Document:

EX-4.01

 Exhibit 4.01 

This Note is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository
named below or a nominee of the Depository. This Note is not exchangeable for Notes registered in the name of a Person other than the Depository or its nominee except in the limited circumstances described herein and in the Indenture, and no
transfer of this Note (other than a transfer of this Note as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository) may be registered except in the limited
circumstances described herein. 
 Unless this certificate is presented by an authorized representative of The Depository Trust Company, a
New York corporation (the “Depository”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of the Depository (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

CITIGROUP INC. 
 Floating
Rate Senior Notes due June 9, 2027 
  

			
	REGISTERED	  	REGISTERED
		
		  	CUSIP: 172967MZ1
		  	ISIN: US172967MZ11
		
	No. R-00*	  	$            

 CITIGROUP INC., a Delaware corporation (the “Company”, which term includes any successor Person
under the Indenture), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $         on June 9, 2027 (the “Maturity Date”) and to pay
interest thereon from and including June 9, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for. The Company shall pay interest at an annual rate equal to Compounded SOFR (and defined on the
reverse hereof) plus 0.770% quarterly, on the second business day following each Interest Period End Date (each such business day, an “Interest Payment Date”), commencing September 11, 2021, until the principal hereof is paid or made
available for payment and provided that the Interest Payment Date with respect to the final Interest Period will be a redemption date or the Maturity Date. An Interest Period End Date is the 9th of each March, June, September and December, beginning
on September 9, 2021 and ending on a redemption date or the Maturity Date. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name
this Note is registered at the close of business on the Record Date for such interest, which shall be the Business Day immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith

 
cease to be payable to the holder on such Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a subsequent Record Date, such
subsequent Record Date to be not less than ten days prior to the date of payment of such defaulted interest, notice whereof shall be given to holders of Notes of this series not less than ten days prior to such subsequent Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the
Indenture. 
 Interest hereon will be calculated on the basis of the actual number of days elapsed in an interest period and a 360-day year, and an Interest Period shall be the period from and including an Interest Period End Date (or June 9, 2021 in the case of the first Interest Period) to, but excluding, the next succeeding Interest
Period End Date; provided that the Interest Period following an election by the Company to redeem the Notes and the final Interest Period will be the period from, and including, the immediately preceding Interest Period End Date to, but
excluding, the redemption date or the Maturity Date; and provided further that SOFR for each calendar day from, and including, the Rate Cut-Off Date (as defined on the reverse hereof) to, but excluding,
the redemption date or the Maturity Date will equal SOFR in respect of the Rate Cut-Off Date. In the event that any Interest Period End Date (other than a redemption date or the Maturity Date) is not a
Business Day, then such date will be postponed to the next succeeding Business Day, unless that day falls in the next calendar month, in which case the interest period end date will be the immediately preceding Business Day. For these purposes,
“Business Day” means any day on which commercial banks settle payments and are open for general business in The City of New York and a U.S. Government Securities Business Day (as defined on the reverse hereof) 

Dollar amounts resulting from such calculations will be rounded to the nearest cent, with one-half cent being rounded
upward. In the event that the Maturity Date or a redemption date is not a Business Day, then such date will be postponed to the next succeeding Business Day, and no further interest will accrue with respect to such postponement. No interest will
accrue on any amounts payable for the period from and after the due date for payment of such principal or interest. 
 Payment of the principal of and
interest on this Note will be made at the office or agency of the paying agent maintained for that purpose in The City of New York. 
 Reference is hereby
made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

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

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: June 9, 2021 
  

			
	CITIGROUP INC.
		
	By:	 	
                 

		 	Name:
		 	Title:

  

			
	ATTEST:
		
	By:	 	
                 

		 	Name:
		 	Title:

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

Dated: June 9, 2021 
  

			
	THE BANK OF NEW YORK MELLON,
as Trustee
		
	By:	 	  

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

		 	Name:
		 	Title:

 This Note is one of a duly authorized issue of Securities of the Company (the “Notes”), issued and
to be issued in one or more series under the senior debt indenture, dated as of November 13, 2013 (as amended and supplemented from time to time, the “Indenture”), between the Company and The Bank of New York Mellon, as trustee (the
“Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in
aggregate principal to $400,000,000. 
 This Note will bear interest for each Interest Period at a rate determined by Citibank, N.A., London Branch, acting
as Calculation Agent. The interest rate on this Note for a particular Interest Period will be a per annum rate equal to Compounded SOFR (as defined below) plus 0.770%. Interest will be calculated by multiplying the principal amount of the Notes by
the product of (i) Compounded SOFR plus 0.770% multiplied by (ii) the quotient of actual number of calendar days in such interest period divided by 360; provided that in no event will the interest payable on the Notes be less than
zero. Promptly upon determination, the Calculation Agent will inform the Trustee and the Company of the interest rate for the next Interest Period. Absent manifest error, the determination of the interest rate by the Calculation Agent shall be
binding and conclusive on the holders of Notes, the Trustee and the Company. 
 For the purposes of calculating interest with respect to any Interest
Period: 
 “Compounded SOFR” means a rate of return of a daily compounded interest investment calculated in accordance with the
formula below, with the resulting percentage being rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (0.00000005 being rounded upwards): 
  

 
 where 

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

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

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

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

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

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

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

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

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

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

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

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

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

(3) the sum of: (a) the alternate rate of interest that has been selected by the Company (or one of its affiliates) as the replacement for
the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes at such time and (b) the Benchmark Replacement
Adjustment. 

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

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

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

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

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

 (1) a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such
administrator has ceased or will cease to provide 

 
the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 

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

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

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

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

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

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

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

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

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

Upon request from any Noteholder, the Calculation Agent will provide the interest rate in effect on this Note for the current Interest Period and, if it has
been determined, the interest rate to be in effect for the next Interest Period. 
 If an event of default (as defined in the Indenture) with respect to
Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

Sections 12.02 and 12.03 of the Indenture containing provisions for defeasance apply to this Note. At any time the entire indebtedness of this Note may be
defeased upon compliance by the Company with certain conditions set forth in Section 12.04 of the Indenture. 
 The Indenture contains
provisions permitting the Company and the Trustee, without the consent of the holders of the Securities, to establish, among other things, the form and terms of any series of Securities issuable thereunder by one or more supplemental indentures,
and, with the consent of the holders of a majority in aggregate principal amount of Securities at the time outstanding which are affected thereby, to modify the Indenture or any supplemental indenture or the rights of the holders of Securities of
such series to be affected, provided that no such modification will (i) extend the fixed maturity of any Securities, reduce the rate or extend the time of payment of interest thereon, reduce the principal amount thereof or the premium, if any,
thereon, reduce the amount of the principal of Original Issue Discount Securities payable on any date, change the currency in which Securities are payable, or impair the right to institute suit for the enforcement of any such payment on or after the
maturity thereof, without the consent of the holder of each Security so affected, or (ii) reduce the aforesaid percentage of Securities of any series the consent of the holders of which is required for any such modification without the consent
of the holders of all Securities of such series then outstanding, or (iii) modify the rights, duties or immunities of the Trustee unless the Trustee agrees to such modification. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
 This
Note is a Global Security registered in the name of a nominee of the Depository. This Note is exchangeable for Notes registered in the name of a person other than the Depository or its nominee only in the limited circumstances hereinafter described.
Unless and until it is exchanged in whole or in part for definitive Notes in certificated form, this Note may not be transferred except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository
or another nominee of the Depository. 
 The Notes represented by this Global Security are exchangeable for definitive Notes in certificated form of like
tenor as such Notes in denominations of $1,000 and whole multiples of $1,000 in excess thereof only if (i) the Depository notifies the Company that it is unwilling or unable to 

 
continue as Depository for the Notes and the Company is unable to appoint a successor depository or (ii) the Depository ceases to be a clearing agency registered under the Securities
Exchange Act of 1934, as amended, or (iii) the Company in its sole discretion decides to allow the Notes to be exchanged for definitive Notes in registered form. Any Notes that are exchangeable pursuant to the preceding sentence are
exchangeable for certificated Notes issuable in authorized denominations and registered in such names as the Depository shall direct. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of definitive Notes
in certificated form is registrable in the register maintained by the Company in The City of New York for such purpose, upon surrender of the definitive Note for registration of transfer at the office or agency of the registrar, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the registrar duly executed by, the holder thereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. Subject to the foregoing, this Note is not exchangeable, except for a Global Security or Global Securities of
this issue of the same principal amount to be registered in the name of the Depository or its nominee. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

The Company will pay additional amounts (“Additional Amounts”) to the beneficial owner of any Note that is a
non-United States person in order to ensure that every net payment on such Note will not be less, due to payment of U.S. withholding tax, than the amount then due and payable. For this purpose, a “net
payment” on a Note means a payment by the Company or a paying agent, including payment of principal and interest, after deduction for any present or future tax, assessment or other governmental charge of the United States. These Additional
Amounts will constitute additional interest on the Note. 
 The Company will not be required to pay Additional Amounts, however, in any of the circumstances
described in items (1) through (13) below. 
 (1)    Additional Amounts will not be payable if a payment on a Note
is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner: 

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

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

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

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

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

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

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

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

(a) personal holding company; 

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

(c) passive foreign investment company; 

(d) controlled foreign corporation; or 

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

(4)    Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or
other governmental charge that is imposed or withheld solely by reason of the beneficial owner owning or having owned, actually or constructively, 10 percent or more of the total combined voting power of all classes of stock of the Company
entitled to vote or by reason of the beneficial owner being a bank that has invested in a Note as an extension of credit in the ordinary course of its trade or business. 

For purposes of items (1) through (4) above, “beneficial owner” means a fiduciary, settlor, beneficiary, member or shareholder of the holder if
the holder is an estate, trust, partnership, limited liability company, corporation or other entity, or a person holding a power over an estate or trust administered by a fiduciary holder. 

(5)    Additional Amounts will not be payable to any beneficial owner of a Note that is a: 

(a) fiduciary; 
 (b) partnership;

 (c) limited liability company; or 

(d) other fiscally transparent entity 

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

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

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

(8)    Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or
other governmental charge that is imposed or withheld by reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever
occurs later. 
 (9)    Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax,
assessment or other governmental charge that is imposed or withheld by reason of the presentation by the beneficial owner of a Note for payment more than 30 days after the date on which such payment becomes due or is duly provided for, whichever
occurs later. 
 (10)    Additional Amounts will not be payable if a payment on a Note is reduced as a result of any:

 (a) estate tax; 
 (b)
inheritance tax; 
 (c) gift tax; 

(d) sales tax; 
 (e) excise tax;

 (f) transfer tax; 
 (g)
wealth tax; 
 (h) personal property tax; or 

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

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

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

(13)    Additional Amounts will not be payable if a payment on a Note is reduced as a result of any combination of items
(1) through (12) above. 

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

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

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

 

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

  

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

  

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

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

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

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

 

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

  

	 	(b)	 the obligation to pay Additional Amounts arises as a result of any change in the laws, regulations or rulings
of the United States, or an official position regarding the application or interpretation of such laws, regulations or rulings, which change is announced or becomes effective on or after June 2, 2021; and 

 

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

 

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

 

	 	(a)	 any act is taken by a taxing authority of the United States on or after June 2, 2021 whether or not such
act is taken in relation to the Company or any subsidiary, that results in a substantial probability that the Company will or may be required to pay Additional Amounts as described above; 

 

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

 

	 	(c)	 the Company receives an opinion of independent counsel to the effect that an act taken by a taxing authority of
the United States results in a substantial 

	 	
probability that the Company will or may be required to pay the Additional Amounts described above, and delivers to the Trustee a certificate, signed by a duly authorized officer, stating that
based on such opinion the Company is entitled to redeem the Notes pursuant to their terms. 

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

 

	 	(3)	 The Company may also redeem the Notes, at its option, (i) in whole, but not in part, on June 9, 2026,
or (ii) in whole, but not in part, on or after May 9, 2027 at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the date of redemption.

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

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

 Schedule 1 

Redemptions and Amount of Securities 
  

													
	 Date of

partial

redemption
	  	Aggregate
principal amount
of Securities then
redeemed	 	  	Remaining
principal amount
of this Global
Security	 	  	Authorized SignatureDocument

Exhibit 10.1

CONSENT AGREEMENT 

THIS CONSENT AGREEMENT (this “Consent”) is made and entered into as of this 8th day of June, 2021, by and among (a) WORLD OF JEANS & TOPS, a California corporation (the “Lead Borrower”), (b) TILLY’S, INC., a Delaware corporation (the “Parent”), as a Guarantor, (c) WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), as Administrative Agent and Collateral Agent (“Agent”), L/C Issuer and Swing Line Lender, and (d) Wells Fargo, along with the other lenders identified therein (collectively, the “Lenders”, and each a “Lender”). 

WITNESSETH:

WHEREAS, the Lead Borrower, the Parent, the Agent and the Lenders are party to that certain Credit Agreement, dated as of November 9, 2020 (as the same may be amended, restated, supplemented, or otherwise modified and in effect from time to time, the “Credit Agreement”).

WHEREAS, as required by the Credit Agreement, the Parent and the Lead Borrower have requested that the Agent and Lenders consent to the Parent making a Restricted Payment to its stockholders in an amount not to exceed $31,000,000.00 (the “2021 Dividend”), which 2021 Dividend does not otherwise qualify for any of the exceptions set forth in Section 7.06 (Restricted Payments) of the Credit Agreement.

WHEREAS, the Agent and the Lenders are willing to consent to the payment of the 2021 Dividend subject to the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual agreements herein contained and benefits to be derived herefrom, the parties hereto agree as follows:
1.Definitions. All capitalized undefined terms used in this Consent shall have the meanings ascribed thereto in the Credit Agreement.
2.Consent to 2021 Dividend.  Effective as of the Consent Effective Date (as defined below), notwithstanding the terms and conditions of Section 7.06 of the Credit Agreement to the contrary, the Agent and Lenders hereby consent to the Parent paying the 2021 Dividend, and the Agent and the Lenders further agree to and hereby do waive compliance by the Parent and/or the Lead Borrower with any provision of the Credit Agreement or any other Loan Document that would prohibit or restrict the 2021 Dividend; provided that the 2021 Dividend must be funded pursuant to the combination of the Parent and/or the Lead Borrower’s cash-on-hand as set forth on Schedule I attached to this Consent; provided, further that if the payment of the 2021 Dividend has not been made on or prior to July 31, 2021, this Consent shall be deemed to be withdrawn and of no further force or effect.
3.Conditions to Effectiveness. This Consent shall be effective on the day on which each of the following conditions precedent has been fulfilled to the satisfaction of the Agent and the Lenders (such date, the “Consent Effective Date”):
a.The Agent shall have received counterparts of this Consent, duly executed and delivered by the Lead Borrower and the Parent;

b.no event which would constitute a Default or an Event of Default shall have occurred and be continuing;
c.the representations and warranties of the Loan Parties contained in this Consent and in the other Loan Documents shall be true and correct in all material respects (except that such materiality qualifier is not applicable to any representations or warranties already qualified or modified by materiality in the text thereof) on and as of the date hereof as though made on and as of the date hereof; 
d.all fees and Credit Party Expenses (including, without limitation, the fees and expenses of counsel to the Agent and the Lenders) required pursuant to the terms of the Credit Agreement to be paid or reimbursed to the Agent and the Lenders on or before the date hereof shall have been paid in full; 
e.the Agent shall have received Schedule I attached to this Consent, which schedule shall contain written evidence confirming that the 2021 Dividend is to be funded out of cash on hand of the Parent and/or the Lead Borrower, and such evidence shall be satisfactory to the Agent in the Agent’s sole discretion; and 
f.the Agent and the Lenders shall have received such additional documents, instruments, and agreements as each may reasonably request in connection with the transactions contemplated hereby.
4.Ratification of Loan Documents; Breach; Representations.  
a.Except as specifically set forth in this Consent, the terms and conditions of the Credit Agreement and the other Loan Documents shall remain in full force and effect, and are hereby ratified and affirmed in all respects.  Without limiting the foregoing, Parent and the Lead Borrower hereby acknowledge, confirm and agree that (x) the Loan Documents and any and all Collateral previously pledged to the Agent and the Lenders shall continue to secure all Obligations at any time and from time to time outstanding under the Credit Agreement and the other Loan Documents, and (y) the Parent and/or the Lead Borrower shall pay Credit Party Expenses in respect of this Consent in accordance with the Credit Agreement.  
b.This Consent shall not be deemed a waiver of, or consent to, or a modification or amendment of, any other term or condition of the Credit Agreement or any other Loan Document, except as expressly set forth herein.  
c.The breach of any agreement, covenant, warranty, representation or certification of the Loan Parties under this Consent and/or the failure of the Loan Parties to perform their obligations under this Consent shall constitute a Default or an Event of Default under the Credit Agreement to the extent set forth in Section 8.01 of the Credit Agreement.
d.The Parent and the Lead Borrower represent and warrant as follows:
i.This Consent and the other Loan Documents have been duly authorized by, and constitute legal, valid and binding agreements and obligations of, the Parent and the Lead Borrower, enforceable against it in accordance with their respective 
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terms except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and by general equitable principles. The execution, delivery and performance by the Parent and the Lead Borrower of this Consent and each of the other Loan Documents to which they are a party do not violate in any material respect any provision of any law or regulation, or contravene any provision of such the Parent’s and/or the Lead Borrower’s organizational documents or result in any breach of or default in any material respect under any Material Contract or any Material Indebtedness to which such person is a party or affect such Person or the  properties of such Person or any of its Subsidiaries;
ii.The Parent and the Lead Borrower (x) are duly organized, validly existing and in good standing under the laws of the state of their respective organization, (y) are qualified or licensed to do business and are in good standing in all jurisdictions in which such qualification or licensing is required, (z) possess, and will hereafter possess, (I) all permits, consents, approvals, franchises and licenses required and (II) rights to all trademarks, trade names, patents, and fictitious names, if any, reasonably necessary to enable it to conduct the business in which they are now engaged in compliance with applicable law, except in each case referred to in clause (d)(ii)(y) and clause (d)(ii)(z)(I), to the extent that failure to do so could not be reasonably expected to have a Material Adverse Effect;
iii.no Default or Event of Default has occurred and is continuing; 
iv.as of the date hereof, and immediately after giving effect to the consummation of the transactions contemplated under this Consent, the Loan Parties, on a Consolidated basis, are Solvent.  No transfer of property has been made by any Loan Party and no obligation has been incurred by any Loan Party in connection with the transactions contemplated by this Consent or the other Loan Documents with the intent to hinder, delay, or defraud either present or future creditors of any Loan Party;
v.no material consents, licenses or approvals are required in connection with the execution, delivery and performance by the Parent and the Lead Borrower and the validity against the Parent and the Lead Borrower of the Loan Documents to which they are parties, except for (i) the perfection or maintenance of the Liens created under the Loan Documents (including the first priority nature thereof) or (ii) such as have been obtained or made and are in full force and effect;
vi.the representations and warranties of the Parent and the Lead Borrower contained in this Consent and in the other Loan Documents are true and correct in all material respects (except that such materiality qualifier is not applicable to any representations or warranties already qualified or modified by materiality in the text thereof) on and as of the date hereof as though made on and as of the date hereof;
vii.there has been no event or circumstance since the date of the most recent annual financial statements delivered to the Agent and the Lenders that has caused or 
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could be reasonably expected to cause, either individually or in the aggregate, a Material Adverse Effect;
viii.no material consents, licenses or approvals are required in connection with the execution, delivery and performance by the Parent and/or the Lead Borrower and the validity against the Parent and/or the Lead Borrower of this Consent or any other Loan Document to which they are parties;
ix.there have been no amendments, waivers, supplements or other modifications entered into since the Closing Date in respect of the material documents, instruments and agreements evidencing any Subordinated Indebtedness; 
x.the organizational documents (including, without limitation, any authorizing resolutions) delivered to the Agent on the Closing Date pursuant to those certain certificates of the Parent and the Lead Borrower dated as of the Closing Date (collectively, the “Closing Certificates”) have not been amended, restated, supplemented, rescinded or otherwise modified since the Closing Date and such organizational documents remain in full force and effect as of the date hereof, and the persons named in the Closing Certificates as duly qualified and acting officers of the Parent and the Lead Borrower remain so qualified and acting and holding the same offices set forth therein; and
xi.the Loan Parties and their Subsidiaries have filed all Federal and other material Tax returns and reports required to be filed, and have paid all Federal and other material Taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings being diligently conducted, for which adequate reserves have been provided in accordance with GAAP, as to which Taxes no Lien has been filed and which contest effectively suspends the collection of the contested obligation and the enforcement of any Lien securing such obligation. There is no proposed tax assessment against any Loan Party or any Subsidiary that would, if made, have a Material Adverse Effect.  
5.Waiver of Claims / Release. Each Loan Party hereby acknowledges and agrees that:  (a) neither it nor any of its Subsidiaries has any claim or cause of action against the Agent or any Lender (or any of their respective Affiliates, officers, directors, employees, attorneys, consultants or agents in their capacities for the Agent or any Lender) in connection with the Credit Agreement and the other Loan Documents on the date hereof and (b) the Agent and each Lender has heretofore properly performed and satisfied in a timely manner all of its obligations to the Loan Parties and their Subsidiaries under the Credit Agreement and the other Loan Documents that are required to have been performed on or prior to the date hereof.  Notwithstanding the foregoing, the Agent and the Lenders wish (and the Loan Parties agree) to eliminate any possibility that any past conditions, acts, omissions, events or circumstances would impair or otherwise adversely affect any of the Agent’s and the Lenders’ rights, interests, security and/or remedies under the Credit Agreement and the other Loan Documents.  Accordingly, for and in consideration of the agreements contained in this Consent and other good and valuable consideration, each Loan Party (for itself and its Subsidiaries and the successors, assigns, heirs and representatives of each of the foregoing) (collectively, the “Releasors”) does hereby fully, finally, unconditionally and 
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irrevocably release and forever discharge the Agent, each Lender and each of their respective Affiliates, officers, directors, employees, attorneys, consultants and agents in their capacities as Agent or any Lender (collectively, the “Released Parties”) from any and all debts, claims, obligations, damages, costs, attorneys’ fees, suits, demands, liabilities, actions, proceedings and causes of action, in each case, whether known or unknown, contingent or fixed, direct or indirect, and of whatever nature or description, and whether in law or in equity, under contract, tort, statute or otherwise, which any Releasor has heretofore had or now or hereafter can, shall or may have against any Released Party by reason of any act, omission or thing whatsoever done or omitted to be done, in each case, on or prior to the date hereof directly arising out of, connected with or related to this Consent, the Credit Agreement or any other Loan Document, or any act, event or transaction related or attendant thereto, or the agreements of any Agent or any Lender contained therein, or the possession, use, operation or control of any of the assets of any Loan Party, or the making of any Loans or other advances, or the management of such Loans or advances or the Collateral.
6.Governing Law. THE VALIDITY OF THIS CONSENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, THE RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO, AND ANY CLAIMS, CONTROVERSIES OR DISPUTES ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.
7.Miscellaneous. 
a.This Consent may be executed in any number of counterparts, each of which when executed and delivered will be deemed to be an original, and all of which when taken together will constitute one and the same agreement.  Delivery of an executed counterpart of this Consent by facsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Consent and any party’s failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Consent.  This Consent shall constitute a Loan Document for all purposes.
b.This Consent will be binding upon and inure to the benefit of the heirs, executors, administrators, legal representatives, successors and assigns of the parties; provided that the provisions of Section 10.06 of the Credit Agreement shall apply to any assignments of the rights, interests or obligations hereunder.  This Consent and the other Loan Documents constitute the entire agreement between the Loan Parties, the Agent and the Lenders with respect to each credit subject hereto and supersede all prior negotiations, communications, discussions and correspondence concerning the subject matter of this Consent.
c.If any provision of this Consent or any other Loan Document will be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or any remaining provisions of this Consent or the other Loan Documents.
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d.All Obligations of the Loan Parties and rights of the Agent and the Lenders expressed herein or in any other Loan Document shall be in addition to and not in limitation of those provided by applicable law.  No failure to exercise and no delay in exercising, on the part of the Agent and/or the Lenders, any right, remedy, power or privilege hereunder or under any other Loan Document, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  Each Loan Party represents and warrants that it has consulted with independent legal counsel of its selection in connection herewith and is not relying on any representations or warranties of the Agent and the Lenders or its counsel in entering into this Consent.
e.The Loan Parties hereby reaffirm their obligations under Section 10.04 of the Credit Agreement, including with respect to any costs and expenses incurred in connection with this Consent.
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IN WITNESS WHEREOF, the parties hereto have caused this Consent to be duly executed as of the day and year first above written.

WORLD OF JEANS & TOPS, a California corporation, as Lead Borrower and as a Borrower

By:  /s/ Michael L. Henry
Name:  Michael L. Henry
Title:  Executive Vice President, Chief Financial Officer 

TILLY’S, INC., a Delaware corporation,                                         as Parent and as a Guarantor

By:  /s/ Michael L. Henry
Name:  Michael L. Henry
Title:  Executive Vice President, Chief Financial Officer

    

Signature Page to Consent Agreement

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent, as L/C Issuer, as a Lender and as Swing Line Lender

By: /s/ Danielle Baldinelli 
Name: Danielle Baldinelli
Title:  Authorized Signatory                        

Signature Page to Consent Agreement

SCHEDULE I
2021 Dividend Source of Funds
						
	Item	Amount
	Current Cash on Hand (as of 6/1/2021)	$166,213,338
	Maximum Cash Payable in Dividend	$(31,000,000)
	Net Cash Following Dividend Payment1	$135,213,338

1 Assumes (i) payment of the dividend on 6/1/2021 and (ii) an aggregate dividend amount of $31.0 million.

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