Document:

EX-10.3

 Exhibit 10.3 

TRADE MARK LICENCE AGREEMENT 
 between 

THE ROYAL BANK OF SCOTLAND GROUP PLC 
 and 

CITIZENS FINANCIAL GROUP INC. 

 INDEX 
  

							
	CLAUSE	 	 	  	PAGE	 
			
	1.	 	 Definitions and Interpretation
	  	 	2	  
	2.	 	 Licence Term
	  	 	6	  
	3.	 	 Grant of Licence
	  	 	7	  
	4.	 	 Title and Goodwill
	  	 	12	  
	5.	 	 Restrictions on Use
	  	 	13	  
	6.	 	 Composite Trade Marks
	  	 	14	  
	7.	 	 Quality Control
	  	 	15	  
	8.	 	 Infringement
	  	 	17	  
	9.	 	 Warranties, Indemnity and Liability
	  	 	19	  
	10.	 	 Termination
	  	 	22	  
	11.	 	 Consequences of Expiry of Agreement or Termination
	  	 	24	  
	12.	 	 Licence Fees
	  	 	27	  
	13.	 	 Irrevocable Authority
	  	 	28	  
	14.	 	 Notice
	  	 	29	  
	15.	 	 Amendment
	  	 	30	  
	16.	 	 Entire Agreement
	  	 	30	  
	17.	 	 Severability
	  	 	31	  
	18.	 	 No Partnership, Joint Venture or Agency
	  	 	31	  
	19.	 	 Assignment
	  	 	31	  
	20.	 	 Waiver
	  	 	32	  
	21.	 	 Contracts (Rights of Third Parties) Act 1999
	  	 	32	  
	22.	 	 Counterparts
	  	 	32	  
	23.	 	 Governing Law and Jurisdiction
	  	 	32	  
			
	SCHEDULES	 	 	  	PAGE	 
			
	Schedule 1	 	 Daisy Design
	  	 	1-1	  
	Schedule 2	 	 Existing Composite Trade Marks
	  	 	2-1	  
	Schedule 3	 	 New Composite Trade Marks
	  	 	3-1	  
	Schedule 3A	 	 New Consumer Banking Business Line Composite Trade Marks
	  	 	3-2	  
	Schedule 3B	 	 New Commercial Banking Business Line Composite Trade Marks
	  	 	3-4	  
	Schedule 4	 	 Licensee’s Trade Marks
	  	 	4-1	  
	Schedule 5	 	 Limited Instances of Permitted Use of “RBS” Mark in Relation to Retail Banking Services
	  	 	5-1	  
	Schedule 6	 	 Domain Names Containing the “RBS” Mark Controlled by the Licensor
	  	 	6-1	  

 THIS TRADE MARK LICENCE AGREEMENT made the      day of
             2014 (the “Agreement”) 
 BETWEEN: 

 

	(1)	THE ROYAL BANK OF SCOTLAND GROUP PLC, a company incorporated in Scotland with company number SC045551 and having its registered office at 36 St. Andrew Square, Edinburgh EH2 2YB, Scotland (the
“Licensor”) 

 and 
  

	(2)	CITIZENS FINANCIAL GROUP, INC., a Delaware corporation, with a principal place of business at One Citizens Plaza, Providence, Rhode Island 02903-1339 (the “Licensee”) 

WHEREAS: 
  

	A.	The Licensor is the owner of the Licensor’s Trade Marks. 

  

	B.	The Licensor has previously granted the Licensee one or more licences in respect of Licensor’s Trade Marks, including pursuant to those previous licence agreements of 19 September 2005, 1 November 2006
and 18 May 2012 (the “Previous Licence Agreements”). 

  

	C.	The Licensee wishes to obtain from the Licensor for itself, the Licensee Group Companies and the Permitted Sub-licensees, and the Licensor has agreed to grant to the Licensee and the Licensee Group Companies, a limited
licence to use the Licensor’s Trade Marks, on or in relation to the Services in the Territory, such licence to include the right of the Licensee to grant sub-licences to the Permitted Sub-licensees, all on the terms and conditions set out in
this Agreement. 

  

	D.	The Licensor and the Licensee intend that this Agreement will supersede the Previous Licence Agreements and the Previous Licence Agreements shall terminate as of the Commencement Date and shall have no further effect
following the Commencement Date. 

 NOW, THEREFORE, for good and valuable consideration (the receipt and sufficiency of which is hereby
acknowledged by the Licensor and the Licensee) and in consideration of the mutual undertakings set out in this Agreement, and intending to be legally bound hereby, the Licensor and the Licensee agree as follows: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1.	In this Agreement (including the recitals), the following words and expressions shall have the meanings set out below: 

Acquired Bank shall have the meaning set out in Clause 3.4.1; 

Acquired Branch shall have the meaning set out in Clause 3.4.2; 

Acquiring Party shall have the meaning set out in Clause 3.4.1; 

Capital Stock means, with respect to any person or entity, any and all shares, interests, participations, rights in or other equivalents
(however designated) of such person’s or entity’s voting stock, and any rights, warrants or options exercisable or exchangeable for or convertible into such voting stock; 

CBNA means Citizens Bank, N.A.; 

CBPA means Citizens Bank of Pennsylvania; 

Change of Control means (i) the consummation of any transaction as a result of which any person or entity, other than the Licensor,
any of its affiliates or any Initial Transferee, acquires directly or indirectly more than fifty (50) per cent of the outstanding Capital Stock of the Licensee, including through a merger or consolidation or purchase of the Capital Stock of the
Licensee or (ii) the sale, lease, conveyance, disposition, in one or a series of related transactions other than a merger or consolidation, of all or substantially all of the assets of the Licensee taken as a whole to any person or entity other
than the Licensor, or an affiliate of the Licensor; 
 Claim shall have the meaning set out in Clause 9.4. 

Commencement Date means the date first appearing at the beginning of this Agreement; 

Composite Trade Marks means the Existing Composite Trade Marks, New Composite Trade Marks, New Commercial Banking Business Line
Composite Trade Marks and New Consumer Banking Business Line Trade Marks, collectively; 
 Daisy Design means the design set out in
Schedule 1; 

  
 2 

 Extended Term shall have the meaning set out in Clause 2.2; 

Existing Composite Trade Marks means (i) the marks set out in Schedule 2, the use of each of which shall be limited to any shade of
green, black and/or white and variations thereof (including green or black outline of white lettering and the Daisy Design), save that the Daisy Design and “RBS” name shall always be used in Pantone 281 blue (or its equivalent under an
industry recognised colour standard) where those two marks appear together in the Composite Trade Marks and (ii) any domain name which is either (a) controlled, and used in connection with the Services, by the Licensee as of the
Commencement Date that contains the acronym “RBS” or (b) otherwise set out in Schedule 6; 
 Initial Term shall have
the meaning set out in Clause 2.1; 
 Initial Transferee means any person or entity to whom the Licensor or any of its affiliates
transfers at least fifty (50) per cent of the outstanding Capital Stock of the Licensee owned directly or indirectly by the Licensor on the Commencement Date; 

Licence Fees shall have the meaning set out in Clause 12.1; 

Licensee Group Company means, subject to Clause 3.4.1, in relation to the Licensee, any company which, at the relevant time, is a
wholly-owned Subsidiary of the Licensee; 
 Licensee’s Trade Marks means the marks set out in Schedule 4 and any trade mark and
service mark applications and registrations for such marks in the name of the Licensee; 
 Licensor’s Trade Marks means
(i) the Daisy Design (whether registered or unregistered), (ii) the acronym “RBS” (whether registered or unregistered), and (iii) any United States trade mark and service mark applications and registrations in the name of
the Licensor for the foregoing; 
 Manner of Use Requirements shall have the meaning set out in Clause 7.4; 

New Commercial Banking Business Line Composite Trade Marks means the marks set out in Schedule 3B, as such Schedule may be amended from
time-to time pursuant to Clause 5.2, the use of each of which shall be limited to any shade of green, grey, black and/or white and variations thereof, (including green, grey or black outline of white lettering and the Daisy Design); 

  
 3 

 New Composite Trade Marks means the marks set out in Schedule 3; 

New Consumer Banking Business Line Composite Trade Marks means the marks set out in Schedule 3A, as such Schedule may be amended from
time-to-time pursuant to Clause 5.2, the use of each of which shall be limited to any shade of green, grey, black and/or white and variations thereof, (including green, grey or black outline of white lettering and the Daisy Design); 

Permitted Sub-licensees means only: (i) The Phillies and Phillies Ballpark L. P. and (ii) Major League Baseball
(“MLB”), pursuant to the Permitted Sub-licence Agreement; 
 Permitted Sub-licence Agreement means the Naming Rights,
Sponsorship and Advertising Agreement dated 17 June 2003 between CBPA and the Licensee on the one hand and The Phillies and Phillies Ballpark L.P. on the other; 

Previous Licence Agreements shall have the meaning set out in Recital B; 

Quality Standard shall have the meaning set out in Clause 7.3; 

Registration Rights Agreement means the Registration Rights Agreement, dated on or around the Commencement Date, by and between the
Licensor and the Licensee; 
 Schedule means a schedule annexed to and forming part of this Agreement as may be updated from time to
time in accordance with this Agreement; 
 Separation Agreement means the Separation and Shareholder Agreement, dated on or around the
Commencement Date, by and between the Licensor and the Licensee; 
 Services means retail and commercial banking services in the
Territory and their marketing, promotion and sale; 
 Subsidiary means, with respect to any person or entity, any entity of which
securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at any time directly or indirectly owned by such person or entity; 

  
 4 

 Tax includes all forms of taxation and social security contributions and all statutory,
governmental, state, provincial, local governmental or municipal impositions, duties, contributions, levies and withholdings of any nature whatsoever, in each case whether imposed in the United Kingdom, the United States or elsewhere in the world,
whenever imposed and whether chargeable directly or primarily or solely against or attributable directly or primarily or solely to the parties, together with all penalties, charges and interest relating to any of the foregoing; 

Tax Authority means any body or organization in any jurisdiction having authority over a party in relation to Tax; 

Territory means those states and territories (including unincorporated territories) comprising the United States of America; 

Transitional Services Agreement means the Transitional Services Agreement, dated on or around the Commencement Date, by and between the
Licensor and the Licensee; and 
 VAT means United Kingdom value added tax imposed in compliance with EC Council Directive 2006/112 or
any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax, or imposed elsewhere. Any reference in this Agreement to any party shall, at any time when such party
is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the representative member of such group at such time (the term “representative member” to have the
same meaning as in the Value Added Tax Act 1994). 
  

	1.2.	In this Agreement, unless the context otherwise requires: 

  

	 	1.2.1	the index and clause headings are for convenience only and shall not affect the construction or interpretation of this Agreement; 

  

	 	1.2.2	references to the recitals, clauses and Schedules are references to the recitals, clauses and Schedules of this Agreement and references in any clause or Schedule to a paragraph are, unless otherwise stated, references
to a paragraph in that clause or Schedule; 

  
 5 

	 	1.2.3	unless the context otherwise requires the singular shall include the plural and vice versa, references to any gender shall include references to the other genders and references to persons shall include natural
persons, corporations, companies, firms, partnerships, bodies corporate, associations, organisations, foundations and trusts (in each case whether or not having separate legal personality); 

 

	 	1.2.4	any phrase introduced by the terms “include” or “including” do not limit the sense of the words preceding such terms and shall be deemed to be followed by the words, “without limitation”;
and 

  

	 	1.2.5	references to any English legal term for any right, action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall in respect of any jurisdiction other
than England be deemed to include that which most nearly approximates in that jurisdiction to the English law term. 

  

	 	1.2.6	Unless otherwise specified to the contrary, all of the obligations, undertakings or covenants of the Licensee under this Agreement shall apply to the Licensee in relation to itself and all other Licensee Group Companies
and Permitted Sub-licensees (subject to the terms of the Permitted Sub-licence Agreement) and the Licensee shall, accordingly, ensure that the Licensee Group Companies and the Permitted Sub-licensees (subject to the terms of the Permitted
Sub-licence Agreement) comply at all times with the terms of this Agreement. 

  

	1.3.	The Schedules and recitals form part of this Agreement and shall have effect as if set out in full in the body of this Agreement and any reference to this Agreement includes the Schedules and recitals.

  

	2.	LICENCE TERM 

  

	2.1.	This Agreement shall come into force on the Commencement Date and, except if terminated in accordance with Clause 3.1 or Clause 10, shall continue in full force and effect for a period of five (5) years from the
Commencement Date (the “Initial Term”). 

  
 6 

	2.2.	If the Licensee wishes to extend the Initial Term, the Licensee shall, at least six (6) months prior to expiry of the Initial Term, notify the Licensor in writing both that such an extension is required and the
period of such extension (not to exceed five (5) years) and, except to the extent this Agreement is terminated in accordance with Clause 3.1 or Clause 10, subject to payment of the Licence Fees as set forth in Clause 12.1.2, this Agreement
shall be automatically extended for such period, and such extension shall automatically come into force on the date of expiry of the Initial Term and shall continue in full force and effect for a maximum period of up to five (5) years from the
date of expiry of the Initial Term, or until such time as terminated in accordance with Clause 3.1 or Clause 10 (the “Extended Term”) (it being understood that, in the event this Agreement is terminated in part pursuant to Clause
3.1, any extension pursuant to this Clause 2.2 shall only apply to those parts of this Agreement that have not otherwise been terminated pursuant to Clause 3.1). 

  

	2.3.	The Previous Licence Agreements shall terminate as of the Commencement Date. 

  

	3.	GRANT OF LICENCE 

  

	3.1.	 Subject to the terms and conditions of this Agreement, and in consideration of the payment by the Licensee of the Licence Fees, the Licensor hereby
grants to the Licensee and the Licensee Group Companies, and the Licensee, on behalf of itself and the Licensee Group Companies, hereby accepts from the Licensor, a non-transferable, non-sub-licensable (except as set forth in Clause 3.3) sole
licence to use the Licensor’s Trade Marks but only in relation to the Composite Trade Marks (except as set forth in Clause 3.2) in relation to the Services in the Territory; provided that (x) except as otherwise set forth in Clause
3.2.7 or Clause 3.8, and notwithstanding any other provision of this Agreement, not later than thirty (30) days after the Licensor shall have ceased to hold at least fifty (50) per cent of the Licensee’s outstanding Capital Stock (but
in no event earlier than 1 October 2015), this Agreement shall, subject to Clause 11.3, terminate with respect to the Licensee’s and the Licensee Group Companies’ right to use the Licensor’s “RBS” mark as part of the
Existing Composite Trade Marks and in the instances set forth on Schedule 5, and upon such termination, the Licensee shall, and shall ensure that each Licensee Group Company shall, immediately discontinue the use of the acronym “RBS” as
part of the Existing Composite Trade Marks and in the instances set forth on Schedule 5; (y) except in the limited instances set forth on Schedule 5, the Licensee shall not, and shall ensure that each Licensee Group

  
 7 

	 	
Company shall not, at any time during its use of the Licensor’s “RBS” mark as part of the Existing Composite Trade Marks, use it in connection with the operation of the
Licensee’s retail banking business or the marketing, promotion or sale of retail banking services; and (z) if the Licensee seeks to rebrand any product or Service which, as of the commencement of the relevant rebranding initiative for such
product or Service, is branded using the Composite Trade Marks, and such rebranding provides for the cessation of use of the Composite Trade Marks with respect to such product or Service, then this Agreement shall, subject to Clause 11.4, without
the need for notice and effective as of the date of completion (but in no event more than sixty (60) days after the commencement) of the relevant rebranding initiative, terminate with respect to the Licensee’s right to use the Composite
Trade Marks in relation to such product or Service. The Licensee shall develop a project plan with respect to each rebranding initiative described in sub-clause (z) above and shall provide a copy of such project plan to the Licensor with
reasonable notice prior to the commencement of the rebranding initiative. The dates of commencement and completion of such rebranding initiative shall be determined in accordance with the relevant project plan (it being understood that any such
rebranding initiative shall not be deemed to have commenced to the extent the Licensee engages in customary testing or pre-launch activities (not to exceed ninety (90) days) in a test market to determine
the viability and/or logistics associated with the full-scale public rollout of any such rebranding initiative). 

  

	3.2.	Nothing in this Agreement shall or is intended to permit the Licensee, the Licensee Group Companies or the Permitted Sub-licensees to use the Licensor’s Trade Marks (i) except as a component of a Composite
Trade Mark, or (ii) for any purposes other than those set out in Clause 3.1 without the prior written consent of the Licensor, provided however, that subject to the terms of this Agreement, the Licensee and the Licensee Group Companies shall be
permitted to continue to use: 

  

	 	3.2.1	the Daisy Design by itself on the interior and exterior of the properties owned or leased by the Licensee or any Licensee Group Company; 

 

	 	3.2.2	the Daisy Design by itself as a design element in plastic debit or credit cards issued by the Licensee or any Licensee Group Company; 

 

	 	3.2.3	the Daisy Design by itself as an environmental element in traditional and in-store branches and administrative offices of the Licensee or any Licensee Group Company as a wall super graphic, window vinyl pattern, media
wall mark or podium; 

  
 8 

	 	3.2.4	the Daisy Design by itself as a design element in incidental promotional items and employee accessories (e.g., pens, ties, pins, cuff links and golf shirts) that use the Daisy Design produced by the Licensee or
any Licensee Group Company for their own use, but solely to the extent and only in the manner used as of 1 June 2014; 

  

	 	3.2.5	the Daisy Design by itself as a design element in printed materials and collateral (e.g. internal Microsoft PowerPoint templates, memorandum templates etc) in existence as of 1 June 2014; 

 

	 	3.2.6	the Daisy Design by itself in online applications used by the Licensee or any Licensee Group Company (including its mobile application having the Daisy Design as the icon, the App Store icon on the iTunes site, the icon
for a technology application known as Relay Initiative, which provides for an electronic message to be sent to loan applicants upon submission of a loan application, and all checking and savings pages on citizensbank.com and charterone.com) as of
1 June 2014; and 

  

	 	3.2.7	the Daisy Design and the Licensor’s “RBS” mark, each either by itself or together as a combined trade mark, as design elements in internal, non-customer facing technology applications, but solely to the
extent and only in the manner used on such applications by the Licensee or any Licensee Group Company as of 1 June 2014; provided that the Licensee and any such Licensee Group Company shall cease any and all such uses by 1 October
2017. 

  

	3.3.	 The Licensee and the Licensee Group Companies shall have no right to sub-licence the Licensor’s Trade Marks or the Composite Trade Marks without
the prior written consent of the Licensor, which consent shall be given or withheld at the Licensor’s sole and absolute discretion. Notwithstanding the foregoing, the Licensee shall, subject to the terms of this Agreement, have the right to
grant sub-licences under the licence granted to the Licensee pursuant to Clause 3.1 to the Permitted Sub-licensees, pursuant to the Permitted Sub-licence Agreement, without the prior written consent of the Licensor. Neither Licensee nor any
Permitted Sub-licensee may amend, modify or otherwise 

  
 9 

	 	
change the Permitted Sub-licence Agreement without the prior written consent of the Licensor to the extent such amendment, modification or other change relates to or otherwise affects the
Licensor’s Trade Marks or the Composite Trade Marks in any respect. The Licensee shall remain responsible and fully liable at all times to the Licensor for any acts, omissions or default on the part of the Permitted Sub-licensees, and any
action, omission or default by any Permitted Sub-licensee that would constitute a breach of this Agreement if it were an action, omission or default by the Licensee, shall constitute a breach of this Agreement by the Licensee. For the avoidance of
doubt, no Permitted Sub-licensee shall, at any time, have any greater right to use the Licensor’s Trade Marks than the Licensee, each Permitted Sub-licensee’s right to use the Licensor’s Trade Marks shall be consistent with the terms
of the Permitted Sub-licence Agreement and shall automatically terminate upon and to the extent of any expiration or termination of this Agreement. 

  

	3.4.	If: 

  

	 	3.4.1	at any time during the Initial Term, the Licensee or any Licensee Group Company (an “Acquiring Party”) acquires another depository institution, where such acquired institution becomes a Licensee Group
Company (the “Acquired Bank”), the licence granted in Clause 3.1 shall extend, at the discretion of the Licensee, to such Acquired Bank, however the licence granted in Clause 3.1 shall not extend to any depositary institution
acquired after the Initial Term; and 

  

	 	3.4.2	at any time during the Initial Term or the Extended Term, an Acquiring Party acquires one or more bank branches (each an “Acquired Branch”), the licence granted in Clause 3.1 shall extend, at the
discretion of the Licensee, to such Acquired Branch. 

  

	3.5.	The Licensee acknowledges and confirms that the Licensor reserves the right to use or licence the Licensor’s Trade Marks in the Territory in any manner at the Licensor’s sole discretion; provided that
the Licensor shall not sub-licence the Daisy Design in the Territory to any third party in relation to the Services except for (i) transitional purposes in connection with a sale or disposition of a business or (ii) the Licensor’s own
purposes (including to a vendor providing services to Licensor or any of its affiliates or in connection with any joint venture or other strategic partnership or alliance). 

  
 10 

	3.6.	The Licensor may, at the Licensor’s sole and absolute discretion, add to, delete or vary any of the Licensor’s Trade Marks (it being understood that the Licensee and the Licensee Group Companies shall not be
required to add, delete or vary any of the Licensor’s Trade Marks from the manner in which the Licensee or the Licensee Group Companies are using any of the Licensor’s Trade Marks as of 1 June 2014 as part of the Composite Trade Marks
or as otherwise permitted hereunder). 

  

	3.7.	The Licensee shall not be in breach of the terms of Clause 3.1 solely by reason of using the Composite Trade Marks (or the Daisy Design by itself to the extent permitted under Clause 3.2) on an Internet website that is
accessible from outside the Territory, so long as the website is targeted at persons inside the Territory. 

  

	3.8.	The parties acknowledge and agree that with respect to any plastic debit or credit card issued by the Licensee or any Licensee Group Company as of 1 October 2015 which uses the Licensor’s “RBS” mark
as a design element on any such debit or credit card, whether in combination with the Daisy Design and/or the Existing Composite Trade Marks, the Licensee or the Licensee Group Company, as applicable, shall not be required to recall and/or reissue
such debit or credit cards immediately after 1 October 2015; provided that (i) to the extent any such debit or credit card needs to be reissued by the Licensee or any Licensee Group Company in the ordinary course after the
Commencement Date, whether due to expiration or replacement of such debit or credit card for any reason, any reissue of such debit or credit card shall have all uses of, and references to, the Licensor’s “RBS” mark removed and
(ii) in any event, any and all of the Licensee’s and the Licensee Group Companies’ plastic debit and credit cards which use the Licensor’s “RBS” mark as a design element shall be recalled and reissued by the Licensee
and/or the Licensee Group Companies, as applicable, no later than 1 October 2017 so that all uses of, and references to, the Licensor’s “RBS” mark are removed and no longer used in connection therewith. For the avoidance of
doubt, the Licensee and the Licensee Group Companies shall only be permitted to use the Licensor’s “RBS” mark with respect to any plastic debit or credit card, as contemplated in this Clause 3.8, solely to the extent and only in the
manner such “RBS” mark was used on such debit or credit card as of 1 June 2014. 

  

	3.9.	For the avoidance of doubt, and notwithstanding anything herein to the contrary, each Licensee Group Company shall be licensed hereunder only for so long as such Licensee Group Company is and remains a wholly-owned
Subsidiary of the Licensee. 

  
 11 

	4.	TITLE AND GOODWILL 

  

	4.1.	The Licensee acknowledges the Licensor’s exclusive ownership of the Licensor’s Trade Marks. This Agreement does not give the Licensee, the Licensee Group Companies or the Permitted Sub-licensees any interest
in the Licensor’s Trade Marks, except the right to use the Licensor’s Trade Marks in accordance with the terms of this Agreement. 

  

	4.2.	Any use of the Licensor’s Trade Marks in so far as they form part of the Composite Trade Marks, or as otherwise permitted hereunder or under the Permitted Sub-licence Agreement, by the Licensee, any Licensee Group
Company or any Permitted Sub-licensee shall inure to the sole benefit of the Licensor. Without prejudice to the foregoing, all goodwill arising on or derived from the use of the Licensor’s Trade Marks in so far as they form part of the
Composite Trade Marks, or as otherwise permitted hereunder or under the Permitted Sub-licence Agreement, by the Licensee, any Licensee Group Company or any Permitted Sub-licensee pursuant to this Agreement shall accrue to the benefit of the
Licensor. The Licensor may, at any time as reasonably required, call for a confirmatory assignment of that goodwill and the Licensee shall immediately execute, and shall ensure that the Licensee Group Companies and Permitted Sub-licensees
immediately execute, such assignment. Any use of the Licensee’s Trade Marks in so far as they form part of the Composite Trade Marks by the Licensee, any Licensee Group Company or Permitted Sub-licensee shall inure to the sole benefit of the
Licensee. Without prejudice to the foregoing, all goodwill arising on or derived from the use of the Licensee’s Trade Marks in so far as they form part of the Composite Trade Marks by the Licensee, any Licensee Group Company or Permitted
Sub-licensee pursuant to this Agreement shall accrue to the benefit of the Licensee. 

  

	4.3.	Wherever practicable (but in relation to the use by the Permitted Sub-Licensee, subject to the terms of the Permitted Sub-licence Agreement) the Licensee shall indicate that the Licensor’s Trade Marks are the
property of the Licensor by the use of the following style of trade mark notice (or its equivalent), or such other notice as may be approved in advance by the Licensor, on or in relation to all Services in relation to which the Licensor’s Trade
Marks, in so far as they form part of the Composite Trade Marks or as otherwise permitted hereunder or under the Permitted Sub-licence Agreement, are used: “The Daisy Design and RBS marks are trade marks of The Royal Bank of Scotland Group plc
used under licence by Citizens Financial Group Inc.” 

  
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	5.	RESTRICTIONS ON USE 

  

	5.1.	The Licensee shall, and shall ensure that the Licensee Group Companies and Permitted Sub-licensees shall, neither do nor suffer to be done any act or thing which is in any way inconsistent with the Licensor’s
ownership of the Licensor’s Trade Marks or the Licensor’s ownership of the Licensor’s Trade Marks in the Composite Trade Marks or in those marks on Schedule 5 or which could impair any application for or registration of any of the
Licensor’s Trade Marks or the Composite Trade Marks. 

  

	5.2.	 The Licensee shall not, and shall ensure that the Licensee Group Companies, and the Permitted Sub-licensees shall not, adopt, register or use any
word, name (including company or trading name), mark, symbol, internet domain name, other designation or trade style which, in the Licensor’s opinion, is likely to cause confusion with or dilute any of the Licensor’s Trade Marks, and shall
not make any unlicensed use of trade marks which, in the Licensor’s opinion, are confusingly similar to the Licensor’s Trade Marks. For the avoidance of doubt, the Licensee shall only, and shall ensure that the Licensee Group Companies
shall only, use the Licensor’s Trade Marks as they appear in Schedule 2, Schedule 3, Schedule 3A, Schedule 3B, Schedule 5 and Schedule 6 and, where applicable, subject always to the colour limitations specified in the definitions of
“Existing Composite Trade Marks”, “New Commercial Banking Business Line Composite Trade Marks” and “New Consumer Banking Business Line Composite Trade Marks” set out in Clause 1.1 above. Any other use of the
Licensor’s Trade Marks with or in a different colour, shall constitute a new mark and shall require the Licensor’s express written consent prior to any use thereof. The Licensee has confirmed to the Licensor that (a) it initially
intends to use the New Consumer Banking Business Line Composite Trade Marks in connection with its consumer banking businesses and (b) it initially intends to use the New Commercial Banking Business Line Composite Trade Marks in connection with
its commercial banking businesses. Subject to the foregoing, the parties agree that in the event that the Licensee encounters any unforeseen legal obstacle or litigation risk in relation to its use of the New Composite Trade Mark [Daisy Design] +
CITIZENS ONE (or any other New Composite Trade Mark substituted therefor as provided below), the Licensee shall be permitted to use one of the other New Composite Trade Marks in substitution for the New Composite Trade Mark which is subject to such
obstacle or legal risk and upon written notification to the Licensor, Schedule 3A and Schedule 3B shall be deemed automatically revised to reflect such substitution. Notwithstanding anything herein to the contrary, the Licensee and the Licensee
Group Companies shall be limited 

  
 13 

	 	
at any given time to the use of a single New Composite Trade Mark (including as part of the associated New Consumer Banking Business Line Composite Trade Marks and New Commercial Banking Business
Line Composite Trade Marks set out in Schedule 3A and Schedule 3B, respectively). 

  

	6.	COMPOSITE TRADE MARKS 

  

	6.1.	The Licensor and Licensee have previously registered and applied to register various versions of the Existing Composite Trade Marks in the Territory, as detailed in Schedule 2. For the avoidance of doubt, the Licensor
continues, and shall continue, to retain exclusive ownership of the Licensor’s Trade Marks in so far as they comprise the applied for and/or registered Composite Trade Marks and the Licensee continues, and shall continue, to retain exclusive
ownership of the Licensee’s Trade Marks in so far as they comprise the applied for and/or registered Composite Trade Marks. The parties agree that the registration of the Composite Trade Marks is purely a protective measure and for
administrative ease and shall not provide the Licensor and/or Licensee with any legal rights over either party’s respective component trade marks. The Licensee agrees that it shall take immediate steps to ensure that the Licensor is registered
as a joint registrant and proprietor in relation to the Composite Trade Marks (to the extent this has not already been done by the Licensee in relation to each of the Composite Trade Marks). 

 

	6.2.	The Licensee shall not apply to register as a trade mark, service mark or domain name any further versions of the Existing Composite Trade Marks in the Territory without the prior written consent of the Licensor, such
consent not to be unreasonably withheld, provided however that Licensee is entitled to register in the name of Licensee and Licensor jointly any New Composite Trade Marks under which it proposes to do business pursuant to Clause 5.2 subject to the
Licensee giving the Licensor prior written notice to this effect. Similarly, the Licensor shall not apply to register as a trade mark or service mark any further versions of the Composite Trade Marks in the Territory without the prior written
consent of the Licensee, such consent not to be unreasonably withheld. As regards the Existing Composite Trade Marks, as detailed in Schedule 2, and any New Composite Trade Marks that are registered pursuant to Clause 5.2, the Licensee shall have
sole responsibility for the ongoing prosecution and maintenance of these, including the payment of any related fees, until the expiry and/or termination of this Agreement, but shall keep the Licensor regularly informed in this regard. With regard to
the domain names in Schedule 6, the Licensor shall have sole responsibility for renewing those domain names, including the payment of any related fees, for at least so long as the Licensee is licensed to use them in accordance with Clause 3.1.

  

	6.3.	If the Licensee ceases the use of any Composite Trade Mark for which a registration is in effect in the Territory, or for which an application for registration is pending in the Territory, such Composite Trade Mark
shall be simply allowed to lapse on renewal or at the next official action if in the application stage. 

  
 14 

	7.	QUALITY CONTROL 

  

	7.1.	The Licensee shall use, and shall ensure that the Licensee Group Companies and the Permitted Sub-licensees use, the Licensor’s Trade Marks as part of the Composite Trade Marks (or otherwise to the extent specified
in Clause 3.2 or permitted under the Permitted Sub-licence Agreement) only in a manner and form: (i) designed to maintain the goodwill and reputation for high quality associated with the Licensor’s Trade Marks; (ii) consistent with
the use of the Licensor’s Trade Marks by the Licensee, the Licensee Group Companies and the Permitted Sub-licensees prior to 1 June 2014; (iii) that protects the Licensor’s ownership of the Licensor’s Trade Marks; and
(iv) that complies with all applicable laws, rules and regulations. 

  

	7.2.	The Licensee shall ensure that its and the Licensee Group Companies’ Services, and advertising and marketing of such Services, featuring any of the Licensor’s Trade Marks as part of the Composite Trade Marks
or other use as contemplated in Clause 3.2, and the Permitted Sub-licensees use in accordance with the terms of the Permitted Sub-licence Agreement, shall in no way reduce or diminish the reputation, image or prestige of the Licensor or the
Licensor’s Trade Marks. 

  

	7.3.	Subject to Clause 7.5, the Licensee shall ensure that all Services which feature any of the Licensor’s Trade Marks as part of the Composite Trade Marks or other use as contemplated in Clause 3.2 or permitted under
the Permitted Sub-licence Agreement shall be at least equal in quality to goods and services provided by the Licensee immediately prior to 1 June 2014 (the “Quality Standard”). 

 

	7.4.	 Subject to Clause 7.5, the Licensee shall use, and shall ensure that the Licensee Group Companies and the Permitted Sub-licensees use, the
Licensor’s Trade Marks as part of the Composite Trade Marks (or otherwise to the extent specified in Clause 3.2 or permitted under the Permitted Sub-licence Agreement) only in the form stipulated by

  
 15 

	 	
Licensor and shall conform to and observe, and shall ensure that the Licensee Group Companies and the Permitted Sub-licensees conform to and observe, such
standards as the Licensor from time to time prescribes, including standards related to the quality, design, identity, size, position, appearance, marking and colour of the Licensor’s Trade Marks, and the manner, disposition and use of the
Licensor’s Trade Marks and accompanying designations (the “Manner of Use Requirements”). For the avoidance of doubt, the parties acknowledge and agree that (i) the use of the Existing Composite Trade Marks by the Licensee
and the Licensee Group Companies immediately prior to 1 June 2014 was compliant with the Licensor’s current Quality Standard and Manner of Use Requirements and (ii) notwithstanding the above, no Manner of Use Requirements applicable
to any Composite Trade Mark shall require the Licensee or the Licensee Group Companies to deviate from the manner in which Licensor’s Trade Marks are depicted in the Existing Composite Trade Marks immediately prior to 1 June 2014.

  

	7.5.	The Licensor shall have the right, in its reasonable discretion, to alter or amend the Quality Standard and/or the Manner of Use Requirements at any time during the Initial Term and the Extended Term, and shall give
advance written notice of any such changes to the Licensee. The Licensee agrees to promptly adjust its use, and shall ensure that the Licensee Group Companies and the Permitted Sub-licensees promptly adjust their use, to abide by any such amended
Quality Standard and/or Manner of Use Requirements; provided that no such alteration or amendment to the Quality Standard and/or the Manner of Use Requirements by the Licensor applicable to any Composite Trade Mark shall require the Licensee
or the Licensee Group Companies to deviate from the manner in which the Licensor’s Trade Marks are depicted in the Existing Composite Trade Marks immediately prior to 1 June 2014. 

 

	7.6.	 The Licensee shall permit, and shall ensure that the Licensee Group Companies and the Permitted Sub-licensees (subject to the terms of the Permitted
Sub-licence Agreement) permit, the Licensor and/or its authorised representative at all reasonable times to enter the premises of the Licensee or the applicable Licensee Group Company or Permitted Sub-licensee for the purpose of observing the
creation, promotion and provision of Services which feature any of the Licensor’s Trade Marks as part of the Composite Trade Marks. Upon the Licensor’s reasonable request but not more often than twice per year, the Licensee shall, and
shall ensure that the Licensee Group Companies and the Permitted Sub-licensees shall, submit samples or provide other evidence (including the inspection of premises) for the Licensor’s review, of the Services bearing the Licensor’s

  
 16 

	 	
Trade Marks as part of the Composite Trade Marks, and products, items or premises bearing the Licensor’s Trade Marks as set out in Clause 3.2, or pursuant to the Permitted Sub-licence
Agreement. Should the Licensor notify the Licensee that any Services which feature any of the Licensor’s Trade Marks as part of the Composite Trade Marks or other use as contemplated in Clause 3.2 or pursuant to the Permitted Sub-licence
Agreement fails to comply with the Quality Standard or the Manner of Use Requirements in effect at that time, the Licensee shall promptly correct, and shall ensure that any applicable Licensee Group Companies or Permitted Sub-licensees (subject to
the terms of the Permitted Sub-licence Agreement) promptly correct, such defects in accordance with such notification from the Licensor, and in any event within forty five (45) days of such notice. 

 

	7.7.	As part of the Licensee’s obligations under quality control, it shall provide the Licensor with a written statement at each anniversary of the Commencement Date of its steps and the steps of the Licensee Group
Companies and the Permitted Sub-licensees to adopt branding that does not incorporate the Licensor’s Trade Marks. 

  

	7.8.	The Licensor acknowledges and agrees that the use of the Existing Composite Trade Marks by the Permitted Sub-licensees as of the Commencement Date is, to the extent such use is compliant with the terms of the Permitted
Sub-Licence Agreement as of the Commencement Date, compliant with the terms of this Agreement as of the Commencement Date. 

  

	8.	INFRINGEMENT 

  

	8.1.	The Licensee shall notify the Licensor promptly (including in respect of any of Licensor’s Trade Marks that form part of the Composite Trade Marks or of those marks on Schedule 5) of: 

 

	 	8.1.1	any actual or suspected infringement of any of the Licensor’s Trade Marks; 

  

	 	8.1.2	any third party claims that any of the Licensor’s Trade Marks are invalid or conflict with the rights of any other party; and 

  

	 	8.1.3	any claims that any of the Licensor’s Trade Marks or the use thereof infringes the rights of any other party, 

  
 17 

 that come to its attention and shall not act in such a way that will prejudice any claim or admit
any liability in respect of the same. 
  

	8.2.	Subject to Clause 8.5, the Licensor shall have the right, but not the obligation, in its sole and absolute discretion to prosecute or defend, at its own expense, all suits involving the Licensor’s Trade Marks, and
to take any action that it deems desirable or necessary for the protection of the Licensor’s Trade Marks (irrespective of whether the Licensor’s Trade Marks form part of the Composite Trade Marks or of those marks on Schedule 5). At the
Licensor’s discretion, it may do so in its name, in the name of the Licensee, or in the name of both the Licensor and the Licensee, and the Licensee shall claim no rights against the Licensor as a result of any such action. 

 

	8.3.	If the Licensor decides to take affirmative action against or in response to any actual or suspected infringement of the Licensor’s Trade Marks, any actual or threatened claim that the Licensor’s Trade Marks
or the use thereof infringes the rights of any third party or any actions or proceedings (including registrations, cancellation and opposition proceedings or claims of invalidity) brought before the United States Patent and Trademark Office or any
foreign equivalent relating to the Licensor’s Trade Marks, the Licensee shall, if requested by Licensor and at Licensor’s expense, lend its name to such proceedings and otherwise assist the Licensor in taking all steps reasonably required
by the Licensor in respect of such action, including without limit, in respect of quantification of any damages claim based on the damages suffered by the Licensee as a result of the said infringement or claim. Except as expressly set out in Clause
8.5, recovery of costs or damages resulting from any such action or proceeding shall be distributed between the parties at the Licensor’s sole discretion and after reimbursement to the Licensor of any costs and expenses incurred by it in
relation to such action. 

  

	8.4.	Subject to Clause 8.5, the Licensee shall have no right to take any affirmative action against or in response to any actual or suspected infringement of the Licensor’s Trade Marks, any actual or threatened claim
that any of the Licensor’s Trade Marks or the use thereof infringes the rights of any third party or any actions or proceedings (including registrations, cancellation and opposition proceedings or claims of invalidity) brought before the United
States Patent and Trademark Office or any foreign equivalent relating to the Licensor’s Trade Marks without the prior written consent of the Licensor. Except as expressly set out in this Clause 8, any rights of the Licensee to take such action
(whether statutory or otherwise) shall be expressly disapplied to the maximum extent permitted by law. 

  
 18 

	8.5.	Each party may take affirmative action in its own name against or in response to any actual or suspected infringement of the Composite Trade Marks or of those marks on Schedule 5, any actual or threatened claim that any
of the Composite Trade Marks or any of those marks on Schedule 5, or the use thereof infringes the rights of any third party or any actions or proceedings (including registrations, cancellation and opposition proceedings or claims of invalidity)
brought before the United States Patent and Trademark Office or any foreign equivalent relating to the Composite Trade Marks or to those marks on Schedule 5 (it being understood that nothing herein is intended to give either party the right to take
affirmative action in its own name where the actual, suspected or threatened infringement relates only to an individual component of the Composite Trade Marks or of those marks on Schedule 5 which individual component, as a standalone mark, is
exclusively owned by the other party). Where the parties mutually agree to take such an action, it shall be pursued jointly in the joint names of the parties. When such action is pursued subject to joint agreement, the parties shall work together to
protect and enforce their collective rights in the applicable Composite Trade Mark or in the applicable mark on Schedule 5. In no event (regardless of whether or not the action is pursued jointly) shall either party, without the prior consent of the
other, admit liability or make any offer, promise, compromise, settlement, or communication with the third party in respect of any such action. Recovery of costs or damages resulting from any such joint action shall be distributed equitably between
the parties after the reimbursement to each party for its costs and expenses incurred in taking such action. All costs of any infringement proceedings or actions or proceedings brought before the United States Patent and Trademark Office or any
foreign equivalent relating to the Composite Trade Marks or to those marks on Schedule 5, whether instigated by the Licensee itself or in partnership with the Licensor, shall be borne by the Licensee. 

 

	9.	WARRANTIES, INDEMNITY AND LIABILITY 

  

	9.1.	The Licensor hereby represents and warrants to the Licensee that the Licensor owns all right, title and interest in and to the Licensor’s Trade Marks. 

 

	9.2.	 EACH PARTY ACKNOWLEDGES THAT, IN ENTERING INTO THIS AGREEMENT, IT DOES NOT DO SO IN RELIANCE ON ANY REPRESENTATION, WARRANTY OR

  
 19 

	 	
OTHER PROVISION EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT AND ANY CONDITIONS, WARRANTIES, REPRESENTATIONS, UNDERSTANDINGS OR OTHER TERMS, WHETHER EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE,
INCLUDING ANY REPRESENTATIONS OR WARRANTIES OF NON-INFRINGEMENT, ARE EXCLUDED FROM THIS AGREEMENT TO THE FULLEST EXTENT PERMITTED BY LAW. 

  

	9.3.	The Licensee shall indemnify and defend the Licensor and each of the Licensor’s affiliates from and against all suits, actions, claims, liabilities, damages, loss, costs and expenses whether actual or alleged,
including reasonable legal fees, court costs and other legal expenses, arising out of, in connection with, or relating to, (i) any breach by the Licensee of its representations, warranties or covenants under this Agreement, (ii) any use of
the Licensor’s Trade Marks, the Licensee’s Trade Marks or the Composite Trade Marks by the Licensee or anyone acting under authority of the Licensee (including any Licensee Group Company or Permitted Sub-licensee), and (iii) the
Licensee’s failure or the failure of any Licensee Group Company or Permitted Sub-licensee to comply with all applicable laws and regulations relating to the sale, promotion or advertising of the Services or the purpose of the relevant
sub-licence. 

  

	9.4.	Where the Licensor is seeking to rely upon one of the indemnities set out in Clause 9.3, in respect of any such suit, action or claim (whether actual or alleged) (a “Claim”), the Licensor shall:

  

	 	9.4.1	as soon as reasonably practicable give to the Licensee written notice of the Claim specifying in reasonable detail the nature of the Claim, and all details of the Claim from time to time in the knowledge or possession
of the Licensor; 

  

	 	9.4.2	with respect to any third party Claims, not, without the prior written consent of the Licensee, admit liability or make any offer, promise, compromise, settlement, or communication with the third party in respect of the
Claim; 

  

	 	9.4.3	use all reasonable endeavours to mitigate any loss arising out of such Claim by any third party; and 

  

	 	9.4.4	 with respect to any third party Claims, render all reasonable assistance to the Licensee in connection with the defence of any such Claim against the

  
 20 

	 	
Licensor (at the Licensee’s expense) and/or, at the request of the Licensee, (and against the Licensee providing to the reasonable satisfaction of the Licensor security for all costs,
charges and expenses) surrender to the Licensee or its insurers on its request the conduct in the Licensor’s name of the defence, settlement and/or counterclaim of the Claim (provided that the Licensor shall be kept informed as to the
conduct of such defence, settlement and/or counterclaim) and nothing in this Agreement shall prohibit the Licensor from issuing any press release in connection with any adverse publicity resulting from any such Claim (but provided that such
statement shall not contain any admission of liability). 

  

	9.5.	Notwithstanding anything in this Agreement to the contrary, the Licensor hereby expressly disclaims all liability for any and all: 

  

	 	9.5.1	special, punitive, incidental, indirect or consequential loss or damage; or 

  

	 	9.5.2	loss of profit, turnover, business, revenue, contracts, goodwill, reputation, anticipated savings or management time (whether direct or indirect); or 

 

	 	9.5.3	claims brought against the Licensee, any Licensee Group Company or the Permitted Sub-Licensees by any other party, which may arise out of or in connection with this Agreement or the performance or purported performance
of or delay or failure in the performance of its obligations under this Agreement and the Licensee hereby waives and releases any claims it might otherwise have to be compensated in connection with this Agreement for such loss or damage.

  

	9.6.	NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, THE TOTAL AGGREGATE LIABILITY OF THE LICENSOR UNDER THIS AGREEMENT OR OTHERWISE (WHETHER OR NOT CAUSED BY THE NEGLIGENCE OF THE LICENSOR, ITS EMPLOYEES,
CONSULTANTS, AGENTS OR SUB-CONTRACTORS) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT SHALL NOT EXCEED THE LESSER OF (I) THE SUMS RECEIVED BY THE LICENSOR FROM THE LICENSEE UNDER THIS AGREEMENT IN THE IMMEDIATELY PRECEDING TWELVE
(12) MONTH PERIOD FROM WHICH THE CLAIM AROSE, AND (II) FIVE HUNDRED THOUSAND US DOLLARS ($500,000). 

  
 21 

	9.7.	Nothing in this Agreement shall affect either party’s liability to the other for death or personal injury resulting from its own or that of its employees’, agents’, consultants’ or
sub-contractors’ negligence or for breach of any obligations implied by Section 12 of the Sale of Goods Act 1979, Schedule 1 of the Sale and Supply of Goods Act 1994 or under Part 1 of the Consumer Protection Act 1987 which liability shall
not be limited. 

  

	10.	TERMINATION 

  

	10.1.	The Licensor may terminate this Agreement at any time on giving written notice to the Licensee if: 

  

	 	10.1.1	the Licensee commits any material or persistent breach of any of the provisions of this Agreement (including as contemplated in Clause 3.3) and, in the case of a breach which is capable of remedy fails to remedy the
same within thirty (30) days after receipt of a written notice giving full particulars of the breach and requiring it to be remedied; or 

  

	 	10.1.2	the Licensee commits any material or persistent breach of any of the provisions of the Separation Agreement or the Registration Rights Agreement (it being understood that, with respect to any termination by the Licensor
pursuant to this Clause 10.1.2, the phase-out period set out in Clause 11.1.2 shall commence immediately upon the provision of such termination notice to the Licensee); or 

 

	 	10.1.3	an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of any of the Licensee, CBNA or CBPA or any of their
respective debts, or of a substantial part of any of their respective assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for any of the Licensee, CBNA or CBPA or for a substantial part of any of their respective assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or
an order or decree approving or ordering any of the foregoing shall be entered; or 

  
 22 

	 	10.1.4	any of the Licensee, CBNA or CBPA shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect, (ii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any of the Licensee, CBNA or CBPA or for a substantial
part of any of their respective assets, (iii) file an answer admitting the material allegations of a petition filed against any of them in any such proceeding, (iv) make a general assignment for the benefit of creditors or (v) take
any action for the purpose of effecting any of the foregoing; 

  

	 	10.1.5	the Licensee is the subject of a notice to strike off the register of companies or corporations in the United States or such other country where the Licensee is registered as a company; or 

 

	 	10.1.6	anything analogous to any of the foregoing under the laws of any jurisdiction outside England occurs in relation to the Licensee; or 

 

	 	10.1.7	the Licensee ceases, or threatens to cease, to carry on business; or 

  

	 	10.1.8	the Licensee undergoes a Change of Control; or 

  

	 	10.1.9	the Licensee fails to pay to the Licensor the Licence Fees in accordance with Clause 12.1; or 

  

	 	10.1.10	the Licensee or any Licensee Group Company disputes or contests, directly or indirectly, the validity of any of the Licensor’s Trade Marks or the Composite Trade Marks, or any of Licensor’s rights therein, or
counsels, procedures or assists anyone else to do the same; or 

  

	 	10.1.11	the Licensor, in its reasonable discretion, considers that the Licensee, any Licensee Group Company or any Permitted Sub-Licensee caused, directly or indirectly, any circumstances which could adversely affect the
validity, ownership (including any assignment of or granting of an encumbrance or security interest in the Composite Trade Marks) or integrity of any of the Licensor’s Trade Marks or the Composite Trade Marks in any respect. 

  
 23 

	10.2.	At any time during the Initial Term and the Extended Term, the Licensee shall also be entitled to terminate this Agreement by written notice to the Licensor upon the later of: (x) the Licensee ceasing to use all of
the Composite Trade Marks and the Daisy Design (to the extent contemplated by Clause 3.2); and (y) the cessation of use of all of the Licensor’s Trade Marks by the Permitted Sub-licensees. 

 

	11.	CONSEQUENCES OF EXPIRY OF AGREEMENT OR TERMINATION 

  

	11.1.	Forthwith upon expiry or termination of this Agreement in whole or in part: 

  

	 	11.1.1	The Licensee shall discontinue, and shall ensure that the Licensee Group Companies and the Permitted Sub-licensees discontinue, all further use of the Licensor’s Trade Marks (including the Composite Trade Marks) to
the extent of such termination, as relevant. 

  

	 	11.1.2	The Licensee shall remove, and shall ensure that the Licensee Group Companies and the Permitted Sub-licensees remove, any existing uses of the Licensor’s Trade Marks (including the Composite Trade Marks) from the
Services and any domain names, websites, company names, products, promotional items, premises and any other such existing uses. In the case of: (x) the expiration of this Agreement in the ordinary course at the end of the Initial Term or the
Extended Term, this shall be done by the end of the Initial Term or the Extended Term, and (y) termination of this Agreement (in whole or in part) prior to the expiry of the Initial Term or the Extended Term, this shall be done as soon as
practical and to the extent of such termination and, in any event, not later than six (6) months after such termination (without limiting the Licensee’s obligation to pay any Licence Fees pursuant to Clause 12.1 during such period).

  

	 	11.1.3	The Licensee shall not thereafter promote, sell or offer, and shall ensure that all Licensee Group Companies and Permitted Sub-licensees do not promote, sell or offer any Services under or by reference to any mark
identical to, confusingly similar to, or incorporating any of, the Licensor’s Trade Marks. 

  

	 	11.1.4	Any existing trade mark registrations and/or applications for the Composite Trade Marks shall be simply allowed to lapse on renewal (if a registration) and at the next official action (if in application stage).

  
 24 

	11.2.	Termination of this Agreement for whatever reason shall not affect the accrued rights of either party arising out of this Agreement as at the date of termination and, in particular but without limitation to, the right
to recover damages from the other. 

  

	11.3.	Forthwith upon a partial termination of this Agreement pursuant to Clause 3.1(x), except as provided therein: 

  

	 	11.3.1	The Licensee shall discontinue, and shall ensure that all Licensee Group Companies discontinue, all further use of any Existing Composite Trade Marks that incorporate the “RBS” mark and all further use of the
instances set forth on Schedule 5. 

  

	 	11.3.2	The Licensee shall remove, and shall ensure that all Licensee Group Companies remove, any existing uses of any Existing Composite Trade Marks that incorporate the “RBS” mark and any existing uses of the
instances set forth on Schedule 5 from the Services and any domain names, websites, company names and any other such existing uses. This shall be done as soon as practical and, in any event, not later than six (6) months after the partial
termination of this Agreement in respect of Licensee’s right to use the “RBS” mark. 

  

	 	11.3.3	The Licensee shall not thereafter promote, sell or offer any Services under or by reference to any mark identical to, confusingly similar to, or incorporating the “RBS” mark, and the Licensee shall ensure that
no Licensee Group Company shall engage in any of the foregoing. 

  

	 	11.3.4	Any existing trade mark and domain name registrations and/or applications for the Existing Composite Trade Marks and for those marks on Schedule 5, in each case, that incorporate the “RBS” mark shall be simply
allowed to lapse on renewal (if a registration) and at the next official action (if in application stage). 

  

	11.4.	Forthwith upon a partial termination of this Agreement pursuant to Clause 3.1(z): 

  

	 	11.4.1	The Licensee shall discontinue, and shall ensure that all Licensee Group Companies and Permitted Sub-licensees discontinue, all further use of the Licensor’s Trade Marks (including the Composite Trade Marks) in
relation to the applicable product or Services. 

  
 25 

	 	11.4.2	The Licensee shall remove, and shall ensure that all Licensee Group Companies and Permitted Sub-licensees remove, any existing uses of the Licensor’s Trade Marks (including the Composite Trade Marks) from the
applicable product or Services or in relation to any uses as contemplated in the Permitted Sub-licence Agreement. This shall be done as soon as practical and, in any event, no more than sixty (60) days after the commencement of the relevant
rebranding initiative as specified in Clause 3.1(z). 

  

	 	11.4.3	The Licensee shall not thereafter promote, sell or offer the applicable product or Services in the Territory under or by reference to any mark identical to, confusingly similar to, or incorporating any of, the
Licensor’s Trade Marks, and the Licensee shall ensure that no Licensee Group Company or Permitted Sub-licensees shall engage in any of the foregoing. 

  

	11.5.	For the avoidance of doubt, subject to Clause 12.1, a partial termination of this Agreement pursuant to Clause 3.1(x) or Clause 3.1(z) shall not affect Licensee’s obligation to pay any Licence Fees pursuant to
Clause 12.1. 

  

	11.6.	Termination or expiry of this Agreement shall, in all cases, be without prejudice to Clauses 1 (Definitions and Interpretation), the first sentence of 5.2 (Restrictions on Use), 9 (Warranties, Indemnity and Liability),
11 (Consequences of Termination), 13 (Power of Attorney), 16 (Entire Agreement), 17 (Severability), 18 (No Partnership, Joint Venture or Agency), 19 (Assignment), 20 (Waiver), 21 (Contracts (Rights of Third Parties) Act 1999), 22 (Counterparts) and
23 (Governing Law and Jurisdiction), all of which shall survive termination or expiry for whatever reason and continue in full force and effect. 

  
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	12.	LICENCE FEES 

  

	12.1.	From the Commencement Date to the expiry of the Initial Term or Extended Term, as applicable, the Licensee shall pay the Licensor the following licence fees in accordance with this Clause 12.1 (the “Licence
Fees”). 

  

	 	12.1.1	For each applicable period of the Initial Term and the Extended Term, as applicable, the Licensee will pay the Licensor the following: 

 

			
	 Year
	  	 Licence Fees

		
	During the Initial Term	  	One US Dollar ($1)
		
	First year of the Extended Term	  	Five hundred thousand US Dollars ($500,000)
		
	Second year of the Extended Term	  	Five hundred thousand US Dollars ($500,000)
		
	Third year of the Extended Term	  	Five hundred thousand US Dollars ($500,000)
		
	Fourth year of the Extended Term	  	Four million US Dollars ($4,000,000)
		
	Fifth year of the Extended Term	  	Five million US Dollars ($5,000,000)

  

	 	12.1.2	The applicable Licence Fee for the Initial Term is to be paid by the Licensee to the Licensor in advance of the Commencement Date. All other Licence Fees during the Extended Term must be paid by the Licensee to the
Licensor annually in advance and at least seven (7) business days prior to the commencement of the first, second, third, fourth and/or fifth year of the Extended Term, as applicable. 

 

	12.2.	Without limiting the Licensee’s obligation to pay any accrued but unpaid Licence Fees to Licensor, the Licensee’s obligation to pay Licence Fees to Licensor pursuant to Clause 12.1 shall cease once
(i) the Licensee has fully and finally ceased all use of the Composite Trade Marks (and the Licensor’s Trade Marks to the extent contemplated by Clause 3.2) throughout the Territory, (ii) all of the Licensee Group Companies and
Permitted Sub-licensees have fully and finally ceased to use the Licensor’s Trade Marks and the Composite Trade Marks; and (iii) the Licensee has provided the Licensor with a written declaration signed by an officer of the Licensee
certifying the foregoing. 

  

	12.3.	 All sums payable by a party under this Agreement shall be paid free and clear of any deductions, withholdings, set-offs or counterclaims, save only as
may be required by law. If any deductions or withholdings are required by law, the party making the payment 

  
 27 

	 	
shall be obliged to pay to the other party such sum as will after such deduction or withholding has been made leave the other party with a sum equal to the sum it would have been left with if no
such requirement to make a deduction or withholding had been required. The parties shall claim from the appropriate Tax Authority any exemption, rate reduction, refund, credit or similar benefit (including pursuant to any relevant tax treaty) to
which they are entitled in respect of any deduction or withholding in respect of which a payment has been made pursuant to this Clause 12.3 and, for such purposes shall, within any applicable time limits, submit any claims, notices, returns or
applications and send a copy thereof to the payer. If the recipient of a payment to which this Clause 12.3 receives a credit for or refund of any Tax payable or similar benefit by reason of any deduction or withholding for or on account of Tax, then
it shall reimburse to the other party such part of such additional amounts paid to it pursuant to this Clause 12.3 as the recipient of the payment certifies to the other party will leave it (after such reimbursement) in no better and no worse
position than it would have been if the other party had not been required to make such deduction or withholding. 

  

	12.4.	All amounts payable under this Agreement shall be deemed to be exclusive of any applicable VAT. If any amount falling due under this Agreement (from whatever cause) constitutes the consideration for a taxable supply of
goods and/or services for VAT purposes, then the person(s) to whom the goods or services are supplied shall, where the provider is the person liable to account for the applicable VAT to the relevant Tax Authority, pay VAT in addition to and at the
same time as the amount so falling due, against delivery of a valid VAT invoice. Where under the terms of this Agreement one party is liable to indemnify or reimburse another party in respect of any costs, the payment shall exclude the amount of any
recoverable input tax of the other party (or the representative member of any group of which that party is a member for VAT purposes in respect of such costs), and that other party shall use its reasonable endeavours (and shall procure that any such
relevant representative member shall use its reasonable endeavours) to recover such amount of VAT as may be practicable. 

  

	13.	IRREVOCABLE AUTHORITY 

  

	13.1.	 The Licensee hereby irrevocably authorises the Licensor to promptly execute and deliver and sign on behalf of the Licensee, any documents, forms,
instruments and (to the extent permitted by any relevant jurisdiction) deeds, or to do any such thing and generally to use the Licensee’s name as may be reasonably necessary for the purpose

  
 28 

	 	
of giving to the Licensor the full benefit of this Agreement in relation to the Licensor’s Trade Marks. The Licensor and the Licensee hereby undertake to each other to cooperate with their
respective reasonable requests to promptly execute and deliver any documents, forms, instruments and (to the extent permitted by any relevant jurisdiction) deeds, or to do any such thing as may be reasonably necessary for the purpose of giving to
the other the full benefit of this Agreement in relation to the Composite Trade Marks. 

  

	14.	NOTICE 

  

	14.1.	Any notice or other communication given under this Agreement shall be in writing and shall be served by (i) delivering it personally, (ii) sending it by registered airmail or a reputable overnight courier
service, or (iii) sending it by email, in each case to the address and for the attention of the relevant party set out in Clause 14.2 (or as otherwise notified by that party in writing). Any such notice shall be deemed to have been received:
(w) if delivered personally, at the time of delivery; (x) in the case of registered airmail, five (5) days from the date of posting; (y) in the case of overnight courier, forty eight (48) hours from the date of delivery to
the courier; and (z) in the case of email, at the time of transmission if subsequently confirmed by return email. 

  

	14.2.	The addresses and fax numbers of the parties for the purposes of Clause 14 are: 

  

	 	14.2.1	The Royal Bank of Scotland Group plc 

  

			
	Address:	    	The Royal Bank of Scotland Group plc
		
		    	Business House G, First Floor
		
		    	RBS Gogarburn
		
		    	PO Box 1000
		
		    	Edinburgh EH12 1HQ
		
		    	SCOTLAND
		
	For the attention of:	    	Group General Counsel
		
	With a copy to:	    	Head of Intellectual Property, RBS Legal
		
	Email:	    	chris.campbell@rbs.com
		
		    	ipunitrequests@rbs.co.uk

  
 29 

	 	14.2.2	Citizens Financial Group Inc 

  

			
	Address:	    	Citizens Financial Group Inc
		
		    	28 State Street
		
		    	Boston, MA 02109
		
		    	USA
		
	For the attention of:	    	Stephen T. Gannon, Esq., General Counsel

  

	14.3.	In proving such service it shall be sufficient to prove that the envelope containing such notice was addressed to the address of the relevant party set out in Clause 14.2 (or as otherwise notified by that party under
this Agreement) and delivered either to that address, into the custody of the postal authorities as a registered airmail letter or into the custody of a reputable courier for overnight delivery, or that the notice was transmitted by email to the
email address of the relevant party set out in Clause 14.2 (or as otherwise notified by that party of the relevant party). 

  

	15.	AMENDMENT 

  

	15.1.	This Agreement may not be amended except by an instrument in writing executed by duly authorised representatives of both parties. 

  

	16.	ENTIRE AGREEMENT 

  

	16.1.	The parties acknowledge that this Agreement together with the Schedules constitutes the entire agreement between the parties in respect of the matters contemplated herein, and supersedes and replaces all prior
agreements, representations and understandings and discussions between them, including the Previous Licence Agreements, which are hereby terminated. The parties confirm that they have not entered into this Agreement on the basis of any
representation that is not expressly included in or incorporated into this Agreement. 

  
 30 

	16.2.	Without limiting the generality of the foregoing, neither party shall have any remedy in respect of any untrue statement made to it upon which it may have relied in entering into this Agreement, and a party’s only
remedy is for breach of contract. Notwithstanding the foregoing, nothing in this Agreement purports to exclude liability for any fraudulent misrepresentation, statement or act. 

 

	17.	SEVERABILITY 

  

	17.1.	If any provision of this Agreement is determined to be illegal and unenforceable by any court of law or any competent governmental or other authority, the remaining provisions shall be severable and enforceable in
accordance with their terms so long as this Agreement without such terms or provisions does not fail of its essential purpose or purposes. The parties shall negotiate in good faith to replace any such illegal or unenforceable provision or provisions
with suitable provisions which shall maintain the economic purposes and intentions of this Agreement. 

  

	18.	NO PARTNERSHIP, JOINT VENTURE OR AGENCY 

  

	18.1.	Nothing contained in this Agreement shall be deemed to constitute or imply any partnership, joint venture, agency, fiduciary relationship or other relationship between the parties other than the contractual relationship
expressly provided for in this Agreement. 

  

	19.	ASSIGNMENT 

  

	19.1.	This Agreement is personal to the Licensee. The Licensee shall not assign, transfer, charge, deal, sub-contract, sub-licence (except as set forth in Clause 3.3) or in any other manner make over to any third party the
benefit and/or the burden of this Agreement, or purport to do any of the same, without the prior written consent of the Licensor. 

  
 31 

	20.	WAIVER 

  

	20.1.	A failure or delay of either party to enforce any of the provisions of this Agreement shall not operate as a waiver of such provision and shall not preclude or prejudice such party from later enforcing the same or any
other provisions of this Agreement. 

  

	21.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999 

  

	21.1.	Nothing in this Agreement or any other document referred to in this Agreement shall create any rights or confer any benefit on any third party under the Contracts (Rights of Third Parties) Act 1999 (the “1999
Act”). For the avoidance of doubt, the Licensor and the Licensee are entitled to vary, amend, rescind or terminate any of the provisions of this Agreement (in accordance with its terms) without notifying or seeking the consent of any third
party and the rights of the 1999 Act are hereby excluded. 

  

	22.	COUNTERPARTS 

  

	22.1.	This Agreement may be executed in any number of counterparts each of which when executed and delivered shall be deemed to be an original and all of which counterparts when taken together shall be deemed to constitute
one and the same instrument. 

  

	23.	GOVERNING LAW AND JURISDICTION 

  

	23.1.	The construction, validity and performance of this Agreement shall be governed in all respects by the laws of England and Wales and all disputes arising in any way out of or affecting this Agreement shall be subject to
the non-exclusive jurisdiction of the English Courts to which the parties agree to submit, save in respect of those issues relating to the validity or enforcement of any of the Licensor’s Trade Marks or the Composite Trade Marks which shall be
governed by the law of the country of registration (if any) of those rights. 

  
 32 

 AS WITNESS the hands of the parties hereto or their duly authorised representatives on the date first above
written: 
  

			
	For and on behalf of	  	
	THE ROYAL BANK OF SCOTLAND GROUP PLC
		
	By	  	
		
	  
	  	Authorised Attorney
		
	  
	  	Full Name
		
	  
	  	Position
		
	For and on behalf of	  	
	CITIZENS FINANCIAL GROUP INC.	  	
		
	By	  	
		
	  
	  	Authorised Signatory
		
	  
	  	Full Name
		
	  
	  	Position

 [Signature Page]EX-10.4

 Exhibit 10.4 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of [—], 2014 (this
“Agreement”), is by and between Citizens Financial Group, Inc., a Delaware corporation (the “Company”), and The Royal Bank of Scotland Group plc, a public limited company organized under the laws of Scotland
(Company Number SC045551) (“RBSG”). 
 W I T N E S S E T H: 

WHEREAS, the Company is currently contemplating an underwritten initial public offering (“IPO”) of shares of its
Common Stock (as defined below); and 
 WHEREAS, the Company desires to grant registration rights to RBSG on the terms and conditions
set out in this Agreement; 
 NOW, THEREFORE, in consideration of the covenants and agreements contained herein, the parties hereto agree as
follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 

“Action” means any demand, action, suit, countersuit, arbitration, inquiry, proceeding or investigation by or before
any Governmental Authority or any federal, state, local, foreign or international arbitration or mediation tribunal. 

“Affiliate” of any Person means a Person that controls, is controlled by, or is under common control with such Person;
provided, however, that, for purposes of this Agreement, the Company and its Subsidiaries shall not be considered to be “Affiliates” of RBSG and its Subsidiaries (other than the Company and
its Subsidiaries), and RBSG and its Subsidiaries (other than the Company and its Subsidiaries) shall not be considered to be “Affiliates” of the Company or its Subsidiaries. As used herein, “control” means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through ownership of voting securities or other interests, by contract or otherwise. 

“Agreement” has the meaning set forth in the preamble to this Agreement. 

“Business Day” means any day other than a Saturday, Sunday or a day on which banking institutions are authorized or
obligated by law to be closed in New York, New York or London, United Kingdom. 
 “Common Stock” shall mean
the shares of common stock, $0.01 par value per share, of the Company. 
 “Company Notice” has the meaning
set forth in Section 2.01(a). 

 “Company Takedown Notice” has the meaning set forth in Section
2.01(f). 
 “Demand Registration” has the meaning set forth in Section 2.01(a). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Governmental Authority” means any nation or government, any state, municipality or other political subdivision
thereof, and any entity, body, agency, commission, department, board, bureau, court, tribunal or other instrumentality, whether federal, state, local, domestic, foreign or multinational, exercising executive, legislative, judicial, regulatory,
administrative or other similar functions of, or pertaining to, government and any executive official thereof. 

“Holder” shall mean RBSG or any of its Subsidiaries, so long as such Person holds any Registrable Securities, and any
Person owning Registrable Securities who is a permitted transferee of rights under Section 3.03. 
 “Initiating
Holder” has the meaning set forth in Section 2.01(a). 
 “IPO” has the meaning set forth in the
recitals to this Agreement. 
 “Loss” or “Losses” has the meaning set forth in Section
2.08(a). 
 “Person” means an individual, a general or limited partnership, a corporation, a trust, a joint
venture, an unincorporated organization, a limited liability entity, any other entity and any Governmental Authority, 

“Piggyback Registration” has the meaning set forth in Section 2.02(a). 

“Prospectus” means the prospectus included in any Registration Statement, all amendments and supplements to such
prospectus, including post-effective amendments, and all other material incorporated by reference in such prospectus. 

“RBSG” has the meaning set forth in the preamble to this Agreement and shall include its successors, by merger,
acquisition, reorganization or otherwise. 
 “Registrable Securities” means any Shares and any securities
issued or issuable directly or indirectly with respect to, in exchange for, upon the conversion of or in replacement of the Shares, whether by way of a dividend or distribution or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation, exchange or other reorganization; provided that any such Shares shall cease to be Registrable Securities if (i) they have been registered and sold pursuant to an effective
Registration Statement, (ii) they have been transferred by a Holder in a transaction in which the Holder’s rights under this Agreement are not, or cannot be, assigned, (iii) they may be sold pursuant to Rule 144 under the Securities
Act without limitation thereunder on volume or manner of sale, or (iv) they have ceased to be outstanding. 

  
 2 

 “Registration” means a registration with the SEC of the offer and sale to
the public of Common Stock under a Registration Statement. The terms “Register,” “Registered” and “Registering” shall have a correlative meaning. 

“Registration Expenses” shall mean all expenses incident to the Company’s performance of or compliance with this
Agreement, including all (i) registration, qualification and filing fees; (ii) expenses incurred in connection with the preparation, printing and filing under the Securities Act of the Registration Statement, any Prospectus and any issuer
free writing prospectus and the distribution thereof; (iii) the fees and expenses of the Company’s counsel and independent accountants; (iv) the fees and expenses incurred in connection with the registration or qualification and
determination of eligibility for investment of the Shares under the state or foreign securities or blue sky laws and the preparation, printing and distribution of a World Sky Memorandum (including the related fees and expenses of counsel);
(v) the costs and charges of any transfer agent and any registrar; (vii) all expenses and application fees incurred in connection with any filing with, and clearance of an offering by, Financial Industry Regulatory Authority, Inc.;
(vii) expenses incurred in connection with any “road show” presentation to potential investors; (viii) printing expenses, messenger, telephone and delivery expenses; (ix) internal expenses of the Company (including
all salaries and expenses of employees of the Company performing legal or accounting duties); and (x) fees and expenses of listing any Registrable Securities on any securities exchange on which shares of Common Stock are then listed; but
excluding any Selling Expenses. 
 “Registration Period” has the meaning set forth in Section 2.01(c).

 “Registration Rights” shall mean the rights of the Holders to cause the Company to Register Registrable
Securities pursuant to this Agreement. 
 “Registration Statement” means any registration statement of the
Company filed with, or to be filed with, the SEC under the rules and regulations promulgated under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including post-effective amendments,
and all exhibits and all material incorporated by reference in such registration statement. 
 “SEC” has the
meaning set forth in the recitals to this Agreement. 
 “Securities Act” means the U.S. Securities Act of
1933, as amended. 
 “Selling Expenses” means all underwriting discounts, selling commissions and transfer
taxes applicable to the sale of Registrable Securities hereunder. 
 “Shares” means all shares of Common
Stock that are beneficially owned by RBSG or any of its Subsidiaries or any permitted transferee of rights under Section 3.03 from time to time, whether or not held immediately following the IPO. 

“Shelf Registration” means a Registration Statement of the Company for an offering to be made on a delayed or
continuous basis of Common Stock pursuant to Rule 415 under the Securities Act (or similar provisions then in effect). 

  
 3 

 “Subsidiary” means, when used with respect to any Person, (a) a
corporation in which such Person or one or more Subsidiaries of such Person, directly or indirectly, owns capital stock having a majority of the total voting power in the election of directors of all outstanding shares of all classes and series of
capital stock of such corporation entitled generally to vote in such election; and (b) any other Person (other than a corporation) in which such Person or one or more Subsidiaries of such Person, directly or indirectly, has (i) a majority
ownership interest or (ii) the power to elect or direct the election of a majority of the members of the governing body of such first-named Person. 

“Takedown Notice” has the meaning set forth in Section 2.01(f). 

“Underwritten Offering” means a Registration in which securities of the Company are sold to an underwriter or
underwriters on a firm commitment basis for reoffering to the public. 
 Section 1.02. General Interpretive
Principles. Whenever used in this Agreement, except as otherwise expressly provided or unless the context otherwise requires, any noun or pronoun shall be deemed to include the plural as well as the singular and to cover all genders. Whenever
the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without
limitation.” Unless otherwise specified, the terms “hereof,” “herein,” “hereunder” and similar terms refer to this Agreement as a whole
(including the exhibits hereto), and references herein to Articles and Sections refer to Articles and Sections of this Agreement. Except as otherwise indicated, all periods of time referred to herein shall include all Saturdays, Sundays and
holidays; provided, however, that if the date to perform the act or give any notice with respect to this Agreement shall fall on a day other than a Business Day, such act or notice may be performed or given timely if performed or given
on the next succeeding Business Day. References to a Person are also to its permitted successors and assigns. The parties have participated jointly in the negotiation and drafting of this Agreement and, in the event an ambiguity or question of
intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this
Agreement. 
 ARTICLE 2 

REGISTRATION RIGHTS 

Section 2.01. Registration. 

(a) Request. Any Holder(s) of Registrable Securities (collectively, the “Initiating Holder”)
shall have the right to request that the Company file a Registration Statement with the SEC on the appropriate registration form for all or part of the Registrable Securities held by such Holder once such Registrable Securities are no longer subject
to the underwriter lock-up applicable to the IPO (which may be due to the expiration or waiver of such lock-up with respect to such Registrable Securities) by delivering a written request to the Company specifying the kind and number of shares of
Registrable Securities such Holder wishes to Register and the intended method of  

  
 4 

 
distribution thereof (a “Demand Registration”). The Company shall (i) within 10 Business Days of the receipt of such request, give written notice of such Demand
Registration to all Holders of Registrable Securities (the “Company Notice”), (ii) use its reasonable best efforts to file a Registration Statement in respect of such Demand Registration within 45 days of receipt of the
request, and (iii) use its reasonable best efforts to cause such Registration Statement to become effective as soon as reasonably practicable thereafter. The Company shall include in such Registration all Registrable Securities that the Holders
request to be included within the 10 Business Days following their receipt of the Company Notice. 
 (b) Limitations of
Demand Registrations. There shall be no limitation on the number of Demand Registrations pursuant to Section 2.01(a); provided, however, that the Holders may not require the Company to effect more than six Demand Registrations in a
12-month period. In the event that any Person shall have received rights to Demand Registrations pursuant to Section 3.03, and such Person shall have made a Demand Registration request, such request shall be treated as having been made by the
Holder(s). The Registrable Securities requested to be Registered pursuant to Section 2.01(a) must represent (i) an aggregate offering price of Registrable Securities that is reasonably be expected to equal at least $150,000,000 or (ii) all
of the remaining Registrable Securities owned by the requesting Holder and its Affiliates. 
 (c) Effective
Registration. The Company shall be deemed to have effected a Registration for purposes of Section 2.01(b) if the Registration Statement is declared effective by the SEC or becomes effective upon filing with the SEC, and remains effective until
the earlier of (i) the date when all Registrable Securities thereunder have been sold and (ii) 40 days from the effective date of the Registration Statement (the “Registration Period”). No Registration shall
be deemed to have been effective if the conditions to closing specified in the underwriting agreement, if any, entered into in connection with such Registration are not satisfied by reason of the Company. If, during the Registration Period, such
Registration is interfered with by any stop order, injunction or other order or requirement of the SEC or other Governmental Authority, the Registration Period shall be extended on a day-for-day basis for any period the Holder is unable to complete
an offering as a result of such stop order, injunction or other order or requirement of the SEC or other Governmental Authority. 

(d) Underwritten Offering. If the Initiating Holder so indicates at the time of its request pursuant to Section 2.01(a), such
offering of Registrable Securities shall be in the form of an Underwritten Offering and the Company shall include such information in the Company Notice. In the event that the Initiating Holder intends to distribute the Registrable Securities by
means of an Underwritten Offering, no Holder may include Registrable Securities in such Registration unless such Holder, subject to the limitations set forth in Section 2.06, (i) agrees to sell its Registrable Securities on the basis
provided in the applicable underwriting arrangements; (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting
arrangements and (iii) cooperates with the Company’s reasonable requests in connection with such Registration (it being understood that the Company’s failure to perform its obligations hereunder, which failure is caused by such
Holder’s failure to cooperate, will not constitute a breach by the Company of this Agreement). 

  
 5 

 (e) Priority of Securities in an Underwritten Offering. If the managing underwriter or
underwriters of a proposed Underwritten Offering, including an Underwritten Offering from a Shelf Registration, pursuant to this Section 2.01 informs the Company and the Holders with Registrable Securities in the proposed Underwritten Offering in
writing that, in its or their opinion, the number of securities requested to be included in such Underwritten Offering exceeds the number that can be sold in such Underwritten Offering without being likely to have a significant adverse effect on the
price, timing or distribution of the securities offered or the market for the securities offered, then the number of securities to be included in such Underwritten Offering shall be reduced in the following order of priority: first, there
shall be excluded from the Underwritten Offering any securities to be sold for the account of any selling securityholder other than the Holders; second, there shall be excluded from the Underwritten Offering any securities to be sold for the
account of the Company; third, there shall be excluded from the Underwritten Offering any securities to be sold for the account of Holders other than RBSG and its Subsidiaries that have been requested to be included therein pro rata
based on the number of Registrable Securities owned by each such Holder; and finally, the number of Registrable Securities of RBSG and its Subsidiaries shall be reduced, in each case to the extent necessary to reduce the total number of
securities to be included in such offering to the number recommended by the managing underwriter or underwriters. 
 (f) Shelf
Registration. At any time after the date hereof when the Company is eligible to Register the applicable Registrable Securities on Form S-3 (or a successor form) and the Holder may request Demand Registrations, the requesting Holders may request
the Company to effect a Demand Registration as a Shelf Registration. There shall be no limitations on the number of Underwritten Offerings pursuant to a Shelf Registration; provided, however, that the Holders may not require the
Company to effect more than six Underwritten Offerings in a 12-month period. Any Holder of Registrable Securities included on a Shelf Registration shall have the right to request that the Company cooperate in a shelf takedown at any time, including
an Underwritten Offering, by delivering a written request thereof to the Company specifying the kind and number of shares of Registrable Securities such Holder wishes to include in the shelf takedown (“Takedown
Notice”). The Company shall (i) within 5 Business Days of the receipt of a Takedown Notice for an Underwritten Offering, give written notice of such Takedown Notice to all Holders of Registrable Securities included on such Shelf
Registration (the “Company Takedown Notice”), and (ii) shall take all actions reasonably requested by such Holder, including the filing of a Prospectus supplement and the other actions described in Section 2.04,
in accordance with the intended method of distribution set forth in the Takedown Notice as expeditiously as practicable. If the takedown is an Underwritten Offering, the Company shall include in such Underwritten Offering all Registrable Securities
that that the Holders request to be included within the 5 days following their receipt of the Company Takedown Notice. If the takedown is an Underwritten Offering, the Registrable Securities requested to be included in a shelf takedown must
represent (i) an aggregate offering price of Registrable Securities that is reasonably be expected to equal at least $50,000,000 or (ii) all of the remaining Registrable Securities owned by the requesting Holder and its Affiliates.

  
 6 

 (g) SEC Form. Except as set forth in the next sentence, the Company shall use its
reasonable best efforts to cause Demand Registrations to be Registered on Form S-3 (or any successor form), and if the Company is not then eligible under the Securities Act to use Form S-3, Demand Registrations shall be Registered on Form S-1 (or
any successor form). The Company shall use its reasonable best efforts to become eligible to use Form S-3 and, after becoming eligible to use Form S-3, shall use its reasonable best efforts to remain so eligible. All Demand Registrations shall
comply with applicable requirements of the Securities Act and, together with each Prospectus included, filed or otherwise furnished by the Company in connection therewith, shall not contain any untrue statement of material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading. 
 Section 2.02.
Piggyback Registrations.  
 (a) Participation. If the Company proposes to file a Registration
Statement under the Securities Act with respect to any offering of Common Stock for its own account and/or for the account of any other Persons (other than a Registration (i) under Section 2.01 hereof, (ii) pursuant to a Registration
Statement on Form S-8 (or other registration solely relating to an offering or sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit arrangement) or Form S-4 or similar form that relates to a
transaction subject to Rule 145 under the Securities Act, (iii) pursuant to any form that does not include substantially the same information as would be required to be included in a Registration Statement covering the sale of Registrable
Securities, (iv) in connection with any dividend reinvestment or similar plan or (v) for the sole purpose of offering securities to another entity or its security holders in connection with the acquisition of assets or securities of such
entity or any similar transaction), then, as soon as practicable (but in no event less than 15 days prior to the proposed date of filing such Registration Statement), the Company shall give written notice of such proposed filing to each Holder, and
such notice shall offer such Holders the opportunity to Register under such Registration Statement such number of Registrable Securities as each such Holder may request in writing (a “Piggyback Registration”). Subject to Section
2.02(a) and Section 2.02(c), the Company shall include in such Registration Statement all such Registrable Securities that are requested to be included therein within 12 days after the receipt of any such notice; provided,
however, that if, at any time after giving written notice of its intention to Register any securities pursuant to this Section 2.01(a) and prior to the effective date of the Registration Statement filed in connection with
such Registration, the Company shall determine for any reason not to Register or to delay Registration of such securities, the Company may, at its election, give written notice of such determination to each such Holder and, thereupon, (i) in
the case of a determination not to Register, shall be relieved of its obligation to Register any Registrable Securities in connection with such Registration and shall have no liability to any Holder in connection with such termination, without
prejudice, however, to the rights of any Holder to request that such Registration be effected as a Demand Registration under Section 2.01, and (ii) in the case of a  

  
 7 

 
determination to delay Registration, shall be permitted to delay Registering any Registrable Securities for the same period as the delay in Registering such other shares of Common Stock. No
Registration effected under this Section 2.02 shall relieve the Company of its obligation to effect any Demand Registration under Section 2.01. If the offering pursuant to a Registration Statement pursuant to this Section 2.02 is to be an
Underwritten Offering, then each Holder making a request for a Piggyback Registration pursuant to this Section 2.02(a) shall, and the Company shall use reasonable best efforts to coordinate arrangements with the underwriters so that each such Holder
may, participate in such Underwritten Offering. If the offering pursuant to such Registration Statement is to be on any other basis, then each Holder making a request for a Piggyback Registration pursuant to this Section 2.02(a) shall, and the
Company shall use reasonable best efforts to coordinate arrangements so that each such Holder may, participate in such offering on such basis. If the Company files a Shelf Registration for its own account and/or for the account of any other Persons,
the Company agrees that it shall use its reasonable best efforts to include in such Registration Statement such disclosures as may be required by Rule 430B under the Securities Act in order to ensure that the Holders may be added to such Shelf
Registration at a later time through the filing of a Prospectus supplement rather than a post-effective amendment. 
 (b) Right to
Withdraw. Each Holder shall have the right to withdraw such Holder’s request for inclusion of its Registrable Securities in any Underwritten Offering pursuant to this Section 2.02 at any time prior to the execution of an underwriting
agreement with respect thereto by giving written notice to the Company of such Holder’s request to withdraw and, subject to the preceding clause, each Holder shall be permitted to withdraw all or part of such Holder’s Registrable
Securities from a Piggyback Registration at any time prior to the effective date thereof. 
 (c) Priority of Piggyback
Registration. If the managing underwriter or underwriters of any proposed Underwritten Offering of a class of Registrable Securities included in a Piggyback Registration informs the Company and the Holders in writing that, in its or their
opinion, the number of securities of such class which such Holder and any other Persons intend to include in such Underwritten Offering exceeds the number which can be sold in such Underwritten Offering without being likely to have a significant
adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities to be included in such Underwritten Offering shall be reduced in the following order of priority:
first, there shall be excluded from the Underwritten Offering any securities to be sold for the account of any selling securityholder other than the Holders; second, there shall be excluded from the Underwritten Offering any securities
to be sold for the account of the Company; third, there shall be excluded from the Underwritten Offering any securities to be sold for the account of Holders other than RBSG and its Subsidiaries that have been requested to be included therein
pro rata based on the number of Registrable Securities owned by each such Holder; and finally, the number of Registrable Securities of RBSG and its Subsidiaries shall be reduced, in each case to the extent necessary to reduce the total
number of securities to be included in such offering to the number recommended by the managing underwriter or underwriters.  

  
 8 

 Section 2.03. Selection of Underwriter(s). In any Underwritten Offering pursuant to
Section 2.01 or Section 2.02 in which a Holder is participating, RBSG, in the event RBSG is participating, or the Holders of a majority of the outstanding Registrable Securities being included in the Underwritten Offering (the “Majority
Holders”), in the event RBSG is not participating, shall select the underwriter(s). RBSG or the Majority Holders shall consult with the Company in the selection of such underwriters by RBSG or such Majority Holders, provided that RBSG or
such Majority Holders, as applicable, shall be under no obligation to the Company as a result of or in connection with such consultation. 

Section 2.04. Registration Procedures.  

(a) In connection with the Registration and/or sale of Registrable Securities pursuant to this Agreement, through an Underwritten Offering or
otherwise, the Company shall use reasonable best efforts to effect or cause the Registration and the sale of such Registrable Securities in accordance with the intended methods of disposition thereof and: 

(i) prepare and file the required Registration Statement, including all exhibits and financial statements required under the
Securities Act to be filed therewith, and before filing with the SEC a Registration Statement or Prospectus, or any amendments or supplements thereto, (A) furnish to the underwriters, if any, and to the Holders participating in such
Registration, copies of all documents prepared to be filed, which documents will be subject to the review of such underwriters and such participating Holders and their respective counsel, and (B) consider in good faith any comments of the
underwriters and Holders and their respective counsel on such documents; 
 (ii) prepare and file with the SEC such
amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective in accordance with the terms of this Agreement and to comply with the
provisions of the Securities Act with respect to the disposition of all of the Shares Registered thereon; 
 (iii) in the
case of a Shelf Registration, prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and to
comply with the provisions of the Securities Act with respect to the disposition of all Shares subject thereto for a period ending on the 3rd anniversary after the effective date of such
Registration Statement; 
 (iv) notify the participating Holders and the managing underwriter or underwriters, if any, and
(if requested) confirm such advice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company (A) when the applicable Registration

  
 9 

 
Statement or any amendment thereto has been filed or becomes effective, or when the applicable Prospectus or any amendment or supplement to such Prospectus has been filed, (B) of any written
comments by the SEC or any request by the SEC or any other Governmental Authority for amendments or supplements to such Registration Statement or such Prospectus or for additional information, (C) of the issuance by the SEC of any stop order
suspending the effectiveness of such Registration Statement or any order preventing or suspending the use of any preliminary or final Prospectus or the initiation or threatening of any proceedings for such purposes, (D) if, at any time, the
representations and warranties of the Company in any applicable underwriting agreement cease to be true and correct in all material respects, and (E) of the receipt by the Company of any notification with respect to the suspension of the
qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; 

(v) promptly notify each selling Holder and the managing underwriter or underwriters, if any, when the Company becomes aware of
the occurrence of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement (as then in effect) contains any untrue statement of a material fact or omits to state a material fact
necessary to make the statements therein (in the case of such Prospectus and any preliminary Prospectus, in light of the circumstances under which they were made) not misleading or, if for any other reason it shall be necessary during such time
period to amend or supplement such Registration Statement or Prospectus in order to comply with the Securities Act and, in either case as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish without charge to the
selling Holder and the managing underwriter or underwriters, if any, an amendment or supplement to such Registration Statement or Prospectus which will correct such statement or omission or effect such compliance; 

(vi) use its reasonable best efforts to prevent or obtain the withdrawal of any stop order or other order suspending the use of
any preliminary or final Prospectus; 
 (vii) promptly incorporate in a Prospectus supplement or post-effective amendment
such information as the managing underwriters, if any, and the Holders may reasonably request to be included therein in order to permit the intended method of distribution of the Registrable Securities; and make all required filings of such
Prospectus supplement or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 

(viii) furnish to each selling Holder and each underwriter, if any, without charge, as many conformed copies as such Holder or
underwriter may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits
(including those incorporated by reference); 

  
 10 

 (ix) deliver to each selling Holder and each underwriter, if any, without charge,
as many copies of the applicable Prospectus (including each preliminary Prospectus) and any amendment or supplement thereto as such Holder or underwriter may reasonably request (it being understood that the Company consents to the use of such
Prospectus or any amendment or supplement thereto by each selling Holder and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus or any amendment or supplement thereto) and such
other documents as such selling Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities by such Holder or underwriter; 

(x) on or prior to the date on which the applicable Registration Statement is declared effective or becomes effective,
use its reasonable best efforts to register or qualify, and cooperate with each selling Holder, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the registration or qualification of such Registrable
Securities for offer and sale under the securities or “World Sky” laws of each state and other jurisdiction of the United States as any selling Holder or managing underwriter or underwriters, if any, or their respective counsel reasonably
request in writing and do any and all other acts or things reasonably necessary or advisable to keep such registration or qualification in effect for so long as such Registration Statement remains in effect and so as to permit the continuance of
sales and dealings in such jurisdictions of the United States for so long as may be necessary to complete the distribution of the Registrable Securities covered by the Registration Statement; provided that the Company will not be required to
qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject; 

(xi) in connection with any sale of Registrable Securities that will result in such securities no longer being
Registrable Securities, cooperate with each selling Holder and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any
restrictive Securities Act legends; and to register such Registrable Securities in such denominations and such names as such selling Holder or the underwriter(s), if any, may request at least two Business Days prior to such sale of Registrable
Securities; provided that the Company may satisfy its obligations hereunder without issuing physical stock certificates through the use of The Depository Trust Company’s Direct Registration System; 

(xii) cooperate and assist in any filings required to be made with the Financial Industry Regulatory Authority and each
securities exchange, if any, on which any of the Company’s securities are then listed or quoted and on each inter-dealer 

  
 11 

 
quotation system on which any of the Company’s securities are then quoted, and in the performance of any due diligence investigation by any underwriter (including any “qualified
independent underwriter”) that is required to be retained in accordance with the rules and regulations of each such exchange, and use its reasonable best efforts to cause the Registrable Securities covered by the applicable Registration
Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable
Securities; 
 (xiii) not later than the effective date of the applicable Registration Statement, provide a CUSIP
number for all Registrable Securities and provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for deposit with The Depository Trust Company; provided that the Company may
satisfy its obligations hereunder without issuing physical stock certificates through the use of The Depository Trust Company’s Direct Registration System; 

(xiv) in the case of an Underwritten Offering, obtain for delivery to and addressed to RBSG, if RBSG is participating, and the
underwriter or underwriters, an opinion from the Company’s outside counsel in customary form and content for the type of Underwritten Offering, dated the date of the closing under the underwriting agreement; 

(xv) in the case of an Underwritten Offering, obtain for delivery to and addressed to the underwriter or underwriters and, to
the extent agreed by the Company’s independent certified public accountants, each selling Holder, a comfort letter from the Company’s independent certified public accountants in customary form and content for the type of Underwritten
Offering, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting agreement; 

(xvi) use its reasonable best efforts to comply with all applicable rules and regulations of the SEC and make generally
available to its security holders, as soon as reasonably practicable, but no later than 90 days after the end of the 12-month period beginning with the first day of the Company’s first quarter commencing after the effective date of the
applicable Registration Statement, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder and covering the period of at least 12 months, but not more than 18
months, beginning with the first month after the effective date of the Registration Statement; 
 (xvii) provide and cause to
be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration Statement from and after a date not later than the effective date of such Registration Statement; 

  
 12 

 (xviii) cause all Registrable Securities covered by the applicable Registration
Statement to be listed on each securities exchange on which any of the Company’s securities are then listed or quoted and on each inter-dealer quotation system on which any of the Company’s securities are then quoted; 

(xix) provide (A) each Holder participating in the Registration, (B) the underwriters (which term, for
purposes of this Agreement, shall include a Person deemed to be an underwriter within the meaning of Section 2(11) of the Securities Act), if any, of the Registrable Securities to be Registered, (C) the sale or placement agent therefor, if
any, (D) counsel for such underwriters or agent, and (E) any attorney, accountant or other agent or representative retained by such Holder or any such underwriter, as selected by such Holder, the opportunity to participate in the
preparation of such Registration Statement, each Prospectus included therein or filed with the SEC, and each amendment or supplement thereto, and to require the insertion therein of material, furnished to the Company in writing, which in the
reasonable judgment of such Holder(s) and their counsel should be included; and for a reasonable period prior to the filing of such Registration Statement, make available upon reasonable notice at reasonable times and for reasonable periods for
inspection by the parties referred to in (A) through (E) above, all pertinent financial and other records, pertinent corporate documents and properties of the Company that are available to the Company, and cause all of the Company’s officers,
directors and employees and the independent public accountants who have certified its financial statements to make themselves available at reasonable times and for reasonable periods, to discuss the business of the Company and to supply all
information available to the Company reasonably requested by any such Person in connection with such Registration Statement as shall be necessary to enable them to exercise their due diligence responsibility, subject to the foregoing,
provided that any such Person gaining access to information or personnel pursuant to this Section 2.4(a)(xix) shall agree to use reasonable efforts to protect the confidentiality of any information regarding the Company which the Company
determines in good faith to be confidential, and of which determination such Person is notified, unless (A) the release of such information is required by law or regulation or is requested or required by deposition, interrogatory, requests for
information or documents by a governmental entity, subpoena or similar process, (B) such information is or becomes publicly known without a breach of this Agreement, (C) such information is or becomes available to such Person on a
non-confidential basis from a source other than the Company or (D) such information is independently developed by such Person; 

(xx) to cause the executive officers of the Company to participate in the customary “road show” presentations that
may be reasonably requested by the managing underwriter or underwriters in any Underwritten Offering and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling efforts related
thereto; and 
 (xxi) take all other customary steps reasonably necessary to effect the Registration, offering and sale of
the Registrable Securities. 

  
 13 

 (b) As a condition precedent to any Registration hereunder, the Company may require each Holder
as to which any Registration is being effected to furnish to the Company such information regarding the distribution of such securities and such other information relating to such Holder, its ownership of Registrable Securities and other matters as
the Company may from time to time reasonably request in writing. Each such Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this
Agreement. 
 (c) RBSG agrees, and any other Holder agrees by acquisition of such Registrable Securities, that, upon receipt of any written
notice from the Company of the occurrence of any event of the kind described in Section 2.04(a)(v), such Holder will forthwith discontinue disposition of Registrable Securities pursuant to such Registration Statement until such Holder’s receipt
of the copies of the supplemented or amended Prospectus contemplated by Section 2.04(a)(v), or until such Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and if so directed by the Company, such Holder will
deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the
event the Company shall give any such notice, the period during which the applicable Registration Statement for a Demand Registration is required to be maintained effective shall be extended by the number of days during the period from and including
the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated by Section 2.04(a)(v)
or is advised in writing by the Company that the use of the Prospectus may be resumed. 
 Section 2.05. Holdback Agreements.
Each of the Company and the Holders agrees, upon notice from the managing underwriter or underwriters in connection with any Registration for an Underwritten Offering of the Company’s securities (other than pursuant to a registration statement
on Form S-4 or any similar or successor form or pursuant to a registration solely relating to an offering and sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit plan arrangement), not to
effect (other than pursuant to such Registration) any public sale or distribution of Registrable Securities, including, but not limited to, any sale pursuant to Rule 144, or make any short sale of, loan, grant any option for the purchase of, or
otherwise dispose of, any Registrable Securities, any other equity securities of the Company or any securities convertible into or exchangeable or exercisable for any equity securities of the Company without the prior written consent of the managing
underwriters during such period as reasonably requested by the managing underwriters (but in no event longer than the seven days before and the 90 days after the pricing of such Underwritten Offering); provided, that such restrictions shall
not apply in any circumstance to (i) Registrable Securities acquired by a Holder in the public market subsequent to the IPO, (ii) distributions-in-kind to a Holder’s limited or other partners,

  
 14 

 
members, shareholders or other equity holders, (iii) Registrable Securities with regard to which RBSG has beneficial ownership pursuant to an investment advisory arrangement under which RBSG
provides investment advisory services to a non-related third party in connection with such Registrable Securities and does not derive a benefit from such Registrable Securities other than customary advisory or similar fees. Notwithstanding the
foregoing, no holdback agreements of the type contemplated by this Section 2.05 shall be required of Holders unless each of the Company’s directors and executive officers agrees to be bound by a substantially identical holdback agreement
for at least the same period of time. 
 Section 2.06. Underwriting Agreement in Underwritten Offerings. If requested by the
managing underwriters for any Underwritten Offering, the Company and the participating Holders shall enter into an underwriting agreement in customary form with such underwriters for such offering; provided, however, that no Holder
shall be required to make any representations or warranties to the Company or the underwriters (other than representations and warranties regarding (i) such Holder’s ownership of Registrable Securities to be transferred free and clear of
all liens, claims and encumbrances created by such Holder, (ii) such Holder’s power and authority to effect such transfer, (iii) such matters pertaining to such Holder’s compliance with securities laws as reasonably may be
requested and (iv) such Holder’s intended method of distribution) or to undertake any indemnification obligations to the Company with respect thereto, except as otherwise provided in Section 2.08 hereof. 

Section 2.07. Registration Expenses Paid By Company. In the case of any Registration of Registrable Securities required pursuant
to this Agreement (including any Registration that is delayed or withdrawn) or proposed Underwritten Offering pursuant to this Agreement, the Company shall pay all Registration Expenses regardless of whether the Registration Statement becomes
effective or the Underwritten Offering is completed. The Company shall have no obligation to pay any Selling Expenses. 

Section 2.08. Indemnification. 

(a) Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the full extent permitted by law, each
Holder and such Holder’s officers, directors, employees, advisors, Affiliates and agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Holder from and against any and all losses, claims,
damages, liabilities (or actions in respect thereof, whether or not such indemnified party is a party thereto) and expenses, joint or several (including reasonable costs of investigation and legal expenses) (each, a
“Loss” and collectively “Losses”) arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which the
sale of such Registrable Securities was Registered under the Securities Act (including any final or preliminary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or any
such statement made in any free writing prospectus (as defined in Rule 405 under the Securities Act) that the Company has filed or is required to file pursuant to Rule 433(d) of the Securities Act, or (ii) any omission or alleged omission to
state therein a material  

  
 15 

 
fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or free writing prospectus, in light of the circumstances
under which they were made) not misleading; provided, however, that the Company shall not be liable to any particular indemnified party in any such case to the extent that any such Loss arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in any such Registration Statement in reliance upon and in conformity with written information furnished to the Company by such indemnified party expressly for use in the
preparation thereof. This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified
party and shall survive the transfer of such securities by such Holder. 
 (b) Indemnification by the Selling Holder.
Each selling Holder agrees (severally and not jointly) to indemnify and hold harmless, to the full extent permitted by law, the Company and the Company’s directors, officers, employees, advisors, Affiliates and agents and each Person who
controls the Company (within the meaning of the Securities Act and the Exchange Act) from and against any Losses arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement
under which the sale of such Registrable Securities was Registered under the Securities Act (including any final or preliminary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference
therein), or any such statement made in any free writing prospectus that the Company has filed or is required to file pursuant to Rule 433(d) of the Securities Act, or (ii) any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or free writing prospectus, in light of the circumstances under which they were made) not misleading to the extent, but,
in each case (i) or (ii), only to the extent, that such untrue statement or omission is contained in any information furnished in writing by such selling Holder to the Company expressly for inclusion in such Registration Statement, Prospectus,
preliminary Prospectus or free writing prospectus. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder under the sale of the Registrable Securities
giving rise to such indemnification obligation. This indemnity shall be in addition to any liability the selling Holder may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of
the Company or any indemnified party. 
 (c) Conduct of Indemnification Proceedings. Any Person entitled to
indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying party shall relieve the
indemnifying party of its obligations hereunder to the extent that it is materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory
to the indemnified party; provided, however, that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees and expenses
 

  
 16 

 
of such counsel shall be at the expense of such Person unless (a) the indemnifying party has agreed in writing to pay such fees or expenses, (b) the indemnifying party shall have
failed to assume the defense of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder or fails to employ counsel reasonably satisfactory to such Person or to pursue the
defense of such claim in a reasonably vigorous manner, (c) the named parties to any proceeding include both such indemnified and the indemnifying party and the indemnified party has reasonably concluded (based on written advice of counsel) that
there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (d) in the reasonable judgment of any such Person, based upon written advice of its
counsel, a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the
expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to
any liability for any settlement made without its consent, but such consent may not be unreasonably withheld, conditioned or delayed. If the indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such
action without the consent of the indemnified party, which consent may not be unreasonably withheld, conditioned or delayed. No indemnifying party shall consent to entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation. It is understood that the indemnifying party or parties shall not, in
connection with any proceeding or related proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm (in addition to any appropriate local
counsel) at any one time from all such indemnified party or parties unless (x) the employment of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has reasonably concluded
(based on written advice of counsel) that there may be legal defenses available to it that are different from or in addition to those available to the other indemnified parties or (z) a conflict or potential conflict exists or in the reasonable
judgment of such Person may exist (based on advice of counsel to an indemnified party) between such indemnified party or parties and the other indemnified parties, in each of which cases the indemnifying party shall be obligated to pay the
reasonable fees and expenses of such additional counsel. 
 (d) Contribution. If for any reason the indemnification
provided for in Section 2.08(a) or Section 2.08(b) is unavailable to an indemnified party or insufficient to hold it harmless as contemplated by Section 2.08(a) or Section 2.08(b), then the indemnifying party shall, in lieu of indemnifying such
indemnified party thereunder, contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified
party on the other hand in connection with the statements or omissions which resulted in such Loss as well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, 

  
 17 

 
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or the
indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. Notwithstanding anything in this Section 2.08(d) to the contrary, no indemnifying
party (other than the Company) shall be required pursuant to this Section 2.08(d) to contribute any amount in excess of the amount by which the net proceeds received by such indemnifying party from the sale of Registrable Securities in the offering
to which the Losses of the indemnified parties relate (before deducting expenses, if any) exceeds the amount of any damages which such indemnifying party has otherwise been required to pay by reason of such untrue statement or omission. The parties
hereto agree that it would not be just and equitable if contribution pursuant to this Section 2.08(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to in this Section 2.08(d). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. The amount paid or payable by an indemnified party hereunder shall be deemed to include, for purposes of this Section 2.08(d), any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. If
indemnification is available under this Section 2.08, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Section 2.08(a) and Section 2.08(b) hereof without regard to the relative fault of said indemnifying
parties or indemnified party. 
 Section 2.09. Reporting Requirements; Rule 144. The Company shall use its reasonable
best efforts to be and remain in compliance with the periodic filing requirements imposed under the SEC’s rules and regulations, including the Exchange Act, and thereafter shall timely file such information, documents and reports as the SEC may
require or prescribe under Section 13 or 15(d) (whichever is applicable) of the Exchange Act. If the Company is not required to file such reports during such period, it will, upon the request of any Holder, make publicly available such
necessary information for so long as necessary to permit sales pursuant to Rule 144 or Regulation S under the Securities Act, and it will take such further action as any Holder may reasonably request, all to the extent required from time to time to
enable such Holder to sell Registrable Securities without Registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 or Regulation S under the Securities Act, as such Rules may be amended from time to
time, or (b) any rule or regulation hereafter adopted by the SEC. From and after the date hereof through the date upon which no Holder owns any Registrable Securities, the Company shall forthwith upon request furnish any Holder (i) a
written statement by the Company as to whether it has complied with such requirements and, if not, the specifics thereof, (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such other reports and documents
filed by the Company with the SEC as such Holder may reasonably request in availing itself of an exemption for the sale of Registrable Securities without registration under the Securities Act. 

  
 18 

 ARTICLE 3 

MISCELLANEOUS 

Section 3.01. Term. This Agreement shall terminate upon the earlier of (i) such time as there are no Registrable Securities
and (ii) the Final Withdrawal Date (as defined in the Separation Agreement), except for the provisions of Section 2.07 and Section 2.08 and all of this Article 3, which shall survive any such termination. 

Section 3.02. Notices. All notices or other communications under this Agreement shall be in writing and shall be deemed to be duly
given when (a) delivered in person or (b) deposited in the United States mail or private express mail, postage prepaid, addressed as follows: 

If to RBSG, to: 
 The Royal Bank
of Scotland Group plc 
 Business House G, First Floor 

RBS Gogarburn 
 PO Box 1000 

Edinburgh EH12 1HQ 
 Scotland 

Attention: Group General Counsel 

with a copy to: 
 General
Counsel, Corporate / M&A 
 chris.campbell@rbs.com 

rushad.abadan@rbs.com 
 If to the
Company to: 
 Citizens Financial Group, Inc. 

One Citizens Plaza 
 Providence,
RI 02903 
 Attention: John J. Fawcett, Chief Financial Officer 

with a copy to: 
 Citizens
Financial Group, Inc. 
 28 State Street, 12th Floor, MS 1225 

Boston, MA 02109 
 Attention:
David A. Bright, Senior Vice President and Senior Counsel 
 Any party may, by notice to the other party, change the address to which such notices are to be
given. 
 Section 3.03. Successors, Assigns and Transferees. This Agreement and all provisions hereof shall be binding
upon and inure to the benefit of the parties hereto and  

  
 19 

 
their respective successors and permitted assigns. The Company may assign this Agreement at any time in connection with a sale or acquisition of the Company, whether by merger, consolidation,
sale of all or substantially all of the Company’s assets, or similar transaction, without the consent of the Holders; provided that the successor or acquiring Person agrees in writing to assume all of the Company’s rights and
obligations under this Agreement. A Holder may assign its rights and obligations under this Agreement to any transferee that acquires at least 5% of the outstanding shares of Common Stock and executes an agreement to be bound hereby in the form
attached hereto as Exhibit A, an executed counterpart of which shall be furnished to the Company. Notwithstanding the foregoing, if such transfer is subject to covenants, agreements or other undertakings restricting transferability thereof,
the Registration Rights shall not be transferred in connection with such transfer unless such transferee complies with all such covenants, agreements and other undertakings. 

Section 3.04. GOVERNING LAW; NO JURY TRIAL.  

(a) This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of New York, without regard to
the conflict of laws principles thereof that would result in the application of any law other than the laws of the State of New York. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY WITH RESPECT TO ANY COURT PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF AND PERMITTED UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO
ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE. 
 (b) With respect to any Action
relating to or arising out of this Agreement, each party to this Agreement irrevocably (i) consents and submits to the exclusive jurisdiction of the courts of the State of New York and any court of the United States located in the Borough of
Manhattan in New York City; (ii) waives any objection which such party may have at any time to the laying of venue of any Action brought in any such court, waives any claim that such Action has been brought in an inconvenient forum and further
waives the right to object, with respect to such Action, that such court does not have jurisdiction over such party; and (iii) consents to the service of process at the address set forth for notices in Section 3.02 herein; provided,
however, that such manner of service of process shall not preclude the service of process in any other manner permitted under applicable law. 

Section 3.05. Specific Performance. In the event of any actual or threatened default in, or breach of, any of the terms,
conditions and provisions of this Agreement, the party or parties who are or are to be thereby aggrieved shall have the right to seek 

  
 20 

 
specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and
remedies shall be cumulative. 
 Section 3.06. Headings. The article, section and paragraph headings contained in this Agreement
are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 Section 3.07.
Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof or the
application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated
thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to any party. Upon such determination, the parties shall negotiate in good faith in an effort to agree upon such a
suitable and equitable provision to effect the original intent of the parties. 
 Section 3.08. Amendment; Waiver. 

 (a) This Agreement may not be amended or modified and waivers and consents to departures from the provisions hereof may not be given,
except by an instrument or instruments in writing making specific reference to this Agreement and signed by the Company and RBSG or, if neither RBSG or any of its Affiliates is a Holder, the Holders of a majority of the Registrable Securities. 

(b) Waiver by any party of any default by the other party of any provision of this Agreement shall not be deemed a waiver by the waiving party
of any subsequent or other default, nor shall it prejudice the rights of the other party. 
 Section 3.09. Further
Assurances. Each of the parties hereto shall execute and deliver all additional documents, agreements and instruments and shall do any and all acts and things reasonably requested by the other party hereto in connection with the performance of
its obligations undertaken in this Agreement. 
 Section 3.10. Counterparts. This Agreement may be executed in one or
more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party. Execution of this Agreement or any
other documents pursuant to this Agreement by facsimile or other electronic copy of a signature shall be deemed to be, and shall have the same effect as, executed by an original signature. 

[The remainder of page intentionally left blank. Signature page follows.] 

  
 21 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the
date first written above. 
  

			
	CITIZENS FINANCIAL GROUP, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	THE ROYAL BANK OF SCOTLAND GROUP PLC
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT A 

THIS INSTRUMENT forms part of the Registration Rights Agreement (the “Agreement”), dated as of
            , 2014, by and among Citizens Financial Group, Inc., a Delaware corporation, and The Royal Bank of Scotland Group plc, a public limited company organized under the laws of
Scotland (“RBSG”). The undersigned hereby acknowledges having received a copy of the Agreement and having read the Agreement in its entirety, and for good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, and intending to be legally bound, hereby agrees that the terms and conditions of the Agreement binding upon and inuring to the benefit of RBSG shall be binding upon and inure to the benefit of the undersigned and its successors and
permitted assigns as if it were an original party to the Agreement. 
 IN WITNESS WHEREOF, the undersigned has executed this
instrument on this      day of             , 20    . 
  

			
	By:	 	  

		 	Name:
		 	Title:

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