Document:

EX-10.13

 EXHIBIT 10.13 
  

 
  

					
		 		 	 RBS North America Services, Inc.
 600
Steamboat Road
 Greenwich, Connecticut 06830

			
		 		 	Telephone: 203.625.2700
	September 18, 2007	 		 	
		 		 	www.rbsgc.com

 Strictly Private & Confidential 

John Fawcett 
 Dear John: 

On behalf of RBS North America Services, Inc. (“RBS”), I am pleased to extend you an offer of employment on the following terms and
conditions. The terms in this offer supersede those in previous correspondence. Your employment with RBS will commence on or before 26th November 2007. 

POSITION AND FUNCTION. 
 You shall be employed as
Chief Finance Officer, RBS North America or in such other capacity of like status as RBS designates, based within a 50 mile radius of New York, New York, or in Stamford, Connecticut, reporting to the President and CEO, RBS North America and Group
Finance Director, RBS Group or such other person as RBS may specify from time to time. Your employment will require domestic and international travel appropriate to your duties and responsibilities. RBS reserves the right to transfer your employment
to any existing or future parent, subsidiary, affiliate, division, and branch of RBS or their respective successors, (collectively “affiliates”). During normal business hours, you will devote your full time and best professional efforts to
RBS and its affiliates, including The Royal Bank of Scotland, plc located in North America, and The Royal Bank of Scotland Group Plc (“the Group”). 

COMPENSATION. 
  

	(i)	You will be paid a base salary of $300,000 per annum, payable bi-weekly less appropriate deductions. 

  

	(ii)	In addition, you will be eligible for consideration for an annual discretionary bonus contingent on your and the firm’s satisfactory performance. At RBS, bonus compensation is discretionary and not generally
guaranteed, however for calendar year 2007 only, provided you have not resigned, given notice of your intent to resign or been terminated for Wrongful Conduct (as defined below) prior to the payment date, you are guaranteed a minimum bonus of
$1,800,000 (“Guaranteed Compensation”). Any Guaranteed Compensation owed to you will be paid in cash in March 2008 when bonuses are paid to RBS employees generally. All amounts will be subject to required tax and other withholdings.

  

	(iii)	Each year, The Group will award deferred compensation to you with an on-target economic value of $550,000, whether this be in the form of restricted stock, performance shares, options or a mix of these long term
vehicles. The deferred compensation vehicle for our newly formed RBS America entity is not yet finalized. If the annualized economic value of awards to you under the standard RBS America long-term incentive structure is less than the value stated
above, we will adjust other elements of your package to keep the overall compensation value whole. Our default position would be to deliver the deferred compensation value as restricted stock. 

STOCK AND PERFORMANCE BONUS BUYOUT 
 For your
performance bonus payment from CitiGroup for performance in 2007, that will be foregone on your departure from CitiGroup, we will compensate you on the following basis: 

One off award of conditional RBS shares worth, at the time of your appointment, $550,000, vesting March 2008. 

 For your outstanding unvested deferred compensation awards from CitiGroup, we will compensate you for the value
foregone on the following basis: 
 For the awards due to vest Jan 2008, with a value of $180,000, we will make a cash payment payable on the date your
employment commences. 
 For the awards due to vest Jan 2009, with a value of $180,000, we will make an award of RBS conditional shares to that value,
vesting 1st Jan 2009. The number of shares constituting your awards will be based on the Group’s share price on the date your employment commences. 

For the awards vesting Jan 2010, with a value of $180,000, we will make an award of RBS conditional shares to that value, vesting 1st Jan 2010. The number of shares constituting your awards will be based on the Group’s share price on the date your employment commences. 

The Conditional Shares that make up this Award will be transferred to you as soon as is reasonably practicable after the vesting dates shown above, provided
you remain in service with the Group to that date and are not serving notice, and subject to the payment of any relevant income tax and social security liabilities. 

You are not entitled to any rights of membership, such as dividends, until the shares are transferred to you. 

The Company reserves the right to withhold transfer of the Conditional Shares pending the outcome of any disciplinary procedures for conduct or performance
which the Company could treat as grounds for dismissal, and refuse transfer of the restricted shares if you are subsequently dismissed. 
 BENEFITS. 

You shall be entitled to 4 weeks vacation in each calendar year and such other benefits as are provided to senior managers of RBS generally,
and shall be subject to the personnel policies applicable to RBS employees. As a full-time employee, you are eligible to participate in the RBS employee benefits program, which includes medical, dental, disability, accident and life insurance
coverage as well as a 401(k) Retirement Savings Plan. Some of these plans require contributions for coverage that are made through payroll deductions. You should note that your coverage for these plans becomes effective when you submit your
completed enrollment forms to Human Resources provided you enroll within 30 days of your start date and you are actively at work on that date. All benefit plans are subject to modification or termination at the firm’s discretion. 

TERMINATION FOR WRONGFUL CONDUCT. 
 For purposes
of the above, Wrongful Conduct means (a) your conviction of or plea of guilty or nolo contendere to a felony or to a misdemeanor involving dishonesty; (b) your misconduct or gross negligence in the conduct of your duties, including the
failure to abide by reasonable instructions of RBS management; (c) a determination by RBS that you have violated the Federal or state securities laws or regulations; (d) fraud or embezzlement against RBS or its clients; or (e) a
determination by RBS that you have committed a material violation of the Group’s Global Code of Conduct and other written policies which have been communicated to you in writing; or (f) a determination by RBS that you have engaged in
conduct which is materially injurious to the business or reputation of RBS. 
 NOTICE OF INTENT TO LEAVE AND NON-SOLICITATION. 

You agree that (i) you will provide RBS with 90 days’ prior notice of your intent to leave the employ of RBS for any reason;
(ii) for the duration of your employment and for a period of 90 days thereafter, you will not directly or indirectly, solicit, hire, or assist in soliciting or hiring, any person who is employed during such period by RBS or its affiliates; nor
will you induce any such person to: (a) terminate his or her employment with RBS or its affiliates or (b) accept employment with anyone other than RBS or its affiliates; and, (iii) for a period of 90 days following termination of your
employment, you will not directly or indirectly solicit, or assist in soliciting for business any customer introduced to you by RBS or its parent The Group, or any customer of RBS or its affiliates with whom you had material contact during your
employment by RBS nor will you induce or encourage any such customer to terminate its relationship with RBS or its affiliates or to divert business away from RBS or its affiliates; and, (iv) for a period of 90 days following termination of your
employment, you will not hold any position as employee, director, officer, consultant, partner, agent or principal in or with any business which is the same or similar type to the business of RBS or its affiliates and which is or is likely to be or
which becomes a business in competition with RBS or its affiliates; provided that the foregoing restrictions following termination of your employment shall not apply if RBS terminates your employment other than for Wrongful Conduct. 

You agree that the provisions of clauses (i), (ii), (iii) and (iv) of the preceding paragraph are reasonable and survive the
Guaranteed Compensation payment date and that in the event you violate any of them, you acknowledge that RBS will be subject to irreparable harm entitling it, in addition to statutory or common law remedies, to immediate injunctive or other
equitable relief. You hereby acknowledge that but for these provisions, RBS would not agree to the financial commitment contemplated by this letter agreement. 

 EMPLOYEE REPRESENTATIONS. 

In accepting this offer, you represent and warrant to RBS that you are not subject to any agreement or understanding with any current or prior
employer or business (or any other entity or person) which would in any manner preclude you from fulfilling any of the duties or obligations you would have with RBS or which would result in any additional payment from RBS, You further recognize and
agree that, to the extent you possess any confidential, proprietary or trade secret information of a third party, you may not and shall not use or disclose such information in performing your duties for RBS. 

You understand that as a condition of your employment, you will be asked to complete various benefit and legal forms, including an
acknowledgement of policies and procedures, a confidentiality and assignment of developments agreement, and an arbitration agreement. If you currently have any brokerage account(s), please bring your account information including the account
number(s), the brokerage firm’s name and address; and your broker’s name on your first day of employment. You will also need birth dates and social security numbers of any dependents you wish to cover under the benefits program. 

This offer is also contingent upon your ability to provide documents which prove your identity and demonstrate your authorization to work in
the United States. A list of acceptable documentation is included in the enclosed materials. Please be prepared to provide this information on your first day of employment Federal law requires that, if this documentation is not provided within 3
days of your start date, you must be removed from the firm’s payroll. 
 Please note that employment with RBS is at-will, meaning that
your employment may be terminated at any time with or without cause, and with or without notice, at the option of either RBS or yourself and therefore the above-compensation guarantee does not guarantee continued employment with RBS, and nothing in
this letter should be construed as creating a contract of employment for a fixed duration. 
 You agree that no agreements or
representations, verbal or written, with respect to the subject matter of our offer have been made to you other than those set forth in this letter. To the extent any such agreements or representations were made, this letter supersedes any and all
previous offers, statements, agreements and representations made to you in the course of discussions and negotiations for this position. 

Please indicate your acceptance of this offer by signing below and returning a copy of this letter to us by 24th September 2007. 

John, congratulations. We look forward to your joining the firm. 
  

	
	Very truly yours,
	
	/s/ Rebekah Brummell
	Rebekah Brummell
	Human Resources Business Partner
	RBS North America Services, Inc.
	
	Accepted and Agreed:
	
	/s/ John Fawcett
	John FawcettEX-10.14

 EXHIBIT 10.14 
  

 
 

 
 May 23, 2008 
 Brad
Conner 
 Dear Brad: 
 On behalf of RBS Citizens, N.A.
(“Citizens”) I am pleased to extend you an offer of employment on the following terms and conditions, including your commencing employment with Citizens on or before Monday, June 30, 2008. 

I am pleased to confirm our offer for you to join Citizens as the Vice Chairman, Head of Consumer Lending reporting to Jim Connolly, President of RBS
Citizens, or other such person as Citizens may specify from time to time. Citizens reserves the right to transfer your employment to any existing or future parent, subsidiary, affiliate, division, branch of Citizens or their respective successors
(collectively “affiliates”). Your employee number will be determined when your start date is confirmed. 
 COMPENSATION 

 

	 	•	 	You will be paid a biweekly salary of $23,076.92, which amounts to $600,000.00 on an annualized basis. 

  

	 	•	 	In addition, you will be eligible for consideration for an annual discretionary bonus based on factors determined by Citizens in its sole discretion, in accordance with Citizens policy. Such factors may include your
performance and the performance of Citizens. You will only be eligible for consideration to receive any such discretionary bonus for any year if you have not received or given any notice of termination or resignation prior to the date on which such
bonuses for the applicable year are paid to employees. Currently, the target incentive award opportunity for your position is 160% percent of your annual base salary. This payment is generally prorated based on your start date and the specific
guidelines listed in the Plan, but as per our conversation, we will guarantee your 2008 bonus to be $1,000,000. Guaranteed amounts are not eligible for deferral. Should you leave the organization prior to the payment date in 2009, you will forfeit
this bonus. Eligibility in a Plan does not guarantee payment. 

	 	•	 	You will also be eligible to participate at the sole discretion of the Royal Bank of Scotland Group (“RBS”) Remuneration Committee, in RBS’ long-term incentive plans. Your eligibility for participation
will be in line with the normal practice for RBS’ North American businesses. Your target award is 68% of your current base salary ($408,000) for the calendar year of 2008. The opportunity range is 61 – 75% based on your annual performance
rating. Eligibility does not guarantee payment. 

  

	 	•	 	In consideration of your joining Citizens, we will pay you a one-time, sign-on bonus of $400,000. This amount will be grossed up for tax purposes to off set your financial burden of the Forgiveness Loan you have
received from JP Morgan Chase. This will be paid on or around your first thirty days of employment. Please be advised that should you resign, give notice of resignation or be terminated for cause from Citizens within twelve months of your start
date, you will be required to re-pay this bonus on a pro-rated basis. 

  

	 	•	 	You will receive the equivalent of $1,850,000 of RBS Equity to off set the value of your unvested JP Morgan Chase portfolio. We will base the number of shares on the stock price at the close of the market on the day you
join the Bank. This stock will be customized to reflect the vesting schedule of your current JP Morgan Chase portfolio. 

  

	 	•	 	You are eligible to participate in the RBS Citizens, N.A. Nonqualified Deferred Compensation Plan. This plan is a tax deferred savings program which allows you to defer, on a pre-tax basis, a percentage of your base
salary as well as a percentage of selected incentive awards earned for the period ending December 31, 2008. You will have thirty days from the start of your employment to make a deferment decision. 

 

	 	•	 	All amounts of compensation paid to you shall be paid subject to applicable taxes and deductions, and, if applicable, in compliance with the provisions of Internal Revenue Code Section 409A. 

BENEFITS 
  

	 	•	 	You will be eligible to enroll in most of Citizens Financial Group, Inc.’s benefit plans on the first of the month following your start date. You will receive a Notice to Enroll in your home mail with information
on how to enroll online at www.CFGConnections.com approximately two weeks from your start date. You can find detailed information online about your eligibility (see “Benefit Highlights”) and all the benefits on CFGConnections.com.

  

	 	•	 	Based on the month in which you start you are eligible for a pro-rated maximum vacation allowance of ten days in 2008. Your annualized amount is twenty days in addition to the ten paid holidays that Citizens recognizes
annually. You are also eligible to receive your birthday off which can be scheduled with your managers’ approval. 

  
 Page 2 

	 	•	 	We will assist you with relocation expenses associated with your move from Arizona to Rhode Island. Other details of our relocation package are enclosed. You will receive an additional $75,000 (less applicable taxes) to
assist you with any out of pocket relocation expenses. Please be advised that, should you voluntarily resign from Citizens within twelve months of your start date, you will be responsible for reimbursing Citizens for all relocation costs previously
paid under this relocation plan. Should you be discharged for cause, eligibility for benefits under this policy will cease and no further reimbursements will occur. This includes expenses incurred but. not yet reimbursed. By signing below you agree
that we may deduct money from your final paycheck to convey such repayment. 

 NOTICE OF INTENT TO LEAVE AND NON-SOLICITATION 

You agree that you will provide Citizens with 60 days prior written notice of your intent to leave the employ of Citizens for any reason.
During any period of required notice you will continue to be an employee and you will continue to be entitled to receive your base salary (but not a bonus). Your fiduciary duties and other obligations as an employee of Citizens will continue and you
will cooperate in the transition of your responsibilities. Citizens shall, however, have the right, in its sole discretion, to direct that you no longer come in to work. 

You also agree that during your employment and for 12 months following your termination of employment for any reason, you will not directly or
indirectly solicit, hire, or assist in soliciting or hiring any person who is employed during such period by Citizens or its affiliates; nor will you directly or indirectly induce any such person to terminate his or her employment or accept
employment with anyone other than Citizens or its affiliates. You also agree that during your employment and for 6 months following your termination of employment for any reason, you will not directly or indirectly solicit, or assist in soliciting
for business any customer introduced to you by Citizens or its affiliates, or any customer of Citizens or its affiliates with whom you had contact during your employment by Citizens nor will you induce or encourage any such customer to terminate its
relationship with Citizens or its affiliates or to divert business away from Citizens or its affiliates. 
 You agree that the foregoing
provisions related to Notice of Intent to Leave and Non-Solicitation are reasonable and that in the event you violate any of them, you acknowledge that Citizens will be subject to irreparable harm entitling it, in addition to statutory or common law
remedies, to immediate injunctive or other equitable relief. You also agree to reimburse Citizens for reasonable attorney’s fees and costs incurred by Citizens in any action to enforce its rights under this agreement in which Citizens prevails.

  
 Page 3 

 EMPLOYEE REPRESENTATIONS 

In accepting this offer, you represent and warrant to Citizens that you are not subject to any agreement or understanding with any current or
prior employer or business (or any other entity or person) which would in any manner preclude you from fulfilling any of the duties or obligations you would have with Citizens or which would result in any additional payment from Citizens. You
further recognize and agree that, to the extent you possess any confidential, proprietary or trade secret information of a third party, you may not and shall not use or disclose such information in performing your duties for Citizens. 

You have provided Citizens with copies of certain documents relating to grants made to you under JP Morgan Chase’s 1996 and 2005 Long-Term
Incentive Plans (“JP Morgan Documents”). Citizens has reviewed the JP Morgan Documents and the restrictive covenants contained therein that purport to restrict your post-employment activities. The JP Morgan Documents generally state that,
for a period of one year following your termination of employment, you will not directly or indirectly, whether on your own behalf or on behalf of another party: (1) solicit, induce or encourage any JP Morgan Chase employee to leave JP Morgan
Chase, (2) hire any employee or former employee of JP Morgan Chase who was employed on the date of your termination (unless that employee was terminated due to a position elimination or terminated more than six months prior to their date of
hire by Citizens), or (3) solicit, induce, divert or attempt to solicit induce or divert any of JP Morgan Chase’s current customers, suppliers or other entities or persons serviced by you or whose names became known to you during your
employment with JP Morgan Chase, or otherwise interfere with JP Morgan Chase’s relationships with its current customers, supplier or other entities or persons. The JP Morgan Documents state that you are not prohibited from doing business with
“publicly known institutional customers,” provided that you do not rely on JP Morgan Chase’s confidential information. The JP Morgan Documents also contain general prohibitions against your use of confidential information, and some of
the JP Morgan Documents require you to provide Special Notice of your intent to resign. You have informed Citizens that you are subject to certain restrictions in other JP Morgan Documents that were not provided for review, but are similar to the
restrictions described in this paragraph. 
 As a condition of your employment and during the course of your employment with Citizens, you
must honor your obligations pursuant to the JP Morgan Documents for the relevant time periods. If at any time you find yourself in circumstances which you feel may lead to a breach of the restrictions contained in the JP Morgan Documents, you should
contact, your Human Resources Business Partner immediately. Should you become aware that JP Morgan Chase or any other former employer alleges that you are violating the terms of an employment agreement or restrictive covenant, you must report such
knowledge to your Human Resources Business Partner as soon as practicable. 

  
 Page 4 

 In reliance on the foregoing, to the extent permitted by law, Citizens shall indemnify and hold
you harmless up to $2,125,00.00 against any forfeiture determinations made and communicated to you by JP Morgan Chase within one year of your termination of employment with JP Morgan Chase that arise out of or are based upon a purported violation of
the JP Morgan Documents. This indemnification provision is contingent upon your compliance with the terms of this offer letter and Citizens’ reliance that your post-employment restrictions are consistent with those provided by you or described
by you to Citizens. You also agree to give Citizens prompt notice of any forfeiture determination made by JP Morgan Chase. 
 When your start
date is determined, we will arrange for your new hire orientation. Located on the On-Boarding site are the Fair Lending Policy Statement, Code of Ethics, Corporate Bank Secrecy Compliance Policy, and detailed benefit information. You will need to
bring your completed On-Boarding paperwork to your new hire orientation session. The required documents can be accessed at https://www.cfgconnections.com if you use the directions to access the website as a guest. Please print, review and complete
the required forms and policies. If you have any difficulty in completing these documents please contact your recruiter 
 Following
orientation, you will report to Jim Connolly at the Citizens One Plaza Office. As a condition of your employment with Citizens we will be verifying documentation that shows that you are legally eligible to work in the United States. You will find a
list of documents acceptable for verifying your identity and employment eligibility on the back of the U.S. Department of Justice Immigration and Naturalization Form I-9. Please be prepared to provide this information on your first day of
employment. Federal law requires that, if this documentation is not provided within 3 days of your start date, you must be removed from Citizens’ payroll. Additionally, your employment with Citizens is contingent upon satisfactorily meeting
our pre-employment and background check requirements. 
 Please note that employment with Citizens is “at-will,” and can be
terminated by either party at any time and for any reason, with or without notice. The terms and conditions of your employment, including, but not limited to: duties; compensation; location and employment may change at any time. By signing below,
you agree that no representations or promises inconsistent with this paragraph have been made to you. 
 If your position is termed
redundant, you will be treated similarly to other Vice Chairmans. Citizens has sole discretion to determine whether a termination is “for cause,” however, typically the following will constitute cause for purposes of this Plan, as
determined by Citizens or the Plan Sponsor: 
 (a) the Employee’s continued failure or refusal of the Employee to perform satisfactorily
any duties reasonably required of the Employee; 

  
 Page 5 

 (b) the commission of any fraud, misappropriation, embezzlement, dishonesty, breach of trust or
money laundering, or any other conduct that can be deemed a breach of Citizens’ Code of Ethics or the Royal Bank of Scotland’s Code of Conduct; 

(c) reporting to work under the influence of alcohol, narcotics or unlawful controlled substances, or any other material violation of any
Citizens employment policies/procedures; 
 (d) conviction of a felony or misdemeanor, or conduct in violation of state or federal law that
would constitute a basis for a criminal charge or indictment of a felony, or of a misdemeanor involving dishonest or fraudulent conduct; 

(e) violation of any securities or commodities laws, any rules or regulations pursuant to such laws, or the rules and regulations of any
securities or commodities exchange or association of which the Company is a member, or violation of any similar federal, state or local law, regulation, ordinance or licensing requirement applicable to employees of financial institutions; or 

(f) conduct that may reasonably be expected to have a material adverse effect on the financial interest or business reputation of Citizens.

 Following your start date, you may call the Human Resources Service Center at [—] with
any benefits or other Human Resources related questions. 
 This employment offer will expire five business days from the date of this
letter. 

  
 Page 6 

 Brad, we are delighted with your decision to join RBS Citizens, N.A. and look forward to you becoming a member of
the team. If you have any questions, please feel free to call me directly at [—] or my mobile number is [—]. 

Please sign below to acknowledge your acceptance, and return this letter to me. 

Sincerely, 
 Susan M. Mason 

Director of Recruiting, RBS Americas 
 Human Resources 

 

					
	Accepted and agreed to:	 		 	
			
	/s/ Brad L. Conner	 		 	5/28/2008
	  
	 		 	  

	Brad Conner	 		 	Date

  

	Note:	Please remember to visit our website at [—] to print, review and complete the required forms and policies. These documents will be collected on your first day during
new-hire orientation. 

 cc: Personnel File Folder 

Requisition number [—] 

  
 Page 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00234-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00234-of-00352.parquet"}]]