Document:

exhibit10-01_4.htm

    Exhibit 10.01.4

     

    Amendment to the Supplemental ERISA
Compensation Plan of Citibank, N.A. and
Affiliates

     

              WHEREAS, the Supplemental ERISA Compensation
Plan of Citibank, N. A. and Affiliates (the “Plan”) was amended and restated
effective January 1, 1989;

     

              WHEREAS,
the Plan was amended effective January 1, 2000 to reflect the creation of the
Citigroup Pension Plan and to limit pensionable compensation to $500,000 for any
participant who was not a Grandfathered Participant (as defined below) in the
Citigroup Pension Plan eligible for benefits under the legacy Citibank benefit
formula, and was further amended January 1, 2002 to cease accruals for any
participant who was not such a Grandfathered Participant;

     

              WHEREAS,
the Plan benefits of Plan participants whose accruals ceased on or before
January 1, 2002 and who had fully earned service necessary to attain early
retirement subsidies as of December 31, 2004 are not subject to Section 409A (as
defined below), and the Plan, as amended herein, does not amend, modify or
otherwise change such benefits, and accordingly, such benefits are not subject
to Section 409A;

     

              WHEREAS,
the Plan provides nonqualified deferred compensation that is subject to Section
409A to certain Plan participants, namely to certain of those participants who
are Grandfathered Participants in the Citigroup Pension Plan and to certain of
those Participants who are not Grandfathered Participants who earned early
retirement subsidies through increases in service after December 31,
2004;

     

              WHEREAS,
for distributions commencing on or after January 1, 2005 and before January 1,
2009, the Plan has complied with the rules set forth in IRS Notice 2007-86, IRS
Notice 2007-78, Section 3.03 of IRS Notice 2006-79, and predecessor guidance
(the “linked plan relief”), to the extent that benefits commencing after January
1, 2005 were subject to Section 409A;

     

              WHEREAS,
the Plan is intended to comply with the requirements imposed by Section 409A
with respect to Plan benefits that are subject to Section 409A and, accordingly,
the Plan shall be interpreted consistent therewith;

     

              WHEREAS,
the Company intends to close the Plan to Non-Grandfathered Participants after
December 31, 2008;

     

              NOW,
THEREFORE, the Plan is hereby amended as follows (effective January 1, 2009
unless otherwise indicated):

     

    1

     

    

    
    

    1. The following definitions shall be added to
paragraph 1 of the Plan:

     

              “Affiliated Company” means any corporation which is a member of a
controlled group of corporations (within the meaning of Section 414(b) of the
Code) which includes the Company, any trade or business (whether or not
incorporated) which is under common control with the Company (within the meaning
of Section 414(c) of the Code), any organization (whether or not incorporated
which is a member of an affiliated service group (as defined in Section 414(m)
of the Code) which includes the Company, and any other entity required to be
aggregated with the Company pursuant to Section 414(o) of the Code.

     

              “Beneficiary” means the person or persons who are entitled
to receive benefits under the Citigroup Pension Plan in the event of the
Participant's death (whether or not such person or persons are expressly so
designated by the Participant).

     

              “Benefit Distribution Date” is the 90th day after the
Participant’s Payment Event Date.

     

              “Change in Control” has the meaning set forth in Treas. Reg.
sec. 1.409A-3(i)(5) and is applied with respect to the Participant’s
employer.

     

              “Code” means the Internal Revenue Code of 1986, as
amended from time to time.

     

              “Committee” means the Plans Administration Committee of
Citigroup Inc., or its successor, established to administer the Plan and the
Citigroup Pension Plan.

     

              “Company” means Citigroup Inc., a Delaware
corporation, or any successor thereto.

     

              “Disability” means a Participant’s “separation from
service” within the meaning of Treas. Reg. sec. 1.409A-1(h) from the Company and
all Affiliated Companies on account of a Participant’s total and permanent
disability (as defined under the Company long-term disability plan applicable to
the Participant).

     

              “Grandfathered Participant” means a Participant who is also a
“grandfathered participant” in the Citibank final average pay pension plan
formula of the Citigroup Pension Plan, as defined in Section 1.30 of Part I of
the Citigroup Pension Plan, and had not commenced benefits under the Plan by
December 31, 2008.

     

              “Life Annuity” means those forms of actuarially equivalent
life annuities offered under the legacy Citibank benefit formula of the
Citigroup Pension Plan using the actuarial assumptions applicable to such
formula.

     

              “Non-Grandfathered
Participant” means a
Participant who is not a Grandfathered Participant and who has a benefit that is
subject to Section 409A (i.e., who had not fully accrued service for early
retirement subsidies as of December 31, 2004) and had not commenced benefits
under the Plan by December 31, 2008.

     

    2

     

    

    
    

              “Participant” means an individual who is entitled to a
benefit under the terms of this Plan. For Plan benefits commencing after
December 31, 2008, the term Participant shall
include only those Participants who have a benefit that is subject to Section
409A. A Participant shall remain a Participant until all amounts due the
Participant under the Plan have been distributed to the Participant or the
Participant's Beneficiary, as the case may be.

     

              “Payment Event Date” means the later of (a) a Participant's
Separation from Service or (b) the date the Participant attains or would have
attained age 55; provided, however, that a Payment Event Date shall also occur
upon a Change in Control.

     

              “Section 409A” means Section 409A of the Code and
applicable guidance issued thereunder.

     

              “Separation from Service” means a “separation from service” within the
meaning of Treas. Reg. Sec. 1.409A-1(h) from the Company and all Affiliated
Companies, and for purposes of this Plan, such term shall also include a
Participant’s termination of employment on account of death or Disability. A
“separation from service” shall occur after six months of paid or unpaid leave,
except where the right to return to work is protected by statute (such as
through the Family and Medical Leave Act or protected military leaves), or in
the case of a disability leave.

     

              “Specified Employee” means a Participant who, as of the date of
the Participant's Separation from Service, is a “specified employee” of the
Company for purposes of Section 409A, as determined under the specified employee
determination policy established by the Company in accordance with Section
409A.

     

    2. The following sentence shall be added at the
end of the first paragraph of Paragraph 2:

     

    No Non-Grandfathered Participant may first become a Participant (or again
become an active Participant through a rehire) after December 31, 2008. The Plan
shall remain open to new entrants who are Grandfathered Participants; provided,
however, that Grandfathered Participants who are rehired shall not become
Grandfathered Participants for periods after their rehire.

     

    3. Paragraph 3 shall be amended to read as
follows:

     

    (a) Except as otherwise provided for in this paragraph 3, each
Participant (or Beneficiary, in the case of a Participant’s death before benefit
commencement) shall be entitled to a distribution of his or her Plan benefits on
the Payment Event Date. Notwithstanding anything in this Plan to the contrary,
if a Participant commences his or her benefit under the Citigroup Pension Plan
in-service by reason of attainment of age 70 1⁄2, such Participant shall not be
entitled to benefit commencement under this Plan until his or her Separation
from Service, if some portion of the Plan benefit is subject to Section
409A.

     

    3

     

    

    
    

    (b) Except as otherwise
provided for in this paragraph 3, each Participant's annuity starting date for
purposes of calculating the value of the Participant’s Plan benefits shall be
the first of the month following the Participant's Payment Event Date, and
benefits under the Plan shall commence on the first of the month following the
Benefit Distribution Date, but in no event later than the last date permitted
under Section 409A. Except as otherwise provided for in this paragraph 3, each
Participant (or Beneficiary, if applicable) shall be required to make a form of
benefit election by the date prescribed by the Committee. In the event a
Participant (or Beneficiary, as applicable) fails to make a timely form of
benefit election, the Participant’s Plan benefits shall be distributed in
accordance with the default elections set forth in subparagraphs (c) and (d)
below. Notwithstanding the foregoing, if the calculation of any payment amount
is not administratively practicable due to events beyond the control of the
Participant (or the Participant's Beneficiary, if applicable), the payment will
be treated as timely made during the first taxable year of the Participant in
which the calculation of the amount of the payment is administratively
practicable. Furthermore, the inability of the Plan to calculate the amount or
timing of a payment due to the failure of a Participant (or a Participant's
Beneficiary) to provide reasonably available information to make such
calculation does not constitute an event beyond the control of the
Participant.

     

    (c) On or prior to December 31, 2008, each Non-Grandfathered Participant
shall be given the opportunity to make a one-time, irrevocable election to have
the portion of his or her Plan benefits that are subject to Section 409A payable
in the form of either (i) a single sum or (ii) a Life Annuity. Any
Non-Grandfathered Participant (or his or her Beneficiary, if applicable) who
fails to make a timely election in accordance with the preceding sentence or in
accordance with subparagraph (b) above shall receive his or her Plan benefit
subject to the election in the form of a single sum, and such Plan benefits
shall be paid in accordance with the applicable subsection under this paragraph
3. The Plan benefits of each Non-Grandfathered Participant that accrued prior to
January 1, 2005 and that were vested as of December 31, 2004 shall be
administered in accordance with the Plan provisions in effect as of such date.
The method of determining the portion of the Plan benefit that is not subject to
Section 409A is set forth in Appendix A hereto.

     

    (d) With respect to the entire Plan benefit of each Grandfathered
Participant and any Non-Grandfathered Participant who has made a timely election
to receive a Life Annuity in accordance with subsection (c) above, each such
Participant (or his or her Beneficiary, if applicable) shall be required to
elect a particular form of Life Annuity no later than 30 days prior to the
Benefit Distribution Date; provided, however, that the Committee may, in its
discretion, permit a Participant (or a Beneficiary, if applicable) to submit a
form of benefit election after the deadline so long as benefit payments have not
commenced and such action will not give rise to adverse tax consequences under
Section 409A. If the Committee fails to receive a Participant's timely election
in accordance with the preceding sentence or in accordance with subparagraph (b)
above, the Participant’s Plan benefits shall commence on the Benefit
Distribution Date in the normal form of annuity benefit applicable to the
Participant under the Citigroup Pension Plan.

     

    4

     

    

    
    

    (e) Each Participant, who, as of December 31, 2008, has (i) attained age
55 and (ii) accrued a deferred vested benefit under this Plan that is subject to
Section 409A but is not in pay status shall commence benefits on April 1, 2009.
Each Participant, who, as of December 31, 2008, has (i) not attained age 55 and
(ii) has accrued a deferred vested benefit under this Plan that is subject to
Section 409A but is not in pay status, shall commence benefits as of the first
of the month following the attainment of age 55.

     

    (f) In the case of any
Participant who has a Separation from Service and, at the time of such
Separation from Service, is continuing to earn benefits under the Citigroup
Pension Plan by reason of a disability, such Participant’s accrued benefit under
this Plan shall be calculated as if he or she had remained disabled for the
maximum amount of time permissible under the Citigroup Pension Plan. The benefit
under this Plan shall commence at the times and in the form provided under this
Paragraph 3. This approach to the calculation of Plan benefits shall apply to
terminated vested disabled participants who have not commenced Plan benefits as
of December 31, 2008 and who make elections or are otherwise described under
subparagraph (e) above.

     

    (g) In the case of a
Participant’s death before his or her commencement of benefits under this Plan,
the Beneficiary shall be bound by any irrevocable election as to time or form of
benefit commencement made by the Participant. Any Life Annuity election made by
the Beneficiary shall be made in accordance with the procedures set forth in the
preceding section of this paragraph 3. 

     

    (h) Notwithstanding anything herein to the contrary, the distribution of
Plan benefits to any Participant who is (i) a Specified Employee and (ii)
entitled to a distribution on account of his or her “separation from service,”
as defined in Treas. Reg. sec. 1.409A-1(h), shall commence on the first of the
month following the earlier of the date that is six months after the date of
such separation from service or the date of the participant’s death. Upon the
expiration of such six-month period or the Participant’s death, retroactive
benefit payments plus interest at the Citigroup Pension Plan's rate of interest
shall be paid to the Participant or Beneficiary, if applicable.

     

    (i) Notwithstanding anything to the contrary contained herein, the Plan
may not permit the acceleration of the time or schedule of any payment or amount
scheduled to be paid under the Plan except as otherwise permitted under Section
409A.

     

    (j) Once Plan benefit payments commence, the form or the date of such
payments shall not be changed, modified or altered in any manner, or under any
circumstance, that would give rise to adverse tax consequences under Section
409A, including, but not limited to, a Participant’s being rehired by the
Company or any Affiliated Company.

     

    5

     

    

    
    

    6. Paragraph 5 shall be amended to read as follows:

     

    The Plan shall be administered by the Committee in accordance with its
terms and purposes, and the Committee shall have the authority to delegate any
and all of its powers to any person. The Committee or its delegate shall
determine the amount and manner of payment of the benefits due to or on behalf
of each Participant from the Plan and shall cause them to be paid in cash by the
appropriate employer accordingly. The Committee shall have full discretionary
authority to determine eligibility for benefits and to construe the terms of the
Plan, including all questions of fact and law. In addition, the decisions made
by and the actions taken by the Committee in the administration of the Plan
shall be final and conclusive on all persons, and the Committee shall not be
subject to any liability whatsoever with respect to the administration of the
Plan.

     

    7. Paragraph 7 shall be amended to read as
follows:

     

    Citigroup Inc. shall have the right at any time to amend this Plan in any
respect, or to terminate this Plan. Upon the termination of the Plan in whole or
in part, all Plan benefits that have accrued as of the date of termination shall
be paid to the Participants, to the extent permitted in accordance with Section
409A, in a single lump sum payment as soon as practicable following the
termination of the Plan. If such benefits cannot be distributed in accordance
under Section 409A, the Plan shall continue in existence for the sole purpose of
distributing such benefits.

     

    8. New Paragraph 9 shall be added to read as
follows:

     

    Participants and Beneficiaries are liable for all income and other taxes
due as a result of benefits payable under this Plan, including, but not limited
to, income taxes imposed by Section 409A.

     

    9. New Paragraph 10 shall be added as
follows:

     

    For benefits commencing after December 31, 2008, the annuity optional
forms of benefit under the Plan shall be actuarially equivalent to the single
life annuity determined using the factors derived from the Applicable Interest
Rate and Applicable Mortality Table designated by the Citigroup Pension Plan
under Section 417(e) of the Code with respect to (a) the entire Plan benefit of
each Grandfathered Participant who has a benefit that is subject to Section 409A
and (b) the portion of the benefit of any Non-Grandfathered Participant who has
made a timely election to receive a Life Annuity that is subject to Section
409A.

     

    10. New Paragraph 11 shall be added as
follows:

     

    For distributions commencing on or after January 1, 2005 and before
January 1, 2009, the Plan has complied with the rules set forth in IRS Notice
2007-86, IRS Notice 2007-78, Section 3.03 of IRS Notice 2006-79, and predecessor
guidance (the “linked plan relief”), to the extent that benefits commencing
after January 1, 2005 were subject to Section 409A.

     

    6

     

    

    
    

    APPENDIX
A
Determining the portion of
the Plan benefit that is not subject to Section 409A (“Section
409A
grandfathering”)

     

    In accordance with
Treas. Reg. sec. 1.409A-6(a)(3)(i), the amount of compensation deferred before
January 1, 2005 is the greater of (a) the amount described in the first sentence
of Treas. Reg. sec. 1.409A-6(a)(3)(i) or (b) the amount described in the second
sentence of Treas. Reg. sec. 1.409A-6(a)(3)(i). Accordingly, the grandfathered
amount shall be the greater of: 

     

    
      	      	(a)	      	the value of the
      Plan benefit at December 31, 2004 accumulated to the Participant's actual
      benefit commencement date assuming (i) termination of employment at
      December 31, 2004, (ii) the earliest benefit commencement date, (iii)
      reasonable actuarial assumptions as set forth in the applicable plan
      documents as of December 31, 2004, (iv) the most valuable payment form,
      and (v) an accumulation of the present value at December 31, 2004 to the
      actual benefit commencement date using the assumptions used to value the
      benefit at December 31, 2004

    

     

    or 

     

    
      	      	(b)	      	the value of the
      Plan benefit at the actual benefit commencement date assuming (i)
      termination of employment at December 31, 2004, (ii) reasonable actuarial
      assumptions as set forth in the applicable plan documents as of the actual
      benefit commencement date, and (iii) the actual payment form; provided, however, that if better factors in (ii) result
      from additional service after December 31, 2004 then such better factor
      cannot be used (improvements due to additional age or interest factors are
      permissible).

    

     

    7exhibit10-01_5.htm

    Exhibit 10.01.5

     

    [Nonqualified Plan Amendment, adopted November
19, 2009]

     

              WHEREAS,
Citigroup Inc. and its subsidiaries (the “Company”) sponsor nonqualified
deferred compensation plans for their employees, including the Retirement Plan
for Specified Non-United States International Staff of Citibank, N.A. and
Participating Companies, as amended and restated (the “Head Office Guarantee
Plan”), the Supplemental ERISA Compensation Plan of Citibank, N. A. and
Affiliates (the “Citibank Supplemental ERISA Plan”), and the Citicorp Deferred
Compensation Plan (the “CLP”; all such nonqualified plans are hereinafter
collectively referred to as the “Plans”);

     

              WHEREAS,
in a letter, dated October 22, 2009, from the Office of the Special Master for
TARP Executive Compensation (the “Special Master”) to Citigroup Inc. (the
“Determination Memorandum”), the Special Master determined that, following the
effective date of the Determination Memorandum attached to the Special Master’s
letter, no additional amounts may be accrued under any supplemental executive
retirement plan and no contributions or credits may be made by the Company to
other “non-qualified deferred compensation” plans, as defined by the pertinent
SEC regulations, for 2009 for “senior executive officers” and the “most highly
compensated employees” of the Company whose 2009 compensation is governed by the
Determination Memorandum (the “Covered Employees”);

     

              WHEREAS,
the Determination Memorandum will become effective on November 22,
2009;

     

              WHEREAS,
the Company desires to amend the Plans to comply with the terms and conditions
of the Determination Memorandum with respect to Covered Employees who
participate in one or more of the Plans.

     

              NOW,
THEREFORE, each of the Plans is hereby amended, effective as of November 22,
2009, as follows:

     

    Notwithstanding any
provision of this Plan to the contrary, no Participant whose 2009 compensation
is governed by the terms of the Determination Memorandum attached to the letter,
dated October 22, 2009, from the Office of the Special Master for TARP Executive
Compensation to the Company shall be entitled to a contribution, deemed
contribution or an accrual of any amount or benefit under the Plan in respect of
the period commencing on November 1, 2009 and ending on December 31,
2009.

     

    1

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