Document:

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                                                                   Exhibit 10.11

                        TRAVELERS PROPERTY CASUALTY CORP.
                     EXECUTIVE PERFORMANCE COMPENSATION PLAN
                                    AS OF [ ]

                                    ARTICLE I

                                     PURPOSE

      SECTION 1.1 The purpose of the Travelers Property Casualty Corp. (the
"Company") Executive Performance Compensation Plan (the "Plan") is to establish
certain performance criteria for determining the amount of any bonus that may be
paid under the Plan, including that portion of the bonus paid in the form of
restricted stock under the Company's 2002 Stock Incentive Plan, for those
executive officers who, on the last day of the Company's taxable year, consist
of the chief executive officer and the four other most highly compensated
executive officers of the Company or its subsidiaries named in the Summary
Compensation Table in the Company proxy statement.

      The Plan is intended to address certain limitations on the deductibility
of executive compensation under Section 162(m) of the Internal Revenue Code of
1986, as amended.

                                   ARTICLE II

                                   DEFINITIONS

SECTION 2.1 The following words and phrases shall have the meanings indicated
for the purpose of the Plan unless the context clearly indicates otherwise:

      (a)   BOARD shall mean the Board of Directors of the Company.
      (b)   BONUS PAYMENT shall mean that amount of the Bonus Award that the
            Committee approves for payment.
      (c)   BONUS AWARD shall mean the amount to be paid as bonus compensation
            to a Covered Employee if a Performance Goal is met for the Bonus
            Period, whether paid in cash or restricted stock, prior to the
            exercise by the Committee of any negative discretion.
      (d)   BONUS PERIOD shall mean the annual period corresponding to a
            calendar year, or any other period designated by the Committee, for
            which the calculation of a Bonus Award is to be made.
      (e)   CHIEF EXECUTIVE OFFICER shall mean the Chief Executive Officer of
            the Company or the individual acting in such capacity.
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      (f)   CODE shall mean the Internal Revenue Code of 1986, as amended and
            the regulations promulgated thereunder.
      (g)   COMMITTEE shall mean the Personnel, Compensation and Directors
            Committee of the Board of Directors of the Company or any other
            duly established committee or subcommittee meeting the
            requirements of Section 162(m)(4)(C) of the Code; provided
            however, that prior to the initial public offering of the
            Company's Class A Shares, as contemplated by the Company's
            registration statement on Form S-1 filed with the Securities and
            Exchange Commission, the term "Committee" shall mean the
            Personnel, Compensation and Directors Committee of the Board of
            Directors of Citigroup Inc..
      (h)   COMPANY shall mean Travelers Property Casualty Corp. and its
            successors. Where the context requires, the "Company" shall mean
            Travelers Property Casualty Corp. and its consolidated subsidiaries.
      (i)   COVERED EMPLOYEE shall mean the Chief Executive Officer of the
            Company and the four other most highly compensated executive
            officers of the Company as determined on the last day of the taxable
            year and in accordance with Section 162 (m) of the Code
            (collectively referred to as "Covered Employees").
      (j)   PERFORMANCE GOAL shall mean the financial measurements of corporate
            performance of the Company that must be met in order for a Covered
            Employee to receive a payment under this Plan.

                                   ARTICLE III

                           ADMINISTRATION OF THE PLAN

      SECTION 3.1 The Plan shall be interpreted and construed in accordance with
Section 162(m) of Code. The Plan shall be administered by the Committee.
Otherwise the Committee shall have full and exclusive authority, power and
discretion to construe and interpret the Plan, and generally to determine any
and all questions arising under the Plan.

      SECTION 3.2 The Committee shall be responsible for certifying in writing
that the applicable Performance Goals have been met before any Bonus Payments
are made under this Plan. If permitted under Section 162(m) of the Code, such
certification may be based upon reasonably estimated financial information
available prior to the end of the Bonus Period.

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                                   ARTICLE IV

                CALCULATION OF BONUS AWARDS FOR COVERED EMPLOYEES

      SECTION 4.1 Not later than 90 days after the commencement of the Bonus
Period (but in no case after 25% of the Bonus Period has elapsed), the Committee
shall specify and establish in writing, by resolution of the Committee or other
appropriate action, the Performance Goals and a Bonus Award for each Covered
Employee for the Bonus Period. The Committee shall establish the Performance
Goals based on one or more of the following business criteria: (i) combined loss
and expense ratio; (ii) earnings per share; (iii) net income; (iv) adjusted net
income; (v) return on equity; (vi) cash return on equity; (vii) return on
assets; (viii) earnings before interest and taxes; (ix) operating income; (x)
cash flow(s); (xi) stock price; or (xii) strategic business objectives
consisting of one or more objectives based on meeting specified cost targets,
business expansion goals, and goals relating to acquisitions or divestitures.

      SECTION 4.2 The Performance Goals established by the Committee pursuant to
Section 4.1 may be expressed on an absolute and/or relative basis, may be based
on or otherwise employ comparisons based on internal targets, the past
performance of the Company and/or the past or current performance of other
companies, and in the case of earnings-based measures, may use or employ
comparisons relating to capital, shareholders' equity and/or shares outstanding,
or to assets or net assets; provided that at the time of establishing the
Performance Goals the outcome shall be substantially uncertain.. In establishing
Performance Goals, the Committee, in its discretion, may include or exclude the
impact of items such as: unusual and infrequent events; realized investment
gains and losses; acquisitions; divestitures; reserve changes; catastrophes;
accounting changes, and restructuring expenses.

      SECTION 4.3 As soon as practicable after the end of the Bonus Period, the
Committee shall certify in accordance with Section 162(m) that the Performance
Goals have been achieved and shall approve Bonus Payments for Covered Employees.
In no event may a Bonus Payment to a Covered Employee exceed the Bonus Award,
but the Committee may exercise negative discretion to cause the Bonus Payment to
be less than the Bonus Award, nor shall the Bonus Award payable to any Covered
Employee exceed $5,000,000. Except as provided in Section 4.4 with respect to
deferred awards, the Covered Employee must be employed by the Company or one of
its subsidiaries as of the payment date under Section 4.5 to be eligible for a
Bonus Payment, provided that, if the Covered Employee's employment is terminated
prior to the payment date by reason of death, retirement on or after the Covered
Employee's Normal Retirement Date under the Company's Pension Plan, disability
(as defined in such Pension Plan), or any other reason with the consent of the
Committee, the Committee, in its sole discretion, may provide for a Bonus
Payment to that Covered Employee or the Covered Employee's designated
beneficiary, if applicable.

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      SECTION 4.4 From time to time, Covered Employees may be offered the
opportunity to defer receipt of all or a portion of a Bonus Payment, if any.
Whether a deferral opportunity shall be offered for awards granted hereunder for
a Bonus Period shall be determined by the Committee in its sole discretion.
Deferred awards payable under this Plan shall not be funded but will constitute
general obligations of the Company. The Committee shall have the right to
terminate or limit the right of Covered Employees to continue the previously
elected deferral of a Bonus Payment for any Bonus Period if the Committee in its
sole discretion shall determine at any time that such continued deferral has
become inadvisable because of changes in the Federal tax laws or any other
circumstances which, in the judgment of the Committee, jeopardize the ability of
the Company to appropriately finance the deferral of such award.

      SECTION 4.5 Each Covered Employee shall be eligible to receive the Bonus
Payment as soon as practicable after the amount of such Covered Employee's Bonus
Payment for a Bonus Period has been determined as provided in Section 4.3.
Awards may be paid in cash, stock, restricted stock, options, other stock-based
or stock-denominated units or any other form of consideration or any combination
thereof determined by the Committee. Equity or equity-based awards may be
granted under the terms and conditions of the applicable stock plans.

      SECTION 4.6 No Covered Employee shall have any right to receive payment of
a Bonus Payment under the Plan if, subsequent to the commencement of the Bonus
Period and prior to payment of the Bonus Payment, in the determination of the
Committee, the Covered Employee engages--directly or indirectly, either
personally or as an employee, agent, partner, stockholder, officer or director
of, or consultant to, any entity or person engaged in any business in which the
Company or its affiliates is engaged--in conduct that breaches his or her duty
of loyalty to the Company or a Subsidiary or that is in material competition
with the Company or a Subsidiary or is materially injurious to the Company or a
Subsidiary, monetarily or otherwise, which conduct shall include, but not be
limited to (i) disclosing or misusing any confidential information pertaining to
the Company or a Subsidiary; (ii) any attempt, directly or indirectly to induce
any employee, agent, insurance agent, insurance broker or broker-dealer of the
Company or any Subsidiary to be employed or perform services elsewhere; (iii)
any attempt by a Covered Employee directly or indirectly to solicit the trade of
any customer or supplier or prospective customer or supplier of the Company or
any Subsidiary, or (iv) disparaging the Company, any Subsidiary or any of their
respective officers or directors. The determination of whether any conduct,
action or failure to act falls within the scope of activities contemplated by
this Section 4.6 shall be made by the Committee, in its discretion. For the
purpose of this section, a Covered Employee shall not be deemed a stockholder of
a competing entity if the Covered Employee's record and beneficial ownership
amount to not more than one percent of the outstanding capital stock of any
company subject to the periodic and other reporting requirements of the
Securities Exchange Act of 1934, as amended.

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                                    ARTICLE V

                          EFFECTIVE DATE AND AMENDMENT

      SECTION 5.1 This Plan shall become effective as of January 1, 2002.

      SECTION 5.2 The Plan may be amended at any time by the Committee. In the
event that subsequent guidance under Section 162(m) is substantially different,
with the effect that the Plan fails to ensure the deductibility of the
compensation payable hereunder, the Committee shall retain the right to modify
the Plan to the extent necessary to conform any provisions hereof to bring them
into compliance, including but not limited to deletion of any non-conforming
provisions, or to discontinue the Plan altogether. No amendment shall be made
without approval of the stockholders of the Company if such approval is required
in order for the Plan to continue to meet the requirements of Section 162(m) of
the Code.

                                   ARTICLE VI

                                  MISCELLANEOUS

      SECTION 6.1 The validity, construction, interpretation, administration and
effect of the Plan and its rules and regulations, and rights relating to the
Plan, shall be determined solely in accordance with the laws of the State of
Connecticut, without regard to the conflicts of laws provisions thereof.

      SECTION 6.2 If any term or provision of this Plan or the application
thereof to any person or circumstances shall, to any extent, be invalid or
unenforceable, then the remainder of the Plan, or the application of such term
or provision to persons or circumstances other than those as to which it is held
invalid or unenforceable, shall not be affected thereby, and each term and
provision hereof shall be valid and be enforced to the fullest extent permitted
by applicable law.

      SECTION 6.3 This Plan is not a contract between the Company and any
employee of the Company. No employee of the Company or other person shall have
any claim or right to be granted any payment or award under this Plan until such
payment or award is actually granted. Neither the establishment of this Plan,
nor any action taken hereunder, shall be construed as giving any employee any
right to be retained in the employ of the Company. Nothing contained in this
Plan shall limit the ability of the Company to make payments or awards to an
employee under any other plan, agreement or arrangement.

      SECTION 6.4 A Covered Employee's right and interest under the Plan may not
be assigned or transferred and any attempted assignment or transfer shall be
null and void

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and shall extinguish, in the Company's sole discretion, the Company's obligation
under the Plan to pay any amount with respect to the Covered Employee.

      SECTION 6.5 The Plan shall be unfunded. The Company shall not be required
to establish any special segregation of assets to assure payment of amounts
under the Plan.

      SECTION 6.6 The Company shall have the right to deduct from Bonus Payments
paid any taxes or other amounts required by law to be withheld.

      SECTION 6.7 If any provision of this Plan would cause Bonus Payments not
to constitute "qualified performance-based compensation" under Section 162(m) of
the Code, that provision shall be severed from, and shall be deemed not to be a
part of, the Plan, but the other provisions hereof shall remain in full force
and effect. Any specific action by the Committee that would be violative of
Section 162(m) of the Code and the regulations thereunder shall be void.

      SECTION 6.8 No member of the Board of the Company or the Board of
Directors of any affiliate of the Company, and no officer, employee or agent of
the Company or an affiliate of the Company shall be liable for any act or action
hereunder, whether of commission or omission, taken by any other member, or by
any officer, agent, or employee, or, except in circumstances involving bad
faith, for anything done or omitted to be done in the administration of the
Plan.

      SECTION 6.9 Subject to any restrictions imposed under Section 162(m) of
the Code, the Committee may at any time amend any provision of the Plan,
provided that no such amendment that would require the consent of the
stockholders of the Company pursuant to the Code or any other applicable law,
rule or regulation, shall be effective without such consent. No such amendment
that adversely affects a Covered Employee's rights to, or interest in, a Bonus
Payment made prior to the date of the amendment shall be effective unless the
Covered Employee shall have agreed thereto in writing.

      SECTION 6.10 The Committee may terminate this Plan at any time, and in the
case of such termination, the following provisions of this Section 6.10 shall
apply notwithstanding any other provisions of the Plan to the contrary. Subject
to requirements of Section 162(m) of the Code, payment of deferred amounts plus
any earnings may be accelerated with respect to any affected Covered Employee in
the discretion of the Committee and paid as soon as practicable, but in no event
shall the termination of the Plan adversely affect the rights of any Covered
Employee to deferred amounts plus any earnings thereon previously awarded such
Covered Employee.

                                       6<PAGE>
                                                                   Exhibit 10.12

                        TRAVELERS PROPERTY CASUALTY CORP.
                            2002 STOCK INCENTIVE PLAN
                            (EFFECTIVE MARCH , 2002)

1.    PURPOSE

      The purposes of the Travelers Property Casualty 2002 Stock Incentive Plan
(the "Plan") are to (i) attract and retain employees by providing compensation
opportunities that are competitive with other companies; (ii) provide incentives
to those employees who contribute significantly to the long-term performance and
growth of the Company and its Subsidiaries; and (iii) align employees' long-term
financial interests with those of the Company's stockholders.

2.    EFFECTIVE DATE

      The Plan will become effective upon adoption by the Board, subject to
approval by the stockholders of the Company.

3.    DEFINITIONS

       "AWARD" shall mean an Option, SAR or other form of Stock Award granted
      under the Plan.

      "AWARD AGREEMENT" shall mean the document evidencing an Award granted
      under the Plan.

      "BOARD" shall mean the Board of Directors of the Company.

      "CHANGE OF CONTROL" shall have the meaning set forth in Section 13.

      "COMMON STOCK" shall mean any class of common stock of the Company, par
      value $.01 per share; or as the context may indicate, Class A common stock
      of the Company, par value $.01 per share or Class B common stock of the
      Company, par value $.01 per share.

      "COVERED EMPLOYEE" shall mean "covered employee" as such term is defined
      in Section 162(m) of the Code.

      "CODE" shall mean the Internal Revenue Code of 1986, as amended, including
      any rules and regulations promulgated thereunder.

      "COMPANY" shall mean Travelers Property Casualty Corp., a Connecticut
      corporation.

      "COMMITTEE" shall mean the Personnel, Compensation and Directors Committee
      of the Board, or such other committee or subcommittee duly established by
      the Board, the members of which shall satisfy the requirements of Rule
      16b-3 under the 1934 Act and who also qualify, and shall remain qualified
      as "outside directors" as defined in Section 162(m) of the Code; provided
      however, that prior to the initial public offering of the Company's Class
      A

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      Shares, as contemplated by the Company's registration statement on Form
      S-1 filed with the Securities and Exchange Commission, the term
      "Committee" shall mean the Personnel, Compensation and Directors Committee
      of the Board of Directors of Citigroup Inc.

      "DEFERRED STOCK" shall mean an Award payable in shares of Common Stock at
      the end of a specified deferral period that is subject to the terms,
      conditions and limitations described or referred to in Section 7(c)(iv).

      "EMPLOYEE" shall have the meaning set forth in General Instruction A to
      the Registration Statement on Form S-8 promulgated under the Securities
      Act of 1933, as amended, or any successor form or statute, as determined
      by the Committee.

      "FAIR MARKET VALUE" shall mean the fair market value of the Common Stock,
      as determined by the Committee.

      "ISO" shall mean an incentive stock option as defined in Section 422 of
      the Code.

      "OPTION" shall mean the right to purchase a specified number of shares of
      Common Stock at a stated exercise price for a specified period of time.
      The term "Option" as used in this Plan, shall include the terms "Reload
      Option" and "ISO".

      "PARTICIPANT" shall mean an Employee who has been granted an Award under
      the Plan.

      "RELOAD OPTION" shall have the meaning set forth in Section 7(a)(ii).

      "RESTRICTED STOCK" shall mean an Award of Common Stock that is subject to
      the terms, conditions, restrictions and limitations described or referred
      to in Section 7(c)(iii).

      "SAR" shall mean a stock appreciation right that is subject to the terms,
      conditions, restrictions and limitations described or referred to in
      Section 7(b).

      "SECTION 16(A) OFFICER" shall mean an Employee who is subject to the
      reporting requirements of Section 16(a) of the 1934 Act.

      "STOCK AWARD" shall have the meaning set forth in Section 7(c)(i).

      "STOCK UNIT" shall have the meaning set forth in Section 7(c)(v).

      "SUBSIDIARY" shall mean any entity that is directly or indirectly
      controlled by the Company or any entity, including an acquired entity, in
      which the Company has a significant equity interest, as determined by the
      Committee, in its discretion.

      "1934 ACT" shall mean the Securities Exchange Act of 1934, as amended,
      including the rules and regulations promulgated thereunder and any
      successor thereto.

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4.    THE COMMITTEE

      (a) COMMITTEE AUTHORITY. The Committee shall have full and exclusive power
to administer and interpret the Plan, to grant Awards and to adopt such
administrative rules, regulations, procedures and guidelines governing the Plan
and the Awards as it may deem necessary in its discretion, from time to time.
The Committee's authority shall include, but not be limited to, the authority
to: (i) determine the type of Awards to be granted under the Plan; (ii) select
Award recipients and determine the extent of their participation; (iii)
determine the method or formula for establishing the Fair Market Value of the
Common Stock for various purposes under the Plan; (iv) determine whether and
under what circumstances such Fair Market Value may be discounted; and (v)
establish all other terms, conditions, restrictions and limitations applicable
to Awards and the shares of Common Stock issued pursuant to Awards, including,
but not limited to those relating to a Participant's retirement, death,
disability, leave of absence or termination of employment. The Committee may
accelerate or defer the vesting or payment of Awards, cancel or modify
outstanding Awards, waive any conditions or restrictions imposed with respect to
Awards or the Common Stock issued pursuant to Awards and make any and all other
interpretations and determinations which it deems necessary with respect to the
administration of the Plan, subject to the limitations contained in Section 4(d)
with respect to all Participants and subject to the provisions of Section 162(m)
of the Code with respect to Covered Employees. The Committee's right to make any
decision, interpretation or determination under the Plan shall be in its sole
and absolute discretion.

      (b) ADMINISTRATION OF THE PLAN. The administration of the Plan shall be
managed by the Committee. The Committee shall have the power to prescribe and
modify, as necessary, the form of Award Agreement, to correct any defect, supply
any omission or clarify any inconsistency in the Plan and/or in any Award
Agreement and to take such actions and make such administrative determinations
that the Committee deems appropriate in its discretion. Any decision of the
Committee in the administration of the Plan, as described herein, shall be
final, binding and conclusive on all parties concerned, including the Company,
its stockholders and Subsidiaries and all Participants.

      (c) DELEGATION OF AUTHORITY. The Committee may at any time delegate to one
or more officers or directors of the Company some or all of its authority over
the administration of the Plan, with respect to persons who are not Section
16(a) Officers or Covered Employees.

      (d)   PROHIBITION AGAINST REPRICING.  In no event shall the Committee
have the right to amend an outstanding Award for the sole purpose of reducing
the exercise price thereunder.

      (e) INDEMNIFICATION. No member of the Committee shall be personally liable
for any action or determination made with respect to the Plan, except for his or
her own willful misconduct or as expressly provided by statute. The members of
the Committee shall be entitled to indemnification and reimbursement. In the
performance of its functions under the Plan, the Committee shall be entitled to
rely upon information and advice furnished by the Company's officers,
accountants, counsel and any other party the Committee deems necessary, and no
member of the Committee shall be liable for any action taken or not taken in
reliance upon any such advice.

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5.    PARTICIPATION

      (a)   ELIGIBLE EMPLOYEES.  The Committee shall determine which
Employees shall be eligible to receive Awards under the Plan.

      (b) PARTICIPATION BY SUBSIDIARIES. Employees of Subsidiaries may
participate in the Plan upon approval of the Awards by the Committee. A
Subsidiary's participation in the Plan may be terminated at any time by the
Committee. If a Subsidiary's participation in the Plan shall terminate, such
termination shall not relieve it of any obligations theretofore incurred by it
under the Plan, except with the approval of the Committee.

       (c) PARTICIPATION OUTSIDE OF THE UNITED STATES. The Committee or its
designee shall have the authority to amend the Plan and/or the terms and
conditions relating to an Award to the extent necessary to permit participation
in the Plan by Employees who are located outside of the United States on terms
and conditions comparable to those afforded to Employees located within the
United States, provided that any such action taken with respect to a Covered
Employee shall be taken in compliance with Section 162(m) of the Code.

      (d) CANCELLATION AND MODIFICATION OF AWARDS. In the event of a change in a
Participant's duties and responsibilities, or a transfer of the Participant to a
different position, the Committee may cancel or modify any Award granted to such
Participant or adjust the number of shares of Common Stock subject thereto
commensurate with the transfer or change in responsibility, as determined by the
Committee, in its discretion, provided that no such action shall violate the
provisions of Section 4(d), and further provided that any such action taken with
respect to a Covered Employee shall be taken in compliance with Section 162(m)
of the Code.

6.    AVAILABLE SHARES OF COMMON STOCK

      (a) SHARES SUBJECT TO THE PLAN. Shares of Common Stock issued pursuant to
Awards granted under the Plan will be shares that have been authorized but
unissued, which would include shares that have been previously issued and
reacquired by the Company. Reacquired shares may consist of shares purchased in
open market transactions. Subject to the following provisions of this Section 6,
the aggregate number of shares of Common Stock that may be issued to
Participants pursuant to Awards granted under the Plan shall not exceed One
Hundred Sixty million (160,000,000) shares of Common Stock, which amount
includes Stock Options and Restricted Stock issued to Employees in substitution
of stock options and restricted stock held by such Employees with respect to
shares of common stock of Citigroup, Inc.

      (b) FORFEITED AWARDS. Awards or portions of Awards made under the Plan
which are forfeited, expire or are canceled or settled without issuance of
shares of Common Stock shall not count towards the maximum number of shares of
Common Stock that may be issued under the Plan as set forth in Section 6(a).

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      (c) SHARES USED TO PAY EXERCISE PRICE AND TAXES.. If a Participant pays
the exercise price of an Option by surrendering previously owned shares of
Common Stock, as may be permitted by the Committee and/or arranges to have the
appropriate number of shares of Common Stock otherwise issuable upon exercise
withheld or sold to cover the withholding tax liability associated with the
Option exercise, the surrendered shares of Common Stock and shares of Common
Stock used to pay taxes shall not count towards the maximum number of shares of
Common Stock that may be issued under the Plan as set forth in Section 6(a).

      (d) OTHER ITEMS NOT INCLUDED IN ALLOCATION. The maximum number of shares
of Common Stock that may be issued under the Plan as set forth in Section 6(a)
shall not be affected by (i) the payment in cash of dividends or dividend
equivalents in connection with outstanding Awards; (ii) the granting or payment
of stock-denominated Awards which by their terms may be settled only in cash; or
(iii) Awards that are granted through the assumption of, or in substitution for,
outstanding awards previously granted to individuals who have become Employees
as a result of a merger, consolidation, or acquisition or other corporate
transaction involving the Company or a Subsidiary.

      (e)   OTHER LIMITATIONS ON SHARES WHICH MAY BE GRANTED UNDER THE PLAN.

            (i) The aggregate number of shares of Common Stock that may be
granted to any single individual during the term of the Plan in the form of
Options (including Reload Options and ISOs) and/or SARs shall not exceed twenty
million ( 20,000,000).

            (ii) The aggregate number of shares of Common Stock that may be
granted in the form of ISOs shall not exceed fifty million (50,000,000).

            (iii) Prior to the distribution of Class B shares of Common Stock to
the stockholders of Citigroup, Inc., the Committee shall not grant Awards in
Class B shares of Common Stock.

      (f) ADJUSTMENTS. In the event of any stock dividend, stock split,
combination or exchange of equity securities, merger, consolidation,
recapitalization, reorganization, divestiture or other distribution (other than
ordinary cash dividends) of assets to stockholders, or any other similar event
affecting the Common Stock, the Committee may make such adjustments as it may
deem appropriate, in its discretion, to: (i) the maximum number of shares of
Common Stock that may be issued under the Plan as set forth in Section 6(a);
(ii) to the extent permitted under Section 162(m) of the Code, the maximum
number of shares of Common Stock that may be granted pursuant to Section
6(e)(i); (iii) to the extent permitted under Section 422 of the Code, the
maximum number of shares of Common Stock that may be granted pursuant to Section
6(e)(ii); (iv) the number or kind of shares subject to an Award; (v) subject to
the limitation contained in Section 4(d), the Exercise Price applicable to an
Award; (vi) any measure of performance that relates to an Award in order to
reflect such change in the Common Stock and/or (vii) any other affected terms of
any Award.

7.    AWARDS UNDER THE PLAN

      Awards under the Plan may be granted as Options, SARs or Stock Awards, as
described below. Awards may be granted singly, in combination or in tandem as
determined by the Committee, in its discretion.

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      (a) OPTIONS. Options granted under the Plan may be non-qualified stock
options, ISOs or any other type of stock option permitted under the Code, as
evidenced by the related Award Agreements.

            (i) ISOS. The terms and conditions of any ISOs granted hereunder
shall be subject to the provisions of Section 422 of the Code and the terms,
conditions, limitations and administrative procedures established by the
Committee, from time to time. At the discretion of the Committee, ISOs may be
granted to any Employee of the Company and its subsidiaries, as such term is
defined in Section 424(f) of the Code. No ISO may be granted to any Participant
who at the time of such grant, owns more than ten percent of the total combined
voting power of all classes of stock of the Company or of any Subsidiary, unless
(i) the Option Price for such ISO is at least 110% of the Fair Market Value of a
share of Common Stock on the date the ISO is granted and (ii) the date on which
such ISO terminates is a date not later than the day preceding the fifth
anniversary of the date on which the ISO is granted. Any Participant who
disposes of shares acquired upon the exercise of an ISO either (i) within two
years after the date of grant of such ISO or (ii) within one year after the
transfer of such shares to the Participant, shall notify the Company of such
disposition and of the amount realized upon such disposition. All Options
granted under the Plan are intended to be nonqualified stock options, unless the
applicable Award Agreement expressly states that the Option is intended to be an
ISO. If an Option is intended to be an ISO, and if for any reason such Option
(or portion thereof) shall not qualify as an ISO, then, to the extent of such
nonqualification, such Option (or portion thereof) shall be regarded as a
nonqualified stock option granted under the Plan; provided that such Option (or
portion thereof) otherwise complies with the Plan's requirements relating to
nonqualified stock options.

            (ii) RELOAD OPTIONS. If a Participant tenders shares of Common Stock
to pay the exercise price of an Option, and/or arranges to have a portion of the
shares otherwise issuable upon exercise withheld or sold to pay the applicable
withholding taxes, the Participant may receive, at the discretion of the
Committee, a new "Reload Option" equal to the sum of the number of shares
tendered to pay the exercise price and the number of shares used to pay the
withholding taxes. Reload Options may be any type of option permitted under the
Code and will be granted subject to such terms, conditions, restrictions and
limitations as may be determined by the Committee, from time to time. Reload
Options may also be granted in connection with the exercise of options granted
under any other plan of the Company which may be designated by the Committee,
from time to time.

            (iii) EXERCISE PRICE. The Committee shall determine the exercise
price per share for each Option, which shall not be less than 100% of the Fair
Market Value at the time of grant; provided however, such limitation shall not
apply to Options that are issued to Employees in conjunction with the
distribution of shares of Common Stock to stockholders of Citigroup and in
substitution of stock options held by such Employees with respect to shares of
common stock of Citigroup, Inc.

            (iv) EXERCISE OF OPTIONS. Upon satisfaction of the applicable
conditions relating to vesting and exercisability, as determined by the
Committee, and upon payment in full of the Exercise Price and applicable taxes
due, the Participant shall be entitled to exercise the Option and

                                       6
<PAGE>

receive the number of shares of Common Stock issuable in connection with the
Option exercise. The shares issued in connection with the Option exercise may be
subject to such conditions and restrictions as the Committee may determine, from
time to time. The exercise price of an Option and applicable withholding taxes
relating to an Option exercise may be paid by methods permitted by the Committee
from time to time including: (1) a cash payment in US dollars; (2) tendering
(either actually or by attestation) shares of Common Stock owned by the
Participant for at least six (6) months (or such other period as established
from time to time by the Committee), valued at the Fair Market Value at the time
of exercise; (3) arranging to have the appropriate number of shares of Common
Stock issuable upon the exercise of an Option withheld or sold; or (4) any
combination of the above.

      (b) STOCK APPRECIATION RIGHTS. A stock appreciation right ("SAR")
represents the right to receive a payment in cash, whole shares of Common Stock,
or a combination thereof, in an amount equal to the excess of the Fair Market
Value of a specified number of shares of Common Stock at the time the SAR is
exercised over an amount which shall be no less than the Fair Market Value of
the same number of shares at the time the SAR was granted, except that if a SAR
is granted retroactively in substitution for an Option, the Fair Market Value
established by the Committee may be the Fair Market Value at the time such
Option was granted. Any such substitution of a SAR for an Option granted to a
Covered Employee may only be made in compliance with the provisions of Section
162(m) of the Code.

      (c)   STOCK AWARDS.

            (i) FORM OF AWARDS. The Committee may grant Awards ("Stock Awards")
which are payable in shares of Common Stock or denominated in units equivalent
in value to shares of Common Stock or are otherwise based on or related to
shares of Common Stock, including, but not limited to Awards of Restricted
Stock, Deferred Stock and Stock Units, subject to such terms, conditions,
restrictions and limitations as the Committee may determine to be applicable to
such Awards, in its discretion, from time to time. In order to reflect the
impact of the conditions, restrictions or limitations applicable to a Stock
Award, as well as the possibility of forfeiture or cancellation, the Fair Market
Value may be discounted at a rate determined by the Committee, from time to
time, for purposes of determining the number of shares of Common Stock allocable
to a Stock Award.

            (ii) STOCK PAYMENT. Shares of Common Stock may be used as payment
for compensation which otherwise would have been delivered in cash (including,
without limitation, any compensation that is intended to qualify as
performance-based compensation for purposes of Section 162(m) of the Code), and
unless otherwise determined by the Committee, no minimum vesting period will
apply to such shares. Any shares of Common Stock used for such payment will be
valued at the Fair Market Value of such shares at the time of payment and shall
be subject to such terms, conditions, restrictions and limitations as shall be
determined by the Committee at the time of payment.

            (iii) RESTRICTED STOCK. Awards of Restricted Stock shall be subject
to the conditions, limitations, restrictions, vesting and forfeiture provisions
determined by the Committee, in its discretion, from time to TIME. The number of
shares of Restricted Stock allocable to an Award under the Plan shall be
determined by the Committee, pursuant to a formula approved by the

                                       7
<PAGE>

Committee from time to time. In order to reflect the impact of the restrictions
on the value of the Restricted Stock, as well as the possibility of forfeiture
of the Restricted Stock, the Fair Market Value may be discounted at a rate to be
determined by the Committee, for purposes of determining the number of shares
allocable to an Award of Restricted Stock. Unless the Committee determines
otherwise, Awards of Restricted Stock will carry a minimum vesting period of one
(1) year.

            (iv) DEFERRED STOCK. Awards of Deferred Stock shall be subject to
the conditions, limitations, and cancellation provisions determined by the
Committee, in its discretion, from time to time. A Participant who receives an
Award of Deferred Stock shall be entitled to receive the number of shares of
Common Stock allocable to his or her Award, as determined by the Committee,
pursuant to a formula approved by the Committee from time to time, at the end of
a specified deferral period determined by the Committee. In order to reflect the
impact of the deferral conditions on the value of an Award of Deferred Stock, as
well as the possibility of cancellation of the Deferred Stock Award, the Fair
Market Value may be discounted at a rate to be determined by the Committee, for
purposes of determining the number of shares allocable to an Award of Deferred
Stock. Awards of Deferred Stock represent only an unfunded, unsecured promise to
deliver shares in the future and do not give Participants any greater rights
than those of an unsecured general creditor of the Company.

            (v) STOCK UNITS. A Stock Unit is an Award denominated in shares of
Common Stock, pursuant to a formula determined by the Committee, which may be
settled either in shares of Common Stock or in cash, in the discretion of the
Committee, subject to such other terms, conditions, restrictions and limitations
determined by the Committee from time to time.

8.    FORFEITURE PROVISIONS FOLLOWING A TERMINATION OF EMPLOYMENT

      In any instance where the rights of a Participant with respect to an Award
extend past the date of termination of a Participant's employment, all of such
rights shall terminate and be forfeited, if, in the determination of the
Committee, the Participant, at any time subsequent to his or her termination of
employment engages, directly or indirectly, either personally or as an employee,
agent, partner, stockholder, officer or director of, or consultant to, any
entity or person engaged in any business in which the Company or its affiliates
is engaged, in conduct that breaches his or her duty of loyalty to the Company
or a Subsidiary or that is in material competition with the Company or a
Subsidiary or is materially injurious to the Company or a Subsidiary, monetarily
or otherwise, which conduct shall include, but not be limited to: (i) disclosing
or misusing any confidential information pertaining to the Company or a
Subsidiary; (ii) any attempt, directly or indirectly to induce any Employee,
agent, insurance agent, insurance broker or broker-dealer of the Company or any
Subsidiary to be employed or perform services elsewhere; (iii) any attempt by a
Participant directly or indirectly to solicit the trade of any customer or
supplier or prospective customer or supplier of the Company or any Subsidiary,
or (iv) disparaging the Company, any Subsidiary or any of their respective
officers or directors. The determination of whether any conduct, action or
failure to act falls within the scope of activities contemplated by this Section
shall be made by the Committee, in its discretion. For purposes of this
paragraph, a Participant shall not be in violation of this Section 8 solely as a
result of the Participant's record and beneficial ownership of not more than one
percent (1%) of the outstanding capital stock of any company subject to the
periodic and other reporting requirements of the Securities Exchange Act of
1934, as amended.

                                       8
<PAGE>
9.    DIVIDENDS AND DIVIDEND EQUIVALENTS

      The Committee may provide that Stock Awards shall earn dividends or
dividend equivalents. Such dividends or dividend equivalents may be paid
currently or may be credited to an account maintained on the books of the
Company. Any payment or crediting of dividends or dividend equivalents will be
subject to such terms, conditions, restrictions and limitations as the Committee
may establish, from time to time, including reinvestment in additional shares of
Common Stock or common share equivalents. Unless the Committee determines
otherwise, Section 16(a) Officers may not participate in dividend reinvestment
programs established under the Plan. The Committee shall determine the
Participants' rights under the Plan with respect to extraordinary dividends or
distributions on the shares of Common Stock.

10.   VOTING

      The Committee shall determine whether a Participant shall have the right
to direct the vote of shares of Common Stock allocated to a Stock Award. If the
Committee determines that an Award shall carry voting rights, the shares
allocated to such Award shall be voted by the Company's Senior Human Resources
Officer, or such other person as the Committee may designate in accordance with
instructions received from the Participant (unless to do so would constitute a
violation of fiduciary duties). Shares as to which no instructions are received
shall be voted by the Committee or its designee proportionately in accordance
with instructions received from Participants in the Plan (unless to do so would
constitute a violation of fiduciary duties).

11.   PAYMENTS AND DEFERRALS

      Payment of Awards may be in the form of cash, shares of Common Stock,
other Awards, or combinations thereof as the Committee shall determine, subject
to such terms, conditions, restrictions and limitations as it may impose. The
Committee may postpone the exercise of Options or SARs, and may require or
permit Participants to elect to defer the receipt or issuance of shares of
Common Stock pursuant to Awards or the settlement of Awards in cash under such
rules and procedures as it may establish, in its discretion, from time to time.
It also may provide for deferred settlements of Awards including the payment or
crediting of earnings on deferred amounts, or the payment or crediting of
dividend equivalents where the deferred amounts are denominated in common share
equivalents. In addition, the Committee may stipulate in an Award Agreement,
either at the time of grant or by subsequent amendment, that a payment or
portion of a payment of an Award be delayed in the event that Section 162(m) of
the Code (or any successor or similar provision of the Code) would disallow a
tax deduction by the Company for all or a portion of such payment. The period of
any such delay in payment shall be until the payment, or portion thereof, is tax
deductible, or such earlier date as the Committee shall determine in its
discretion.

12.   TRANSFERABILITY

      Unless otherwise determined by the Committee, Awards granted under the
Plan, and during any period of restriction on transferability, shares of Common
Stock issued in connection with the exercise of an Option, may not be sold,
pledged, hypothecated, assigned, margined or otherwise transferred, other than
by will or the laws of descent and distribution. The Committee may permit (on
such terms, conditions and limitations as it shall establish) non-qualified
Options (including non-

                                       9
<PAGE>
qualified Reload Options) and/or shares issued in connection with an Option
exercise which are subject to restrictions on transferability, to be transferred
one time to a member of a Participant's immediate family or to a trust or
similar vehicle for the benefit of a Participant's immediate family members.
Except to the extent required by law, no Award or interest of any Participant in
the Plan shall be subject to any lien, levy, attachment, pledge, obligation,
liability or bankruptcy of a Participant. During the lifetime of a Participant,
all rights with respect to Awards shall be exercisable only by such Participant
or, if applicable, a permitted transferee. An Award exercisable after the death
of a Participant may be exercised by the legatees, personal representatives or
distributes of the Participant.

13.   CHANGE OF CONTROL

      (a) The Committee may, in its discretion, at the time an Award is made
hereunder or at any time prior to, coincident with or after the time of a Change
of Control:

            (i) provide for the acceleration of any time periods relating to the
      exercise or realization of such Awards so that such Awards may be
      exercised or realized in full on or before a date fixed by the Committee;

            (ii) provide for the purchase of such Awards, upon the Participant's
      request, for an amount of cash equal to the amount which could have been
      obtained upon the exercise or realization of such rights had such Awards
      been currently exercisable or payable;

            (iii) make such adjustment to the Awards then outstanding as the
      Committee deems appropriate to reflect such transaction or change; and/or

            (iv) cause the Awards then outstanding to be assumed, or new rights
      substituted therefore, by the surviving corporation in such Change of
      Control.

      The Committee may, in its discretion, include such further provisions and
limitations in any Award Agreement as it may deem equitable and in the best
interests of the Company.

      (b)   A "Change of Control" shall be deemed to occur if and when:

            (i) any person, including a "person" as such term is used in Section
      14(d)(2) of the 1934 Act (a "Person"), is or becomes a beneficial owner
      (as such term is defined in Rule 13d-3 under the Act), directly or
      indirectly, of securities of the Company representing 25% or more of the
      combined voting power of the Company's then outstanding securities;
      provided however, that for purposes of this subparagraph (i), "person"
      shall not include (A) Citigroup, Inc. with respect to securities of the
      Company that are owned, directly or indirectly, by Citigroup, Inc. as of
      the date the Plan is first adopted, (B) an employee benefit plan (or trust
      forming a part thereof) maintained by the Company, or (C) any company
      owned directly or indirectly by the stockholders of the Company in
      substantially the same proportions as their ownership of shares of the
      Company;

            (ii)  any plan or proposal for the liquidation of the Company is
      adopted by the stockholders of the Company;

                                       10
<PAGE>
            (iii) individuals who, as of the date hereof, constitute the Board
      (the "Incumbent Board") cease for any reason to constitute at least a
      majority of the Board; provided, however, that any individual becoming a
      director subsequent to the date hereof whose election, or nomination for
      election by the Company's stockholders, was approved by a vote of at least
      a majority of the directors then comprising the Incumbent Board shall be
      considered as though such individual were a member of the Incumbent Board,
      but excluding, for this purpose, any such individual whose initial
      assumption of office occurs as a result of either an actual or threatened
      election contest (as such terms are used in Rule 14a-11 of Regulation 14A
      promulgated under the 1934 Act) or other actual or threatened solicitation
      of proxies or consents by or on behalf of a Person other than the Board;

            (iv)  all or substantially all of the assets of the Company are
      sold, liquidated or distributed; or

            (v) there occurs a reorganization, merger, consolidation or other
      corporate transaction involving the Company (a "Transaction"), in each
      case, with respect to which the stockholders of the Company immediately
      prior to such Transaction do not, immediately after the Transaction, own
      more than 50 percent of the combined voting power of the Company or other
      corporation resulting from such Transaction.

      Any good faith determination by the Committee as to whether a Change of
Control within the meaning of this Section has occurred shall be conclusive and
binding on the Participants.

14.   AWARD AGREEMENTS

      Each Award under the Plan shall be evidenced by a document in writing
setting forth the terms, conditions, restrictions and limitations applicable to
the Award, including, but not limited to the provisions governing vesting,
exercisability, payment, amendment, cancellation, forfeiture, and termination of
employment and the Company's authority to amend or terminate the Plan and to
amend, cancel, or rescind an Award, at any time. The Committee need not require
the execution of such document by the Participant, in which case acceptance of
the Award by the Participant shall constitute agreement by the Participant to
the terms, conditions, restrictions and limitations set forth in the Plan and
the Award Agreement as well as the administrative guidelines and practices of
the Company in effect from time to time.

15.   TAX WITHHOLDING

      The Company and its Subsidiaries shall have the right to require payment
of, or may deduct from any payment made under the Plan, or may permit shares of
Common Stock to be tendered or sold, including shares of Common Stock delivered
or vested in connection with an Award, in an amount sufficient to cover
withholding of any federal, state, local, foreign or other governmental taxes or
charges required by law or such greater amount of withholding as the Committee
shall determine from time to time and to take such other action as may be
necessary to satisfy any such withholding obligations. The value of any shares
of Common Stock allowed to be withheld or tendered for tax withholding may not
exceed the amount allowed consistent with fixed plan

                                       11
<PAGE>
accounting in accordance with generally accepted accounting principles. It shall
be a condition to the obligation of the Company to issue shares of Common Stock
upon the exercise of an Option or a SAR that the Participant pay to the Company,
on demand, such amount as may be requested by the Company for the purpose of
satisfying any tax withholding liability. If the amount is not paid, the Company
may refuse to issue such shares.

16.   OTHER BENEFIT AND COMPENSATION PROGRAMS

      Unless otherwise determined by the Committee, Awards received by
Participants under the Plan shall not be deemed a part of a Participant's
regular, recurring compensation for purposes of calculating payments or benefits
under any Company benefit plan or severance program. No Employee shall have any
claim or right to be granted an Award under the Plan. There shall be no
obligation of uniformity of treatment of Employees under the Plan and the terms
and conditions of Awards and the Committee's determinations and interpretations
with respect thereto need not be the same with respect to each Participant
(whether or not such Participants are similarly situated). Further, the Company
and its Subsidiaries may adopt other compensation programs, plans or
arrangements as it deems appropriate or necessary. The adoption of the Plan
shall not confer upon any Employee any right to continued employment in any
particular position or at any particular rate of compensation, nor shall it
interfere in any way with the right of the Company or a Subsidiary to terminate
the employment of its Employees at any time or change the terms and conditions
of such employment, free from any claim or liability under the Plan.

17.   UNFUNDED PLAN

      Unless otherwise determined by the Committee, the Plan shall be unfunded
and shall not create (or be construed to create) a trust or a separate fund or
funds. The Plan shall not establish any fiduciary relationship between the
Company and any Participant or other person. To the extent any Participant holds
any rights by virtue of an Award granted under the Plan, such rights shall
constitute general unsecured liabilities of the Company and shall not confer
upon any Participant any right, title, or interest in any assets of the Company.

18.   EXPENSES OF THE PLAN

      The expenses of the administration of the Plan shall be borne by the
Company and its Subsidiaries. The Company may require Subsidiaries to pay for
the shares of Common Stock issued under the Plan.

19.   RIGHTS AS A STOCKHOLDER

      Unless the Committee determines otherwise, a Participant shall not have
any rights as a stockholder with respect to shares of Common Stock covered by an
Award until the date the Participant becomes the holder of record with respect
to such shares. No adjustment will be made for dividends or other rights for
which the record date is prior to such date, except as provided in Section 9.

                                       12
<PAGE>
20.   FUTURE RIGHTS

      No person shall have any claim or right to be granted an Award, and the
grant of an Award shall not be construed as giving a Participant the right to be
retained in the employ of the Company or a Subsidiary or to participate in any
other compensation or benefit plan, program or arrangement of the Company or a
Subsidiary.

                                       13
<PAGE>
21.   AMENDMENT AND TERMINATION

      The Plan may be amended, suspended or terminated at any time by the
Committee, provided that no amendment shall be made without stockholder
approval, if stockholder approval is required under then applicable law,
including tax and/or accounting rules. No termination, suspension or amendment
of the Plan shall adversely affect the right of any Participant with respect to
any Award theretofore granted, as determined by the Committee, without such
Participant's written consent. Notwithstanding the foregoing, the Committee may
amend the Plan in such manner as it deems necessary in order to permit Awards to
meet the requirements of the Code or other applicable laws. Unless terminated
earlier by the Board, the Plan will terminate on March , 2012.

22.   SUCCESSORS AND ASSIGNS

      The Plan and any applicable Award Agreement entered into under the Plan
shall be binding on all successors and assigns of a Participant, including,
without limitation, the estate of such Participant and the executor,
administrator or trustee of such estate, or any receiver or trustee in
bankruptcy or representative of the Participant's creditors.

23.   GOVERNING LAW

      The Plan and all agreements entered into under the Plan shall be construed
in accordance with and governed by the laws of the State of Connecticut, without
regard to the conflicts of laws provisions thereof.

                                       14

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