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Exhibit 10.1  

 
 

SERVICES AGREEMENT    
    

        SERVICES AGREEMENT (this "Agreement"), effective as of May 1, 2005 ("Effective Date") by and between  News
Corporation, a Delaware corporation ("News Corporation"), and The DIRECTV Group, Inc., a
Delaware corporation (the "Company"). 

        WHEREAS, News Corporation has agreed to make available (or cause to be made available) to the Company certain services and facilities on
the terms and conditions set forth herein; and 

        WHEREAS, the Company may, from time to time, provide services and facilities to News Corporation. 

        NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, the parties hereto do hereby
agree as follows: 

SECTION 1.    SERVICES

	1.1
	Services
to be Made Available to the Company. 

        1.1.1    Services of Individuals.    

        (a)   From
the Effective Date and continuing until termination of this Agreement pursuant to Section 2.1 of this Agreement, News Corporation shall make available (or
cause to be made available) the services of such employees of News Corporation or its subsidiaries as the parties hereto may agree from time to
time (each, an "Individual" and collectively, the "Individuals") on a non-exclusive basis (the period from the date of an Individual's appointment by the Company until the termination of
News Corporation's obligation to make available such Individual's services to the Company pursuant to Section 2.1 of this Agreement being hereafter referred to as the "Service Period" for such
Individual). During the applicable Service Period, the Individuals shall serve in such capacities, and shall devote such percentage or hours of their business time to providing services to the Company
and its subsidiaries, as the parties hereto may agree from time to time (any such Individual whom the parties hereto agree is to devote substantially all of his or her business time during such
Individual's Service Period to be referred to hereunder as a "Full-Time Individual"). Such Individuals shall report to such persons as the parties hereto may agree. 

        (b)   As
to each Individual to provide services pursuant to this Section 1.1.1, a schedule shall be prepared reflecting the agreement between the Company and News
Corporation which shall include the following information: 

	1.
	Identification
of the Individual;

	2.
	Anticipated
length of the Service Period;

	3.
	Whether
the Individual is intended to be a "Full Time Individual";

	4.
	To
whom the Individual will report at the Company; and

	5.
	The
Individual's Compensation and Benefits and, with respect to those Individuals that are not Full-Time Individuals, the portion of such Compensation and Benefits that
will be payable by the Company in accordance with Section 1.2 hereof. 

        (c)   Each
such schedule shall be acknowledged by both parties and be appended to and become part of this Agreement. The Company acknowledges that the Individuals may be
officers of News Corporation and/or certain of its subsidiaries, and that, during the applicable Service Period, such persons may continue to provide services to such other entities, and may have
fiduciary and other obligations to such other entities. Nothing herein shall be deemed to affect in any respect the fiduciary obligations of such Individuals to News Corporation and its 

 

subsidiaries
and affiliates. Notwithstanding the foregoing, News Corporation acknowledges that the Individuals may also have fiduciary obligations to the Company and its Subsidiaries. 

        (d)   The
Company and News Corporation acknowledge that, from time to time during the applicable Service Period, each of the Individuals (i) may, by reason of his or
her positions, become subject to conflicts or potential conflicts of interest between News Corporation or its subsidiaries or affiliates and the Company or its subsidiaries or affiliates, or
(ii) may become aware of corporate opportunities which may be of interest to News Corporation or its subsidiaries and affiliates and the Company or its subsidiaries and affiliates. The Company
and News Corporation hereby acknowledge that except, in the case of the Individuals, where the failure to have such rights would be in contravention of applicable laws, rules and regulations, each of
them shall have no right at any time against any Individual or against News Corporation or any of its subsidiaries or affiliates (or against the Company or any of its subsidiaries or affiliates, as
the case may be) arising out of or resulting from, such conflicts of interest or failure to disclose or to properly respond to such corporate opportunities. Notwithstanding the foregoing, the Company
and the News Corporation shall instruct each Individual that if an Individual becomes aware that his/her continued service under this Agreement creates such a conflict of interest, the Individual is
to promptly disclose this matter to individuals to whom the Individual will report at both the Company and News Corporation. 

        (e)   Any
Individual providing services to the Company or its subsidiaries shall remain an employee of News Corporation (or its subsidiary as the case may be) and shall not be
deemed to be an employee of the Company or its subsidiaries. Except as provided herein, all matters related to the employment of any Individual shall be the responsibility of News Corporation (or its
subsidiary as the case may be). 

        1.1.2    Other Services.    As of the Effective Date and continuing until termination of this Agreement pursuant to
Section 2.2 of this Agreement, News Corporation shall make available (or cause to be made available) certain other services ("Other Services") as the Company and News Corporation shall mutually
agree from time to time, which may include, without limitation, the following: 

	•
	Travel
Services

	•
	Information
Technology Services

	•
	Legal
Services

	•
	Other
General and Administrative Services

	•
	Participation
in Other Group Purchasing Programs 

As
to each of the Other Services provided pursuant to this Section 1.1.2, a schedule shall be prepared reflecting the agreement between the Company and News Corporation which shall include the
following information: 

	1.
	Identification
of the Other Service and a general description of how the Other Service will be provided;

	2.
	Anticipated
length of time that the Other Services will be provided;

	3.
	A
responsible person at both the Company and at News Corporation who will represent the respective party as to all matters related to the delivery of the specific Other Service; and

	4.
	The
estimated cost of the Other Service to the Company. 

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Each
such schedule shall be acknowledged by both parties and be appended to and become part of this Agreement. 

        1.2    Consideration for Services.    As consideration for (i) the services to be provided by Individuals to
the Company pursuant to Section 1.1.1 of this Agreement and (ii) Other Services, the Company shall pay News Corporation (or an affiliate of News Corporation designated by News
Corporation) an amount equal to the sum of (w) the total compensation (including, without limitation, salary, bonus, FICA, and tax gross-up payments) ("Compensation") paid or
payable to any Full-Time Individual by News Corporation during such Individual's Service Period, and benefits (including, without limitation, health, deferred compensation and life
insurance) ("Benefits") paid or payable pursuant to any pension or welfare benefit plan (or the actuarial equivalent thereof based upon assumptions used in the relevant actuarial report in the case of
a defined benefit plan) to any Full-Time Individual by News Corporation during such Individual's Service Period, (x) such share, as the parties hereto may agree from time to time,
of Compensation and Benefits paid to any other Individuals by News Corporation during the Service Period of such Individuals, (y) the amount of any reasonable
out-of-pocket expenses of any of the Individuals reimbursed by News Corporation or any of its affiliates, and (z) the Company's allocable share of the costs of News
Corporation or any of its affiliates of providing Other Services. News Corporation shall provide a monthly statement to the Company which shall set forth the amounts due to News Corporation under this
Section 1.2. 

SECTION 2.    TERMINATION

        2.1    Termination With Respect to Individuals.    With respect to services of Individuals pursuant to
Section 1.1.1 of this Agreement, News Corporation may terminate its provision of services of an Individual to the Company by at least sixty (60) days' prior written notice to the
Company, and the Company may terminate this Agreement as to any Individual by at least sixty (60) days' prior written notice to News Corporation. 

        2.2    Termination With Respect to Other Services.    With respect to Other Services, News Corporation may terminate
its provision of any or all Other Services to the Company by at least sixty (60) days' prior written notice to the Company, and the Company may terminate this Agreement as to any or all Other
Services by at least sixty (60) days' prior written notice to News Corporation. 

SECTION 3.    FACILITIES 

        Until
the Facilities Termination Date (as defined below), News Corporation shall cause News America Incorporated ("NAI") to make available to the Company (including the Company's
subsidiaries) such office facilities and related services, systems and equipment at the New York City offices of NAI as shall be agreed from time to time by News Corporation, the Company and NAI. In
consideration thereof, the Company shall pay NAI (or such other affiliate of NAI designated by News Corporation) for the Company's allocable share of any and all expenses incurred by NAI related to
such office facilities, services, systems and equipment, including, without limitation, rent, commercial rent occupancy taxes, escalations for real estate taxes and operating costs, maintenance and
repair, cleaning, steam, condensed water, common area usage, supplies, utilities, depreciation and amortization expenses related to leasehold improvements and other depreciable and amortizable items
covered by the Agreement (whether made or placed into service prior to or after the effective date of the Agreement and, so long as such leasehold improvements or other depreciable and amortizable
items were not otherwise paid for by the Company or already included in the calculation of rent or other charges). As used herein, the "Facilities Termination Date" shall be the earlier of
(x) the date that is 120 days after delivery of written notice of termination from News Corporation and NAI to the Company, or from the Company to News Corporation and NAI, as the case
may be, and (y) the date that News Corporation ceases to directly or indirectly control 15% of the outstanding voting stock of either NAI or the Company (or their successors or permitted
assigns). 

3

 

        Attached
hereto as Appendix A is a schedule outlining as of the date hereof a description of the facilities provided by NAI to the Company including the square footage, services,
systems and equipment and all related expenses to be charged to the Company pursuant hereto along with any adjustment factor to any of these expenses. Appendix A shall be updated from time to
time to reflect any agreement between the parties adjusting any of these parameters. 

SECTION
4.    SERVICES BY THE COMPANY 

        To
the extent that the Company provides Individuals or Other Services to News Corporation or its subsidiaries, the same terms and conditions shall apply to such Individuals and Other
Services as provided herein. 

SECTION
5.    MISCELLANEOUS 

        5.1    Entire Agreement.    This Agreement and the appendices and schedules attached hereto contain, and are intended
as, a complete statement of all of the terms of the arrangements between the parties hereto
with respect to the matters provided for herein, and supersedes any previous agreements and understandings between the parties hereto with respect to those matters. 

        5.2    Governing Law.    This Agreement shall be governed by, and construed and enforced in accordance with, the laws
of the State of New York. 

        5.3    Notices.    All notices and other communications under this Agreement shall be in writing and shall be
delivered personally, telecopied (if receipt of which is confirmed by the person to whom sent), sent by nationally recognized overnight delivery service or mailed by registered or certified mail (if
return receipt is requested) to the parties hereto at the following addresses or to such other person or address for a party as shall be specified by such party by like notice (notice shall be deemed
given upon receipt, if delivered personally; when delivered to the delivery service, if by overnight delivery service; when sent, if by telecopy; or on the third business day following mailing, if
mailed, except that notice of a change of address shall not be deemed given until actually received): 

        If
to News Corporation or NAI, to: 

	 	News Corporation

1211 Avenue of the Americas

New York, New York 10036
	 	Attention:	Senior Executive Vice President and

    Group General Counsel

Facsimile No.: 212-852-7896

        If to the Company, to: 

	 	 	The DIRECTV Group, Inc.

2230 East Imperial Hwy.

El Segundo, CA 90245
	 	 	Attention:	Larry Hunter

Executive Vice President and General Counsel

    and Secretary

Facsimile No.: 310-964-0383

        5.4    Separability.    If at any time any of the covenants or the provisions contained herein
shall be deemed invalid or unenforceable by the laws of the jurisdiction wherein it is to be enforced, such covenants or provisions shall be considered divisible as to such portion and such covenants
or provisions shall become and be immediately amended and reformed to include only such covenants or provisions as are enforceable by the court or other body having jurisdiction over this Agreement.
The 

4

 

parties
hereto agree that such covenants or provisions, as so amended and reformed, shall be valid and binding as though the invalid or unenforceable portion had not been included herein. 

        5.5    Amendment; Waiver.    No provision of this Agreement may be amended or modified except by an instrument or
instruments in writing signed by the parties hereto. No waiver of any provision hereof shall be construed as a waiver of any other provision. Any waiver must be in writing. 

        5.6    Assignment and Binding Effect.    Neither party may assign any of its rights or delegate any of its duties
under this Agreement without the prior written consent of the other party. All of the terms and provisions of this Agreement shall be binding on, and shall inure to the benefit of, the respective
successors and permitted assigns of the parties hereto. 

        5.7    No Benefit to Others.    The representations, warranties, covenants and agreements contained in this Agreement
are for the sole benefit of the parties hereto and their respective successors and permitted assigns and they shall not be construed as conferring and are not intended to confer any rights on any
other persons including any Individuals. 

        5.8    Counterparts.    This Agreement may be executed in counterparts, each of which shall be deemed an original, and
each party may become a party hereto by executing a counterpart hereof. This Agreement and any counterpart so executed shall be deemed to be one and the same instrument. 

        5.9    Prior Actions.    The Company and News Corporation mutually acknowledge that the Other Services and certain
facilities have been provided by News Corporation prior to the Effective Date, pursuant to arrangements consistent with this Agreement and that nothing in this Agreement shall affect the validity of
actions previously taken. 

        IN WITNESS WHEREOF, the undersigned have executed this Services Agreement as of the date first above written. 

	 	 	 	NEWS CORPORATION
	

 	

 	
 	

By:	

/s/  LAWRENCE A. JACOBS      
 Name:  Lawrence A. Jacobs

Title:    Senior Executive Vice President
	

 	

 	
 	
THE DIRECTV GROUP, INC.
	

 	

 	
 	

By:	

/s/  LARRY D. HUNTER      
 Name:  Larry D. Hunter

Title:    Executive Vice President and General Counsel
	
AGREED AND ACCEPTED:	
 	

 	

 
	
NEWS AMERICA INCORPORATED	
 	

 	

 
	

By:	

/s/  LAWRENCE A. JACOBS      
	
 	

 	

 
	Name:	Lawrence A. Jacobs	 	 	 
	Title:	Senior Executive Vice President	 	 	 

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Exhibit 10.01  

 
 

CITIGROUP INC.
  
  AMENDED AND RESTATED COMPENSATION PLAN
  FOR NON-EMPLOYEE DIRECTORS (the "Plan")
  (as of September 21, 2004)    
    

        Section 1.    Eligibility.    Each member of the Board of Directors of
Citigroup Inc. (the "Company") or one of its subsidiaries, if so designated by the Board of Directors, who is not an employee of the Company or any of its subsidiaries (an "Eligible Director")
is eligible to participate in the Plan. 

        Section 2.    Administration.    The Plan shall be administered, construed and interpreted by the Board of
Directors of the Company. Pursuant to such authorization, the Board of Directors shall have the responsibility for carrying out the terms of the Plan, including but not limited to the determination of
the amount and form of payment of the annual retainer and any additional fees to be paid to all Eligible Directors (the "Annual Fixed Director Compensation"). To the extent permitted under the
securities laws applicable to compensation plans including, without limitation, the requirements of Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or
under the Internal Revenue Code of 1986, as amended (the "Code"), the Personnel, Compensation and Directors Committee of the Board of Directors, or a subcommittee of the Personnel, Compensation and
Directors Committee, may exercise the discretion granted to the Board under the Plan, provided that the composition of such Committee or subcommittee shall satisfy the requirements of
Rule 16b-3 under the Exchange Act, or any successor rule or regulation. The Board of Directors may also designate a plan administrator to manage the record keeping and other routine
administrative duties under the Plan. 

        Section 3.    Stock Options.    In addition to Annual Fixed Director Compensation, the Board of Directors may
make an annual grant to Eligible Directors of options ("Annual Stock Option Grant") to purchase common stock of the Company par value $.01 per share ("Common Stock"). The Annual Stock Option Grant
shall be made under, and pursuant to the terms and conditions of, the Citigroup 1999 Stock Incentive Plan or any successor plan. 

        Section 4.    Annual Fixed Director Compensation.    Payment of Annual Fixed Director Compensation shall be
made quarterly, on the first business day following the end of the quarter for which the compensation is payable, to each Eligible Director who served as a director during at least
one-half of such quarter and who was a director on the last day of such quarter. 

        Each
Eligible Director may be given an election to receive up to fifty percent (50%) of each quarterly payment of Annual Fixed Director Compensation in cash. The balance of each
quarterly payment shall be paid in shares of common stock, par value $.01 of the Company ("Common Stock"), which may be granted subject to vesting or other conditions, or in the form 

1

 

of
stock options, as determined by the Board in accordance with Section 2, and as each Eligible Director elects. Common Stock and stock options shall be issued under and pursuant to the terms
and conditions of the Citigroup 1999 Stock Incentive Plan, or any successor plan, as same may be amended from time to time. If an Eligible Director does not elect to receive a percentage of his or her
Annual Fixed Director Compensation in cash or stock options, such compensation shall be paid entirely in Common Stock. 

        The
number of shares of the Company's Common Stock to be transferred to the Eligible Director in respect of each quarterly installment of Annual Fixed Director Compensation shall be
determined in the manner set forth in paragraph 6(a), and such shares shall not be transferred or sold by such Eligible Director for a period of six months following the date of grant. 

        Section 5.    Election to Defer. 

        (a)   Time of Election.    As soon as practicable prior to the beginning of a calendar year, an Eligible Director may
elect to defer the Common Stock component of Annual Fixed Director Compensation pursuant to the Plan by directing that such Common Stock which otherwise would have been payable in accordance with
paragraph 4 above during such calendar year and succeeding calendar years shall be credited to a deferred compensation account (the "Director's Account"). Under a valid election, such deferred
compensation shall be payable in accordance with paragraph 6(a) below. Any person who shall become an Eligible Director during any calendar year, and who was not an Eligible Director of the
Company prior to the beginning of such calendar year, may elect, within thirty (30) days after his or her term begins, to defer payment of the Common Stock component of his or her Annual Fixed
Director Compensation earned during the remainder of such calendar year and for succeeding calendar years. The cash component of Annual Fixed Director Compensation may not be deferred. 

        (b)   Form and Duration of Election.    An election to defer the Common Stock component of Annual Fixed Director
Compensation shall be made by written notice executed by the Eligible Director and filed with the Secretary of the Company. Such election shall continue until the Eligible Director terminates such
election by subsequent written notice filed with the Secretary of the Company. Any such election to terminate deferral shall become effective for the calendar quarter following receipt of the election
form by the Company and shall only be effective with respect to the Common Stock component of Annual Fixed Director Compensation payable for services rendered as an Eligible Director thereafter.
Amounts credited to the Director's Account prior to the effective date of termination shall not be affected by such termination and shall be distributed only in accordance with the terms of the Plan. 

        (c)   Change of Election.    An Eligible Director who has terminated his or her election to defer the Common Stock
component of Annual Fixed Director Compensation hereunder may thereafter make another election in accordance with paragraph 5(a) to defer such compensation for the calendar year subsequent to
the filing of such election and succeeding calendar years. 

2

 

        Section 6.    The Director's Account.    Shares of Common Stock that an Eligible Director has elected to defer
under the Plan shall be credited to the Director's Account as follows: 

        (a)   As
of each date that a quarterly installment of the Annual Fixed Director Compensation would otherwise be payable, there shall be credited to the Director's Account the
number of full shares of the Company's Common Stock obtained by multiplying the percentage such Eligible Director has elected to receive in shares of Common Stock by the total amount of Annual Fixed
Director Compensation allocable to such calendar quarter, and then by dividing the result by the average of the closing price of the Company's Common Stock on the New York Stock Exchange Inc.
on the first ten (10) trading days of the last month of the calendar quarter for which such Common Stock would otherwise be payable. If the applicable percentage of Annual Fixed Director
Compensation for the calendar quarter is not evenly divisible by such average closing price of the Company's Common Stock, the balance shall be credited to the Director's Account in cash. 

        (b)   At
the end of each calendar quarter, there shall be credited to the Director's Account an amount equal to the cash dividends that would have been paid on the number of
shares of Common Stock credited to the Director's Account as of the dividend record date, if any, occurring during such calendar quarter as if such shares had been shares of issued and outstanding
Common Stock on such record date, and at the Director's election, made in the manner described in Section 5(a) above, such amounts shall be either distributed in cash to the Director or treated
as reinvested in additional shares of Common Stock on the dividend payment date. 

        (c)   Cash
amounts credited to the Director's Account pursuant to subparagraphs (a) and (b) above shall accrue interest commencing from the date the cash amounts
are credited to the Director's Account at a rate per annum to be determined from time to time by the Company. Amounts credited to the Director's Account shall continue to accrue interest until
distributed in accordance with the Plan. An Eligible Director may be given the opportunity to make a written election to treat the existing cash balance and interest accrued thereon as invested in
additional shares of Common Stock. The timing of the effectiveness of such election shall be subject to the Company's discretion. 

        (d)   An
Eligible Director shall not have any interest in the cash or Common Stock in his or her Director's Account until such cash or Common Stock is distributed in
accordance with the Plan. 

        Section 7.    Distribution from Accounts. 

        (a)   Form of Election.    At the time an Eligible Director makes an election to defer receipt of Annual Fixed
Director Compensation pursuant to paragraphs 5(a) or 5(c), such Director shall also file with the Secretary of the Company a written election with respect to the distribution 

3

 

of
the aggregate amount of cash and shares credited to the Director's Account pursuant to such election. An Eligible Director may elect to receive such amount in one lump-sum payment or in
a number of approximately equal annual installments (provided the payout period does not exceed 15 years). The lump-sum payment or the first installment shall be paid as of
(i) the first business day of any calendar year subsequent to the date the Annual Fixed Director Compensation would otherwise be payable, as specified by the Director, (ii) the first
business day of the calendar quarter immediately following the cessation of the Eligible Director's service as a director of the Company or (iii) the earlier of (i) or (ii), as the
Eligible Director may elect. Subsequent installments shall be paid as of the first business day of each succeeding annual installment period until the entire amount credited to the Director's Account
shall have been paid. A cash payment will be made with the final installment for any fraction of a share of Common Stock credited to the Director's Account. 

        (b)   Adjustment of Method of Distribution.    An Eligible Director participating in the Plan may, prior to the
beginning of any calendar year, file another written election with the Secretary of the Company electing to change the date and/or method of distribution of the aggregate amount of cash and shares of
Common Stock to be credited to the Director's Account for services rendered as a director commencing with such calendar year. Amounts credited to the Director's Account prior to the effective date of
such change (the "Prior Amounts") shall not be affected by such change and shall be distributed in accordance with the election then in effect with respect to the Prior Amounts, except as specified in
this paragraph. An Eligible Director may elect to defer the date on which Prior Amounts are to be paid and/or extend the payout period if a written election to effect such change is filed with
the Secretary of the Company at least one (1) year before such change is to take effect. An Eligible Director may also elect to accelerate the date on which the Prior Amounts are to be paid
and/or shorten the payout period if a written election to effect such change is filed with the Secretary of the Company at least one (1) year before such change is to take effect.
Notwithstanding the foregoing, in the event an Eligible Director suffers a severe financial hardship outside the control of such Director, as determined by the Company, the Eligible Director may elect
to advance or defer the date of distribution of his or her Director's Account or change the method of distribution thereof. 

        (c)   Change of Control.    Notwithstanding anything to the contrary contained herein, upon a "Change of Control" (as
defined below), the full number of shares of Common Stock and cash in each Director's Account shall be immediately funded and be distributable on the later of the date six months and one day following
the "Change of Control" or the distribution date(s) previously elected by an Eligible Director. For purposes of this Plan, a "Change of Control" shall mean the occurrence of any of the following,
unless such occurrence shall have been approved or ratified by at least a two-thirds (2/3) vote of the Continuing Directors (defined below): (i) any person within the
meaning of Sections 13(d) and 14(d) of the Exchange Act, shall have become the beneficial owner, within the meaning of Rule 13d-3 under the Exchange Act, of shares of stock of the
Company having twenty-five percent (25%) or more of the total number of votes that may be cast for election of the directors of the Company; or (ii) there shall have been a change
in the 

4

 

composition
of the Board of Directors such that at any time a majority of the Board of Directors shall have been members of the Board for less than twenty-four (24) months, unless
the election of each new director who was not a director at the beginning of the period was approved by a vote of at least two-thirds (2/3) of the directors then still in
office who were directors at the beginning of such period, or who were approved as directors pursuant to the provisions of this paragraph (the "Continuing Directors"). 

        Section 8.    Distribution on Death.    If an Eligible Director should die before all amounts credited to the
Director's Account shall have been paid in accordance with the election referred to in paragraph 7, the balance in such Director's Account as of the date of such Director's death shall be paid
following such Director's death, in accordance with the method of payment elected by the Eligible Director, to the beneficiary designated in writing by such Director. Such balance shall be paid to the
estate of the Eligible Director if (a) no such designation has been made or (b) the designated beneficiary shall have predeceased the Director and no further beneficiary designation has
been made. 

        Section 9.    Miscellaneous. 

        (a)   The
right of an Eligible Director to receive any amount in the Director's Account shall not be transferable or assignable by such Director, except by will or by the laws
of descent and distribution, and no part of such amount shall be subject to attachment or other legal process. 

        (b)   Except
as otherwise set forth herein, the Company shall not be required to reserve or otherwise set aside funds or shares of Common Stock for the payment of its
obligations hereunder. The Company shall make available as and when required a sufficient number of shares of Common Stock to meet the requirements arising under the Plan. 

        (c)   The
establishment and maintenance of, or allocation and credits to, the Director's Account shall not vest in the Eligible Director or his beneficiary any right, title or
interest in and to any specific assets of the Company. An Eligible Director shall not have any dividend or voting rights or any other rights of a stockholder (except as expressly set forth in
paragraph 6(b) with respect to dividends and as provided in subparagraph 9(f) below) until the shares of Common Stock credited to a Director's Account are distributed. The rights of an Eligible
Director to receive payments under this Plan shall be no greater than the right of an unsecured general creditor of the Company. 

        (d)   The
Plan shall continue in effect until terminated by the Board of Directors. The Board of Directors may at any time amend or terminate the Plan; provided, however, that
(i) no amendment or termination shall impair the rights of an Eligible Director with respect to amounts then credited to the Director's Account; (ii) the provisions of the Plan relating
to eligibility, the amount and price of securities to be awarded, the timing of and the amount of Annual Fixed 

5

 

Director
Compensation awards and Annual Stock Option Grant shall not be amended more than once every six months, other than to comport with changes in the Internal Revenue Code of 1986, as amended,
the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder; and (iii) no amendment shall become effective without approval of the stockholders of the Company if
such stockholder approval is required to enable the Plan to satisfy applicable state or Federal statutory or regulatory requirements. 

        (e)   Each
Eligible Director participating in the Plan will receive an annual statement indicating the amount of cash and number of shares of Common Stock credited to the
Director's Account, as well as the number of outstanding stock options, as of the end of the preceding calendar year. 

        (f)    If
adjustments are made to outstanding shares of Common Stock as a result of stock dividends, stock splits, recapitalizations, mergers, consolidations and similar
transactions, an appropriate adjustment shall be made in the number of shares of Common Stock credited to the Director's Account. 

        (g)   Shares
of Common Stock that may be granted under the Plan shall be subject to adjustment upon the occurrence of adjustments to the outstanding Common Stock described in
paragraph 9(f) hereof. 

        (h)   The
validity, construction, interpretation, administration and effect of the Plan and of its rules and regulations, and rights relating to the Plan, shall be determined
solely in accordance with the laws of the State of Delaware. 

        (i)    All
claims and disputes between an Eligible Director and the Company arising out of the Plan shall be submitted to arbitration in accordance with the then current
arbitration policy of the Company. Notice of demand for arbitration shall be given in writing to the other party and shall be made within a reasonable time after the claim or dispute has arisen. The
award rendered by the arbitrator shall be final, and judgment may be entered upon it in accordance with applicable law in any court having jurisdiction thereof. The provisions of this
Section 9(i) shall be specifically enforceable under applicable law in any court having jurisdiction thereof. 

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

6

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CITIGROUP INC. AMENDED AND RESTATED COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS (the "Plan") (as of September 21, 2004)

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