Document:

Nonqualified Deferred Compensation Plan, as amended and restated

  
 Exhibit 10.1 
  
 THE FIFTH THIRD BANCORP 
 NONQUALIFIED DEFERRED COMPENSATION PLAN 
  
 (as amended and restated effective as of January 1, 2005) 

 THE FIFTH THIRD BANCORP 
 NONQUALIFIED DEFERRED COMPENSATION PLAN 
  
 (as amended and restated effective as of January 1, 2005) 

  
 ARTICLE I – INTRODUCTION AND SECTION 409A COMPLIANCE 
  

	1.1	Amendment and Restatement. Fifth Third Bancorp hereby amends and restates The Fifth Third Bancorp Nonqualified Deferred Compensation Plan in its entirety effective
January 1, 2005. 

  

	1.2	Amendment and Restatement of Predecessor Plans. This Plan also constitutes a complete amendment and restatement of each Predecessor Plan effective January 1, 2005;
provided, however, a Participant’s Predecessor Plan Diversified Account and/or Predecessor Plan Stock Account hereunder initially shall be credited as of such date in 2005 determined by the Committee, in its sole discretion, with the value of
such Participant’s account determined under the provisions of such Predecessor Plan as of such date. 

  

	1.3	Transition Rules under Section 409A. 

  

	 	(a)	Election to Terminate Participation. The Committee, in its sole and absolute discretion, may offer to any Participant the option to terminate participation in the Plan and to
receive in 2005 a complete payout of his vested Account. Any such election shall be administered by the Committee in compliance with Internal Revenue Service Notice 2005-1 and any other applicable legal authority. The amount and other aspects of the
payment shall be determined by the Committee generally in accordance with the Plan, but the Committee shall have the authority to vary from the Plan, as it deems necessary or appropriate, to complete the payout. Any such election shall terminate
past participation but shall not affect future participation by the Participant. 

  

	 	(b)	New Payment Elections. In accordance with Paragraph 10.3, the Committee shall administer new payment elections under Article X in 2005 which, for purposes of, Article X shall
be treated as a Participant’s timely initial election under Paragraph 10.2(a) and not as a change in election under Paragraph 10.2(c). Any such election shall be administered by the Committee in its sole and absolute discretion and in
compliance with Internal Revenue Service Notice 2005-1 and any other applicable legal authority. 

 ARTICLE II – DEFINITIONS 
  

	2.1	“Account” shall mean the account established by an Employer as a book reserve to reflect the amounts credited to a Participant under this Plan. A Participant’s
Account under the Plan may include one or more of the following subaccounts: 

  

	 	(a)	Deferred Compensation Account. 

  

	 	(b)	Matching Account. A Matching Account may include one or both of the following subaccounts: 

  

	 	(i)	Pre-2005 Matching Account. 

  

	 	(ii)	Post-2004 Matching Account. 

  

	 	(c)	Predecessor Plan Diversified Account. 

  

	 	(d)	Predecessor Plan Stock Account. 

  

	 	(e)	Profit Sharing Account. A Profit Sharing Account may include one or both of the following subaccounts: 

  

	 	(i)	Pre-2005 Profit Sharing Account. 

  

	 	(ii)	Post-2004 Profit Sharing Account. 

  

	2.2	“Beneficiary” shall mean the person or persons entitled to receive the distributions, if any, payable under the Plan upon or after a Participant’s death, to
such person or persons as such Participant’s Beneficiary. Each Participant may designate a Beneficiary by filing the proper form with the Committee. A Participant may designate one or more contingent Beneficiaries to receive any distributions
after the death of a prior Beneficiary. A designation shall be effective upon said filing, provided that it is so filed during such Participant’s lifetime, and may be changed from time to time by the Participant. 

  

	2.3	“Claims Review Committee” shall mean the committee established by the Committee for purposes of administering the claims and claim review procedures under the Plan.

  

	2.4	“Code” shall mean the Internal Revenue Code of 1986, as amended at the particular time applicable. A reference to a section of the Code shall include said section
and any comparable section or sections of any future legislation that amends, supplements or supersedes said section. 

  

	2.5	“Committee” shall mean The Fifth Third Bank Pension, Profit Sharing and Medical Plan Committee which is responsible for the administration of this Plan in
accordance with the provisions of the Plan as set forth in this document. A reference to the Committee includes its delegate. 

  

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	2.6	“Compensation” shall mean the total base earnings plus variable compensation and other bonuses (but excluding performance-based, additional cash compensation
incentives) paid by an Employer to an Executive or which would otherwise be paid but for a deferral election hereunder or a compensation reduction election under the Master Profit Sharing Plan or The Fifth Third Bank 125 Plan.

  

	2.7	“Deferred Compensation Account” shall mean the account established by an Employer as a book reserve to reflect the amounts deferred by a Participant under Paragraph
4.1, as adjusted by earnings (and losses) under Article VIII and as reduced by distributions under Article X and Article XI. 

  

	2.8	“Effective Date” shall mean January 1, 2005. 

  

	2.9	“Employer” shall mean Fifth Third Bank, an Ohio Banking Corporation, and any other subsidiary of Fifth Third Bancorp or any successor or assignee of any of them.

  

	2.10	“Executive” shall mean an employee of an Employer who is employed on a full-time basis and who is a Bank President, Bank Executive Vice President, Bank Senior Vice
President or Bank Vice President. 

  

	2.11	“Grandfathered Participant” shall mean a Participant (other than an individual who is a Participant under Paragraph 2.15(b)) whose service with all Employers
terminated prior to September 1, 1999. 

  

	2.12	“Master Profit Sharing Plan” shall mean The Fifth Third Bancorp Master Profit Sharing Plan, as amended from time to time. 

  

	2.13	“Matching Account” shall mean the account established by an Employer as a book reserve to reflect the amounts credited by an Employer as matching contributions
under Article V, as adjusted by earnings (and losses) under Article VIII and as reduced by distributions under Article X and Article XI and by forfeitures under Paragraph 9.2. A Matching Account may include one or both of the following subaccounts:

  

	 	(a)	Pre-2005 Matching Account. 

  

	 	(b)	Post-2004 Matching Account. 

  

	2.14	“Open Enrollment Period” shall mean such period no more than thirty (30) days in length prescribed by the Committee, closing no later than the last day of the
Plan Year immediately preceding the Plan Year for which elections to defer Compensation under Article IV are permitted. 

  

	2.15	“Participant” shall mean any of the following: 

  

	 	(a)	any Executive who satisfies the eligibility requirements of Article III and who receives an allocation to his Account under Article IV, Article V, or Article VI, as well as any
former Executive who has an Account under the Plan; or 

  

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	 	(b)	any person who has a Predecessor Plan Diversified Account or Predecessor Plan Stock Account attributable to his employment covered by a Predecessor Plan. 

 

	2.16	“Plan” shall mean The Fifth Third Bancorp Nonqualified Deferred Compensation Plan as described in this instrument, and as may be amended, thereafter.

  

	2.17	“Plan Year” shall mean the calendar year. 

  

	2.18	“Post-2004 Matching Account” shall mean a subaccount of a Participant’s Matching Account established by an Employer as a book reserve to reflect the amounts
credited by an Employer for Plan Years after 2004 as matching contributions under Article V, as adjusted by earnings (and losses) under Article VIII and as reduced by distributions under Article X and Article XI and by forfeitures under Paragraph
9.2 

  

	2.19	“Post-2004 Profit Sharing Account” shall mean a subaccount of a Participant’s Profit Sharing Account established by an Employer as a book reserve to reflect
amounts credited by an Employer as profit sharing contributions for Plan Years after 2004 under Article VI, as adjusted by earnings (and losses) under Article VIII and as reduced by distributions under Article X and Article XI and by forfeitures
under Paragraph 9.2. 

  

	2.20	“Pre-2005 Matching Account” shall mean a subaccount of each Participant’s Matching Account established by an Employer as a book reserve to reflect the amounts
credited by an Employer as matching contributions for Plan Years before 2005 under Article V as adjusted by earnings (and losses) under Article VIII and as reduced by distributions under Article X and Article XI. 

  

	2.21	“Pre-2005 Profit Sharing Account” shall mean a subaccount of a Participant’s Profit Sharing Account established by an Employer as a book reserve to reflect the
amounts credited by an Employer as profit sharing contributions for Plan Years before 2005 under Article VI, as adjusted by earnings (and losses) under Article VIII and as reduced by distributions under Article X and Article XI.

  

	2.22	“Predecessor Plan” shall mean any other nonqualified deferred compensation plan designated by the Committee. This Plan shall be considered a complete amendment and
restatement of each Predecessor Plan effective January 1, 2005. 

  

	2.23	“Predecessor Plan Diversified Account” shall mean an account established by the Employer as a book reserve to reflect amounts credited hereunder with respect to a
Predecessor Plan, other than amounts credited to a Predecessor Plan Stock Account with respect to such Predecessor Plan, as adjusted by earnings (and losses) under Article VIII and as reduced by distributions under Article X and Article XI.

  

	2.24	“Predecessor Plan Stock Account” shall mean an account established by the Employer as a book reserve to reflect amounts credited hereunder with respect to a
Predecessor Plan in which participants’ benefits were to be distributed solely in common stock of Fifth Third Bancorp, as determined by the Committee, as adjusted by earnings (and losses) under Article VIII and as reduced by distributions under
Article X and Article XI. 

  

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	2.25	“Profit Sharing Account” shall mean the account established by an Employer as a book reserve to reflect the amounts credited by an Employer as profit sharing
contributions under Article VI, as adjusted by earnings (and losses) under Article VIII and as reduced by distributions under Article X and Article XI and by forfeitures under Paragraph 9.2. A Profit Sharing Account may include one or more of the
following subaccounts: 

  

	 	(a)	Pre-2005 Profit Sharing Account. 

  

	 	(b)	Post-2004 Profit Sharing Account. 

  
 ARTICLE III – ELIGIBILITY AND PARTICIPATION 
  

	3.1	Each individual who is an Executive on the first day of an Open Enrollment Period: 

  

	 	(a)	may elect to defer Compensation for services performed during the ensuing Plan Year to which the Open Enrollment Period relates, in accordance with Article IV; and

  

	 	(b)	shall be eligible for matching allocations under Article V and profit sharing allocation under Article VI for the Plan Year in which such Open Enrollment Period falls.

  
 An individual who is not an Executive on the first day of an
Open Enrollment Period but who later becomes an Executive (including a former Executive who is reemployed by an Employer as an Executive) shall not be eligible to elect to defer Compensation until the first day of the next Open Enrollment Period
with respect to which he is still an Executive (for the Plan Year to which such next Open Enrollment Period relates); and he shall not be eligible for matching or profit sharing allocations until the Plan Year containing the next Open Enrollment
Period as of the first day of which he is an Executive. 
  
 ARTICLE IV – ELECTION TO DEFER COMPENSATION 
  

	4.1	Each Executive eligible under Article III may elect to have a portion of his Compensation for services performed during a Plan Year deferred and credited with earnings in accordance
with the terms and conditions of the Plan. The amount of Compensation deferred for any Plan Year by an Executive may not reduce the amount of base pay such Executive receives in a Plan Year below $50,000. 

  

	4.2	An eligible Executive desiring to exercise an election under Paragraph 4.1 for a Plan Year shall notify the Committee each Plan Year of his deferral election during the Open
Enrollment Period established by the Committee for such Plan Year. Such notice must be in writing, on a form provided by the Committee, and delivered to the Committee during the Open Enrollment Period. 

  

	4.3	A deferral election shall be effective for the entire Plan Year (but not for any future Plan Year) to which it relates and may not be modified or terminated for that Plan Year;

  

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 provided however, such an election shall terminate if the Participant’s employment status changes so
that he is no longer an Executive. 
  

	4.4	The Compensation otherwise payable to the Participant during the Plan Year shall be reduced by the amount of the Participant’s election under Paragraph 4.1. Such amounts shall
be credited to the Participant’s Deferred Compensation Account at the time his Compensation is so reduced. 

  
 ARTICLE V – MATCHING ALLOCATIONS 
  

	5.1	Matching Allocations. An Employer, in its discretion, may credit a matching allocation to the Matching Account of any Executive eligible under Article III it selects
provided: 

  

	 	(a)	the Executive remains in the employment of an Employer as an Executive (or is on an Employer-approved leave of absence) on the date the Committee determines to credit the
allocation; and 

  

	 	(b)	the Executive either has a Compensation deferral election in effect under Paragraph 4.1 for the Plan Year, or has “Annual Compensation” (as defined in the Master
Profit Sharing Plan) in the corresponding Plan Year of that plan in excess of the compensation limitation imposed by section 401(a)(17) of the Code. 

  
 The matching allocations for such selected Executives shall be determined by the Employer and may vary for each such
Executive. The amount of the matching allocations as so determined under this paragraph shall be credited to the Participants’ Matching Accounts as of the last day of the Plan Year, or at such other time or times determined by the Committee.

  
 Matching allocations credited for Plan Years after 2004 shall
be credited to the Participant’s Post-2004 Matching Account. Matching allocations credited for Plan Years beginning before 2005 are reflected in the Participant’s Pre-2005 Matching Account. 
  
 ARTICLE VI – PROFIT SHARING ALLOCATIONS 
  

	6.1	Profit Sharing Allocations. An Employer, in its discretion, may credit a profit sharing allocation to the Profit Sharing Account of any Executive eligible under Article III
it selects for a Plan Year provided the Executive remains in the employment of an Employer as an Executive (or is on an Employer-approved leave of absence) on the date the Committee determines to credit the allocation. 

  
 The profit sharing allocations for such selected Executives shall be
determined by the Employer and may vary for each such Executive. The amount of the profit sharing allocations as so determined under this paragraph shall be credited to the Participants’ Profit Sharing Accounts as of the last day of the Plan
Year, or at such other time or times determined by the Committee. 
  

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 Profit sharing allocations credited for Plan Years after 2004 shall be credited to the Participant’s
Post-2004 Profit Sharing Account. Profit sharing allocations credited for Plan Years beginning before 2005 are reflected in the Participant’s Pre-2005 Profit Sharing Account. 
  
 ARTICLE VII – PARTICIPANT’S INTEREST 
  

	7.1	Unsecured Creditor. No Participant or his designated Beneficiary shall acquire any property interest in his Account or any other assets of the Employer or Fifth Third
Bancorp, their rights being limited to receiving from the Employer or Fifth Third Bancorp deferred payments as set forth in this Plan and these rights are conditioned upon continued compliance with the terms and conditions of this Plan. To the
extent that any Participant or Beneficiary acquires a right to receive benefits under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Employer or Fifth Third Bancorp. 

  
 ARTICLE VIII – CREDITING OF EARNINGS 
  

	8.1	General. There shall be credited to the Account of each Participant an additional amount of earnings (or losses) determined under this Article VIII. 

 

	8.2	Earnings. Except as provided in Paragraph 8.3, each Participant’s Account shall be credited with earnings (or losses) as if it is invested entirely in common stock of
Fifth Third Bancorp. This shall include, without limitation, the re-investment of dividends in such common stock of Fifth Third Bancorp. The time and method of such crediting and the recordkeeping methodologies used shall be determined in the sole
and absolute discretion of the Committee. 

  

	8.3	Available Investment Elections. 

  

	 	(a)	Coverage. Paragraph 8.2 shall have no effect with respect to a Grandfathered Participant. Instead, a Grandfathered Participant’s Account shall be credited with earnings
(or losses) in accordance with this Paragraph 8.3. In addition, Paragraph 8.2 shall have no effect with respect to a Participant’s Predecessor Plan Diversified Account. Instead, such a Participant’s Predecessor Plan Diversified Account
shall be credited with earnings (or losses) in accordance with this Paragraph 8.3. 

  

	 	(b)	Investment Elections. Each Grandfathered Participant and each Participant with a Predecessor Plan Diversified Account, shall elect to have earnings (or losses) credited to
his entire Account (in the case of a Grandfathered Participant) or his Predecessor Plan Diversified Account (in the case of other Participants), from among various investment benchmarks the Committee determines to establish for this purpose. One of
such investment benchmarks shall be the Fifth Third Stock Fund. 

  

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 Such an election shall be made in such manner as the Committee shall direct. 
  
 The Committee may prescribe rules including rules which limit the frequency
of changes to elections, prescribe times for making elections, regulate the amount or increment a Participant may allocate to a particular investment benchmark, require or allow an election (or election change) to relate only to future allocations,
require an election to apply consistently to all subaccounts and provide for the investment of an Account (or Predecessor Plan Diversified Account) of a Participant who fails to make an election. 
  

	 	(c)	Rate of Return Benchmarks. The Committee shall determine the rate of return for the Fifth Third Stock Fund under the Master Profit Sharing Plan (which rate of return will
apply to the Fifth Third Stock Fund investment election under this Plan) as well as each of the other investment benchmarks selected by the Committee under Paragraph 8.3(b) above. 

  

	 	(d)	Crediting. The Participant’s Account (in the case of a Grandfathered Participant) or his Predecessor Plan Diversified Account (in the case of other Participants), shall
be increased or decreased as if it had earned the rate of return corresponding to the Participant’s investment election. The time and method of such crediting and the recordkeeping methodologies used shall be determined in the sole and absolute
discretion of the Committee. 

  
 ARTICLE IX –
VESTING AND FORFEITURES 
  

	9.1	Vesting Provisions. 

  

	 	(a)	Deferred Compensation Account. A Participant’s rights to his Deferred Compensation Account shall be nonforfeitable at all times. 

  

	 	(b)	Predecessor Plan Diversified Account and Predecessor Plan Stock Account. A Participant’s rights to his Predecessor Plan Diversified Account and Predecessor Plan Stock
Account shall be nonforfeitable at all times. 

  

	 	(c)	Matching Account. 

  

	 	(i)	Pre-2005 Matching Account. A Participant’s rights to his Pre-2005 Matching Account shall be nonforfeitable at all times. 

  

	 	(ii)	Post-2004 Matching Account. A Participant shall have a nonforfeitable right to the same percentage of his Post-2004 Matching Account as is applicable with respect to his
“Employer Matching Account” under the Master Profit Sharing Plan. 

  

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	 	(d)	Profit Sharing Account. 

  

	 	(i)	Pre-2005 Profit Sharing Account. A Participant’s rights to his Pre-2005 Profit Sharing Account shall be nonforfeitable at all times. 

  

	 	(ii)	Post-2004 Profit Sharing Account. A Participant shall have a nonforfeitable right to the same percentage of his Post-2004 Profit Sharing Account as is applicable with respect
to his “Performance Reward Account” under the Master Profit Sharing Plan. 

  

	9.2	Forfeiture. If a Participant who is not fully vested in his Post-2004 Matching Account or Post-2004 Profit Sharing Account terminates service, then his forfeitable interest
shall be forfeited immediately. No other Participant shall have any right to any part of such forfeitures. If a Participant who incurs a forfeiture is later re-employed, and if any nonforfeitable amounts under the Master Profit Sharing Plan are
either restored or were not previously forfeited, the Committee, in its discretion, may restore the forfeitures under this Plan to his Post-2004 Matching Account or his Post-2004 Profit Sharing Account, as the case may be. 

 
 ARTICLE X – PLAN BENEFITS 
  

	10.1	Distributions. 

  

	 	(a)	Time and Form of Payment. In accordance with the election procedures in Paragraph 10.2, a Participant may elect to have the amounts represented by the Participant’s
vested Account paid (or commence to be paid) as of the first business day of August of the Plan Year immediately following the Plan Year in which the Participant’s separation from service with all Employers occurs, or the first business day of
August of any subsequent year, but not later than the first business day of August of the tenth Plan Year following the Plan Year in which such separation from service occurs. In accordance with the election procedures in Paragraph 10.2, a
Participant may elect to have such amounts paid in one of the following forms: 

  

	 	(i)	single lump sum distribution; or 

  

	 	(ii)	annual installments, the last payment of which is no later than the first business day of August of the tenth Plan Year following the Plan Year in which such separation from service
occurs. 

  
 If installment payments are in effect,
the Participant’s Account shall continue to be credited with earnings (or losses) under Article VIII until fully paid. 
  
 Notwithstanding the foregoing or Paragraph 10.3(a), (b) or (c), effective December 31, 2005, in the event the Participant’s vested Account
does not exceed $25,000 as of any December 31st after the Participant has separated from service, then any
payment election 

  

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by a Participant shall be disregarded. In such a case, the vested Account (or remaining balance thereof) shall be paid in a single lump sum distribution as
of the first business day of August following such December 31st (even if such vested Account exceeds $25,000
at that time). 
  

	 	(b)	Medium of Payment. Except for Grandfathered Participants and Predecessor Plan Diversified Accounts, the payment as a lump sum or installments under (a) above, Paragraph
1.3(a) or 10.3, shall be in common stock of Fifth Third Bancorp. In the case of a Grandfathered Participant or a Predecessor Plan Diversified Account, such payment shall be in cash. 

  

	10.2	Election Procedures. 

  

	 	(a)	A Participant who wishes to make an initial election referred to in Paragraph 10.1 must do so within the first Open Enrollment Period applicable to him under Article III.

  
 Any such election shall be effective
immediately. 
  
 As provided in Paragraph 1.3(b), a payment
election in 2005 under Internal Revenue Service Notice 2005-1 shall be considered a timely initial election. 
  

	 	(b)	If a Participant does not make a timely initial election concerning the commencement date and payment schedule of benefits under Paragraph 10.2(a), then, except as provided in
(c) below, payment shall be made as of the first business day of August of the Plan Year immediately following the Plan Year in which the separation from service occurs in a single lump sum distribution of common stock of Fifth Third Bancorp
(cash in the case of a Grandfathered Participant or a Predecessor Plan Diversified Account). 

  

	 	(c)	A Participant may make or change an election after the deadline established in (a) above at any time in order to defer payment for a period of not less than five years from the
date payment would otherwise begin (but not to accelerate any payment). Payment shall be made in accordance with any such election only if the Participant terminates service with all Employers at least one year following the date of the election.
Otherwise, the payment shall be made in accordance with the election (if any) in effect immediately prior to the changed election, or in accordance with (b) above if no such election is in effect. 

  

	 	(d)	Elections shall be made in writing on a form provided by the Committee and shall be made in accordance with the rules established by the Committee. 

  

	10.3	Transition Rules. 

  

	 	(a)	 Grandfathered Participants. Subject to Paragraph 1.3(a), a Grandfathered Participant shall be paid in cash in accordance with the payment provisions under
the Plan or election (whichever is controlling) in effect immediately prior to September 1, 1999 provided that 

  

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the value of his vested Account as of a date in 2005 determined by the Committee is greater than $10,000. If the value of such a Participant’s vested
Account as of such date is not greater than $10,000, then he shall receive a single lump sum distribution of his entire vested Account in 2005. Effective December 31, 2005, in the event the Participant’s vested Account does not exceed
$25,000 as of any December 31st, then any payment election by a Participant shall be disregarded. In such a
case, the vested Account (or remaining balance thereof) shall be paid in a single lump sum distribution as of the first business day of August following such December 31st (even if such vested Account exceeds $25,000 at that time). 

  

	 	(b)	Participants in Pay Status in 2005. Subject to Paragraph 1.3(a), a Participant (who is not a Grandfathered Participant) who has commenced receiving installment payments in
2005 or earlier, shall continue to receive such payments in accordance with the payment provisions under the Plan or election (whichever is controlling) in effect prior to the Effective Date provided that the value of his vested Account as of a date
in 2005 determined by the Committee is greater than $10,000. If the value of such a Participant’s vested Account as of such date is not greater than $10,000, then he shall receive a single lump sum distribution of his entire vested Account in
2005. Effective December 31, 2005, in the event the Participant’s vested Account does not exceed $25,000 as of any December 31st, then any payment election by a Participant shall be disregarded. In such a case, the vested Account (or remaining balance thereof) shall be paid in a single lump sum distribution as of the first
business day of August following such December 31st (even if such vested Account exceeds $25,000 at that time).

  

	 	(c)	Terminated Participants Not in Pay Status. Subject to Paragraph 1.3(a), a Participant (who is not a Grandfathered Participant) who has separated from service in 2005 or
earlier, but who, as of a date in 2005 determined by the Committee, has not received or commenced receiving payments of his vested Account, shall be subject to the payment provisions of Paragraph 10.1, and any prior payment elections shall be of no
force or effect. As provided in Paragraph 1.3(b), such a Participant shall have the opportunity to complete a new election by a date in 2005 determined by the Committee. Such a Participant who does not properly complete and return such an
election by such date shall receive a single lump sum distribution of his entire vested Account as of August 1, 2006. Notwithstanding the foregoing, if such a Participant’s vested Account as of a date in 2005 determined by the Committee is
not greater than $10,000, then he shall receive a single lump sum distribution of his entire vested Account in 2005. Effective December 31, 2005, in the event the Participant’s vested Account does not exceed $25,000 as of any
December 31st, then any payment election shall be disregarded. In such a case, the vested Account (or remaining
balance thereof) shall be paid in a single lump sum distribution as of the first business day of August following such December 31st (even if such vested Account exceeds $25,000 at that time). 

  

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	 	(d)	Participants Actively Employed. Subject to Paragraph 1.3(a), a Participant who remains employed by an Employer as of a date in 2005 determined by the Committee shall be
subject to the payment provisions of Paragraph 10.1 and any prior elections shall be of no force or effect. As provided in Paragraph 1.3(b), such a Participant shall have the opportunity to complete a new election by a date in 2005 determined by the
Committee. Any such election shall be treated as an initial election under Paragraph 10.2(a). Such a Participant who does not make a timely election shall be treated the same as provided for in Paragraph 10.2(b) and 10.2(c) for Participants who do
not make timely initial elections. 

  

	10.4	Facility of Payment. Payments required to be made hereunder on or as of a specified date may be made in a reasonable period after such date for administrative convenience. In
the discretion of the Committee, a distribution of common stock of Fifth Third Bancorp may be made by transferring a Participant’s shares to a brokerage account in the Participant’s name or in any other manner. The Participant (or
Beneficiary) shall be required to execute any and all documents and take such other actions as the Committee may direct in order to facilitate any distribution of shares. 

  
 ARTICLE XI – DEATH 
  

	11.1	If a Participant dies before commencing payment of the amounts represented by the Participant’s Account, then the Participant’s Account shall be paid to the
Participant’s Beneficiary in a single in-kind distribution of common stock of Fifth Third Bancorp (cash, in the case of a Grandfathered Participant or a Predecessor Plan Diversified Account), as soon as reasonably possible after the Committee
is notified of the Participant’s death. If the Participant has already commenced receiving the amounts represented by the Participant’s Account in the installment payment form, the installment payments shall continue to be paid to the
Participant’s Beneficiary. 

  
 ARTICLE XII
– NON-ASSIGNABLE/NON-ATTACHMENT 
  

	12.1	Except as required by law, no right of the Executive or designated Beneficiary to receive payments under this Plan shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy or similar process or assignment by operation of law and any attempt, voluntary or involuntary, to effect any such action shall be null and void and of no
effect. 

  
 ARTICLE XIII – ADMINISTRATION

  

	13.1	Administration. In addition to the powers which are expressly provided in the Plan, the Committee shall have the power and authority in its sole, absolute and uncontrolled
discretion to control and manage the operation and administration of the Plan and shall have all powers necessary to accomplish these purposes including, but not limited to the following: 

  

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	 	(a)	the power to determine who is a Participant; 

  

	 	(b)	the power to determine allocations, balances, and nonforfeitable percentages with respect to Participant’s Accounts; 

  

	 	(c)	the power to determine when, to whom, in what amount, and in what form distributions are to be made; and 

  

	 	(d)	such powers as are necessary, appropriate or desirable to enable it to perform its responsibilities, including the power to interpret the Plan, establish rules, regulations and
forms with respect thereto. 

  
 Benefits under this
Plan will be paid only if the Committee decides in its discretion that the applicant is entitled to them. 
  
 ARTICLE XIV – CONSOLIDATION OR MERGER 
  

	14.1	In the event that Fifth Third Bancorp or any entity (resulting from any merger or consolidation or which shall be a purchaser or transferee so referred to), shall at anytime be
merged or consolidated into or with any other entity or entities, or in the event that substantially all of the assets of Fifth Third Bancorp or any such entity shall be sold or otherwise transferred to another entity, the provision of this Plan
shall be binding upon and shall inure to the benefit of the continuing entity or the entity resulting from such merger or consolidation or the entity to which such assets shall be sold or transferred. Except as provided in the preceding sentence,
this Plan shall not be assignable by Fifth Third Bancorp or by any entity referred to in such preceding sentence. 

  
 ARTICLE XV – AMENDMENT OR TERMINATION 
  

	15.1	Amendment. Fifth Third Bancorp reserves the right to amend the Plan. Any amendment of the Plan shall be by action of the Committee or by the Chairman of the Committee. If an
amendment is being made by said Committee, it must be approved by a majority of the members of the Committee as constituted at the time of adoption of the amendment. Any amendment may be given retroactive effect as determined by said Committee or
Chairman. Any amendment may, without limitation, (a) affect a Participant whether or not vested, employed or in pay status, and (b) affect or modify Participant elections and payment methods. An amendment may be evidenced in such manner as
said Committee or Chairman shall determine. If the amendment is approved by said Committee, such evidence may include (but shall not be limited to) a written resolution signed by a majority of the members of the Committee or minutes of a meeting of
the Committee reflecting approval by a majority of the members. 

  

	15.2	 Termination. Fifth Third Bancorp reserves the right to terminate the Plan. Any termination of the Plan shall be by action of the Committee. Any termination
must be approved by a majority of the members of said Committee as constituted at the time of adoption of the termination; and any such termination may be given retroactive effect as determined by said Committee. Any 

  

 - 13 - 

	 	 
termination may, without limitation, (a) affect a Participant whether or not vested, employed or in pay status, and (b) affect or modify
Participant elections and payment methods. A termination may be evidenced in such manner as said Committee shall determine, and such evidence may include (but shall not be limited to) a written resolution signed by a majority of the members of the
Committee or minutes of a meeting of the Committee reflecting approval by a majority of the members. 

  
 ARTICLE XVI – CLAIMS 
  

	16.1	Initial Claims Procedure. 

  

	 	(a)	Claim. In order to present a complaint regarding the nonpayment of a Plan benefit or a portion thereof (a “Claim”), a Participant or Beneficiary under the Plan (a
“Claimant”) or his duly authorized representative must file such Claim by mailing or delivering a writing stating such Claim to the department, officer, or Employee responsible for employee benefit matters of the Employer. Upon such
receipt of a Claim, the Claims Review Committee shall furnish to the Claimant a written acknowledgment which shall inform such Claimant of the time limit set forth in (b)(i) below and of the effect, pursuant to (b)(iii) below, of failure to decide
the Claim within such time limit. 

  

	 	(b)	Initial Decision. 

  

	 	(i)	Time Limit. The Claims Review Committee shall decide upon a Claim within a reasonable period of time after receipt of such Claim; provided, however, that such period shall in
no event exceed 90 days, unless special circumstances require an extension of time for processing. If such an extension of time for processing is required, then the Claimant shall, prior to the termination of the initial 90-day period, be furnished
a written notice indicating such special circumstances and the date by which the Claims Review Committee expects to render a decision. In no event shall an extension exceed a period of 90 days from the end of the initial period.

  

	 	(ii)	Notice of Denial. If the Claim is wholly or partially denied, then the Claims Review Committee shall furnish to the Claimant, within the time limit applicable under
(i) above, a written notice setting forth in a manner calculated to be understood by the Claimant: 

  

	 	(A)	the specific reason or reasons for such denial; 

  

	 	(B)	specific reference to the pertinent Plan provisions on which such denial is based; 

  

 - 14 - 

	 	(C)	a description of any additional material or information necessary for such Claimant to perfect his Claim and an explanation of why such material or information is necessary; and

  

	 	(D)	appropriate information as to the steps to be taken if such Claimant wishes to submit his Claim for review pursuant to Paragraph 16.2, including notice of the time limits set forth
in subsection 16.2(b)(ii). 

  

	 	(iii)	Deemed Denial for Purposes of Review. If a Claim is not granted and if, despite the provisions of (i) and (ii) above, notice of the denial of a Claim is not
furnished within the time limit applicable under (i) above, then the Claimant may deem such Claim denied and may request a review of such deemed denial pursuant to the provisions of Paragraph 16.2. 

  

	16.2	Claim Review Procedure. 

  

	 	(a)	Claimant’s Rights. If a Claim is wholly or partially denied under Paragraph 16.1, then the Claimant or his duly authorized representative shall have the following
rights: 

  

	 	(i)	to obtain, subject to (b) below, a full and fair review by the Claims Review Committee; 

  

	 	(ii)	to review pertinent documents; and 

  

	 	(iii)	to submit issues and comments in writing. 

  

	 	(b)	Request for Review. 

  

	 	(i)	Filing. To obtain a review pursuant to (a) above, a Claimant entitled to such a review or his duly authorized representative shall, subject to (ii) below, mail or
deliver a written request for such a review (a “Request for Review”) to the department, officer, or Employee responsible for employee benefit matters of the Employer. 

  

	 	(ii)	Time Limits for Requesting a Review. A Request for Review must be mailed or delivered within 60 days after receipt by the Claimant of written notice of the denial of the
Claim. 

  

	 	(iii)	Acknowledgment. Upon such receipt of a Request for Review, the Claims Review Committee shall furnish to the Claimant a written acknowledgment which shall inform such Claimant
of the time limit set forth in (c)(i) below and of the effect, pursuant to (c)(iii) below, of failure to furnish a decision on review within such time limit. 

  

 - 15 - 

	 	(c)	Decision on Review. 

  

	 	(i)	Time Limit. 

  

	 	(A)	General. If, pursuant to (b) above, a review is requested, then, except as otherwise provided in (B) below, the Claims Review Committee or its delegate (but only if
such delegate has been given the authority to make a final decision on the Claim) shall make a decision promptly and no later than 60 days after receipt of the Request for Review; except that, if special circumstances require an extension of time
for processing, then the decision shall be made as soon as possible but not later than 120 days after receipt of the Request for Review. The Claims Review Committee must furnish the Claimant written notice of any extension prior to its commencement.

  

	 	(B)	Regularly Scheduled Meetings. Anything to the contrary in (A) above notwithstanding, if the Claims Review Committee holds regularly scheduled meetings at least
quarterly, then its decision on review shall be made no later than the date of the meeting which immediately follows the receipt of the Request for Review; provided, however, if such Request for Review is received within 30 days preceding the date
of such meeting, then such decision on review shall be made no later than the date of the second meeting which follows such receipt; and provided further that, if special circumstances require a further extension of time for processing, and if the
Claimant is furnished written notice of such extension prior to its commencement, then such decision on review shall be rendered no later than the third meeting which follows such receipt. 

  

	 	(ii)	Notice of Decision. The Claims Review Committee or its delegate shall furnish to the Claimant, within the time limit applicable under (i) above, a written notice setting
forth in a manner calculated to be understood by the Claimant: 

  

	 	(A)	the specific reason or reasons for the decision on review; 

  

	 	(B)	specific reference to the pertinent Plan provisions on which the decision on review is based; 

  

	 	(C)	a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to
the Claimant’s claim for benefits; and 

  

 - 16 - 

	 	(D)	a statement of the Claimant’s right to bring an action under section 502(a) of the Employee Retirement Income Security Act of 1974. 

  

	 	(iii)	Deemed Denial. If, despite the provisions of (i) and (ii) above, the decision on review is not furnished within the time limit applicable under (i) above, then
the Claimant shall be deemed to have exhausted his remedies under the Plan and he may deem the Claim to have been denied on review. 

  
 The Claims Review Committee shall have the sole, absolute and uncontrolled discretion to decide all claims under the initial claims procedure and under
the claims review procedure, and its decisions shall be binding on all parties. 
  

	16.3	Required Exhaustion of Administrative Remedies. Before a Participant may file a lawsuit regarding the Plan or benefits under the Plan, the Participant must first use the
Initial Claims Procedure and the Claim Review Procedure (including the requirement of a timely request for review) described above. 

  
 ARTICLE XVII – MISCELLANEOUS 
  

	17.1	No Enlargement of Employment Rights. Neither this Plan, nor any action of Fifth Third Bancorp, an Employer or the Committee, nor any election to defer Compensation hereunder
shall be held or construed to confer on any person any legal right to be continued as an employee of Fifth Third Bancorp, or any Employer. 

  

	17.2	Withholdings. Fifth Third Bancorp and the Participant’s Employer shall have the right to deduct from a Participant’s Account and/or any payments due a Participant
or Beneficiary under the Plan any and all taxes determined by the Committee to be applicable with respect to such benefits. In the discretion of the Committee, Fifth Third Bancorp and the Participant’s Employer may accept payment by the
Participant (or Beneficiary) of the amount of any applicable taxes in lieu of deducting such amount from the Participant’s Account or payments due under the Plan. 

  

	17.3	Entire Agreement. This Plan document constitutes the entire agreement between the Employer and any Participant (or Beneficiary), and supersedes all other prior agreements,
undertakings, both written and oral, with respect to the subject matter hereof. This Plan document may not be amended orally or by any course or purported course of dealing, but only by an amendment in accordance with Paragraph 15.1 specifically
identified within its text as a Plan amendment. Written communications and descriptions not specifically identified within their text as amendments, shall not constitute amendments and shall have no interpretive or controlling effect on the
interpretation of this Plan. Oral communications shall not constitute amendments and shall have no interpretation or controlling effect on the interpretation of this Plan. 

  
  

 - 17 - 

	17.4	No Guarantee of Tax Consequences. The Participant (or Beneficiary) shall be responsible for all taxes with respect to his benefit hereunder. Neither Fifth Third Bancorp nor
any Employer guarantees any particular tax consequences. 

  
 IN WITNESS WHEREOF, Fifth Third Bancorp has caused this Plan to be adopted as of January 1, 2005. 
  
 FIFTH THIRD BANCORP 
  
 By: /S/ PAUL L. REYNOLDS 
  
 9/26/05 
  

 - 18 -Form of Note

 Exhibit 4.01 
  
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO A NOMINEE
OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO CITIGROUP FUNDING INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 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. 
  

			
	No. R-1	 	INITIAL PRINCIPAL AMOUNT
	CUSIP: 17308C 87 4	 	REPRESENTED $62,500,000
	ISIN: US17308C8745	 	representing 6,250,000 ELKS
	 	 	($10 per ELKS)

  
 CITIGROUP FUNDING INC.

  
 7.75% Equity Linked Securities (ELKS®) Based Upon the Common Stock of 
 The Dow Chemical Company Due October 13, 2006 
  
 Citigroup Funding Inc., a Delaware corporation (hereinafter referred to as the “Company,” which term includes any successor corporation
under the Indenture herein referred to), for value received and on condition that this Note is not redeemed by the Company prior to October 13, 2006 (the “Stated Maturity Date”), hereby promises to pay to CEDE & CO.,
or its registered assigns, the Maturity Payment (as defined below), on the Stated Maturity Date. This Note will pay semi-annual coupon payments, is not subject to any sinking fund, is not subject to redemption at the option of the holder thereof
prior to the Stated Maturity Date, and is not subject to the defeasance provisions of the Indenture. The payments on this note are fully and unconditionally guaranteed by Citigroup Inc., a Delaware corporation (the “Guarantor”).

  
 Payment of the Maturity Payment with respect to this Note
shall be made upon presentation and surrender of this Note at the corporate trust office of the Trustee in the Borough of Manhattan, The City and State of New York, in such coin or currency of the United States as at the time of payment is legal
tender for payment of public and private debts or, if applicable, in the common stock of The Dow Chemical Company (“Dow Chemical”). 
  
 This Note is one of the series of 7.75% Equity Linked Securities Based Upon the Common Stock of The Dow Chemical Company Due October 13, 2006 (the
“ELKS”). 

 COUPON 
  
 A coupon of $0.4155 per ELKS will be paid in cash on April 12, 2006 and a coupon of $0.3897 per ELKS will be paid in
cash on October 13, 2006. The April 12, 2006 coupon will be composed of $0.2255 of interest and a partial payment of an option premium in the amount of $0.1900. The October 13, 2006 coupon will be composed of $0.2115 of interest and a
partial payment of an option premium in the amount of $0.1782. Coupon payments will be payable to the persons in whose names the ELKS are registered at the close of business on the fifth Business Day preceding each Coupon Payment Date. If a Coupon
Payment Date falls on a day that is not a Business Day, the coupon payment to be made on such Coupon Payment Date will be made on the next succeeding Business Day with the same force and effect as if made on such Coupon Payment Date, and no
additional interest will accrue as a result of such delayed payment. 
  
 “Business Day” means any day that is not a Saturday, a Sunday or a day on which securities exchanges or banking institutions or trust companies in the City of New York are authorized or obligated by law or executive order
to close. 
  
 The interest portion of the coupon will represent
interest accruing at a rate of 4.21% per annum from September 29, 2005 or from the most recent Coupon Payment Date to which the interest portion of the coupon has been paid or provided for until maturity. The interest portion of the coupon
will be computed on the basis of a 360-day year of twelve 30-day months. 
  
 PAYMENT AT MATURITY 
  
 On the
Stated Maturity Date, holders of the ELKS will receive for each ELKS the Maturity Payment described below. 
  
 DETERMINATION OF THE MATURITY PAYMENT 
  
 The Maturity Payment for each ELKS will equal either: 
  

	 	•	 	a number of shares of Dow Chemical common stock equal to the Exchange Ratio, if the Trading Price of Dow Chemical common stock on any Trading Day after September 29, 2005 up to
and including the third Trading Day before the Stated Maturity Date (whether intra-day or at the close of trading on any day) is less than or equal to $34.66 (approximately 82.5% of the Initial Share Price), which price will be referred to as the
“Downside Trigger Price,” or 

  

	 	•	 	$10 in cash. 

  
 In lieu of any fractional share of Dow Chemical common stock otherwise payable in respect of any ELKS, at the Stated Maturity Date, the holder of this Note will receive an amount in cash equal to the value of such
fractional share. The number of full shares of Dow Chemical common stock, and any cash in lieu of a fractional share, to be delivered at the Stated Maturity Date to the holder of this Note will be calculated based on the aggregate number of ELKS
held by such holder. 

 The “Initial Share Price” equals $42.01, the price per share of Dow Chemical common
stock at the market close on September 26, 2005. 
  
 The
“Exchange Ratio” equals 0.23804. 
  
 A
“Market Disruption Event” means the occurrence or existence of any suspension of or limitation imposed on trading (by reason of movements in price exceeding limits permitted by any exchange or market or otherwise) of, or the
unavailability, through a recognized system of public dissemination of transaction information, of accurate price, volume or related information in respect of, (1) the shares of Dow Chemical common stock (or any other security for which a
Trading Price or Closing Price must be determined) on any exchange or market, or (2) any options contracts or futures contracts relating to the shares of Dow Chemical common stock (or other security), or any options on such futures contracts,
on any exchange or market if, in each case, in the determination of the calculation agent, any such suspension, limitation or unavailability is material. 
  
 A “Trading Day” means a day, as determined by the calculation agent, on which trading is generally conducted (or was scheduled to have
been generally conducted, but for the occurrence of a Market Disruption Event) on the New York Stock Exchange, the American Stock Exchange, the Nasdaq National Market, the Chicago Mercantile Exchange and the Chicago Board Options Exchange, and in
the over-the-counter market for equity securities in the United States. 
  
 The “Trading Price” of Dow Chemical common stock or any other capital stock on any date of determination will be (1) if the common stock or capital stock is listed on a national securities exchange on that date of
determination, any reported sale price, regular way, of the principal trading session on that date on the principal U.S. exchange on which the common stock or capital stock is listed or admitted to trading, (2) if the common stock or capital
stock is not listed on a national securities exchange on that date of determination, or if the reported sale price on such exchange is not obtainable (even if the common stock or capital stock is listed or admitted to trading on such exchange), and
the common stock or capital stock is quoted on the Nasdaq National Market, any reported sale price of the principal trading session on that date as reported on the Nasdaq, and (3) if the common stock or capital stock is not quoted on the Nasdaq
on that date of determination, or if the reported sale price on the Nasdaq is not obtainable (even if the common stock or capital stock is quoted on the Nasdaq), any reported sale price of the principal trading session on the over-the-counter market
on that date as reported on the OTC Bulletin Board, the National Quotation Bureau or a similar organization. The determination of the Trading Price by the calculation agent in the event of a Market Disruption Event may be deferred by the calculation
agent for up to five consecutive Trading Days on which a Market Disruption Event is occurring, but not past the Trading Day prior to the Stated Maturity Date. If no reported sale price of the principal trading session is available pursuant to
clauses (1), (2) or (3) above or if there is a Market Disruption Event, the Trading Price on any date of determination, unless deferred by the calculation agent as described in the preceding sentence, 

 will be the arithmetic mean, as determined by the calculation agent, of the bid prices of the common stock or capital
stock obtained from as many dealers in such stock (which may include Citigroup Global Markets Inc. or any of our other subsidiaries or affiliates), but not exceeding three such dealers, as will make such bid prices available to the calculation
agent. A security “quoted on the Nasdaq National Market” will include a security included for listing or quotation in any successor to such system and the term “OTC Bulletin Board” will include any successor to such
service. 
  
 DILUTION ADJUSTMENTS 
  
 If The Dow Chemical Company, after the closing date of the offering of the
ELKS, 
  
 (1) pays a stock dividend or makes a distribution with
respect to its common stock in shares of the stock, 
  
 (2)
subdivides or splits the outstanding shares of its common stock into a greater number of shares, 
  
 (3) combines the outstanding shares of the common stock into a smaller number of shares, or 
  
 (4) issues by reclassification of shares of its common stock any shares of other common stock of The Dow Chemical Company,

  
 then, in each of these cases, the Exchange Ratio will be multiplied by a
dilution adjustment equal to a fraction, the numerator of which will be the number of shares of common stock outstanding immediately after the event, plus, in the case of a reclassification referred to in (4) above, the number of shares of
other common stock of The Dow Chemical Company, and the denominator of which will be the number of shares of common stock outstanding immediately before the event. The Initial Share Price and the Downside Trigger Price will also be adjusted in that
case in the manner described below. 
  
 If The Dow Chemical
Company, after the closing date, issues, or declares a record date in respect of an issuance of, rights or warrants to all holders of its common stock entitling them to subscribe for or purchase shares of its common stock at a price per share less
than the Then-Current Market Price of the common stock, other than rights to purchase common stock pursuant to a plan for the reinvestment of dividends or interest, then, in each case, the Exchange Ratio will be multiplied by a dilution adjustment
equal to a fraction, the numerator of which will be the number of shares of common stock outstanding immediately before the adjustment is effected, plus the number of additional shares of common stock offered for subscription or purchase pursuant to
the rights or warrants, and the denominator of which will be the number of shares of common stock outstanding immediately before the adjustment is effected by reason of the issuance of the rights or warrants, plus the number of additional shares of
common stock which the aggregate offering price of the total number of shares of common stock offered for subscription or purchase pursuant to the rights or warrants would purchase at the Then-Current Market Price of the common stock, which will be
determined by multiplying the total number of 

 shares so offered for subscription or purchase by the exercise price of the rights or warrants and dividing the product
obtained by the Then-Current Market Price. To the extent that, after the expiration of the rights or warrants, the shares of common stock offered thereby have not been delivered, the Exchange Ratio will be further adjusted to equal the Exchange
Ratio which would have been in effect had the adjustment for the issuance of the rights or warrants been made upon the basis of delivery of only the number of shares of common stock actually delivered. The Initial Share Price and the Downside
Trigger Price will also be adjusted in that case in the manner described below. 
  
 If The Dow Chemical Company, after the closing date, declares or pays a dividend or makes a distribution to all holders of the common stock of any class of its capital stock, the capital stock of one or more of its
subsidiaries, evidences of its indebtedness or other non-cash assets, excluding any dividends or distributions referred to in the above paragraph and excluding any issuance or distribution to all holders of its common stock, in the form of
Marketable Securities, of capital stock of one or more of its subsidiaries, or issues to all holders of its common stock rights or warrants to subscribe for or purchase any of its or one or more of its subsidiaries’ securities, other than
rights or warrants referred to in the above paragraph, then, in each of these cases, the Exchange Ratio will be multiplied by a dilution adjustment equal to a fraction, the numerator of which will be the Then-Current Market Price of one share of the
common stock, and the denominator of which will be the Then-Current Market Price of one share of the common stock, less the fair market value (as determined by a nationally recognized independent investment banking firm retained for this purpose by
the Company, whose determination will be final) as of the time the adjustment is effected of the portion of the capital stock, assets, evidences of indebtedness, rights or warrants so distributed or issued applicable to one share of common stock.
The Initial Share Price and the Downside Trigger Price will also be adjusted in that case in the manner described below. If any capital stock declared or paid as a dividend or otherwise distributed or issued to all holders of Dow Chemical common
stock consists, in whole or in part, of Marketable Securities, then the fair market value of such Marketable Securities will be determined by the calculation agent by reference to the Trading Price of such capital stock. The fair market value of any
other distribution or issuance referred to in this paragraph will be determined by a nationally recognized independent investment banking firm retained for this purpose by Citigroup Funding, whose determination will be final. 
  
 Notwithstanding the foregoing, in the event that, with respect to any
dividend or distribution to which the above paragraph would otherwise apply, the denominator in the fraction referred to in the above formula is less than $1.00 or is a negative number, then the Company may, at its option, elect to have the
adjustment provided by the above paragraph not be made and in lieu of this adjustment, the Trading Price of Dow Chemical common stock on any Trading Day thereafter up to and including the third Trading Day before the Stated Maturity Date will be
deemed to be equal to the fair market value of the capital stock, evidences of indebtedness, assets, rights or warrants (determined, as of the date this dividend or distribution is made, by a nationally recognized independent investment banking firm
retained for this purpose by the Company, whose determination will be final) so distributed or issued applicable to one share of Dow Chemical common stock and, if the Trading Price of Dow Chemical common stock on any Trading Day thereafter, up to
and including the third Trading Day before the Stated Maturity Date, is less than or equal to approximately 82.5% of the Initial Share Price, each holder of the ELKS will have the right to receive at maturity cash in an amount per ELKS equal to the
Exchange Ratio multiplied by such fair market value. 

 If The Dow Chemical Company, after the closing date, declares a record date in respect of a distribution
of cash, other than any Permitted Dividends described below, any cash distributed in consideration of fractional shares of common stock and any cash distributed in a Reorganization Event referred to below, by dividend or otherwise, to all holders of
its common stock, or makes an Excess Purchase Payment, then the Exchange Ratio will be multiplied by a dilution adjustment equal to a fraction, the numerator of which will be the Then-Current Market Price of the common stock, and the denominator of
which will be the Then-Current Market Price of the common stock on the record date less the amount of the distribution applicable to one share of common stock which would not be a Permitted Dividend, or, in the case of an Excess Purchase Payment,
less the aggregate amount of the Excess Purchase Payment for which adjustment is being made at the time divided by the number of shares of common stock outstanding on the record date. The Initial Share Price and the Downside Trigger Price will also
be adjusted in that case in the manner described below. 
  
 For
the purposes of these adjustments: 
  
 A “Permitted
Dividend” is any cash dividend in respect of Dow Chemical common stock, other than a cash dividend that exceeds the immediately preceding cash dividend, and then only to the extent that the per share amount of this dividend results in an
annualized dividend yield on the common stock in excess of 10%. 
  
 An “Excess Purchase Payment” is the excess, if any, of (x) the cash and the value (as determined by a nationally recognized independent investment banking firm retained for this purpose by the Company, whose
determination will be final) of all other consideration paid by Dow Chemical with respect to one share of common stock acquired in a tender offer or exchange offer by Dow Chemical, over (y) the Then-Current Market Price of the common stock.

  
 Notwithstanding the foregoing, in the event that, with respect
to any dividend, distribution or Excess Purchase Payment to which the sixth paragraph in this section would otherwise apply, the denominator in the fraction referred to in the formula in that paragraph is less than $1.00 or is a negative number,
then the Company may, at its option, elect to have the adjustment provided by the sixth paragraph in this section not be made and in lieu of this adjustment, the Trading Price of Dow Chemical common stock on any Trading Day thereafter up to and
including the third Trading Day before the Stated Maturity Date will be deemed to be equal to the sum of the amount of cash and the fair market value of other consideration (determined, as of the date this dividend or distribution is made, by a
nationally recognized independent investment banking firm retained for this purpose by the Company, whose determination will be final) so distributed or applied to the acquisition of the common stock in the tender offer or exchange offer applicable
to one share of Dow Chemical common stock and, if the Trading Price of Dow Chemical common stock on any Trading Day thereafter, up to and including the third Trading Day before the Stated Maturity Date, is less than or equal to $34.66 (approximately
82.5% of the Initial Share Price), each holder of the ELKS will have the right to receive at maturity cash in an amount per ELKS equal to the Exchange Ratio multiplied by such sum. 

 If any adjustment is made to the Exchange Ratio as set forth above, an adjustment will also be made to
the Initial Share Price and the Downside Trigger Price. The required adjustment will be made by dividing the Initial Share Price and the Downside Trigger Price by the relevant dilution adjustment. 
  
 If The Dow Chemical Company, after the closing date, issues or makes a
distribution to all holders of its common stock of the capital stock of one or more of its subsidiaries, in each case in the form of Marketable Securities, and if the Trading Price at any time after the date of this prospectus supplement up to and
including the third Trading Day before maturity (whether intra-day or at the close of trading on any day) is less than or equal to $34.66 (approximately 82.5% of the Initial Share Price), then, in each of these cases, each holder of the ELKS will
receive at maturity for each ELKS a combination of shares of Dow Chemical common stock equal to the Exchange Ratio and a number of shares of such Dow Chemical subsidiaries’ capital stock equal to the Exchange Ratio times the number of shares of
such subsidiaries’ capital stock distributed per share of Dow Chemical common stock. Following the record date for an event described in this paragraph, the “Trading Price” will equal the Trading Price of Dow Chemical common stock,
plus the Trading Price of such subsidiaries’ capital stock times the number of shares of such subsidiaries’ capital stock distributed per share of Dow Chemical common stock. In the event a distribution pursuant to this paragraph occurs,
following the record date for such distribution, the adjustment described in “—Dilution Adjustments” will also apply to such subsidiaries’ capital stock if any of the events described in “—Dilution Adjustments”
occurs with respect to such capital stock. 
  
 Each dilution
adjustment will be effected as follows: 
  

	 	•	 	in the case of any dividend, distribution or issuance, at the opening of business on the Business Day next following the record date for determination of holders of Dow Chemical
common stock entitled to receive this dividend, distribution or issuance or, if the announcement of this dividend, distribution, or issuance is after this record date, at the time this dividend, distribution or issuance was announced by Dow
Chemical, 

  

	 	•	 	in the case of any subdivision, split, combination or reclassification, on the effective date of the transaction, 

  

	 	•	 	in the case of any Excess Purchase Payment for which Dow Chemical announces, at or prior to the time it commences the relevant share repurchase, the repurchase price per share for
shares proposed to be repurchased, on the date of the announcement, and 

  

	 	•	 	in the case of any other Excess Purchase Payment, on the date that the holders of the repurchased shares become entitled to payment in respect thereof. 

 All dilution adjustments will be rounded upward or downward to the nearest 1/10,000th or, if there is not
a nearest 1/10,000th, to the next lower 1/10,000th. No adjustment in the Exchange Ratio will be required unless the adjustment would require an increase or decrease of at least one percent therein, provided, however, that any adjustments which by
reason of this sentence are not required to be made will be carried forward (on a percentage basis) and taken into account in any subsequent adjustment. If any announcement or declaration of a record date in respect of a dividend, distribution,
issuance or repurchase requiring an adjustment as described herein is subsequently canceled by Dow Chemical, or this dividend, distribution, issuance or repurchase fails to receive requisite approvals or fails to occur for any other reason, then,
upon the cancellation, failure of approval or failure to occur, the Exchange Ratio, the Initial Share Price and the Downside Trigger Price will be further adjusted to the Exchange Ratio, the Initial Share Price and the Downside Trigger Price which
would then have been in effect had adjustment for the event not been made. If a Reorganization Event described below occurs after the occurrence of one or more events requiring an adjustment as described herein, the dilution adjustments previously
applied to the Exchange Ratio will not be rescinded but will be applied to the Reorganization Event as provided for below. 
  
 The “Then-Current Market Price” of the common stock, for the purpose of applying any dilution adjustment, means the average Closing Price
per share of common stock for the ten Trading Days immediately before this adjustment is effected or, in the case of an adjustment effected at the opening of business on the Business Day next following a record date, immediately before the earlier
of the date the adjustment is effected and the related Ex-Date. For purposes of determining the Then-Current Market Price, the determination of the Closing Price by the calculation agent in the event of a Market Disruption Event, as described in the
definition of Closing Price, may be deferred by the calculation agent for up to five consecutive Trading Days on which a Market Disruption Event is occurring, but not past the Trading Day prior to the Stated Maturity Date. 
  
 The “Closing Price” of Dow Chemical common stock (or any
other security for which a Closing Price must be determined) on any date of determination will be (1) if the common stock or other security is listed on a national securities exchange on that date of determination, the closing sale price or, if
no closing sale price is reported, the last reported sale price on that date on the principal U.S. exchange on which the common stock or other security is listed or admitted to trading, (2) if the common stock or other security is not listed on
a national securities exchange on that date of determination, or if the closing sale price or last reported sale price is not obtainable (even if the common stock or other security is listed or admitted to trading on such exchange), and the common
stock or other security is quoted on the Nasdaq National Market, the closing sale price or, if no closing sale price is reported, the last reported sale price on that date as reported on the Nasdaq, and (3) if the common stock or other security
is not quoted on the Nasdaq on that date of determination or, if the closing sale price or last reported sale price is not obtainable (even if the common stock or other security is quoted on the Nasdaq), the last quoted bid price for the common
stock or other security in the over-the-counter market on that date as reported by the OTC Bulletin Board, the National Quotation Bureau or a similar organization. The determination of the Closing Price by the calculation agent in the event of a
Market Disruption Event may be deferred by the calculation agent for up to five consecutive Trading Days on which a Market Disruption Event is occurring, but not past the Trading Day 

 prior to the Stated Maturity Date. If no closing sale price or last reported sale price is available pursuant to clauses
(1), (2) or (3) above or if there is a Market Disruption Event, the Closing Price on any date of determination, unless deferred by the calculation agent as described in the preceding sentence, will be the arithmetic mean, as determined by
the calculation agent, of the bid prices of the common stock or other security obtained from as many dealers in such stock (which may include Citigroup Global Markets Inc. or any of our other subsidiaries or affiliates), but not exceeding three such
dealers, as will make such bid prices available to the calculation agent. A security “quoted on the Nasdaq National Market” will include a security included for listing or quotation in any successor to such system and the term “OTC
Bulletin Board” will include any successor to such service. If, during any period of ten Trading Days used to calculate the Then-Current Market Price, there occurs any event requiring an adjustment to be effected as described herein, then
the Closing Price for each Trading Day in such period of ten Trading Days occurring prior to the day on which such adjustment is effected will be adjusted by being divided by the relevant dilution adjustment. 
  
 The “Ex-Date” relating to any dividend, distribution or
issuance is the first date on which the shares of the common stock trade in the regular way on their principal market without the right to receive this dividend, distribution or issuance. 
  
 In the event of any of the following “Reorganization Events:” 
  

	 	•	 	any consolidation or merger of Dow Chemical, or any surviving entity or subsequent surviving entity of Dow Chemical, with or into another entity, other than a merger or
consolidation in which Dow Chemical is the continuing corporation and in which the common stock outstanding immediately before the merger or consolidation is not exchanged for cash, securities or other property of Dow Chemical or another issuer,

  

	 	•	 	any sale, transfer, lease or conveyance to another corporation of the property of Dow Chemical or any successor as an entirety or substantially as an entirety,

  

	 	•	 	any statutory exchange of securities of Dow Chemical or any successor of Dow Chemical with another issuer, other than in connection with a merger or acquisition, or

  

	 	•	 	any liquidation, dissolution or winding up of Dow Chemical or any successor of Dow Chemical, 

  
 the Trading Price of Dow Chemical common stock on any Trading Day thereafter up to and including the third Trading Day before the Stated
Maturity Date will be deemed to be equal to the Transaction Value. 
  
 The “Transaction Value” will be the sum of: 
  
 (1) for any cash received in a Reorganization Event, the amount of cash received per share of common stock, 

 (2) for any property other than cash or Marketable Securities received in a Reorganization Event, an
amount equal to the market value on the date the Reorganization Event is consummated of that property received per share of common stock, as determined by a nationally recognized independent investment banking firm retained for this purpose by the
Company, whose determination will be final, and 
  
 (3) for any
Marketable Securities received in a Reorganization Event, an amount equal to the Closing Price per share of these Marketable Securities on the applicable Trading Day multiplied by the number of these Marketable Securities received for each share of
common stock. 
  
 “Marketable Securities” are any
perpetual equity securities or debt securities with a stated maturity after the maturity date, in each case that are listed on a U.S. national securities exchange or reported by the Nasdaq National Market. The number of shares of any equity
securities constituting Marketable Securities included in the calculation of Transaction Value pursuant to clause (3) above will be adjusted if any event occurs with respect to the Marketable Securities or the issuer of the Marketable
Securities between the time of the Reorganization Event and maturity that would have required an adjustment as described above, had it occurred with respect to Dow Chemical common stock or Dow Chemical. Adjustment for these subsequent events will be
as nearly equivalent as practicable to the adjustments described above. 
  
 If Dow Chemical common stock has been subject to a Reorganization Event and the Trading Price of Dow Chemical common stock on any Trading Day thereafter, up to and including the third Trading Day before the Stated Maturity Date, is less
than or equal to $34.66 (approximately 82.5% of the Initial Share Price), then each holder of the ELKS will have the right to receive per $10 principal amount of ELKS (i) cash in an amount equal to the Exchange Ratio multiplied by the sum of
clauses (1) and (2) in the definition of “Transaction Value” above and (ii) the number of Marketable Securities received for each share of stock in the Reorganization Event multiplied by the Exchange Ratio. 
  
 GENERAL 
  
 This Note is one of a duly authorized issue of Debt Securities of the
Company, issued and to be issued in one or more series under a Senior Debt Indenture, dated as of June 1, 2005 (the “Indenture”), among the Company, the Guarantor, and The Bank of New York, as trustee (the
“Trustee,” which term includes any successor trustee under the Indenture), to which Indenture reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company,
the Guarantor, the Trustee and the holders of the ELKS, and the terms upon which the ELKS are, and are to be, authenticated and delivered. 
  
 In case an Event of Default with respect to the ELKS shall have occurred and be continuing, the principal of the ELKS may be declared due and payable in
the manner and with the effect provided in the Indenture. In such case, the amount declared due and payable upon any acceleration permitted by the Indenture will be determined by the calculation agent and will be equal to, with respect to this Note,
the Maturity Payment calculated as though the Stated Maturity Date of this Note were the date of early repayment. In case of default at Maturity of 

 this Note, this Note shall bear interest, payable upon demand of the beneficial owners of this Note in accordance with
the terms of the ELKS, from and after Maturity through the date when payment of such amount has been made or duly provided for, at the rate of 4.625% per annum on the unpaid amount (or the cash equivalent of such unpaid amount) due. 

 
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company, the Guarantor and the rights of the holders of the Debt Securities of each series to be affected under the Indenture at any time by the Company, the Guarantor and a
majority in aggregate principal amount of the Debt Securities at the time Outstanding of each series affected thereby. The Indenture also contains provisions permitting the holders of specified percentages in aggregate principal amount of the Debt
Securities of any series at the time Outstanding, on behalf of the holders of all Debt Securities of such series, to waive compliance by the Company and the Guarantor with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
  
 The holder of this Note may not enforce such holder’s rights pursuant to the Indenture or the Notes except as provided in the Indenture. 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, or, failing which, the Guarantor to pay the Maturity Payment with respect to this Note, and to pay any interest on any
overdue amount thereof at the time, place and rate, and in the coin or currency, herein prescribed. 
  
 All terms used in this Note which are defined in the Indenture but not in this Note shall have the meanings assigned to them in the Indenture. 

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

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

  

			
	CITIGROUP FUNDING INC.
		
	By:	 	 /s/ Geoffrey S. Richards

	Name:	 	Geoffrey S. Richards
	Title:	 	Vice President and Assistant Treasurer

  

			
	 Corporate Seal
 Attest:

		
	By:	 	 /s/ Douglas C. Turnbull

	Name:	 	Douglas C. Turnbull
	Title:	 	Assistant Secretary
	
	Dated September 29, 2005
	
	CERTIFICATE OF AUTHENTICATION
	This is one of the Notes referred to in the within-mentioned Indenture.
	
	 The Bank of New York,
 as
Trustee

		
	By:	 	 /s/ Stacey Poindexter

	 	 	Authorized Signatory

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