company’s regularly
scheduled payday, which is currently the 15th and 30th of every month.

 

Annual
Performance Bonus. Upon meeting pre-determined periodic Key Performance Indicators (“KPIs”) every year, you will
be eligible to receive a cash bonus in an amount equal to fifty percent (50%) of your Base Salary (the “Performance Bonus”).
You and the Compensation Committee will work to establish mutually agreeable KPIs (attached hereto as Appendix A). The failure
to establish KPIs, not through the fault of the Compensation Committee, will exclude you from eligibility for the Performance Bonus.
To qualify for the Performance Bonus, you must meet the relevant KPIs for the twelve (12) month period preceding the date your Performance
Bonus is considered to be paid.

 

Equity
Awards. As a “C” level executive of the Company, you are entitled to receive equity awards (“Equity Awards”)
under the Company’s 2018 Incentive Compensation Plan (the “Plan”). The aggregate annual award value under the Plan
will be equal to fifty percent (50%) of your Base Salary, as adjusted from time to time, comprised of the Company’s Restricted
Common Stock (the “RCS”) (the “Grant”). Fifty percent (50%) of the Grant shall vest immediately
on the Grant Date, and the remaining fifty percent (50%) shall vest in equal one-third (1/3) increments on each anniversary of the Grant
Date. All Equity Awards shall be granted to you, provided that: (i) at the end of each applicable vesting period, you are still employed
by the Company; and (ii) you satisfy the KPIs and other performance criteria established by the Plan. All Equity Awards will be awarded
on or about March 31st of each year.

 

	 	 	 
	605 Lincoln Road, 5TH Floor	(305) 521-0200	
	Miami Beach, FL 33139	BlinkCharging.com
	Nasdaq:BLNK	 

 

    	 

     

    

 

Benefits.
At no cost to you, you and your family will participate in the Company’s current medical, dental, vision, short term disability,
long term disability, life, and accident benefit programs. Beginning on your Start Date you are eligible for a monthly electric vehicle
and auto insurance allowance not to exceed $1,500 month.

 

Business
Expense Reimbursement. Upon presentation of appropriate documentation in accordance with the Company’s expense reimbursement
policies, the Company will reimburse you for the reasonable business expenses you incur in connection with your employment.

 

Paid
Time Off. You will accrue Paid Time Off, which you will be allowed to use at your discretion, at a rate of two hundred and forty
(240) hours, or twenty (20) days (based upon an eight-hour workday). Additionally, you will have two (2) floating holidays, which you
will be able to use anytime during the year.

 

Term.
The term of your employment shall be three (3) years and three (3) months (39 months in total), commencing on the Start Date (the
“Term”).

 

Termination
by the Company for Cause. You may be terminated by the Company immediately and without notice for “Cause.” “Cause”
shall mean: (i) your willful material misconduct; or (ii) your willful failure to materially perform your responsibilities to the Company.
“Cause” shall be determined by the Company after conducting a meeting where you can be heard on the topic.

 

Termination
Without Cause. The Company may terminate your employment without Cause. Upon Termination Without Cause the Company will (i) continue
payment of your Base Salary for the number of months you were employed with the Company, not to exceed (12) twelve months. Additionally,
the Company will subsidize your COBRA rate for six (6) months after your termination date. You will only be responsible for paying the
active employee rate for your benefits.

 

Resignation.
Should you resign or end your employment with the Company of your own volition prior to the end of the Term for any reason not listed
above, you will no longer be entitled to any compensation, including payments and bonuses (except to amounts already earned), from the
Company as enumerated herein. Further, any outstanding equity awards and all unvested shares of the Company’s stock will terminate
immediately. The foregoing is your sole entitlement to severance payments and benefits.

 

Change
In Control. If Blink Charging Co. undergoes a “Change in Control” (as defined hereunder), and any one of the events listed
in this clause occurs (the “List of Events”), you will receive a total severance payment equal to 2.99 times your Base Salary
(which would include any other applicable severance payment under this New Agreement). The List of Events includes: (i) you lose your
position as the Company’s Chief Financial Officer through termination or assignment to a significantly lower position; (ii) your
compensation is materially decreased via any means; or (iii) you are terminated without cause during one of the following time periods:
the merger/acquisition (“M&A”) negotiation, the M&A’s due diligence period, or within one year after the closing
of the M&A. Additionally, all Stock Options and RCSs previously awarded, allocated, or earned by you will immediately vest and all
restrictions will be immediately eligible for removal and you will receive your full cash bonuses for the calendar year in which the
triggering event in the List of Events occurs. “Change of Control” of the Company is defined as: (i) any “person”
(as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, (as amended) is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing more than fifty
percent (50%) of the total voting power represented by the Company’s then outstanding voting securities; (ii) the date of the consummation
of a merger or consolidation of the Company with any other corporation that has been approved by the stockholders of the Company, other
than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing
to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at
least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its
parent outstanding immediately after such merger or consolidation; or (iii) the date of the consummation of the sale or disposition by
the Company of all or substantially all the Company’s assets. A transaction will not be deemed a Change of Control unless the transaction
qualifies as a “change in control event” within the meaning of Code Section 409A. Notwithstanding the foregoing, in the event
that any payment or benefit you receive or you will be entitled to receive pursuant to this New Agreement or any other plan, program
or arrangement of the Company or its Affiliates would constitute an “excess parachute payment” within the meaning of Section
280G of the Code (“Excess Parachute Payment”), then the payments under this New Agreement shall be reduced (by the minimum
possible amounts) until no amount payable to the employee under this New Agreement constitutes an Excess Parachute Payment; provided,
however, that no such reduction shall be made if the net after-tax payment (after taking into account federal, state, local or other
income and excise taxes) to which the employee would otherwise be entitled without such reduction would be greater than the net after-tax
payment (after taking into account federal, state, local or other income and excise taxes) to you resulting from the receipt of such
payments with such reduction. If, as a result of subsequent events or conditions (including a subsequent payment or absence of a subsequent
payment under this New Agreement or other plan, program or arrangement of the Company or its Affiliates), it is determined that payments
under this New Agreement have been reduced by more than the minimum amount required to prevent any payments from constituting an Excess
Parachute Payment, then an additional payment shall be promptly made to you in an amount equal to the additional amount that can be paid
without causing any payment to constitute an Excess Parachute Payment.

 

	605 Lincoln Road, 5TH Floor	(305) 521-0200	
	Miami Beach, FL 33139	BlinkCharging.com
	Nasdaq:BLNK	 

 

    	 

     

    

 

Death
and Disability. In the event of your death during the Term, your employment shall terminate immediately. If, during the Term you
shall suffer a “Disability” within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, the Company may
terminate your employment. In the event your employment is terminated due to death or Disability, you (or your estate in case of death)
shall be eligible to receive the separation benefits (in lieu of any severance payments): all unpaid Base Salary amounts, and all outstanding
and fully vested stock options and other equity awards.

 

Obligations.
You shall devote your full business efforts and time to the Company during your employment. However, this obligation shall not preclude
you from engaging in appropriate civic, charitable or religious activities, or, with the consent of the Board, from serving on the boards
of directors of companies that are not competitors to the Company, as long as these activities do not materially interfere or conflict
with your responsibilities to, or your ability to perform your duties at the Company. Any outside activities must be in compliance with
and, if required, approved by the Company’s Corporate Governance Guidelines.

 

Proprietary
Agreement and No Conflict with Prior Agreements. As an employee of the Company, you may become knowledgeable or be exposed to confidential
and/or proprietary information related to the operations, products, and services of the Company and its clients. Similarly, you may have
confidential or proprietary information from prior employers that must not be used or disclosed to anyone at the Company. Therefore,
you will be required to read, complete, and sign the Company’s standard Employee Confidentiality and Assignment of Inventions Agreement
(“Proprietary Agreement”) and the Proprietary Information Obligations Checklist and return it to the Company on or prior
to the Start Date. In addition, the Company requests that you continue complying with any existing and/or continuing contractual obligations
that you may have with your former employers. By signing this New Agreement, you represent that your employment with the Company shall
not breach any agreement you have with any third party.

 

Non-Competition.
In addition to the obligations specified in the Proprietary Agreement, you agree that during your employment with the Company you will
not engage in, or have any direct or indirect interest in, any person, firm, corporation, or business (whether as an employee, officer,
director, agent, security holder, creditor, consultant, partner or otherwise) that is competitive with the business of the Company, including,
without limitation, planning, developing, installing, marketing, selling, leasing, and providing services relating to electric vehicle
charging stations.

 

Entire
Agreement. This New Agreement, including all appendices, contains the entire agreement between the parties and supersedes whatever
oral or written understanding they may have had prior to the execution of this Agreement. This Agreement shall not be amended or modified
except by a written agreement executed by each of the parties hereto.

 

Governing
Law. To the extent permitted by applicable law, this New Agreement shall be governed by the laws of the State of Florida, and you
submit to the exclusive jurisdiction and venue of the courts situated in the State of Florida, County of Miami-Dade for all disputes,
claims, or complaints arising out of this New Agreement.

 

[signature
page follows]

 

	605 Lincoln Road, 5TH Floor	(305) 521-0200	
	Miami Beach, FL 33139	BlinkCharging.com
	Nasdaq:BLNK	 

 

    	 

     

    

 

Please
indicate your acceptance of this New Agreement by signing below and returning an executed copy to me at your earliest convenience.

 

	 	 	 	 	Sincerely,
	 	 	 	 	 
	 	 	 	 	/s/
    Michael D. Farkas
	 	 	 	 	Michael
    D. Farkas
	 	 	 	 	CEO
    & Executive Chairman

 

AGREED
AND ACCEPTED:

 

	/s/
                                    Michael Rama
	 	5/19/2022
	 	 
	Michael
    Rama	 	Date	 	 
	 	 	 	 	 
	 	 	January
                                       1, 2022
	 	 
	 	 	Start
    Date	 	 

 

	605 Lincoln Road, 5TH Floor	(305) 521-0200	
	Miami Beach, FL 33139	BlinkCharging.com
	Nasdaq:BLNK	 

 

    	 

     

    

 

Appendix
A

 

[***]

 

	605 Lincoln Road, 5TH Floor	(305) 521-0200	
	Miami Beach, FL 33139	BlinkCharging.com
	Nasdaq:BLNK	 

 

    	 

     

    

 

Appendix
B

 

	 	 	Annual	 	 	Per Pay 
 Period	 	 	# of 
 Payperiods	 	 	Total	 
	Current Base Salary	 	$	325,000.00	 	 	$	13,541.67	 	 	 	 	 	 	 	 	 
	Adjusted Base Salary	 	$	390,000.00	 	 	$	16,250.00	 	 	 	 	 	 	 	 	 
	Difference	 	$	65,000.00	 	 	$	2,708.33	 	 	 	9	 	 	$	24,375.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current EV Allowance	 	$	9,000.00	 	 	$	375.00	 	 	 	 	 	 	 	 	 
	Adjusted EV Allowance	 	$	18,000.00	 	 	$	750.00	 	 	 	 	 	 	 	 	 
	Difference	 	$	9,000.00	 	 	$	375.00	 	 	 	9	 	 	$	3,375.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	27,750.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pay Periods to Catch Up	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1/1/2022 - 5/15/2022	 	 	9	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Note:
    Catch Up adjustment is for Payperiods from 1/1/2022 through 5/15/2022 (last payroll);
	Adjusted
    Base and Adjusted EV Allowance will be reflected in the 5/31/2022 Payroll.

 

	605 Lincoln Road, 5TH Floor	(305) 521-0200	
	Miami Beach, FL 33139	BlinkCharging.com
	Nasdaq:BLNK

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