Document:

Document

Exhibit 10.03
March 12, 2021

Wei-Chung Hu
New York, New York

Dear Brad:

This Separation Agreement (together with any Exhibits referenced herein, the “Agreement”) sets forth the total payments and benefits that you are eligible to receive in connection with your separation of employment from Citibank, N.A. (together, as applicable, with its parent, subsidiaries and affiliates, and as further defined herein, “Citi”) provided that you sign this Agreement, do not revoke it during the Revocation Period (as defined in Paragraph 17 below), and materially comply with its terms.

1.Termination Date, Separation Pay, and Other Payments and Benefits.

(a)From the date of this Agreement through December 31, 2020 (“Transition Period”), you will continue to receive regular salary payments at your current annual base salary rate (less applicable taxes, withholdings, and deductions) and previously elected benefits. Salary payments will be made on the regular payroll dates established by Citi during this period. During the Transition Period, you agree to facilitate the transition of your regular responsibilities and be available for consultation as needed. As of close of business on the last day of the Transition Period, you will be relieved of all job responsibilities, and your signing authority will end, as will your service as an officer, director or member of Citigroup Inc., its subsidiaries, affiliates, successors, assigns, and all other company-related entities, boards or committees. If requested, you will tender appropriate letter(s) of resignation.

(b)From January 1, 2021 through March 16, 2021 (“Notice Period”), you will continue to receive regular salary continuation payments at your current annual base salary rate (less applicable taxes, withholdings, and deductions) and previously elected benefits. Salary payments will be made on the regular payroll dates established by Citi during this period. The Notice Period and Transition Period satisfy any notice obligations you are owed under Citi policy or applicable law.

(c)Except as otherwise provided below, your employment will terminate at the close of business on March 16, 2021 (“Termination Date”).

(d)You will receive a lump sum payment in the amount of $230,769.23 (less applicable taxes, withholdings, and deductions), representing 24 weeks’ pay at your current annual base salary rate (the “Separation Pay”). This payment will be made in accordance with Paragraph 14 below.

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a.If you sign this Agreement and Exhibit A and you do not revoke the Agreement during the applicable Revocation Period (as defined below), and subject to the terms and conditions of this Agreement, you will receive a discretionary incentive and retention award (“DIRA”) for performance year 2020 with a pre-tax nominal value of $5,420,997.57. Assuming satisfaction of the preceding sentence, 40% of the DIRA will be paid in the form of a cash bonus (the “Initial Payment”), and the remaining 60% of the DIRA will be awarded in the form of a deferred cash award pursuant to Citi’s Deferred Cash Award Plan (“DCAP”) (the award, the “DCAP Award”). The DCAP Award will vest in four equal annual installments of
$813,149.636 on each January 20 of 2022, 2023, 2024, and 2025, as set forth in and subject to the terms and conditions of the DCAP award agreement. The grant of your DCAP Award is subject to your execution of the applicable award agreement, which is attached as Exhibit A to this Agreement. The DIRA will be delivered in accordance with Paragraph 14 below.

b.You will receive payment (less applicable taxes, withholdings, and deductions) for any unused planned time off that you earned through your Termination Date pursuant to applicable policy. This payment will be made as soon as administratively practical following your Termination Date.

c.Any outstanding award made to you pursuant to a discretionary incentive and retention plan or program, including Performance Share Units (“PSU”s), a stock award or stock option grant made to you pursuant to Citi’s Capital Accumulation Plan (“CAP”), a deferred cash award made to you pursuant to DCAP, and, if applicable, your participation interest in any limited partnership or other employee investment plan, shall be treated in accordance with the terms and conditions of the applicable program or plan and the applicable award or other documentation relating thereto applicable to an Involuntary Termination Other than for Gross Misconduct, subject to the performance-based vesting conditions, clawback provisions, and other terms and conditions of the underlying award. Please consult the relevant prospectus, prospectus supplement, brochure, or other plan or award documents for the controlling terms. You may also contact Edith Ginsberg at 212- 559-2957, or ConnectOne at (800) 881-3938 and select option 5, or you may call the Citi Equity Compensation Customer Service Department at (718) 248-4510 or (877) 711-2433. If you participate in a limited partnership or other employee investment plan, you may call (212) 783-1230 or (866) 448-0639 and select option 2.

As defined above and for purposes of this Paragraph 1(g), your Termination Date shall be the last day of your Notice Period. Please note that to the extent you have any stock option awards, those awards have expiration dates that may vary based on the date of the award.

Your awards that continue to vest following your Termination Date may become subject to income or payroll taxes in one or more jurisdictions after your Termination Date. You acknowledge that you are solely responsible for paying any tax amounts due as a condition to receiving distributions or payments of your

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outstanding stock or deferred cash awards. If any payroll taxes become due prior to the distribution or payment of any portion of your outstanding awards, you will receive an invoice from Citi for the amount of the taxes you owe in respect of such awards. If this amount is not paid in full by the due date specified in the invoice, all or a portion of your outstanding awards may be canceled.

a.If you are currently enrolled in the Citigroup Health Benefit Plan, the Citigroup Dental Benefit Plan, and/or the Citigroup Vision Benefit Plan, you may elect, under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), to temporarily continue your benefits beginning the day after your Termination Date. You will receive notification from Citi’s COBRA Administrator further advising you of the continuation of benefits available and the rates and premium payment procedure. If eligible, you may elect to enroll in retiree medical and dental coverage (“Retiree Insurance”) under the Citigroup Medical and Dental Plans. Your eligibility, the date on which you must first commence Retiree Insurance, your cost and the other terms and conditions of Retiree Insurance will be determined in accordance with the plan document and applicable policies as administered and interpreted by the Retiree Insurance administrators.

b.Through your Termination Date, you must continue to comply with all stock ownership commitments (“SOC”) and all personal trading policies that applied to you during your employment. Further, for the one year period following the date you cease to be a Section 16 officer, you will be required to retain a number of Citi shares equal to 50% of the shares previously subject to the SOC. The personal trading restrictions imposed by Citi’s personal trading policies apply to all personal trading accounts (“Personal Accounts”) held by you as well as the personal accounts of immediate family members if they are subject to those polices (“Related Accounts”). Failure to abide by the applicable trading restrictions for both Personal Accounts and Related Accounts may result in trade cancellation with all associated costs being borne by the account holders. To pre-clear transactions or if you have questions regarding personal trading, please contact the Employee Trading Hotline at (866) 369-2074.

c.During your Notice Period, there may be regulatory responsibilities on your behalf; therefore, please keep us informed of any event that would require a regulatory filing.

d.You are reminded that you are Covered Employee under Citi’s Employment Termination Notice and Nonsolicitation Policy. Therefore, except as otherwise provided by law, you may not commence employment with a new employer during the Transition Period or the Notice Period, and are subject to nonsolicitation obligations as set forth below. Further, during the Transition and Notice Periods, you must not conduct yourself in a manner that damages Citi’s existing and ongoing relationships with its clients, suppliers, and employees, or Citi’s other business interests.

1.Eligibility and Sufficiency.

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a.Subject to the terms and conditions of this Agreement: (i) you must materially comply with all applicable written, material policies in order to be eligible for the payments and benefits set forth in Paragraph 1 above; and (ii) you agree that if Citi discovers that you have engaged in any conduct which meets the criteria for cancellation of an award under the clawback provisions set forth in Sections 2(a)(i), 2(a)(ii) or 2(b) of the attached Exhibit A, Citi may immediately terminate your employment (Termination Date), cease any and all payments and benefits provided for in this Agreement, and seek other available remedies, whether at law or in equity; provided, however, that the treatment of any outstanding CAP award, DCAP award, and your participation interest in any limited partnership or other employee investment plan shall in all cases and at all times be treated pursuant to the terms of the applicable program(s) and plan(s) and amendments thereto. Citi agrees that prior to taking any action outlined in this Paragraph 2(a), Citi shall provide you with written notice describing in reasonable detail the circumstance giving rise to such alleged breach (which notice shall be delivered to you within thirty (30) days of such circumstances) and you shall have thirty (30) days from receiving such notice to cure such circumstances, to the extent such circumstances are reasonably susceptible to cure.

b.You acknowledge and agree that the total payments and benefits set forth in Paragraphs 1(a), (b), (d) and (e) of this Agreement (the “Separation Benefits”) (i) exceed the payments and benefits you would otherwise be entitled to receive under the terms of any contract or your offer letter, and (ii) constitute valuable consideration for your obligations under this Agreement.

1.Release of Claims.

a.In exchange for the Separation Benefits, you, on behalf of yourself, your agents, representatives, assignees, heirs, executors, and administrators, each in their capacity as such (collectively referred to as “Releasors”), release Citibank, N.A., its predecessors, successors and assigns, and its and their current and former direct and indirect parents, affiliates, subsidiaries, divisions, related business entities, and any and all plan administrators, plan administration committees and plan representatives of all employee benefit plans (individually and collectively, “Citi”), its and their current and former officers, directors, shareholders, employees, agents, and representatives, each in their capacity as such (individually and collectively, “Releasees”) from any and all controversies, claims, demands, promises, actions, suits, grievances, proceedings, complaints, charges, liabilities, damages, debts, allowances, bonus, stock, stock options, costs, expenses, attorneys’ fees, and remedies of any type (“Claims”) which may be waived under applicable law that Releasors may have against Releasees by reason of any matter, cause, act, or omission, including, without limitation, those arising out of or in connection with your employment with and separation from Citi, up to the date you sign this Agreement (individually and collectively, “Released Claims”). This release applies to Claims that Releasors know about and those Releasors may not know about arising at any time up to the date you sign this Agreement.

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a.Released Claims include, but are not limited to, all Claims against the Releasees under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Rehabilitation Act of 1973, the Civil Rights Acts of 1866 and 1991, the Americans with Disabilities Act of 1990, the Employee Retirement Income Security Act of 1974, the Equal Pay Act of 1963, the Family and Medical Leave Act of 1993, the Older Workers Benefit Protection Act of 1990, the Occupational Safety and Health Act of 1970, the Worker Adjustment and Retraining Notification Act, the New York State Human Rights Law, the New York City Human Rights Law, the New York Equal Pay Law, New York Labor Law §740, and the New York State Worker Adjustment and Retraining Notification Act, as well as any other foreign, federal, state, or local statute, regulation, or common law regarding employment, employment discrimination, termination of employment, retaliation, equal opportunity or wage and hour. You specifically understand that you are releasing Claims based on age, race, color, sex, sexual orientation, gender identity or expression, marital status, religion, national origin, citizenship, military or veteran’s status, disability, genetic characteristic, and all other legally protected categories.

b.Released Claims also include all Claims against the Releasees for breach of contract, any tortious act or other civil wrong, attorneys’ fees, and all compensation and benefit Claims including, without limitation, Claims concerning salary, bonus, and any awards, grants, or purchases under any discretionary incentive and retention compensation plan or program, including without limitation CAP or DCAP, and separation pay under the Citi Separation Pay Plan and any other separation pay plan maintained by Citi.

c.Except as provided in Paragraph 11 herein, you hereby waive and release your right to, and agree not to accept, any monetary or other personal recovery from Citi or any of the Releasees on account of or as a remedy for your actual or alleged injury or damages, as a result of or in connection with any Released Claim in any forum, including federal, state, or local court or in arbitration, any administrative proceeding with any federal, state, or local administrative agency, or Citi’s dispute resolution procedure.

d.In addition, and for the avoidance of doubt, Released Claims include Claims arising at any time up to the date you sign this Agreement that have or could have been filed against Citi or the Releasees under any applicable dispute resolution procedure including any arbitration policy.

e.Notwithstanding anything herein, you expressly reserve and do not waive or release your rights under this Agreement, (ii) your rights to or in any individual account(s) in which you have personally invested funds or, if applicable, under the provisions of the Citigroup Capital Partners II, L.P. and/or the Citigroup Venture Capital International Growth Fund II, L.P., (iii) your vested rights under any applicable pension or 401(k) plan, (iv) Claims arising after the date you sign this Agreement, (v) your rights to indemnification under the applicable by-laws (and any amendments thereto) or applicable law, and (vi) any Claims that by law may not be

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waived or released, including your rights to COBRA, workers compensation, and unemployment insurance (the application for which shall not be contested by Citi).

a.Further, this Agreement does not limit or exclude the jurisdiction of any federal, state or local agency or self-regulatory organization. Accordingly, notwithstanding anything herein, this Agreement is not intended to, and shall not be construed to, prevent you from filing a charge or other proceeding with, or participating in an investigation or other proceeding conducted by, any governmental agency, including without limitation the U.S. Equal Employment Opportunity Commission (the “EEOC”) or applicable state or local fair employment practices (“FEP”) agency. However, as stated in Paragraph 3(d) above, and except as provided in Paragraph 11 below, you understand and agree that you shall not be entitled to receive any monetary compensation for Released Claims from Citi or Releasees in such proceeding.

b.The undersigned, on behalf of Citi’s senior management, represents and warrants that, as of the date hereof, they have no knowledge of any actions, events, or conduct on your part which: (i) could give rise to a claim or cause of action by Citi against you; and (ii) could give rise to a claim that you had engaged in any conduct constituting “Cause,” as such term is defined in any other agreement between you and Citi or any plan or policy of Citi.

1.No Admission.

You are entering into this Agreement as a compromise and in full and final settlement of all disputed Claims, if any, you have or may have against Citi and the Releasees as of the date you sign this Agreement. This Agreement does not constitute an admission of any liability or wrongdoing by Citi or the Releasees, and Citi denies that it is responsible or legally obligated to you for any such Claims, or that it has engaged in any wrongdoing.

2.Representations.

As of the date you sign this Agreement:

a.Subject to Paragraphs 3(g) and 11 of this Agreement, you represent and warrant that you have not filed, directly or indirectly, nor caused to be filed, any legal proceeding against Citi or the Releasees in any state or federal court or in arbitration, or any administrative proceeding with any federal, local or state agency having jurisdiction over claims of employment discrimination, claims for past or future wages, salary, bonuses, stock, stock options or other forms of compensation or benefits, including but not limited to claims arising under CAP, DCAP, the PSU program, or any other issues concerning your employment, the terms and conditions of your employment, and/or the separation of your employment from Citi.

b.You represent and warrant that you have submitted all business-related expenses for reimbursement pursuant to the applicable Citi Expense Management Policy and that you have no unpaid, outstanding debts due to Citi on your business credit card or for tax equalization, wage overpayment or the like. If there is an outstanding debt due to Citi, you agree to pay such debt immediately and, in the event you do not pay such debt prior to your Termination Date, you authorize Citi to deduct any amounts owed from the Initial Payment.

1.Confidential Information and Return of Citi Property.

a.You acknowledge and agree that any confidential, secret and/or proprietary information regarding Citi, including any nonpublic information regarding Citi’s business, products and services, methods, systems, and business plans, and nonpublic information regarding Citi’s current, former and prospective employees, clients and vendors (“Confidential Information”), is the exclusive property of Citi. Notwithstanding the above, Confidential Information shall not include any information in your possession or known to you prior to your employment with Citi, your contact lists, whether in electronic or paper form (e.g. rolodex, Outlook contacts, etc.), any information that is generally known in the industry or in the public domain, or any information that becomes generally known in the industry or in the public domain through no wrongful act on your part. You further acknowledge and agree that, as of the date you sign this Agreement, you have not disclosed or used, and you have an ongoing obligation not to disclose or use, either directly or indirectly, any Confidential Information for any reason except as otherwise provided in Paragraphs 3(g) and/or 11 of this Agreement or as required by a statute, by a court of law, or by any government, regulatory, or self-regulatory agency having supervisory authority over the business of Citi with jurisdiction to order you to divulge, disclose or make accessible such information. Except as to an inquiry by any government, regulatory, or self-regulatory agency or as otherwise provided in Paragraphs 3(g) and/or 11 of this Agreement, prior to disclosure, you shall give notice to the Global Employment Law Group, Citigroup Inc., 388 Greenwich Street, 17th Floor, New York, NY 10013, of any such request or demand for Confidential Information promptly upon your receipt of same, and shall reasonably cooperate with Citi in any application Citi may make seeking a protective order or barring disclosure of such Confidential Information.

b.Except as otherwise provided by law or in Paragraphs 3(g) and/or 11 of this Agreement, you agree to return on or before your last day of work (i) all Confidential Information in your possession, custody or control, including all customer and client lists, all books, records, documents and any other information in your possession which relate to Citi’s customers or business, and (ii) all other Citi property in your possession, custody or control, including all equipment (including laptops and computers with applicable passwords), and any keys, access cards, and corporate credit and calling cards. Further, you will change your voicemail message as instructed. Notwithstanding anything to the contrary in this Agreement, you may retain your contact lists, whether in electronic or paper form (e.g. rolodex, Outlook contacts, etc.) and copies of documents related to your compensation and benefits.

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2.Confidential Agreement.

a.Except as otherwise provided by law or in Paragraphs 3(g) and/or 11 of this Agreement, you hereby: (i) agree to keep the Separation Benefits strictly confidential and not to disclose such information in any manner whatsoever, whether orally or in writing, whether directly or indirectly, to any person or entity other than your attorney, accountant, financial advisor, and immediate family (individually and collectively, “Covered Person”); and (ii) represent that neither you nor anyone acting on your behalf has previously made any such disclosure.

b.Notwithstanding anything to the contrary in this Agreement, your obligations under this Paragraph 7 do not apply to the tax structure or tax treatment of the transactions described in this Agreement, and you (or a Covered Person) may disclose, within the limitations of any law, the tax structure and tax treatment of these transactions and documents related to them (including opinions or other tax analysis).

1.Non-Disparagement.

Except as otherwise provided by law or in Paragraphs 3(g) and/or 11 of this Agreement, you agree: (i) not to disparage or denigrate Citi or the Releasees orally or in writing; and
(ii) that neither you nor anyone acting on your behalf will publish, post, or otherwise release any material in written or electronic format, make speeches, give interviews, or make public appearances that disparage Citi, its operations, clients, employees, products, or services without the prior written consent of the General Counsel of Citigroup Inc. For the sole purpose of your job duties in any future employment that requires you to comment publicly on Citi, the non-disparagement obligations set forth in this Paragraph 8 are limited to your use of any information that you learned during or as a result of your employment with Citi. Subject to Paragraph 11 herein, Citi agrees to instruct Michael Corbat and Jane Fraser as of the date hereof that, for so long as they are a Citi employee, they must not defame or disparage you in any medium to any person or entity.

2.Non-Solicitation.

During your Transition and Notice Periods and for the one-year period following your Termination Date, to the extent permitted by law, you agree that you will not (a) engage in any conduct, either individually or in concert with a third party, which, directly or indirectly, causes or attempts to cause any Citi employee to leave the employment of Citi for the purposes of employment outside of Citi regardless of whether the solicitation for employment originates from the Citi employee, or (b) directly or indirectly, induce or otherwise counsel, advise, encourage or solicit, including through the use of social media, any client of Citi whom you serviced or had substantial contact during your employment to terminate its relationship with Citi or to transfer assets away from or otherwise reduce its business with Citi. To the extent this provision conflicts with any other provision in any agreement regarding non-solicitation, including but not limited to the Citi Employment Termination Notice and Nonsolicitation Policy, this provision shall control. Citi hereby agrees and confirms that you are not subject to any non-compete.

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3.Duty to Provide Information.

a.Except as otherwise provided by law or in Paragraph 3(g), this Paragraph 10, and/or Paragraph 11 of this Agreement, you agree, at Citi’s reasonable request, to provide information to Citi and its attorneys as may be required in connection with the defense, investigation or prosecution of any third party claim that has been, or in the future may be, made against Citi, or in connection with any ongoing or future investigation or claim of any kind involving Citi, including any formal or informal proceeding before any Relevant Authority (including responding to any formal or informal requests for documents or testimony), with the understanding that any meetings you are requested to attend are scheduled during normal business hours at mutually agreeable times, with regard for your personal and business commitments.

For purposes of this Agreement, a “Relevant Authority” is any domestic or international court of law, governmental or regulatory agency or self-regulatory organization having supervisory authority over the business of Citi or any domestic or international arbitral, administrative, judicial or legislative body (including a committee thereof), including the U.S. Securities and Exchange Commission (“SEC”), the Financial Industry Regulatory Authority, Inc. (“FINRA”) or the Office of the Comptroller of the Currency (“OCC”).

b.You further agree, unless otherwise provided by law or in this Paragraph 10, to execute and deliver any documents that may reasonably be necessary for, and customarily associated with, carrying out the provisions of this Paragraph 10. Further, you agree that you will advise Citi of any contact made by attorneys or other agents on behalf of, or with respect to, private parties (other than Citi) with legal claims involving Citi. Should you agree to speak with such private party (or any representative thereof) regarding information you learned through and during your employment with Citi, you will permit a Citi representative to attend such meeting, where permitted by law, to prevent disclosure of privileged information or Confidential Information.

c.Nothing in this Paragraph 10 shall require you to take any action prejudicial to your legal interests or be construed to limit in any way the provisions of Paragraph 11 of this Agreement, and the requirements of this Paragraph 10 shall not apply in any circumstances in which such requirements would have the effect of prohibiting or restricting you from providing evidence or other information to any government, regulatory, or self-regulatory agency.

d.Citi shall reimburse you for any reasonable costs and expenses incurred by you in connection with your cooperation hereunder (including, but not limited to: travel; accommodations; and subject to the applicable indemnification provisions (including, without limitation, those regarding recoupment if you do not meet the relevant standard of conduct), reasonable attorney’s fees in the event it is necessary for you to retain separate counsel in connection with your cooperation under this Paragraph 10)).

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1.Disclosure of Information to Government, Regulatory or Self-Regulatory Agency and Other Permitted Disclosures.

a.Nothing contained in this Agreement is intended to prohibit or restrict you or Citi from providing evidence or other information to any government, regulatory, or self-regulatory agency such as (without limitation) the SEC, the Commodity Futures Trading Commission (“CFTC”), the Department of Justice (“DOJ”), FINRA, the National Labor Relations Board (“NLRB”), the New York Stock Exchange, Inc. (“NYSE”), or the EEOC, or from responding to any court order or subpoena, or from participating in any reward program offered by any government, regulatory, or self-regulatory agency. You may also disclose confidential information, including trade secrets, to (a) any government, regulatory, or self- regulatory agency, including under Section 21F of the Securities and Exchange Act of 1934, Section 23 of the Commodity Exchange Act of 1936, or Section 7 of the Defend Trade Secrets Act of 2016 (“Defend Trade Secrets Act”), and the rules thereunder, or (b) an attorney in connection with the reporting or investigation of a suspected violation of law or to an attorney or in a court filing under seal in connection with a retaliation or other lawsuit or proceeding, as permitted under the Defend Trade Secrets Act.

You do not need the prior authorization of Citi to make these disclosures or provide evidence or other information to any government, regulatory, or self-regulatory agency, and you are not required to notify Citi that you have done so.

The disclosures permitted under this Paragraph 11(a) are intended for regulatory and/or law enforcement purposes. It does not permit disclosure for commercial or competitive purposes of any confidential information, including trade secrets, to government owned, related or sponsored agencies, entities or enterprises that compete directly or indirectly with Citi and its businesses.

b.Further, you and Citi may disclose the terms of this Agreement if necessary in any action to enforce this Agreement. Except with regard to an inquiry by or other disclosure to any government, regulatory, or self-regulatory agency as provided in Paragraph 11(a) above, you will promptly give notice of any attempt to compel disclosure of the terms of this Agreement to the Global Employment Law Group, Citigroup Inc., at the address specified in Paragraph 6(a) above, as soon as possible and at least five days before compliance is required.

c.For the avoidance of doubt, nothing in this Agreement (including but not limited to the provisions set forth in Paragraphs 7 and 8 above) shall prohibit, prevent or otherwise restrict you or Citi from (i) initiating, testifying, assisting, complying with a subpoena from, or participating in any manner with an investigation conducted by the appropriate local, state or federal agency; (ii) filing or disclosing facts necessary to receive unemployment insurance, Medicaid, or other public benefits to which you are entitled; or (iii) making any other disclosures which are otherwise permitted by applicable federal, state or local law, or under the terms of the Agreement.

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1.Enforceability.

a.This Agreement shall be governed by the laws of the State of New York (regardless of conflict of laws principles) as to all matters including, without limitation, validity, construction, effect, performance, and remedies except where otherwise provided by law, in which case, it shall be governed by the laws of the state in which you currently work.

b.The invalidity or unenforceability of any provision of this Agreement shall have no effect upon, and shall not impair the validity or enforceability of any other provision of this Agreement, or of this Agreement in its entirety in any other jurisdiction. You and Citi agree that if any provision herein is found to be invalid or unenforceable by a court of competent jurisdiction, you and Citi will request that the court revise the provision to come closest to the meaning intended and the provision will be enforced as rewritten without affecting any other provision of this Agreement. To the extent it may be necessary, you agree to cooperate with Citi and its attorneys in seeking any regulatory, governmental or court approval of the terms of this Agreement in order to ensure that it is fully enforceable as written.

2.Arbitration.

In the event of any disputes arising out of or relating in any way to the validity, interpretation, or enforcement of this Agreement, other than injunctive relief and disputes which by law or statute are not arbitrable, the parties agree first to engage in prompt and serious good faith discussions to resolve the dispute. If such discussions fail to resolve the dispute within thirty (30) days, the parties shall try to resolve the dispute through mediation using the services of JAMS. If such mediation fails to resolve the dispute, the parties shall submit the dispute to arbitration pursuant to Citi’s Employment Arbitration Policy in effect as of your Termination Date. The decision of the arbitrator(s) will be final and binding. Judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. Each party will bear its own attorneys’ fees and expenses in mediation and arbitration except, and only to the extent permitted by applicable statute, as may be awarded in arbitration. Nothing contained herein shall limit your or Citi’s right to obtain injunctive relief in a court of law in aid of arbitration.

3.Payment/Modification by Citi.

a.You acknowledge and agree that you and Citi intend for this Agreement to be administered in accordance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury pronouncements relating thereto. You further agree that this Agreement may be amended by Citi to the extent necessary in Citi’s judgment to comply with the Code, and any rules, regulations and Treasury pronouncements relating thereto in order to preserve the payments and benefits provided herein without additional cost to Citi. In no event shall Citi be liable for any Section 409A additional tax, penalties or interest, or for any damages, as a result of any amendment of or failure to amend this Agreement.

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a.Provided you timely sign this Agreement, the Separation Pay to be paid to you pursuant to Paragraph 1(d) above and the Initial Payment to be paid to you pursuant to Paragraph 1(e) above will be paid as soon as practical following the later of your Termination Date or the Effective Date of this Agreement but in no event later than March 15, 2022.

1.Breach of this Agreement.

a.You agree that in the event of any material misrepresentation or material breach by you of any part of this Agreement, Citi may recover any amounts paid to you herein, cancel your unpaid CAP and DCAP awards, and seek any other remedies available to it.

b.You further acknowledge and agree that Citi’s remedies at law for a breach or threatened breach of any of the provisions of the above Paragraphs 3, 6, 7(a), 8, 9 or 10 would be inadequate and, therefore, in addition to any remedies at law or under the terms of the applicable benefit or equity plans, Citi shall be entitled to seek equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction, or any other equitable remedy which may then be available.

2.Knowing and Voluntary Agreement.

You acknowledge that (a) you have read and understand each of the provisions of this Agreement; (b) you are hereby advised to consult with an attorney prior to signing this Agreement; (c) you have 21 days from your receipt of this Agreement to review it and to consider your decision to sign it (the “Review Period”), although you may return it to the undersigned prior to that time if you desire, provided you have ceased performing your current job duties; (d) you are entering into this Agreement of your own free will; and (e) this Agreement is not intended to be a waiver of Claims arising after the date you sign this Agreement.

3.Revocation and Expiration of this Agreement.

Once you sign this Agreement, you have 7 days to revoke it (“Revocation Period”). You may do so by delivering to the undersigned written notice of your revocation within the Revocation Period. Your signed Agreement will become effective as of the date that you sign and return it, provided that (i) you have signed and returned it within the Review Period, (ii) you have not revoked it during the Revocation Period, and (iii) this Agreement is signed on behalf of Citi (“Effective Date”).

4.Other Terms and Conditions.

a.This Agreement sets forth the entire agreement and understanding relating to your employment with and separation from Citi, and supersedes all prior discussions, negotiations, and agreements with respect to the subjects contained herein, except for any applicable benefit plans, discretionary incentive and retention compensation

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plans or programs and limited partnerships or other employee investment plans. In entering into this Agreement, you acknowledge and agree that you are not relying on any representations by Citi or any other Releasees other than those expressly contained in this Agreement.

a.Except as provided in Paragraph 14 above, no amendment or modification to this Agreement shall be valid unless made in a separate writing and signed by you and a duly authorized representative of Citi. Any handwritten comments, inserts or interlineations of this Agreement will not be accepted under any circumstances and shall render this Agreement null and void.

b.The section headings appearing in this Agreement are used for convenience of reference only and shall not be considered a part of this Agreement nor be construed in any way to modify, amend or affect the meaning of any of its provisions.

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Citibank, N.A.

Sara Wechter    Date
Head of Human Resources

BY SIGNING THIS AGREEMENT, YOU GIVE UP AND WAIVE LEGAL RIGHTS.

YOU ARE HEREBY ADVISED BY CITI TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS AGREEMENT.

BY SIGNING BELOW, YOU ACKNOWLEDGE THAT YOU HAVE READ THIS AGREEMENT AND UNDERSTAND ALL OF ITS TERMS. YOU SIGN AND ENTER THIS AGREEMENT KNOWINGLY AND VOLUNTARILY WITH FULL KNOWLEDGE OF WHAT IT MEANS.

3/12/2021
_____________________
Wei-Chung Hu    Date

Wei-Chung Hu March 12, 2021

EXHIBIT A

Citigroup Inc.
Deferred Cash Award Plan Award Agreement Summary

Citigroup Inc. (“Citigroup”) hereby grants to Wei-Chung Hu (the “Participant”) the award summarized below pursuant to the terms of the agreement between Citibank, N.A. and Participant dated March 12, 2021 (the “Letter Agreement”) and the Discretionary Incentive and Retention Award Plan, as amended and restated effective as of January 1, 2015 (“DIRAP”). The terms, conditions and restrictions of your award are contained in this Award Agreement, including the attached Terms and Conditions (together, the “Agreement”) and the Deferred Cash Award Plan, as amended and restated effective as of January 1, 2015 (“DCAP”).

For the award to be effective, you must accept below acknowledging that you have received and read this Agreement, including the Data Protection Statement.

Summary of Participant’s Deferred Cash Award (the “Deferred Cash Award”)

						
	Award Date
	February 11, 2021

	Principal amount
	$3,252,598.54
	Notional interest rate (compounded annually)
	1.34%
	Vesting dates (and percentage vesting)
	January 20, 2022 (25%)
January 20, 2023 (25%)
January 20, 2024 (25%)
January 20, 2025 (25%)

Acceptance and Agreement by Participant. I hereby accept the award described above, and agree to be bound by the terms, conditions, and restrictions of such award as set forth in this Agreement (which includes the attached Terms and Conditions) (acknowledging hereby that I have read and that I understand such document, which includes the Data Protection Statement), and Citigroup’s policies, as in effect from time to time, relating to the administration of Citigroup’s incentive compensation programs.

CITIGROUP INC.    PARTICIPANT'S ACCEPTANCE:

By:                Sara Wechter        Wei-Chung Hu
Head of Human Resources

Wei-Chung Hu March 12, 2021

CITIGROUP INC. DEFERRED CASH AWARD PLAN
AWARD AGREEMENT TERMS AND CONDITIONS

The Terms and Conditions below constitute part of this Agreement and relate to the Deferred Cash Award described on the preceding Summary page. All references to the Deferred Cash Award in this Agreement will include any notional interest accrued thereon. Except as otherwise provided herein, the “Company” means Citigroup and its consolidated subsidiaries. The “Committee” means the Personnel and Compensation Committee of the Citigroup Board of Directors and any person with authority directly or indirectly delegated from the Committee.

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

(a)He has read and understands these Terms and Conditions.

(b)The Deferred Cash Award will be canceled or reduced if a clawback provision is applied.

(c)The Deferred Cash Award is in satisfaction of the obligation to pay the deferred cash award described in paragraph 1(e) of the Letter Agreement.

(d)A Deferred Cash Award is an unsecured general obligation of any employer that employed Participant during the deferral period applicable to the Deferred Cash Award and, until paid in accordance with its terms, is subject to the claims of such employer’s creditors. The currency in which Participant’s Deferred Cash Award is denominated and/or paid and any required tax withholding and reporting will be in accordance with Citigroup’s policies, as in effect from time to time, relating to the administration of Citigroup’s incentive compensation programs.

2.Vesting Conditions. Your Deferred Cash Award shall vest on the scheduled vesting dates in accordance with the terms of this Agreement notwithstanding your status as a former employee. If the conditions to vesting are not satisfied as of the applicable vesting date(s), the unvested portion of the Deferred Cash Award will be subject to cancelation as set forth in this Agreement.

(a)Performance-Based Vesting Condition and General Clawback.

(i)Participant’s Deferred Cash Award is subject to the following condition (a “Performance Vesting Condition”). The Committee may cancel all or a portion of an unvested Deferred Cash Award if it determines, in its sole discretion, that Participant has had significant responsibility for a material adverse outcome for Citigroup or any of its businesses or functions. The Committee has the exclusive discretionary authority to determine and define “significant responsibility” and “material adverse outcome” and all other undefined terms in this Agreement. As of the date hereof, Citi is not aware of any determination that you have “significant responsibility” for a “material adverse outcome for Citigroup or any of its businesses or functions” as defined in this paragraph.

(ii)Participant’s Deferred Cash Award is subject to the following clawback condition (the “General Clawback”). The Committee may cancel all or a portion of an unvested Deferred Cash Award if it determines, in its judgment, that (1) Participant engaged in behavior (I) constituting misconduct; (II) constituting the exercise of materially imprudent judgment that caused harm to any of the Company’s business operations; or (III) that resulted or could result in regulatory sanctions (whether or not formalized) to the Company and/or the Participant; or (2) Participant failed to supervise or monitor individuals engaging in, or Participant failed to properly escalate, in accordance with the Company’s policies, behavior (I) constituting misconduct; (II) constituting the exercise of materially imprudent judgment that caused harm to any of the Company’s business operations; or (III) that resulted or could result in regulatory sanctions (whether or not formalized) to the Company and/or the Participant.

Wei-Chung Hu March 12, 2021

i.The Performance Vesting Condition and General Clawback described in this Section 2(a) and other terms of the Award do not change during the deferral period of the Award. The Performance Vesting Condition and General Clawback are not modified solely because Participant terminates employment with the Company.

a.Citi Clawback. Any unvested portion of the Deferred Cash Award will be canceled or forfeited if the Committee, in its judgment, determines that (i) Participant received the Award based on materially inaccurate publicly reported financial statements, (ii) Participant knowingly engaged in providing materially inaccurate information relating to publicly reported financial statements, (iii) Participant materially violated any risk limits established or revised by senior management and/or risk management, or (iv) Participant has engaged in “gross misconduct” (the “Citi Clawback”). For purposes of this Agreement, “gross misconduct” means any conduct that is determined by the Committee, in its sole discretion, (1) to be in competition during employment by the Company with the Company’s business operations, (2) to be in breach of any obligation that Participant owes to the Company or Participant’s
duty of loyalty to the Company, (3) to be materially injurious to the Company, or (4) to otherwise constitute gross misconduct under the Company’s guidelines.

b.Letter Agreement. Any unvested portion of the Deferred Cash Award may be canceled or forfeited if Participant has breached any covenant contained in paragraphs 1(i), 1(j), 3, 5(a), 6, 7, 8, 9, or 10 of the Letter Agreement.

c.Notional Interest. Participant acknowledges that the Deferred Cash Award does not provide for actual interest payments but, if and when paid, includes an additional amount calculated with reference to an interest rate. This notional interest on the Deferred Cash Award will be calculated at the rate indicated in the Deferred Cash Award Summary on page 1 of this Agreement. The payment of a vested installment of the Deferred Cash Award will include the accrued notional interest on the value of the installment that vests after the Performance Vesting Condition described in Section 2(a) is applied and all other conditions to vesting are satisfied.

d.Additional Conditions.

(i)Once all applicable conditions to vesting have been satisfied, Participant’s vested Deferred Cash Award will be distributed as soon as administratively practicable, except as may be provided elsewhere in this Agreement. Vesting and payment in each case are subject to receipt of the information necessary to make required tax payments and confirmation by Citigroup that all applicable conditions to vesting and distribution or payment have been satisfied. All payments pursuant to the Deferred Cash Award are net of any amounts withheld for taxes.

(ii)Notwithstanding anything in this Agreement to the contrary, the Committee may suspend the vesting and payment of Participant’s Deferred Cash Award pending an investigation into whether there are circumstances that would prevent Participant’s Deferred Cash Award from vesting under the general vesting conditions or Performance Vesting Condition, or subject the Deferred Cash Award to
forfeiture pursuant to a clawback provision that is applicable to Participant’s Deferred Cash Award.

(iii)If it is subsequently determined (whether following an investigation or otherwise) that vesting conditions are, in fact, not satisfied with respect to the Deferred Cash Award, such Deferred Cash Award may be reduced or canceled. If it is subsequently determined (whether following an investigation or otherwise) that vesting conditions were, in fact, not satisfied with respect to the Deferred Cash Award that should not have been paid or vested, Participant will be obligated, pursuant to Section 4 of this Agreement, to return or repay to the Company any improperly vested amounts.

1.Transferability. The unvested portion of the Deferred Cash Award may not be sold, pledged, hypothecated, assigned, margined or otherwise transferred, other than by will or the laws of descent and distribution, and no Deferred Cash Award or interest or right therein shall be subject to the debts, contracts or engagements of Participant or his successors in interest or will be subject to disposition by

Wei-Chung Hu March 12, 2021

transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law, by judgment, lien, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy or divorce), and any attempted disposition thereof will be null and void, of no effect, and not binding on the Company in any way. Participant agrees that any purported transfer will be null and void, and will constitute a breach of this Agreement causing damage to the Company for which the remedy will be cancelation of the Deferred Cash Award. During Participant’s lifetime, all rights with respect to the Deferred Cash Award will be exercisable only by Participant, and any and all payments in respect of the Deferred Cash Award will be to Participant only. The Company will be under no obligation to entertain, investigate, respect, preserve, protect or enforce any actual or purported rights or interests asserted by any creditor of Participant or any other third party in the Deferred Cash Award, and Participant agrees to take all reasonable measures to protect the Company against any such claims being asserted in respect of Participant’s Deferred Cash Award and to reimburse the Company for any and all reasonable expenses it incurs defending against or complying with any such third-party claims if Participant could have reasonably acted to prevent such claims from being asserted against the Company.

1.Repayment Obligations and Right of Set-Off.

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

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

2.Consent to Electronic Delivery. In lieu of receiving documents in paper format, Participant hereby agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that Citigroup may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, brochures, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms or communications) in connection with the Deferred Cash Award and any other prior incentive award or program made or offered by Citigroup or its predecessors or successors. Electronic delivery of a document to Participant may be via a secure internet site to which Participant has access.

3.Plan Administration. The Deferred Cash Award described in this Agreement has been granted subject to the terms of the DCAP plan document. The Committee, and its delegates, including the Plan Administrator (as defined in the DCAP plan document), has the exclusive discretionary authority to make findings of fact, conclusions, and determinations regarding the interpretation of this Agreement or the DCAP provisions or the administration of the Deferred Cash Award, and will have the exclusive and final authority to determine all calculations of Deferred Cash Award amounts, including notional interest. The

Wei-Chung Hu March 12, 2021

Committee, and its delegates, including the Plan Administrator, has the exclusive authority to establish administrative procedures to implement the terms of the Deferred Cash Award. Any such procedure will be conclusive and binding on Participant. The Committee and Plan Administrator must exercise their discretion reasonably and in good faith.

1.Taxes and Tax Residency Status.

i.Compliance. By accepting the Deferred Cash Award, Participant agrees to pay all applicable taxes (or hypothetical tax if Participant is subject to tax equalization or tax protection pursuant to a Citigroup Expatriate policy) and to file all required tax returns in all jurisdictions where Participant is subject to tax and/or an income tax filing requirement. To assist Citigroup in achieving full compliance with its obligations under the laws of all relevant taxing jurisdictions, Participant agrees to keep complete and accurate records of his income tax residency status and the number and location of workdays outside his country of income tax residency from the date of the Deferred Cash Award until the vesting of the Deferred Cash Award. Participant also agrees to provide, upon request, complete and accurate information about his tax residency status to Citigroup during such periods, and confirmation of his status as a (i) U.S. citizen, (ii) holder of a U.S. green card, or (iii) citizen or legal resident of a country other than the U.S. Participant will be responsible for any tax due, including penalties and interest, arising from any misstatement by Participant regarding such information.

ii.Deferred Cash Award. To the extent the Company is required to withhold tax in any jurisdiction upon the vesting of the Deferred Cash Award or at such times as otherwise may be required in connection with the Deferred Cash Award, the Company will withhold from the vested portion of the Award to the extent permitted by applicable law, or withhold hypothetical tax pursuant to a Citigroup Expatriate policy, and Participant will be paid the after-tax or after-hypothetical tax amount. If a tax or hypothetical tax the Company is required to withhold is due prior to vesting and withholding is prohibited by applicable law or regulatory guidance, Participant will be required to pay the amount of the applicable tax due to the Company. The Award will be subject to cancelation if Participant fails to make any such required tax payment.

2.Entire Agreement. The plan and program documents, the Letter Agreement, and this Agreement constitute the entire understanding between the Company and Participant regarding the Deferred Cash Award and supersede all previous written, oral, or implied understandings between the parties hereto about the subject matter hereof, including any written or electronic agreement, election form or other communication to, from or between Participant and the Company.

3.Adjustments to the Deferred Cash Award.

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

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

4.Section 409A and Section 457A Compliance. Participant understands that as a result of Section 409A and/or Section 457A of the Code, if Participant is a U.S. taxpayer he could be subject to adverse tax consequences if the Deferred Cash Award or the DCAP plan document is not administered in accordance with the requirements of Section 409A or Section 457A. Participant further understands that if Participant is a U.S. taxpayer, and the Deferred Cash Award is considered to be a “nonqualified
deferred compensation plan” and Participant’s employer is considered to be a “nonqualified entity” (as such terms are defined in Section 409A and/or Section 457A of the Code), Participant could be subject to accelerated income recognition or other adverse tax consequences with respect to all or a portion of the Deferred Cash Award. In such circumstances, Citigroup may, but will not be required to, modify or amend

Wei-Chung Hu March 12, 2021

the Deferred Cash Award, as provided by the DCAP plan document. However, Participant acknowledges that there is no guarantee that the Deferred Cash Award, or any amendment or modification thereto, will successfully avoid unintended tax consequences to Participant and that the Company does not accept any liability therefor.

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

2.Arbitration; Conflict; Governing Law; Severability.

i.Arbitration. Any disputes related to the Deferred Cash Award will be resolved by arbitration in accordance with paragraph 12 of the Letter Agreement. In the absence of an effective arbitration policy, Participant understands and agrees that any dispute related to the Deferred Cash Award will be submitted to arbitration in accordance with the rules of the American Arbitration Association. To the maximum extent permitted by law, and except where expressly prohibited by law, arbitration on an individual basis will be the exclusive remedy for any claims that might otherwise be brought on a class, representative or collective basis. Accordingly, Participant may not participate as a class or collective action representative, or as a member of any class, representative or collective action, and will not be entitled to a recovery in a class, representative or collective action in any forum. Any disputes concerning the validity of this class, representative or collective action waiver will be decided by a court of competent jurisdiction, not by an arbitrator.

ii.Conflict. In the event of a conflict between this Agreement and the Letter Agreement, the Letter Agreement will control. In the event of a conflict between this Agreement and the DCAP plan document, this Agreement will control.

iii.Governing Law. This Agreement will be governed by the laws of the State of New York (regardless of conflict of laws principles) as to all matters, including, but not limited to, the construction, application, validity and administration of the Company’s incentive award programs.

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

3.Disclosure Regarding Use of Personal Information.

v.Data Protection Statement and Use of “Personal Information.”

(i)Where the General Data Protection Regulation (2016/679) (“GDPR”) applies, please refer to the Data Protection Statement attached as Schedule 1.

(ii)Where the GDPR does not apply, the following provisions apply:

In connection with the grant of the Deferred Cash Award, and any other award under other incentive award programs, and the implementation and administration of any such program, it is or may become necessary for the Company to collect, transfer, use, and hold certain personal information regarding Participant in and/or outside of Participant’s country of employment.

The “personal information” that the Company may collect, process, use, store and transfer for the purposes outlined above includes Participant’s name, nationality, citizenship, tax or other residency status, work authorization, date of birth, age, government/tax identification number, passport number, brokerage account information, GEID or other internal identifying information, home address, work

Wei-Chung Hu March 12, 2021

address, job and location history, compensation and incentive award information and history, business unit, employing entity, and Participant’s beneficiaries and contact information. Participant may obtain more details regarding the access and use of his personal information, and may correct or update such information, by contacting his human resources representative or local equity coordinator.

Use, transfer, storage and processing of personal information, electronically or otherwise, shall be for the performance of this Agreement and the Company’s internal administration of its incentive award programs, and in connection with tax or other governmental and regulatory compliance activities directly or indirectly related to an incentive award program, including the prevention, detection and prosecution of crime or other grounds of public interest. In accordance with the Company’s personal information and data policies and standards, personal information may be stored in, or accessed from or transferred to countries where data privacy laws may not be as protective as those in the country from which the personal information was provided. Participant agrees to the processing of personal information as described herein under confidentiality and privacy terms to the same standard set out herein. For such purposes only, personal information may be used by third parties retained by the Company to assist with the administration and compliance activities of its incentive award programs, and may be transferred by
the company that employs (or any company that has employed) Participant from Participant’s country of employment to other Citigroup entities and third parties located in the United States and in other countries. Specifically, those parties that may have access to Participant’s information for the purposes described herein include, but are not limited to, (i) human resources personnel responsible for administering the award programs, including local and regional equity award coordinators, and global coordinators located in the United States; (ii) Participant’s U.S. broker and equity account administrator and trade facilitator; (iii) Participant’s U.S., regional and local employing entity and business unit management, including Participant’s supervisor and his superiors; (iv) the Committee or its designee, which is responsible for administering the DCAP; (v) Citigroup’s technology systems support team (but only to the extent necessary to maintain the proper operation of electronic information systems that support the incentive award programs); and (vi) internal and external legal, tax and accounting advisors (but only to the extent necessary for them to advise the Company on compliance and other issues affecting the incentive award programs in their respective fields of expertise). At all times, Company personnel and third parties will be obligated to maintain the confidentiality of Participant’s personal information except to the extent the Company is required to provide such information to governmental agencies or other parties. Such action will always be undertaken only in accordance with applicable law.

i.Participant’s Consent (not applicable where the GDPR applies). BY ACCEPTING THE DEFERRED CASH AWARD, PARTICIPANT EXPLICITLY CONSENTS TO THE USE, TRANSFER, PROCESSING AND STORAGE, ELECTRONICALLY OR OTHERWISE, OF HIS PERSONAL INFORMATION, AS SUCH USE HAS OCCURRED TO DATE, AND AS SUCH USE MAY OCCUR IN THE FUTURE, IN CONNECTION WITH THIS OR ANY OTHER DEFERRED CASH OR OTHER AWARD, AS DESCRIBED ABOVE.

***

SCHEDULE 1- DATA PROTECTION STATEMENT (APPLICABLE WHERE THE GDPR APPLIES)

						
	Data Controller
	Citigroup Inc.

	Data Protection Officer
	EMEA Chief Privacy Officer
[Contact Information Intentionally Omitted]

	Purpose and grounds for data processing
	Implementation and administration of DIRAP and DCAP, including a participant’s actual participation in any similar or equivalent award plan or program.
Data processing is necessary for the performance of this Agreement to which you, the data subject, are party.

	Retention period
	The Company will hold your personal information on its systems for the longest of the following periods: (i) as long as is necessary during your participation in DIRAP or DCAP; (ii) any retention period that is mandated by law; (iii) the Compensation Planning retention periods set out in the Company’s Retention Management Policy which are measured from maturity or from DIRAP or DCAP being superseded as follows:
Lithuania staff: 6 years
Malta and Romania staff: 10 Years All other 25 EU countries: 7 Years US Persons: 6 Years

	Categories of Personal Information
	Participant’s name, nationality, citizenship, tax or other residency status, work authorization, date of birth, age, government/tax identification number, passport number, brokerage account information, GEID or other internal identifying information, home address, work address, job and location history, compensation and incentive award information and history, business unit, employing entity, and Participant’s beneficiaries and contact information.

	Recipients of Personal Information
	(i)Human resources personnel responsible for administering the award programs, including local and regional equity award coordinators, and global coordinators located in the United States;
(ii)Participant’s U.S. broker and equity account administrator and trade facilitator;
(iii)Participant’s U.S., regional and local employing entity and business unit management, including Participant’s supervisor and his/her superiors;

Wei-Chung Hu March 12, 2021

						
		(iv)The Committee or its designee, which is responsible for administering the DIRAP and DCAP;
(v)The Company’s technology systems support team (but only to the extent necessary to maintain the proper operation of electronic information systems that support the incentive award programs); and
(vi)Internal and external legal, tax and accounting advisors (but only to the extent necessary for them to advise the Company on compliance and other issues affecting the incentive award programs in their respective fields of expertise).

	Details of transfers outside the EU
	Participant’s personal data may be transferred to the United States or another country that has not been certified by the European Commission as offering equivalent or "adequate protection" to the EU country of your last employment (or current residence).
Information that is transferred between Citigroup and its affiliates is done in accordance with the Company’s Binding Corporate Rules. Where personal data is transferred to non-affiliated organizations (for the execution of investments, payments or any other transactions), the Company shall procure that such
non-affiliated organizations agree to a similar level of protection as is provided under the Company’s Binding Corporate Rules.

	Individual rights
	

Under the General Data Protection Regulation (EU) 2016/679 individuals have data subject rights including the right to access and correct personal data for data processed by or on behalf of any entity affiliated with
the Company in the EU/EEA. You may exercise these rights by sending a written request to the EMEA Chief Privacy Officer identified above.

	Right to complain
	If you are unhappy with the way the Company has handled your personal information or any privacy query or request that you have raised with the EMEA Chief Privacy Officer, you have a right to lodge a complaint with a competent supervisory authority, in particular in the Member State of your habitual residence or place of work, of an alleged infringement of the GDPR.Document

Exhibit 10.1

UNITED STATES CELLULAR CORPORATION
2021 EXECUTIVE DEFERRED COMPENSATION INTEREST ACCOUNT PLAN

(Effective January 1, 2021)

ARTICLE 1

Introduction

Section 1.1    Title.  The title of this Plan shall be the “United States Cellular Corporation Executive Deferred Compensation Interest Account Plan.”
Section 1.2    Purpose.  This Plan shall constitute an unfunded nonqualified deferred compensation arrangement established for the purpose of providing deferred compensation for a select group of management or highly compensated employees (within the meaning of Title I of ERISA) of the Employers.
Section 1.3    Effective Date.  This Plan is effective January 1, 2021 and shall govern deferrals of compensation for services performed in calendar years commencing on or after January 1, 2021 (and interest credited to such deferrals).
ARTICLE 2

Definitions

“Affiliate” means (i) a corporation that is a member of the same controlled group of corporations (within the meaning of section 414(b) of the Code) as an Employer or (ii) a trade or business (whether or not incorporated) under common control (within the meaning of section 414(c) of the Code) with an Employer.
“Base Salary” means the base salary payable by an Employer for services to be performed during the Plan Year for which the Participant is submitting an Election Form.  For the avoidance of doubt, “Base Salary” shall exclude, without limitation, all bonuses, other incentive payments, commissions, overtime, fringe benefits (cash and noncash), stock options, restricted stock units, performance share unit awards, other equity awards, relocation expenses, nonqualified deferred compensation, non-monetary awards, moving expense and other reimbursements, welfare benefits, severance and automobile and other allowances.
“Bonus” means any annual, quarterly or monthly performance award payable to a Participant for services to be performed during the Plan Year for which the Participant is submitting an Election Form.
“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder.
“Company” means United States Cellular Corporation, a Delaware corporation, or any successor thereto. 
“Deferred Compensation” means the amount of Base Salary and Bonus that a Participant elects to defer pursuant to Section 3.2.
“Deferred Compensation Account” means the bookkeeping account maintained by the Company for each Participant to which shall be credited (i) the Participant’s Deferred Compensation and (ii) interest credited pursuant to Section 4.2.  A Deferred Compensation Account may consist of subaccounts for each Plan Year with respect to which a Participant defers compensation under the Plan.
“Designated Beneficiary” means the Participant’s beneficiary designated pursuant to Section 5.5.
“Disabled” or “Disability” means that a Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Participant’s employer.
“Election Form” means the form prescribed by the Plan Administrator which is completed by the Participant pursuant to Sections 3.2 and 3.3.
“Elective Account Balance Plan” means an “account balance plan” within the meaning of Treasury Regulation §1.409A-1(c)(2)(i)(A) maintained by the Employers or any of their Affiliates pursuant to which an individual may elect to defer compensation.  For this purpose, an Elective Account Balance Plan shall include, without limitation, (i) this Plan and any predecessor thereto, (ii) the phantom stock deferral arrangements maintained by the Company and (iii) the interest-bearing and phantom stock deferral arrangements maintained by Telephone and Data Systems, Inc. and TDS Telecommunications Corporation.
“Eligible Employee” shall have the meaning set forth in Section 3.1.

“Employer” means the Company and each Affiliate that with the consent of the Company elects to participate in the Plan.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any regulations promulgated thereunder.  
“Participant” means an Eligible Employee who participates in the Plan pursuant to Article 3.
“Payment Date” means the date elected by the Participant pursuant to Section 3.3, on which the Participant’s Deferred Compensation Account becomes payable.
“Plan” means this “United States Cellular Corporation 2021 Executive Deferred Compensation Interest Account Plan,” as amended from time to time.
“Plan Administrator” means the Senior Director of Compensation of the Company (or any successor thereto).  References herein to the Plan Administrator also shall include (i) the Top Human Resources Officer, to the extent that the Top Human Resources Officer is undertaking administrative responsibilities expressly assigned to the Top Human Resources Officer pursuant to Article 6 and (ii) any person or committee to whom the Plan Administrator has delegated any of his or her responsibilities hereunder to the extent of the delegation.
“Plan Year” means the calendar year.
“Separation from Service” means a termination of employment with the Employers and their affiliates within the meaning of Treasury Regulation §1.409A-1(h) (without regard to any permissible alternative definition thereunder).  Notwithstanding any other provision herein, “affiliate” for purposes of determining whether a Participant has incurred a “Separation from Service” shall be defined to include all entities that would be treated as part of the group of entities comprising the Employers under sections 414(b) and (c) of the Code, but substituting a 50% ownership level for the 80% ownership level set forth therein.
“Specified Employee” shall have the meaning set forth in the “Section 409A Specified Employee Policy of Telephone and Data Systems, Inc. and its Affiliates,” which policy hereby is incorporated herein.
“Top Human Resources Officer” means the most senior officer of the Company responsible for human resources matters.
“Unforeseeable Emergency” means a severe financial hardship to a Participant resulting from (i) an illness or accident of the Participant, the Participant’s spouse, the Participant’s Designated Beneficiary or the Participant’s dependent (as defined in section 152 of the Code, without regard to sections 152(b)(1), (b)(2) and (d)(1)(B)), (ii) the loss of a Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, irrespective of whether caused by a natural disaster) or (iii) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.  Examples of what may be considered to be Unforeseeable Emergencies include (a) the imminent foreclosure of or eviction from the Participant’s primary residence, (b) the need to pay for medical expenses, including non-refundable deductibles and the cost of prescription drug medication and (c) the need to pay for funeral expenses of a Participant’s spouse, Designated Beneficiary or dependent.
ARTICLE 3
Participation
Section 3.1    Eligibility.  An employee of an Employer shall be eligible to participate in this Plan for a Plan Year if such employee (i) holds a title of director or a title senior to director (including without limitation an officer title) or is treated by an Employer for benefit purposes as a director or as an employee senior to a director and (ii) is notified by the Plan Administrator in writing or by electronic means that he or she is eligible to participate in the Plan for such Plan Year (an “Eligible Employee”).  
Section 3.2    Participation.  Each Eligible Employee may participate in the Plan for a Plan Year by submitting to the Plan Administrator an Election Form, and by specifying in such Election Form the respective percentages of Base Salary and Bonus otherwise payable to the Eligible Employee by an Employer for services to be performed in such Plan Year, in each case to be deducted from the Eligible Employee’s compensation and deferred hereunder for payment at a later date.  An Election Form must be completed and submitted to the Plan Administrator at the time and in the manner prescribed by the Plan Administrator, but in all cases prior to the beginning of the Plan Year during which the Base Salary or Bonus is earned.  Except as provided in Section 5.4(b), the deferral percentages selected in the Election Form shall be in effect for the entire Plan Year and may not be changed or revoked during such Plan Year.  In order to participate in the Plan for any subsequent Plan Year, an Eligible Employee must submit a new Election Form within the designated election period prior to the commencement of the Plan Year.

Section 3.3    Election of Payment Date and Form of Payment.  In the event a Participant has elected to defer amounts for a Plan Year pursuant to Section 3.2, such Participant shall elect, utilizing the Election Form for such Plan Year, a Payment Date and a form of payment for the portion of his or her Deferred Compensation Account attributable to such Plan Year.  The Participant may elect as a Payment Date either (i) the date of the Participant’s Separation from Service or (ii) any specified January which is three or more years after the first day of the Plan Year for which the deferral election is effective.  The Participant shall elect as a form of payment for receiving his or her Deferred Compensation Account either (a) a lump sum or (b) annual installments.  If the Participant elects the installment payment method, the Participant must designate in the Election Form the number of annual installment payments he or she wishes to receive, which cannot exceed five.  If an individual who has elected to participate in the Plan for a Plan Year fails, prior to the end of the election period described in Section 3.2, to make a valid election as to the Payment Date for his or her Deferred Compensation Account for such year, the Participant shall be deemed to have elected payment upon Separation from Service.  If such an individual fails, prior to the end of such period, to make a valid election as to the form of payment for his or her Deferred Compensation Account for such year, the Participant shall be deemed to have elected payment in a lump sum.  A Participant’s Payment Date and form of payment elections (or deemed elections) for a particular Plan Year are irrevocable and may not be changed.
ARTICLE 4
Accounts
Section 4.1    Deferred Compensation Account.  The Company shall establish and maintain a Deferred Compensation Account for each Participant who elects Deferred Compensation under Article 3.  The Participant’s Deferred Compensation Account shall be a bookkeeping account maintained by the Company and shall reflect the amount of the Deferred Compensation and interest thereon credited hereunder on behalf of the Participant.  The Company shall credit Deferred Compensation to a Participant’s Deferred Compensation Account as of the date of the scheduled payment of such compensation.
Section 4.2    Crediting of Interest.  On the last day of each calendar month until all of a Participant’s Deferred Compensation Account has been paid (or forfeited pursuant to Section 7.9), interest shall be credited to the balance of the Participant’s Deferred Compensation Account as of such date.  Such interest shall be compounded monthly and computed at a rate equal to one-twelfth (1/12) of the sum of (i) the average twenty (20) year Treasury Bond rate of interest (as published on the U.S. Department of Treasury website for the last business day of the preceding calendar month) plus (ii) 1.25%.
ARTICLE 5
Payment of Deferred Compensation Account
Section 5.1    Normal Distribution.   (a)  In General.  Except as otherwise provided herein, a Participant’s Deferred Compensation Account shall become payable to the Participant as of the earlier of (i) the Payment Date elected by the Participant and (ii) the date of the Participant’s Separation from Service.  Payment shall be made either in a lump sum or annual installments, as elected by the Participant on the Election Form.  In the case of payment in a lump sum by reason of the Participant’s Separation from Service, payment shall be made within sixty (60) days following the Separation, subject to the six month payment delay described in Section 5.1(b) for a Specified Employee.  In the case of payment in installments by reason of the Participant’s Separation from Service, payment shall commence in January of the calendar year following the calendar year during which the Separation from Service occurs, subject to the six month payment delay described in Section 5.1(b) for a Specified Employee, and then installments subsequent to the initial payment shall be made in January of each succeeding calendar year until the entire Deferred Compensation Account (which includes interest earned during the installment period) has been paid.  For purposes of section 409A of the Code, the entitlement to a series of installment payments under the Plan shall be treated as the entitlement to a single payment as of the date the first installment is scheduled to be paid.  
(b)  Special Rule for Specified Employee.  Notwithstanding any provision to the contrary in this Plan or any election set forth in an Election Form, if a Participant is a Specified Employee as of the date of the Participant’s Separation from Service, and is entitled to payment hereunder by reason of such Separation from Service, no payment under the Plan (including on account of the Participant’s Disability or Unforeseeable Emergency) shall be made to the Participant before the date which is six months after the date of the Separation from Service (or, if earlier than the end of such six-month period, the date of the Participant’s death).  The aggregate amount of any payments which a Participant cannot receive, due to being a Specified Employee, during the six-month period following the Participant’s Separation from Service shall be paid to the Participant in a lump sum during the seventh calendar month following the calendar month during which the Participant Separates from Service.
Section 5.2    Distribution Upon Disability.  If a Participant becomes Disabled prior to the total distribution of his or her Deferred Compensation Account, the Participant’s unpaid account immediately shall become payable in full to the Participant.  Payment shall be made in a lump sum within sixty (60) days following the occurrence of the Participant’s Disability.  Distribution of the Deferred Compensation Account of a Specified Employee who incurs a Disability after he or she has Separated from Service shall be subject to any delay required by Section 5.1(b).
Section 5.3    Distribution Upon Death.  If a Participant dies prior to the total distribution of his or her Deferred Compensation Account, the Participant’s unpaid account immediately shall become payable in full to the Participant’s Designated Beneficiary.  Payment shall be made in a lump sum as soon as administratively practicable but no later than December 31 of the calendar year following the calendar year of the Participant’s death. 

Section 5.4    Withdrawals for an Unforeseeable Emergency.  (a)  In General.  Upon written request by a Participant whom the Plan Administrator determines has suffered an Unforeseeable Emergency, the Plan Administrator may, in his or her sole discretion, direct payment to the Participant of all or any portion of the Participant’s Deferred Compensation Account.  The circumstances that will constitute an Unforeseeable Emergency will depend upon the facts of each case, but, in any case, payment may not exceed an amount reasonably necessary to satisfy such Unforeseeable Emergency plus amounts necessary to pay taxes or penalties reasonably anticipated as a result of such payment after taking into account the extent to which such Unforeseeable Emergency is or may be relieved (i) through reimbursement or compensation by insurance or otherwise, (ii) by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship or (iii) by cessation of deferrals hereunder or under any other Elective Account Balance Plan.  In the event the Plan Administrator approves a withdrawal due to an Unforeseeable Emergency, payment shall be made to the Participant in a lump sum within sixty (60) days after the occurrence of the Unforeseeable Emergency.  A request for an Unforeseeable Emergency withdrawal by a Specified Employee who has Separated from Service shall be subject to any delay required by Section 5.1(b).
                        (b)  Impact on Deferral Election.  In the event that a Participant receives a withdrawal due to the Participant’s Unforeseeable Emergency, whether under this Plan or any other nonqualified deferred compensation plan maintained by an Employer or Affiliate, any deferral election made by the Participant under this Plan or any other Elective Account Balance Plan with respect to the Plan Year during which the withdrawal occurs shall be cancelled for the remainder of the Plan Year.    
Section 5.5    Designation of Beneficiaries.  Each Participant may name any one or more beneficiaries (who may be named concurrently or contingently) to receive any amounts payable pursuant to Section 5.3 upon the Participant’s death (the “Designated Beneficiary”) by executing a beneficiary designation form.  The Participant may change or revoke any such designation by executing a new beneficiary designation form.  A beneficiary designation form shall be in the form prescribed by the Plan Administrator and will be effective only when filed with the Plan Administrator during the Participant’s lifetime.  If the Participant is married and names someone other than his or her spouse as a primary beneficiary, the designation is invalid unless the spouse consents by signing the beneficiary designation form in the presence of a Notary Public.  If all Designated Beneficiaries predecease the Participant or, in the case of corporations, partnerships, trusts or other entities which are Designated Beneficiaries, are terminated, dissolved, become insolvent or are adjudicated bankrupt prior to the date of the Participant’s death, or if the Participant fails to designate a beneficiary, then the following persons in the order set forth below shall be the Participant’s Designated Beneficiaries:  (i) the Participant’s spouse, if living; or if none, (ii) the Participant’s then living descendants, per stirpes; or if none, (iii) the Participant’s estate.
ARTICLE 6
Administration
Section 6.1    In General.  The Plan shall be administered by the Plan Administrator.  The duties and authority of the Plan Administrator shall include (i) the interpretation of the provisions of the Plan, (ii) the adoption of any rules and regulations which may become necessary or advisable in the operation of the Plan, (iii) the making, in his or her sole discretion, of such determinations as may be permitted or required pursuant to the Plan, and (iv) the taking of such other actions as may be permitted or required for the proper administration of the Plan in accordance with its terms.  Any decision of the Plan Administrator with respect to any matter within the authority of the Plan Administrator shall be final, binding and conclusive upon the Employers, each Participant, each Designated Beneficiary and any other person.  Benefits under this Plan shall be paid only if the Plan Administrator decides, in his or her sole discretion, that the Participant, Designated Beneficiary or other person is entitled to them.  Any action taken by the Plan Administrator with respect to any one or more Participants shall not be binding on the Plan Administrator as to any action to be taken with respect to any other Participant.  The Plan Administrator may be a Participant, but the Top Human Resources Officer (rather than the Plan Administrator) shall make any decision involving solely the Plan Administrator’s rights or the computation of his or her benefits under the Plan.  The Plan Administrator may designate any other person or committee, including employees of the Employers, to carry out any of his or her responsibilities with respect to administration of the Plan.
Section 6.2    Claims Procedure.  (a)  Filing of Claim.  If any Participant or Designated Beneficiary believes he or she is entitled to benefits under the Plan in an amount greater than those which he or she is receiving or has received, the Participant or Designated Beneficiary (or his or her duly authorized representative) may file a claim with the Plan Administrator.  Such a claim shall be in writing and state the nature of the claim, the facts supporting the claim, the amount claimed and the address of the claimant.
(b)Initial Review of Claim.  The Plan Administrator shall review the claim and, unless special circumstances require an extension of time, within 90 days after receipt of the claim give written or electronic notice to the claimant of his or her decision with respect to the claim.  If special circumstances require an extension of time, the claimant shall be so advised in writing or by electronic means within the initial 90-day period and in no event shall such an extension exceed 90 days.  The notice of the decision of the Plan Administrator with respect to the claim shall be written in a manner calculated to be understood by the claimant and, if the claim is wholly or partially denied, shall set forth the specific reasons for the denial, specific references to the pertinent Plan provisions on which the denial is based, a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary, and an explanation of the appeals procedure under the Plan and the time limits applicable to such procedure (including a statement of the claimant’s right to bring a civil action under section 502(a) of ERISA following the final denial of a claim).

(c)Filing an Appeal of Claim Denial.  The claimant (or his or her duly authorized representative) may request a review of the denial by filing with the Top Human Resources Officer a written request for such review within 60 days after notice of the denial has been received by the claimant.  Within the same 60-day period, the claimant may submit to the Top Human Resources Officer written comments, documents, records and other information relating to the claim.  Upon request and free of charge, the claimant also may have reasonable access to, and copies of, documents, records and other information relevant to the claim.
(d)Review of Claim Denial.  If a request for review is so filed, review of the denial shall be made by the Top Human Resources Officer and the claimant shall be given written or electronic notice of the final decision of the Top Human Resources Officer within 60 days after receipt of such request, unless special circumstances require an extension of time.  If special circumstances require an extension of time, the claimant shall be so advised in writing or by electronic means within the initial 60-day period and in no event shall such an extension exceed 60 days.  If the appeal of the claim is wholly or partially denied, the notice of the final decision of the Top Human Resources Officer shall include specific reasons for the decision, specific references to the pertinent Plan provisions on which the decision is based and a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all relevant documents, records and information.  The notice shall be written in a manner calculated to be understood by the claimant and shall notify the claimant of his or her right to bring a civil action under section 502(a) of ERISA.
(e)Claim for Disability Distribution.  Notwithstanding the foregoing, a Participant’s claim that he or she is entitled to a distribution of the Participant’s Deferred Compensation Account pursuant to Section 5.2 due to the Participant’s Disability shall be processed in accordance with the provisions of Department of Labor Regulation §2560.503-1 regarding claims for disability benefits.
Section 6.3    Statute of Limitations for Actions under the Plan.  Except for actions to which any statute of limitations prescribed by ERISA applies, (a) no legal or equitable action relating to a claim for benefits under section 502 of ERISA with respect to the Plan may be commenced later than one (1) year after the claimant receives a final decision from the Top Human Resources Officer in response to the claimant’s request for review of an adverse benefit determination  and (b) no other legal or equitable action involving the Plan may be commenced later than two (2) years after the date the person bringing the action knew, or had reason to know, of the circumstances giving rise to the action.  This provision shall not bar the Plan or the Plan Administrator from recovering, in accordance with section 409A of the Code or other applicable law, overpayments of benefits or other amounts incorrectly paid to any person under the Plan at any time or bringing any legal or equitable action against any party.
Section 6.4    Forum for Legal Action under the Plan.  Any legal action involving the Plan that is brought by any Participant, Designated Beneficiary or other person shall be litigated in the Federal courts located in the Northern District of Illinois and no other Federal or state court.  
Section 6.5    Legal Fees.  Any award of legal fees in connection with an action involving the Plan shall be calculated pursuant to a method that results in the lowest amount of fees being paid, which amount shall be no more than the amount that is reasonable.  In no event shall legal fees be awarded for work related to:  (a) administrative proceedings under the Plan; (b) unsuccessful claims brought by a Participant, Designated Beneficiary or other person; or (c) actions that are not brought under ERISA.  In calculating any award of legal fees, there shall be no enhancement for the risk of contingency, nonpayment or any other risk, nor shall there be applied a contingency multiplier or any other multiplier.  In any action brought by a Participant, Designated Beneficiary or other person against the Plan, the Plan Administrator, the Top Human Resources Officer, any Plan fiduciary, an Employer or their respective affiliates, or their or their affiliates’ respective officers, directors, trustees, employees or agents (the “Plan Parties”), legal fees of the Plan Parties in connection with such action shall be paid by the Participant, Designated Beneficiary or other person bringing the action, unless the court specifically finds that there was a reasonable basis for the action.
Section 6.6    Immunity of Plan Administrator and Top Human Resources Officer.  The Plan Administrator and the Top Human Resources Officer may rely upon any information, report or opinion supplied to them by a designated agent of an Employer or any legal counsel or independent public accountant, and shall be fully protected in relying upon any such information, report or opinion.  The Employers hereby jointly and severally indemnify the Plan Administrator and the Top Human Resources Officer from the effects and consequences of their acts, omissions and conduct in their official capacity with respect to the Plan, except to the extent such effects and consequences result from their own willful misconduct or illegal acts.
ARTICLE 7
General Provisions
Section 7.1    Base Salary Paid for Final Payroll Period.  For purposes of this Plan,  Base Salary payable after the last day of a Plan Year solely for services performed during the final payroll period containing the last day of the Plan Year shall be treated as Base Salary for services performed in the Plan Year in which the payroll period commenced (as opposed to the subsequent Plan Year in which the Base Salary is payable).
Section 7.2    Leaves of Absence.  For purposes of this Plan, a Participant shall not have a Separation from Service while the Participant is on a military leave, sick leave or other bona fide leave of absence (such as temporary employment by the government) if such leave does not exceed 6 months (or, if the leave exceeds 6 months, provided that the Participant’s right to reemployment is protected either by statute or contract).  If the Participant’s leave exceeds 6 months and the right to reemployment is not protected by statute or contract, then the Participant shall be deemed to have Separated from Service for purposes of this Plan as of the first day immediately following the end of the six-month period.  

Section 7.3    Source of Payment.  Amounts paid under this Plan shall be paid from the general funds of the Employers, and each Participant shall be no more than an unsecured general creditor of his or her Employer with no right to any specific assets of the Employer (whose claim may be subordinated to those of other creditors of the Employer).  Nothing contained in this Plan shall be deemed to create a trust of any kind for the benefit of any Participant, or create any fiduciary relationship between the Employers and any Participant with respect to any assets of the Employers.
Section 7.4    Withholding.  Appropriate amounts shall be withheld from any distribution made under this Plan or from a Participant’s compensation as may be required for purposes of complying with Federal, state, local or other tax withholding requirements applicable to the benefits provided under this Plan.
Section 7.5    Assignment.  Except as provided in Section 5.5, the benefits provided under this Plan may not be alienated, assigned, transferred, pledged or hypothecated by the voluntary or involuntary act of any person, by operation of law, or otherwise.  Any attempt to alienate, assign, transfer, pledge or hypothecate the benefits provided under this Plan shall be null and void and without legal effect.  The benefits provided under this Plan shall be exempt from the claims of creditors or other claimants and from all orders, decrees, levies, garnishments or executions.
Section 7.6    Applicable Law.  This Plan shall be construed, administered and governed in all respects in accordance with the laws of the State of Illinois (without regard to conflicts of laws) to the extent not preempted by ERISA or other applicable federal law.
Section 7.7    Plurals and Headings.  Wherever used herein, words in the singular form shall be construed as though they also were used in the plural form, and words in the plural form shall be construed as though they also were used in the singular form, where appropriate.  Headings of sections and subsections of this Plan are inserted for convenience of reference only and are not part of this Plan and are not to be considered in the construction thereof.
Section 7.8    Plan Not to Affect Employment Relationship.  Neither the adoption of this Plan nor its operation shall in any way affect the right and power of the Employers to dismiss or otherwise terminate the employment or change the terms of the employment or amount of compensation of any Participant at any time for any reason with or without cause.
Section 7.9    Inability to Locate Participant or Designated Beneficiary.  If, as of the Latest Payment Date, the Plan Administrator is unable to make payment of all or a portion of a Participant’s Deferred Compensation Account to such Participant or his or her Designated Beneficiary, as applicable, because the whereabouts of such person cannot be ascertained (notwithstanding the mailing of notice to any last known address or addresses and the exercise by the Plan Administrator of other reasonable diligence), then such Participant’s Deferred Compensation Account, or portion thereof, as applicable, shall be forfeited.  For this purpose, the “Latest Payment Date” shall be the latest date on which a Participant’s Deferred Compensation Account, or portion thereof, as applicable, may be paid to the Participant or the Designated Beneficiary without the imposition of excise taxes and other penalties under section 409A of the Code (“409A Penalties”).
Section 7.10    Distributions to Minors and Incapacitated Individuals.  If a payment hereunder is to be made to a minor or to an individual who, in the opinion of the Plan Administrator, is unable to manage his or her affairs by reason of illness, accident or mental incompetency, such payment may be made to or for the benefit of such individual in such of the following ways as the legal representative of such individual shall direct:  (i) directly to any such minor individual, if in the opinion of such legal representative, such individual is able to manage his or her affairs, (ii) to such legal representative, (iii) to a custodian under a Uniform Gifts to Minors Act for any such minor individual, or (iv) to some near relative of any such individual to be used for the latter’s benefit.  Neither the Plan Administrator nor any Employer shall be required to see to the application by any third party other than the legal representative of an individual of any payment made to or for the benefit of such individual pursuant to this Section.  Any payment so made shall be in complete discharge of this Plan’s obligations to such individual.
Section 7.11    Successors.  This Plan is binding on all persons entitled to benefits hereunder and their heirs and legal representatives and on the Employers and their successors.
Section 7.12    Election Form Subject to Plan.  An Election Form is subject to the provisions of the Plan and shall be interpreted in accordance therewith.  In the event of any inconsistency between the terms of an Election Form and the terms of the Plan, the terms of the Plan shall govern.
Section 7.13    Severability.  If any provision of this Plan shall be held invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect the remaining provisions of this Plan, and this Plan shall be construed and enforced as if the invalid or unenforceable provision had never been set forth herein.
Section 7.14    Section 409A of the Code.  This Plan is intended to comply with section 409A of the Code and shall be interpreted and construed in a manner that avoids 409A Penalties.  In the event the terms of this Plan do not comply with section 409A of the Code, the Company shall amend the terms of this Plan to avoid 409A Penalties, to the extent possible.  Notwithstanding the foregoing, under no circumstance shall the Employers be responsible for any 409A Penalties, interest or other losses or expenses incurred by a Participant or other person due to any failure to comply with section 409A of the Code.

Section 7.15    Clawback.  To the maximum extent permitted under applicable law, a Participant’s Deferred Compensation Account and any amounts distributed with respect to a Participant’s Deferred Compensation Account are subject to forfeiture, recovery by the Company or other action pursuant to any clawback or recoupment policy which the Company may adopt from time to time, including without limitation any such policy which the Company may be required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by law.
ARTICLE 8
Amendment or Termination
Section 8.1    Amendment.  The Company shall have the right to amend the Plan at any time and for any reason by action of the Top Human Resources Officer in his or her sole discretion.  In no event shall any amendment reduce the amount credited to a Participant’s Deferred Compensation Account.
Section 8.2    Termination.  The Plan may be terminated at any time and for any reason by action of the Top Human Resources Officer in his or her sole discretion.  Upon a termination of the Plan, all Deferred Compensation Accounts shall be paid to Participants and Designated Beneficiaries pursuant to the terms of the Plan and the Participant elections hereunder.  Notwithstanding the foregoing, to the extent consistent with the rules relating to plan termination and liquidation under section 409A of the Code, the Top Human Resources Officer may provide that following the termination of the Plan, each Participant or Designated Beneficiary shall receive a single sum payment in cash equal to the balance of his or her Deferred Compensation Account within sixty (60) days following the date that the Plan is terminated (in lieu of any other benefit which may be payable to the Participant or Designated Beneficiary under the Plan).  In no event shall the amount credited to a Participant’s Deferred Compensation Account be reduced as a result of a Plan termination.
IN WITNESS WHEREOF, the Company has caused the Plan to be executed by its Top Human Resources Officer.

						
	UNITED STATES CELLULAR CORPORATION
		
	By:	/s/ Deirdre C. Drake
		Deirdre C. Drake
		
	Its:	Executive Vice President - Chief People Officer
		
	Date:	December 2, 2020

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