Document:

2015 Real Estate Services Incentive Compensation Plan

 Exhibit 10.25 

2015 
 Real Estate
Services 
 Incentive Compensation Plan 
  

	I.	Background 

 WCI Communities, Inc. (the “Company” or
“WCI”) has established an incentive compensation plan for the Real Estate Services (“RES”) business line as set forth below (the “RES - ICP” or “Plan”) to incentivize certain key managers and
participants to focus on critical business plan objectives for the period commencing January 1, 2015 through December 31, 2015. The Plan is a sub-plan established under the WCI Communities, Inc. Senior Executive Incentive Bonus Plan
approved by the Board of Directors of the Company on June 14, 2013 and approved by the stockholders of the Company on July 9, 2013 (the “Senior Executive Bonus Plan”), to the extent that it applies to “covered
employees” (as defined in Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”). 
  

	II.	RES - ICP Structure 

 The RES - ICP is split into two (2) components: a)
Operating (“Operating Component”) (67%) and b) Growth (“Growth Component”) (33%). In the Operating Component of the Plan, payment of incentive bonuses under the RES - ICP is independently conditioned upon the
achievement of the “EBITDA Financial Objective”. In the Growth Component of the Plan, payment of incentive bonuses under the RES - ICP is conditioned upon the achievement of the “Net GCI Recruited Financial
Objective”. The EBITDA Financial Objective and the Net GCI Recruited Financial Objective are described herein, collectively, as the “Financial Objectives”. A bonus pool created for each component calculated as a percentage
of EBITDA achieved; 8% for the Operating component and 4% for the Growth component. If actual performance with respect to a Financial Objective is below Threshold as set forth on Appendix A, there will be no RES - ICP bonus payout with respect to
such Financial Objective. There is no cap with respect to these Financial Objectives. 
 The Financial Objectives in this Incentive Plan
will carry the following weighting as it relates to payment under the RES - ICP: 
  

					
	 •       EBITDA Financial Objective
		 	67	% 
	 •       Net GCI Recruited Financial Objective
		 	33	% 
	 Total:
		 	100	% 

 For purposes of this plan, the EBITDA calculation is determined as Operating Margin before Depreciation, WCI
Communities, Inc. Allocations and Eliminations. Impairments taken in the calendar year 2015 shall be included in the EBITDA Financial Objective calculation, but such calculation may be neutralized for impairments at the sole discretion of the
President & CEO of WCI Communities, Inc. based upon facts and circumstances as is deemed appropriate. Exclusion 

  
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of any other extraordinary items will be at the discretion of the President & CEO of WCI Communities, Inc. 

For purposes of this plan, the Net GCI Recruited calculation is determined based on 1) the gross commission income of any agents hired during
the year generated by such agents during the previous 12 months prior to hire date or during the prior calendar year, less 2) gross commission income of any agents terminated during the year generated by such agents during the previous 12 months
prior to termination date. 
  

	III.	Participation 

 The initial participants of the Plan will be key managers and
employees of the Real Estate Services division selected by the RES President & CEO and approved by the WCI Communities, Inc. President & CEO, but the number of participants in the RES - ICP may vary as a result of new hires,
terminations, or otherwise as provided in the next paragraph below (the “RES - ICP Participants”). Except with respect to replacement and new RES - ICP Participants determined by the RES President & CEO as described below,
the Target RES - ICP bonus for each RES - ICP Participant shall be determined by the RES President & CEO and approved by the WCI Communities, Inc. President & CEO. The combined threshold, target and maximum RES - ICP bonuses for
all of the RES - ICP Participants will not exceed 12 % of EBITDA stated on an annualized basis. The list of the initial RES - ICP Participants and Target RES - ICP bonuses has been approved by the WCI Communities, Inc. President & CEO.

 Provided that the combined threshold, target and maximum RES - ICP bonuses for all of the RES - ICP Participants do not exceed the
amounts set forth in the preceding sentence, the RES President & CEO will have the discretion and authority, to: (i) adjust or reallocate individual target bonus amounts at any time up to a maximum of $10,000 per individual but only
one time for each RES - ICP Participant before finalizing the bonus payments, and (ii) replace or add RES - ICP Participants in the normal course of business (i.e., resulting from a termination (with or without Cause (as such term is defined in
the sole discretion of WCI Communities, Inc. President & CEO)), voluntary termination, new hire, promotion, or transfer, etc.). 
  

	IV.	RES - ICP Vesting and Payment 

 As outlined below, RES division management will
provide the WCI Communities, Inc. President & CEO with a calculation supported by relevant backup information for each Financial Objective, as well as a certification signed by the RES President & CEO and CFO as to the
division’s achievement under each Financial Objective (the “RES - ICP Documentation”). The presented RES - ICP Documentation shall include any items of an unusual or nonrecurring nature which may affect the calculation of each
Financial Objective. 
 Management shall prepare and present to the WCI Communities, Inc. President & CEO the RES - ICP
Documentation required for payment of the Financial Objectives, no later than February 28, 2016. Any bonuses with respect to these Financial Objectives will be reviewed and approved by the WCI Communities, Inc. President & CEO and
payment made during calendar year 2016 no later than March 15, 2016. Without limiting the Company’s rights under Section 5 of the Senior Executive Bonus Plan, the Company retains the right to recover any monies paid to RES

  
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- ICP Participants under these Financial Objectives to the extent that the subsequent audited financial statements demonstrate such monies as not earned under the Plan. 

The WCI Communities, Inc. President & CEO shall make final determinations with respect to all bonus payments under the components of
this Plan. 
 In the event that prior to December 31, 2015 an RES - ICP Participant dies, then the RES - ICP bonus shall vest for such
RES - ICP Participant and shall be prorated based upon such RES - ICP Participant’s number of completed full calendar months of active employment by the Company during calendar year 2015 through the date of his or her death and shall be paid at
the same time that RES - ICP bonuses are otherwise paid to RES - ICP Participants under the RES - ICP. 
 In the event that prior to
December 31, 2015 the Company terminates the employment of an RES - ICP Participant following such RES - ICP Participant’s permanent disability (as defined below), then the RES - ICP bonus shall vest for such RES - ICP Participant and
shall be prorated based upon such RES - ICP Participant’s number of completed full calendar months of active employment by the Company during calendar year 2015 through the date of such termination and shall be paid at the same time that RES -
ICP bonuses are otherwise paid to RES - ICP Participants under the RES - ICP. For purposes of the RES - ICP, the determination of “permanent disability” shall be made by the WCI Communities, Inc. President & CEO. 

In the event that on or prior to December 31, 2015 the employment of an RES - ICP Participant is terminated by the Company with or
without Cause, or an RES - ICP Participant voluntarily terminates his or her employment, and neither of the two immediately preceding paragraphs applies, bonus eligibility under the RES - ICP for said RES - ICP Participant shall be forfeited. 

For clarification purposes, in the event an RES - ICP bonus award for an RES - ICP Participant vests on December 31, 2015, and subsequent
to that date (but prior to the pay-out date for such bonus award), such RES - ICP Participant’s employment with the Company terminates for any reason other than (a) for Cause or (b) voluntary resignation, then in such event the RES -
ICP Participant shall be entitled to receive such bonus, and shall be paid such bonus at the same time that bonuses are otherwise paid under the RES - ICP in accordance with the Plan, and if such termination is by the Company for Cause or due to
voluntary resignation, such bonus award will be forfeited. 
 If, at any time on or before December 31, 2015, a “change in control
event” (as defined below) occurs with respect to the Company AND as a result of such change in control event (a) the employment of an RES - ICP Participant is terminated by the Company without Cause, OR (b) an RES - ICP
Participant is “demoted” (as defined below) and such RES - ICP Participant thereafter terminates his or her employment with the Company (a “CIC Termination Event”), then such RES - ICP Participant’s RES - ICP bonus shall
immediately vest as of the date of such CIC Termination Event, and shall be paid within 30 days after the date of such CIC Termination Event at the greater of the: (i) the full 12 month Target bonus per Appendix A for each Financial Objective,
or (ii) the full 12 month bonus that would be payable based upon the actual results through the date of the CIC Termination Event. For purposes of the RES - ICP, an RES - ICP Participant shall be deemed

  
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to have been “demoted” if prior to December 31, 2015 (a) the RES - ICP Participant’s base salary is reduced (excluding any such reduction that affects all WCI employees
generally), or (b) there has been a material change in the RES - ICP Participant’s title, duties or responsibilities. For purposes of this RES - ICP, a “change in control event” shall have the same meaning as used in Treasury
Regulation Section 1.409A-3(i) (5), except that the reference to a change in effective control of a company which occurs when a person or group acquires (during a 12 month period) “30%” or more of the total voting power of a
company’s stock, shall be changed to “50%” or more of the total voting power of the Company’s stock. A termination of employment shall not be deemed to have occurred for purposes of this paragraph unless such termination
is a “separation of service” within the meaning of Section 409A of the Code. 
 Notwithstanding anything to the contrary in
the RES - ICP, if an RES - ICP Participant is party to an effective employment agreement with the Company, and there is a conflict between the terms of the RES - ICP and such employment agreement, the terms and provisions of such employment
agreement shall control. 
  

	V.	RES - ICP Ratification & Approval; Administration 

 The WCI Communities,
Inc. President & CEO will have the responsibility for administering, operating and interpreting the Plan in accordance with its terms and conditions. The WCI Communities, Inc. President & CEO will have all powers necessary or
appropriate to administer and operate the Plan. The WCI Communities, Inc. President & CEO will have full discretionary authority in all matters related to the discharge of his responsibilities, and the exercise of his authorities and
powers, under the Plan. All interpretations, constructions, determinations, decisions and actions of the WCI Communities, Inc. President & CEO in relation to the Plan will be final, binding and conclusive on all RES - ICP Participants and
all other persons. The WCI Communities, Inc. President & CEO may delegate all or any part of his responsibilities and powers under this Article V to any person or persons selected by him. 

Notwithstanding anything to the contrary herein, to the extent the Plan applies to “covered employees” (as defined in
Section 162(m) of the Code), the Plan shall, with respect to such “covered employees” (as defined in Section 162(m) of the Code), be solely administered by the Compensation Committee of the Board of Directors of the Company and
all references to the WCI Communities, Inc. President & CEO in his capacity as the administrator of the Plan shall be deemed to refer to the Committee. 
  

	VI.	Miscellaneous 

 A. The adoption and maintenance of the Plan shall not be deemed to
be a contract of employment or service between the Company or any of its affiliates and any RES - ICP Participant. Nothing in the Plan and no amount payable under the Plan will give any RES - ICP Participant a right to continue to be an employee of
the Company or any of its affiliates or in any other way affect the right of the Company or any of its affiliates to terminate the employment of any RES - ICP Participant at any time, for any reason or no reason, with or without cause or notice. No
RES - ICP Participant or other person shall have any rights or claims in relation to the Plan except in accordance with the provisions of the Plan. 

  
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 B. To the extent that any person acquires a right to receive payments from the Company under the
Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. The Plan is “unfunded” and all payments provided for under the Plan shall be paid in cash from the general funds of the Company. No RES -
ICP Participant shall have any interest in any specific asset of the Company as a result of the Plan. Nothing contained in the Plan and no action taken pursuant to the provisions of the Plan shall create or be construed to create a trust of any
kind, or a fiduciary relationship among the Company, the WCI Communities, Inc. President & CEO, the RES President & CEO and any RES - ICP Participant or any other person. 

C. Any liability of the Company to any employee of the Company in relation to the Plan shall be based solely upon contractual obligations
created by the Plan. None of the Company, the WCI Communities, Inc. President & CEO, the RES President & CEO or any other person participating in any determination of any question under the Plan, or in the interpretation,
administration or application of the Plan, shall have any liability to any party for any action taken or not taken in connection with the Plan, except as may expressly be provided by statute. None of the Company, the WCI Communities, Inc.
President & CEO or any such other person shall be liable to any RES - ICP Participant or any other person as to any tax consequence expected, but not realized, by any such RES - ICP Participant or other person in relation to participation
in the Plan. 
 D. No amount payable at any time under the Plan shall be subject in any manner to alienation, sale, transfer, assignment,
pledge, attachment, or encumbrance of any kind. 
 E. Any payment or other distribution under the Plan may be reduced by any amount
(including employment taxes) required to be withheld by the Company or any of its affiliates with respect thereto under any applicable law, rule, regulation, order or other requirement of any governmental authority, and the Company and its
affiliates may cause to be made, as a condition precedent to any payment under the Plan, appropriate arrangements with any RES - ICP Participant for the satisfaction of any such taxes. In addition, the Company and its affiliates shall have full
authority to withhold any taxes (including employment taxes) applicable to amounts payable hereunder from other compensation owing to any such RES - ICP Participant other than pursuant to the Plan, to the extent permitted by applicable law. 

F. The Plan and all rights hereunder shall be governed by and construed and interpreted according to the laws of the State of Delaware,
excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction. 

G. The WCI Communities, Inc. President & CEO, at any time and with or without prior notice, may amend, suspend or terminate the Plan,
and each such amendment, suspension or termination shall be binding upon the Company, all RES - ICP Participants and all other persons, provided, however, that no amendment, suspension or termination of the Plan shall materially and adversely affect
the rights of any RES - ICP Participant without such RES - ICP Participant’s prior written consent, except such an amendment made to cause the Plan to comply with applicable law, tax rules or accounting rules. 

H. The Company intends that bonus payments provided for in the Plan either be exempt from Section 409A of the Code or be provided in a
manner that complies with the 

  
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provisions of Section 409A of the Code and the Plan shall be interpreted and construed in a manner consistent with such intent. Notwithstanding any provision of the Plan to the contrary, in
the event that following the date of adoption of the Plan the Company determines that any provision of the Plan could otherwise cause any person to be subject to the penalty taxes imposed under Section 409A of the Code, the Company may adopt
such amendments to the Plan or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate to comply with the
requirements of Section 409A of the Code and related Department of Treasury guidance and thereby avoid the application of any penalty taxes under Section 409A of the Code. Notwithstanding anything herein to the contrary, in no event shall
any liability for failure to comply with the requirements of Section 409A of the Code be transferred from an RES - ICP Participant or any other person to the Company or any of its affiliates, employees or agents pursuant to the terms of the
Plan or otherwise. 
 I. This Plan shall be administered consistent with the provisions of the Senior Executive Bonus Plan and in the event
of any conflict between the terms of this Plan and the terms of the Senior Executive Bonus Plan, the terms of the Senior Executive Bonus Plan shall control. For the avoidance of doubt, the bonus awards paid under this Plan constitute bonuses payable
pursuant to the last sentence of Section 4(b) of the Senior Executive Bonus Plan. Nothing in this Plan shall be deemed to constitute a “material modification” (within the meaning of Treasury Regulation
Section 1.162-27(h)(1)(iii)) of the Senior Executive Bonus Plan and this Plan shall be interpreted accordingly. 
 J. For
purposes of this Plan, “Cause” (i) shall have meaning given to such term in any employment agreement with the Company to which the Participant is a party (a “Cause Agreement”); or (ii) in the absence of an applicable
Cause Agreement, shall mean that the Participant: (1) has committed any felony or any other act involving fraud, theft, misappropriation, dishonesty, or embezzlement; (2) has committed intentional acts that materially impair the goodwill
or business of the Company or cause material damage to its property, goodwill, or business; (3) has refused to, or willfully failed to, perform his or her material duties, which refusal or failure continues for a period of fourteen
(14) days following notice thereof by the Company to the Participant; or (4) has violated any written Company policies or procedures, which violation is not cured, to the extent susceptible to cure, within fourteen (14) days after the
Company has given written notice to the Participant describing such violation. For purposes of clause (ii) above, any voluntary termination by the Participant in anticipation of a termination by the Company for Cause shall be deemed a
termination by the Company for Cause. 

  
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 Appendix A 

2015 ICP Payout Grid 

WCI Communities 
 Real
Estate Services 
 The 2015 RES-ICP Plan is split 67/33 in two components; Operating and Growth 

 

																													
	2015 EBITDA Plan*		 	$6,428,702	  																								
								
	 Description
	  	Plan	 	  	Threshold %	 	 	Weight	 	 	EBITDA %	 	 	Target	 	  	Threshold	 	  	Max	 
	 Operating
	  				  				 				 				 				  				  			
	 1) EBITDA
	  	$	6,428,702	  	  	 	80	% 	 	 	67	% 	 	 	8	% 	 	$	514,296	  	  	$	411,437	  	  	 	No Cap	  
	 Growth
	  				  				 				 				 				  				  			
	 2) Net GCI Recruited
	  	$	2,838,294	  	  	 	100	% 	 	 	33	% 	 	 	4	% 	 	 	257,148	  	  	$	257,148	  	  	 	No Cap	  
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
										 	100	% 		 	12	% 		$	771,444	  		$	668,585	  		 	No Cap	  
		  				  				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 * EBITDA Plan excluding budgeted ICP Bonus plus benefits.citi-exhibit 10.01-12.31.2014

CITI DISCRETIONARY INCENTIVE AND RETENTION AWARD PLAN 

Amended and Restated Effective as of January 1, 2015

PREAMBLE
The purpose of the Plan is to reward and retain Eligible Employees through discretionary incentive and/or retention awards under the terms and conditions described in the Plan.  Awards under the Plan may be contingent upon the Company’s performance, an Eligible Employee’s sector or business unit performance, an Eligible Employee’s individual performance, or any combination of the foregoing. 
This Plan document amends and restates the Plan, and is effective as of January 1, 2015.
ARTICLE I
 
DEFINITIONS

As used herein, the following terms have the meanings set forth below.
“Award” means, as to any Fiscal Year or any other period determined by the Committee or the management of the Company, a discretionary incentive and/or retention award granted to an Eligible Employee in the form of a Cash Bonus, a CAP Award, a DCAP Award, an Equity Award, or any other form of discretionary incentive or retention award made under the terms of the Plan.  For the avoidance of doubt, Performance Share Awards may be granted under the Plan.
“Award Date” means the date on which an Award is made.  
“CAP” means the Capital Accumulation Program, as it may be in effect from time to time.
“CAP Award” means an award of deferred stock or restricted stock made pursuant to CAP.  
“Cash Bonus” means any component of an Award that is payable to a Participant in currency and not in shares of Company common stock or derivatives thereof, and that is not subject to deferral.
“Clawback Provision” means a term of an Award under which an Award may or shall be canceled, forfeited, reduced, or subject to recovery by the Company, whether or not the Award has been vested, distributed, or paid.  For the avoidance of doubt, any Award granted under the Plan may include one or all of the clawback provisions described in Section 2.02 of the Plan. 
“Code” means the Internal Revenue Code of 1986, as amended.
“Committee” means the Personnel and Compensation Committee of the Board of Directors of Citigroup Inc. and any person to whom it has delegated its authority, including but not limited to the Plan Administrator.

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“Company” means Citigroup Inc. and its Subsidiaries.
“DCAP” means the Deferred Cash Award Plan, as amended from time to time.
“DCAP Award” means an award made pursuant to DCAP.
“Eligible Employee” means any employee or former employee who is eligible to receive a discretionary incentive and/or retention award package under the Company’s personnel policies as they may be amended from time to time and as in effect on the applicable Award Date.
“Equity Award” means any form of award granted pursuant to the SIP that is not a CAP Award.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
“Fiscal Year” means the accounting fiscal year of the Company.
“Gross Misconduct” means, unless the terms of an Award or Company policy specifically applicable to the Plan specifically provide otherwise, any conduct that is determined by the Committee, in its sole discretion, (a) to be in breach of any obligation that Participant owes to the Company or Participant’s duty of loyalty to the Company, (b) to be materially injurious to the Company, or (c) to otherwise constitute gross misconduct.
“Participant” means an Eligible Employee who has received an Award under the Plan.
“Performance Share Award” means an incentive award calculated with reference to the value of Company common stock that has a performance period of at least three years and delivers value according to the Company’s performance against objective metrics such as total shareholder return or return on assets.  Performance Share Awards may be payable in cash, an Equity Award, or any other form of discretionary incentive or retention award permitted to be made under the terms of this Plan.
“Plan” means the Citi Discretionary Incentive and Retention Award Plan, as it may be amended from time to time.
“Plan Administrator” means the Senior Human Resources Officer of Citigroup Inc., which is currently the Head, Human Resources of Citigroup Inc., or his or her delegates.  Any such delegation need not be in writing.
“Program” means CAP, DCAP, or any other discretionary incentive or retention award program administered by the Company pursuant to the Plan.
“SIP” means the Citigroup 2014 Stock Incentive Plan, as it may be amended from time to time, and any successor thereto. 

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“Sub Plans” shall have the meaning ascribed thereto in Section 4.03.
“Subsidiary” shall have the meaning set forth in the SIP.
“Vesting Conditions” means any term, condition or restriction, including without limitation any performance-based condition or criteria, described in the award documents applicable to an Award that a Participant must satisfy in order to receive a payment, distribution or otherwise realize monetary value from an Award.
ARTICLE II
AWARDS

Section 2.01    Awards.  For each Fiscal Year or other period determined under the terms of an Award, the Committee and/or management of the Company is authorized, consistent with the terms of the Plan, to grant Awards to Eligible Employees and to determine the amount of and the terms (including any Vesting Conditions) of the Awards granted to Eligible Employees in respect of such period.  The terms of the Awards shall be set forth in Award agreements, prospectuses, or such other documents specifically designated by the Company as setting forth the terms of the Awards.  The value of each Eligible Employee’s Award will depend upon performance factors that may include the Company’s performance, his or her division’s performance and his or her individual performance, including an assessment of risk management practices and/or use of risk capital.  The decision whether to grant an Award and how much to grant is at the sole discretion of Company management, or where applicable, the Committee. The Committee’s governance approval authorities shall govern which Awards are expressly subject to Committee approval or review and which may be made at the sole discretion of Company management.  The Plan Administrator may require a Participant to sign (or acknowledge receipt of) an Award agreement as a condition of participation in the Plan. If the Plan Administrator does not require the execution of an Award agreement by a Participant, acceptance of any benefit of the Award by the Participant shall constitute agreement by the Participant to the terms, conditions, restrictions and limitations set forth in the Plan and any Award Agreement as well as the administrative guidelines and practices of the Company in effect from time to time relating to the Plan.
Section 2.02    Clawbacks; forfeitures; suspensions.  
(a)    Any deferred Award granted pursuant to the Plan may provide that such Award shall be canceled, forfeited, or subject to recovery by the Company, whether or not the Award has been vested, distributed, or paid, if (i) Participant received the Award based on materially inaccurate audited publicly reported financial statements, (ii) Participant knowingly engaged in providing materially inaccurate information relating to audited publicly reported financial statements, (iii) Participant materially violated any risk limits established or revised by senior management and/or risk management, or (iv) Participant has engaged in Gross Misconduct.

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(b)    The Committee may determine in its sole discretion that where any Award Agreement so provides, if (i) there is reasonable evidence that a Participant engaged in misconduct or committed material error, in either case in connection with his or her employment, or (ii) the Company or such Participant’s business unit has suffered a material downturn in its financial performance or a material failure of risk management,  such Participant shall not be entitled to any unpaid amount under the Plan or that any such amount shall be reduced.
 (c)    The Committee may suspend the vesting, payment, or distribution of any Award pending an investigation into whether the Participant has engaged in conduct that would prevent an Award from vesting under the Vesting Conditions, or subject the Award to forfeiture pursuant to a Clawback Provision.  If it is determined that the Vesting Conditions were in fact not satisfied or Participant engaged in conduct prohibited by the Clawback Provisions, Participant will be obligated to return or repay to the Company the value of any improperly vested and/or paid amounts, any amounts subject to a holdback will be cancelled, and any unvested awards will be forfeited.
(d)    The terms of any Award granted pursuant to the Plan may provide that other specified clawback, cancellation, recovery, or forfeiture provisions shall apply.  
ARTICLE III

ADMINISTRATION

Section 3.01    Taxes and Withholding.  As a condition to any payment or distribution of any Award made pursuant to the Plan, the Company may, in its discretion, require a Participant to pay such sum to the Company as may be necessary to discharge the Company’s obligations with respect to any taxes, assessments or other governmental charges, whether of the United States or any other jurisdiction, imposed on the Participant on account of his or her participation in the Plan.  In the discretion of the Company, the Company may deduct or withhold such sum from any payment or distribution to the Participant, whether pursuant to the Plan or otherwise.  In addition, the Company may require a Participant to pay the Company an amount necessary to discharge Company obligations with respect to any payroll taxes that may be owed on the Participant’s Account Balance that are no longer subject to a substantial risk of forfeiture.
Section 3.02    Currency and Foreign Exchange Rates.  Generally, Cash Bonuses or other cash payments made pursuant to the Plan will be paid in the currency in which they are denominated, but in some circumstances, such as if a Participant’s Company employer or work country changes during the vesting period, at the discretion of the Company, Participant’s vested cash Award may be settled by a payment in the original award currency or in the currency of the Participant’s current work country or country of residence, or by a combination of payments from former Company employers or Citigroup Inc. in one or more currencies.  In cases where a cash Award is settled in full or in part by payment in a currency other than the original award currency, the Company will convert the award currency to the 

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payment currency at a market exchange rate on the date of payment, as determined by the Company.

Section 3.03    Nontransferability.  Except as may be provided for in award documents applicable to Awards granted pursuant to a Program, no Participant nor any creditor or beneficiary of any Participant shall have the right to subject an amount payable or distributable under this Plan to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment during the Participant’s lifetime, including but not limited to, in connection with a divorce, legal separation, or similar event.  
Section 3.04    Plan Administration.  The Plan shall be administered by the Plan Administrator.  The Committee and its delegates, including the Plan Administrator or his or her delegates, shall have discretionary authority to interpret the Plan, to make all legal and factual determinations, and to determine all questions arising in the administration of the Plan, including, without limitation, the reconciliation of any inconsistent provisions, the resolution of ambiguities, the correction of any defects, and the supplying of omissions.  Each interpretation, determination or other action made or taken pursuant to the Plan by the Plan Administrator shall be final and binding on all persons, subject to the provisions of Section 5.10 hereof concerning arbitration.  To the extent permitted by applicable law, the Committee or the Plan Administrator may at any time delegate to one or more employees of the Company some or all of its authority over the administration of the Plan.  Such delegation need not be in writing.
Section 3.05        Policies.  Company management may adopt written or unwritten policies from time to time that govern Plan administration.
ARTICLE IV

AMENDMENT AND TERMINATION

Section 4.01    Right to Amend or Terminate the Plan.  The Committee may, in its sole discretion, modify, amend, terminate or suspend the Plan at any time, which modification, amendment, termination or suspension shall not require the consent of the affected Participants and which may be made irrespective of whether it could result in adverse tax consequences to any Participant.     
Section 4.02    Action Following Termination of the Plan.  Upon termination of the Plan, the Committee or the Plan Administrator may take such action with respect to each Award as it reasonably determines is necessary or desirable.  No termination of the Plan will give rise to a claim by any Participant of constructive termination of employment. 
Section 4.03             Sub Plans.  The Company may, in its sole discretion, create separate sub-plans (“Sub Plans”) under the Plan, that shall provide for participation in the Plan by Eligible Employees employed outside of the United States.  Each Sub Plan shall comply with local laws applicable to incentive or retention plans.  

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ARTICLE V

GENERAL PROVISIONS

Section 5.01    Unfunded Status of the Plan.  The Plan is unfunded.  Any Award made pursuant to the Plan shall represent at all times an unfunded and unsecured contractual obligation of each Employer that employed a Participant during the Award period.  Each Participant and each of his or her beneficiaries will be unsecured creditors of each Employer at which such Participant is or was employed with respect to all obligations owed to Participant or his beneficiaries under the Plan or any Award with respect to all obligations owed to any of them under the Plan.  Amounts payable or distributable under the Plan will be satisfied solely out of the general assets of an Employer subject to the claims of its creditors.  A Participant and his or her beneficiaries will not have any interest in any fund or in any specific asset of an Employer of any kind by reason of any return credited to him or her hereunder, nor shall the Participant or any of his or her beneficiaries or any other person have any right to receive any payment or distribution under the Plan except as, and to the extent, expressly provided pursuant to applicable Award documents.  No Employer will segregate any funds or assets to provide for the distribution in respect of an Award or issue any notes or security for the payment thereof.  Any reserve or other asset that an Employer may establish or acquire to assure itself of the funds to provide payments required under the Plan shall not serve in any way as security to any Participant or any beneficiary of a Participant for the performance of the Employer under the Plan.  
Section 5.02    ERISA Status of the Plan.  The Plan is a discretionary incentive and retention award plan and is not intended to be subject to ERISA, and it shall be operated and interpreted consistent with such intent.  A Program may be subject to ERISA if the express terms of the Program so provide.
Section 5.03    No Right to Continued Employment.  Neither the Plan nor any action taken or omitted to be taken pursuant to or in connection with the Plan shall be deemed to (a) create or confer on a Participant any right to be retained in the employ of the Company, (b) interfere with or limit in any way the Company’s right to terminate the employment of a Participant at any time or (c) confer on a Participant any right or entitlement to compensation in any specific amount for any future Fiscal Year.  In addition, an Eligible Employee’s eligibility for an Award for a given Fiscal Year shall not be deemed to create or confer on the Participant any right to an Award, or any benefit or payment in any similar plan or program that may be established by the Company, in respect of any future Fiscal Year.
Section 5.04    Offset Rights.  Notwithstanding any provisions of the Plan to the contrary, to the extent consistent with the requirements of Section 409A of the Code, the Company may offset against any payments or distributions that would have otherwise been made to a Participant under the Plan by (a) any amounts that such Participant may owe to the Company, or (b) any amounts paid by the Company to a third party pursuant to any award, judgment, or settlement of a complaint, arbitration or lawsuit of which such Participant was the subject.

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Section 5.05    Governing Documents.  Notwithstanding any provision of this Plan to the contrary, if an Award is granted pursuant to the terms of a Program, the Award documents under the Program shall control in the event of any conflict between the terms of the Plan and the applicable Award documents under the Program.
Section 5.06    Successors.  The obligations of the Company under this Plan shall be binding upon the successors of the Company.
Section 5.07    Governing Law.  The Plan shall be subject to and construed in accordance with the laws of the State of New York, without regard to any conflicts or choice of law rule or principle that might otherwise refer the interpretation of the Plan to the substantive law of another jurisdiction.  
Section 5.08    Construction.  The headings in this Plan have been inserted for convenience of reference only and are to be ignored in any construction of any provision hereof.  Use of one gender includes the other, and the singular and plural include each other.
Section 5.09                     Arbitration.  Any disputes related to the Plan or an Award will be resolved by arbitration in accordance with the Company’s employment arbitration policies.  In the absence of an effective arbitration policy, any dispute in any way related to or arising out of the Plan or an Award will be submitted to arbitration in accordance with the Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association.  To the maximum extent permitted by law, and except where expressly prohibited by law, arbitration on an individual basis will be the exclusive remedy for any claims that might otherwise be brought on a class, representative, or collective basis.  Accordingly, Participants may not participate in a class, representative, or collective action, or as a member or any class, representative or collective action, and will not be entitled to a recovery in or from a class, representative or collective action in any forum.  Any disputes concerning the validity of this class, representative or collective action waiver will be decided by a court of competent jurisdiction, not by an arbitrator.

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