Document:

Exhibit

Chrissie Nagy
Director
Capital Markets HR EMEA

Citigroup Corporate and Investment Banking
Citigroup Centre
Canada Square
Canary Wharf 
London E14 SLB 
United Kingdom

STRICTLY PRIVATE & CONFIDENTIAL

Francisco Fernandez-De-Ybarra

Thursday, 2 August 2007

Dear Paco,

We are pleased to confirm your transfer to the United Kingdom and your continued employment within Citigroup Corporate & Investment Bank. Your employing entity is Citibank N.A. (the "Company'') and your position continues to be of Managing Director within the Fixed Income, Currencies and Commodities Management team. You will continue to report to Tom Maheras. Your salary will be £137,500 per annum.

In the event of you joining the Company, the terms and conditions of your employment will be as set out in full in the enclosed contract of employment and as referred to in this letter and in section 2 of the Citigroup Employee Handbook.

Your employment is subject to the conditions set out below ("Conditions") being complied with to the Company's satisfaction. Please note that all the information provided by you on your Personal Information Form, including details of your education, qualifications, previous employment and credit history will be verified by a licensed screening agency on behalf of the Company, this includes any results obtained and dates of attendance.  You will also be screened against the Bank of England and Financial Services Authority sanction lists. The discovery of any false information or material omission will lead to this offer of employment being withdrawn.

		
	1.
	The receipt by the Company of original documentation confirming your entitlement to work in the UK. This may be any of the following:

		
	1.1
	A passport, national identity card or other document showing that you can reside and work in the UK and that you can do the type of work that the Company has offered to you; or

		
	1.2
	(a)     A document giving your  name  and  permanent  National Insurance number (for example, a P45, P60, National Insurance Card or letter from a Government agency); and

		
	(b)   
	(i) a full birth certificate issued in the UK (which includes the names of the holder's parents), Channel Islands, Isle of Man or Ireland; or a certificate of registration or naturalisation stating you are a British citizen; or (ii) a letter from the Home Office indicating that  you can stay indefinitely in the UK or have no limit on your stay; or (iii) a letter from the Home Office indicating that you can stay in the UK and that you are allowed to do the kind of work on offer; (iv) or a letter from the Home Office or an endorsed immigration status document, either of which indicates that you have no limit on your stay in the UK and that you are allowed to do the kind of work on offer; or

		
	1.3
	(a)    A work  permit or other  approval to take employment that  has been issued by Work Permits UK; and

		
	(b)  
	(i) a passport or other travel document which is endorsed to show that you are able to stay in the UK and are allowed to take the work permit employment on offer; or (ii) a letter from the Home Office confirming that you are able to stay in the UK and can take the work permit employment on offer.

You will be required to produce the necessary original documentation no later than your first day of employment to your HR Generalist, you will not be placed on the UK payroll until such documentation has been submitted. Originals must be produced, copies will not be accepted.

If the Company is applying for a work permit on your behalf, you will need to provide us with all information requested in order to have the application processed. Please contact Jo Tolchard on [redacted] for further information.

You must continue to comply with all the conditions in respect of the work permit or other documentation entitling you to work in the UK during your employment with the Company. Failure to do so will result in immediate termination of your employment contract.

		
	2.
	You are required to complete and return the enclosed Pre-Employment Health Questionnaire. You may, depending on the information you provide on your questionnaire, be asked for your consent to write to your doctor and/or be required to attend an Occupational Health appointment. If this is appropriate you will be contacted in due course by our Corporate Health Services.

		
	3.
	You being free from any contractual restrictions preventing you either from accepting this offer or undertaking all of the duties of your role, e.g. restrictive covenants.

		
	4.
	The acceptance by the relevant regulatory authority(s) of your application for registration, if necessary.

		
	5.
	Receipt by the Company of a signed offer letter and Contract of Employment.

If you accept this offer, this letter and accompanying documentation will be held on a personal file, in a secure manner. You will be able to access this information at any time on reasonable notice. If you do not accept this offer this documentation will be kept for a period of 12 months and then destroyed.

We look forward to receiving your written acceptance of this position by 17 August 2007, failing which this offer will lapse without further notice being given to you. To accept this offer please sign the enclosed duplicate copy of this letter and one of the copies of the enclosed Contract of Employment and return them to Citigroup Employee Services (CES) in the envelope provided prior to 17 August, 2007.  Please note that your salary record cannot be activated until you return the required documents contained within your Welcome Pack along with the offer acceptance and Contract of Employment. Please do not hesitate to contact the CES desk on telephone number 0207 500 4040 if you have any administration queries. Once you commence employment I will be your HR Generalist and can be contacted on [redacted].

I wish you a continued long and successful career with Citigroup.

Yours sincerely

/s/ Chrissie Nagy

Chrissie Nagy 
Director
Capital Markets, EMEA

I acknowledge receipt of this letter dated Thursday, 2 August 2007 and enclosures and I am pleased to accept this conditional offer on the terms set out in this letter, the enclosed Contract of Employment and the Citigroup Employee Handbook.

SIGNED:  /s/ Francisco Fernandez-De-Ybarra            DATE: 09/08/07

CITIGROUP
CONTRACT OF EMPLOYMENT

To:    Francisco Fernandez-De-Ybarra

Address:    TBC

From:    Citibank N.A. (the "Company'')

Of:    Citigroup Centre 
33 Canada Square 
London
E14 SLB

Date:    Thursday, 2 August 2007

The contractual terms and conditions of your employment with the Company are in accordance with and subject to this contract of employment (the "Contract"), your offer letter and section 2 of the Citigroup Employee Handbook. The remaining conditions (non­ contractual) are set out in the relevant compliance documentation and any other Company rules and procedures applicable to you, including those set out in the Citigroup Employee Handbook, as any or all of the aforementioned may be amended from time to time. Where the contents of the Citigroup Employee Handbook, your offer letter and the Contract are in conflict, your Contract will take precedence.

These terms and conditions represent the entire understanding between us and supersede all previous terms and conditions, including any oral agreements and/or understandings.

		
	1.
	Commencement Date

Your employment with the Company will commence on 1 September, 2007.

		
	2.
	Statutory Continuity of Employment

Your period of employment with Citigroup commencing on 5 July, 1987 counts as part of your period of continuous employment with the Company.

		
	3.
	Job Title

Your job title is Managing Director and you will be expected to perform all such acts and duties as may be required of you. These duties are to be carried out legally, diligently and in accordance with the Company's codes of conduct, policies and procedures in force from time to time, particularly those related to any compliance and regulatory aspects of your function. The Company operates a policy of job flexibility and may, at its discretion, require you to perform additional or other duties, not within the scope of your normal responsibilities.

		
	4.
	Location

		
	a)
	You will initially be based at 33 Canada Square, London, E14 5LB. The Company reserves the right at any time to require you to work or be based (whether temporarily or permanently) at any location within the London area. The London area is defined as any 

location within a ten mile radius of Charing Cross. The Company will give you reasonable notice of any permanent requirement to move work location.

		
	b)
	You may be required to travel and work within the United Kingdom and/or overseas in order to fulfil the duties of your employment. Further, during your employment the Company reserves the right to require you to work outside the UK for a period (or periods) which could exceed one month.

		
	c)
	The Company also reserves the right to second you on reasonable notice for any length of time to any Associated Company and to require you to relocate to the premises of such Associated Company for the duration of the secondment.

		
	5.
	Normal Working Hours

You will work the Company's normal working hours together with such additional hours as may be required for the proper performance of your duties. You shall work such additional hours as may be necessary or appropriate to carry out your duties or as the needs of the business dictate. You shall not be entitled to receive any additional remuneration for work outside your minimum hours.

		
	6.
	Salary

		
	a)
	Your salary of £137,500 per annum will normally be paid on the 17th of each month by credit transfer into your bank/building society account, provided this account is acceptable to the Company.  Your salary is currently paid two weeks in advance and two weeks in arrears.

		
	b)
	For the purposes of Part II of the Employment Rights Act 1996 and otherwise you hereby consent to the deduction of any sums owing by you to the Company or any Associated Company at any time from your salary or any other payment or payments due from the Company. You hereby also agree to make immediate payment of any sums owed by you to the Company or any Associated Company upon demand.

		
	c)
	Any remuneration received under this Contract will be subject to such deductions as are required by law, including income tax and employee national insurance contributions.

		
	7.
	Benefits

A summary of the benefits for which you may be eligible is set out in section 3 of the Citigroup Employee Handbook. These benefits are not contractual and the Company reserves the right to withdraw, vary and replace these benefits as it sees fit at any time.

		
	8.
	Awards

		
	a)
	Discretionary Incentive and Retention Award

You may be eligible to receive a discretionary incentive and retention award (an "award"). The amount of any award, the form of any award and any vesting or other conditions attaching to any award will be entirely at the Company's discretion. The terms  and  conditions  applicable  to  any such  award  may  include all or  part of the award being delivered in the form of shares under Capital Accumulation Program ("CAP"), subject at all times to the terms and conditions of CAP which will include, but not be limited to, vesting conditions and cancellation provisions. Any award, if granted, will be delivered on a date appointed by the Company ("the Payment Date"). No award will be granted if:

		
	(i)
	you are not in employment with the Company at the Payment Date; or

		
	(ii)
	you have given notice of termination of employment with the Company for any reason on or before the Payment Date (even if such notice of resignation or termination expires after the Payment Date); or

		
	(iii)
	you have received notice of termination of employment from the Company for any reason, on or before the Payment Date, even if such notice of termination expires after the Payment Date.

		
	b)
	Capital Accumulation Program (CAP) Award

The Capital Accumulation Program (CAP) is a discretionary incentive and retention award program that provides eligible employees with deferred or restricted shares of Citigroup Inc. common stock (CAP shares).  Any award will be granted by Citigroup Inc. under the terms of CAP which will include vesting conditions and cancellation provisions. CAP shares are distributed free of any restrictions at the end of the applicable vesting period, provided the participant remains continuously employed by the Company, Citigroup Inc. or a subsidiary of Citigroup Inc. throughout the applicable vesting period. A prospectus and detailed information about the CAP award will made available by Citigroup Inc. in respect of any particular award.

		
	c)
	Approval by Citigroup

It is agreed and understood that any award denominated in Citigroup shares shall be awarded pursuant to a stock incentive plan then maintained by Citigroup for such purposes and the proposed award will be subject to the approval of the Personnel and Compensation Committee of the Board of Directors of Citigroup Inc., or such other committee responsible for administering the plan {the "Committees"). Pursuant to the applicable stock incentive plan, the Committees shall have discretion to adjust the terms of awards at any time as necessary in order to comply with tax or regulatory requirements or as deemed necessary by the Committees.

		
	d)
	Miscellaneous

This clause is not a promise or guarantee of employment with the Company or any Associated Company for any definite period of time. This clause is not intended to create or constitute a fixed term contract of employment and does not affect the Company's right to terminate your employment at any time.

This clause should not be construed as a guarantee that any bonus, incentive, stock or retention awards will be paid to you in connection with your employment with the Company.

It is agreed and understood that if awards {whether CAP, equity, stock option or any other) are granted for several successive years, this shall not be construed as constituting or creating an obligation upon the Company or any associated Company to provide similar or other awards in future years.

		
	9.
	Holidays and Holiday Pay

		
	a)
	The Company's holiday year runs from 1st January to 31st December inclusive. Your initial annualised holiday entitlement for 2007 is 26 days, to be pro rated from your start date, as set out in the Citigroup Employee Handbook.

		
	b)
	On termination of your employment, you will be entitled to holiday pay in lieu of holiday accrued, but not taken for complete months of service only. If you have taken holiday in excess of your accrued entitlement, the Company may deduct a day's holiday pay for each excess day taken from any sums owed to you by the Company or any Associated Company or require you to repay such an amount.

		
	c)
	All holiday pay will be calculated at your basic rate of pay on the basis of a 260 working day year and will be subject to normal deductions.

		
	10.
	Sickness and Sick Pay

The conditions relating to sickness and Citigroup's discretionary, non-contractual sick pay are set out in the Citigroup Employee Handbook. The Company reserves the right to withdraw, vary and replace these benefits from time to time.

		
	11.
	Retirement and Pension

		
	a)
	The company's normal retirement age is 65.

Your employment will therefore terminate automatically on the date of your 65th birthday, subject to any request you may make to extend your employment beyond the normal retirement age and the Company granting that request, in accordance with the 

Company's Retirement Policy. The Company's Retirement Policy does not affect the Company's right to terminate your employment in accordance with your terms and conditions of employment for reasons other than retirement. The Company's Retirement Policy is available on the HR Intranet and may be amended from time to time.

		
	b)
	If you are eligible, and aged 25 or over, you will be enrolled automatically as a member of the Citigroup (UK) Pension Plan, subject to the rules of that Plan, including the employer's power to amend, close or terminate the Plan. Key features of the Plan are outlined in the enclosed document. Further details are set out in the Citigroup (UK) Pension Plan Handbook, which you will receive shortly after joining under separate cover. The Plan is not contracted out under the Pension Schemes Act 1993 and a contracting-out certificate will not apply to your employment. If you wish to opt out of the Plan you will need to complete the necessary form, which will be sent to you with the Handbook.

Please note that as the Plan operates on an automatic enrolment basis you will need to inform the Company if you have or intend to register with Her Majesty's Revenue & Custom's (HMRC) for Enhanced Protection prior to your start date. Failure to notify the Company prior to your start date may lead to your Enhanced Protection being invalidated.

		
	c)
	The Company facilitates employee contributions to a Stakeholder pension arrangement in accordance with legislative requirements, our current designated provider is Legal and General. Further details can be obtained by contacting the Citigroup Benefits Team.

		
	12.
	Relocation Assistance

In connection with your relocation from your current location to take up your new position, you and your immediate family, as defined in the Relocation policy, will be entitled to the following:

		
	a)
	One way air fare from New York to London. (Tickets to be booked in accordance with Citigroup's business travel policy.)

b) Reasonable Temporary accommodation in London for up to 30 days as booked by your Relocation Specialist.

c) The assistance of the Company's designated relocation agents to identify rented property in the UK. Your Relocation Specialist will initiate this service on your behalf OR the Company will reimburse you against receipts up to GBP £1,500 for legal and survey costs associated with the purchase on a Home in the UK.

d) A shipment of household goods and personal effects, including an air shipment; your Relocation Specialist will advise you of the applicable weight limits such shipment is subject to. (Please note air shipments are not applicable in all locations and you will be advised by your Relocation Specialist accordingly).  The Company will not meet the costs of shipment of cars, boats or other large non-household items.

		
	e)
	The Company will also cover the cost of transit insurance, and the cost of storage of your household goods whilst you are in temporary accommodation provided by the Company.

		
	f)
	A one time 'Moving Allowance' payment equal to USD 10,000 paid in sterling (exchange rate to be confirmed and to be determined by the Company at its absolute discretion}, with the first salary following your official transfer date to the UK.

		
	g)
	The Company will provide you with the tax return preparation assistance with its nominated external tax advisors as follows:

		
	•
	One tax consultation on employment income in the home and host location

		
	•
	Preparation of US 2007 tax return

		
	•
	Preparation of UK 2007/2008 tax return

Thereafter, any tax preparation assistance will be for your own account. No other services, e.g. assistance with tax audits/ investigations and personal tax/investment 

advice, will be provided. You will be contacted by a member of the tax advisor team to set up your initial meeting.

		
	h)
	You will also be paid two settlement payments, GBP £283,000 subject to normal tax and National Insurance deductions in September 2007 and GBP £283,000 subject to normal tax and National Insurance deductions in September 2008.

Should there be any taxes due on your relocation assistance (as in a-g above), these will be covered by the Company via the tax return preparation assistance (provided by the nominated tax advisor)

The enclosed booklet 'Guidelines for renting a property in the UK' is to assist you in your search for a permanent home.  

Should you resign or be dismissed from the Company within twelve months from your official transfer date you will be required to repay your total relocation assistance (as in a-g above), and any applicable taxes paid by the Company or Associate Company on the above in full. Should you resign or be dismissed from the Company within twenty­four months from your official transfer date you will be required to repay 50% of your total relocation assistance (as above). By accepting this offer, you agree that any outstanding monies due to the Company in respect of the relocation assistance may be deducted from your final salary or other payments owed by the Company or any Associated Company to you on termination.

		
	13.
	Notice

		
	a)
	Your employment may be terminated by either party giving to the other written notice of 3 months.

b) If you fail to give any notice to the Company or give the incorrect notice, the Company shall not pay you the salary you would have been entitled to during the unworked notice period. In the event that you are paid salary in these circumstances, for all or for a portion of any unworked notice period, the Company reserves the right to require immediate repayment of such sum.

		
	c)
	The Company may, by written notice to you, elect to pay salary in lieu of notice in respect of all or any unworked period of notice. The Company also reserves the right to place you on garden leave during your notice period.

		
	d)
	During your garden leave period, you may be required by the Company, at its discretion to:

		
	i)
	Perform no duties or to perform different duties for some or all of the duration of the notice period; and/or

		
	ii)
	refrain from contacting any employees or consultants or actual or potential customers or clients of the Company or any Associated Company without the prior written agreement of the Company; and/or

		
	iii)
	not enter all or any premises of the Company or any Associated Company; and/or

		
	iv)
	return to the Company all documents and other materials (including copies) which are in your possession or control and which belong to or have been entrusted to the Company or any Associated Company.

During any period of garden leave, you shall continue to owe a duty of utmost good faith to the Company and shall remain bound by the terms and conditions of your employment and, in particular, the "Restrictions During Employment" clause.

		
	e)
	The Company reserves the right to terminate your employment, without notice or salary in lieu of notice, in appropriate circumstances. Appropriate circumstances include, but are not limited to,

		
	i)
	situations of gross misconduct warranting summary dismissal, gross incompetence and gross negligence;

		
	ii)
	failure to comply with all the conditions in respect of your work permit or other documentation entitling you to work in the U.K. during your employment with the Company;

		
	iii)
	withdrawal of registration and/or approval requirements from the FSA or any other regulatory body.

		
	14.
	Obligations Relating To Termination

		
	a)
	Upon the termination of your employment, you will return to the Company all Citigroup property which is in your possession or under your control and without you or anyone on your behalf keeping copies or downloading data or otherwise replicating the returned property in any medium. Where it is not possible to return data held on your own personal equipment then all reasonable steps should be taken to destroy or delete such data.

		
	b)
	After termination of your employment, you will not make any adverse, untrue or misleading statement about any company within the Citigroup or its officers or employees.

		
	15.
	Confidential Information

		
	a)
	You shall not, either during your employment (save in the proper performance of your duties) or after the termination of your employment, make use of or communicate to any person or organisation, and shall use your reasonable endeavours to prevent the unauthorised use, publication or disclosure of, any trade secrets or other confidential information of or relating to the Company or Associated Company which you may have acquired whilst in the employment of the Company or any Associated Company.

		
	b)
	For the purposes of this Contract, confidential information shall include, but shall not be limited to:

		
	i)
	the identity of potential clients and/or customers, including confidential information relating to any such potential clients or customers;

		
	ii)
	the identity of customers, agents, vendors, distributors, suppliers, investors, issuers, clients, distributors or employees dealing with or through the Company and/or any Associated Company, including confidential information relating to any of them;

		
	iii)
	customer lists, sales and marketing information, sales targets, sales forecasts, sales policies, sales figures, market share statistics, marketing surveys and/or reports, marketing research and/or marketing methods and strategies of or relating to the Company and/or any Associated Company;

		
	iv)
	terms of trading, costings, prices, pricing structures of or relating to the Company and/or any Associated Company;

		
	v)
	confidential information relating to commercial relationships and/or negotiations of the Company and/or any Associated Company;

		
	vi)
	confidential financial information relating to the Company and/or any Associated Company;

		
	vii)
	information relating to confidential transactions of the Company and/or any Associated Company;

		
	viii)
	research plans and/or projects, research results, development plans and/or projects and/or business plans relating to the Company and/or any Associated Company;

		
	ix)
	formulae, designs, specifications, drawings, data and/or flow charts belonging or relating to the Company and/or any Associated Company;

		
	x)
	confidential information relating to the design and/or manufacture and/or composition and/or use of any products and/or processes of the Company and/or any Associated Company;

		
	xi)
	confidential information relating to the provision of any services by the Company and/or any Associated Company and/or to any quality control testing and/or certification procedures adopted or followed by the Company and/or any Associated Company's business;

		
	xii)
	the intellectual property of the Company and/or any Associated Company.

		
	c)
	The obligations contained in this clause shall continue to apply after the termination of your employment with the Company without limit in point of time but shall not apply to information ordered to be disclosed by a court or otherwise required to be disclosed by law or by the requirements of any regulatory or other authority to which the Company or any other Associated Company is subject or to information which is (otherwise than through your breach of this clause) available to the public generally.

		
	d)
	This clause is not intended to prevent you from exercising your rights pursuant to the Public Interest Disclosure Act 1998 or equivalent legislation.

		
	e)
	In the course of your employment or by reason of services rendered for or offices held in any other company you may obtain knowledge of the trade secrets or other confidential information of a company other than the Company. You hereby  agree that you will, at the request and cost of the Company, enter into a direct agreement or undertaking with such other company whereby you will accept restrictions corresponding to the restrictions herein contained (or such of them as may be appropriate in the circumstances) relating to such products and services and such area and for such period as such company may reasonably require for the protection of its legitimate interests.

		
	16.
	Restrictions During Employment

Throughout your employment with the Company, you agree to comply with the following obligations, without prejudice to any fiduciary duty or implied contractual duty of fidelity to which you might otherwise be subject apart from this clause:-

		
	a)
	you will use your best endeavours to promote and protect the interests of the Company or any Associated Company, and will not take any action which harms or is intended to harm the interests of the Company or any Associated Company;

		
	b)
	during working hours and at such other times as may reasonably be required of you, you shall devote the whole of your time and attention to the affairs of the Company. You shall not undertake any work or employment, other than for the Company, during your hours of work and may not, without the prior written consent of the Company, undertake any work or employment for, or be interested or concerned either directly or indirectly in, any other business or organisation whether during or outside your hours of work. In the event of consent being given the Company reserves the right to withdraw such consent at its discretion at any time;

		
	c)
	you shall not directly or indirectly take any steps to set up a business, organisation or undertaking which will be the same as or similar to and/or will compete with the business of the Company or any Associated Company;

		
	d)
	you shall not take any steps to encourage any employee of the Company or any Associated Company to leave the employment of any such company (whether immediately or in the future) with a view to being employed or engaged by, or interested or concerned in, any business, organisation or undertaking which is or will be the same as or similar to the business of the Company or any Associated Company and/or which competes or will compete with the business of the Company and/or any Associated Company;

		
	e)
	you shall not take any steps to encourage any actual or potential customer, client, agent or supplier of the Company and/or any Associated Company to:-

		
	i)
	cease or refrain from doing business with the Company and/or any Associated Company (whether immediately or in the future), either generally or in respect of any particular transaction; and/or

		
	ii)
	place any business (whether immediately or in the future) with any business, organisation or undertaking competing with the business of the Company or any Associated Company.

		
	17.
	Obligations During Employment

		
	a)
	Your role may be subject to authorisation and approval requirements from the FSA or any other regulatory body. Your continued employment is subject to your obtaining and maintaining the appropriate regulatory approval for your position (which may change from time to time). If you do not pass any exams or courses associated with regulatory approval within three attempts the Company reserves the right to terminate your employment. If regulatory approval is withdrawn, the Company reserves the right to terminate your employment immediately without notice or payment in lieu of notice. Please note that for US regulatory purposes, fingerprints will be required.

		
	b)
	You agree to notify the Company if you develop serious financial problems, including debts incurred on a Company credit card, that may be prejudicial to the interests of the Company and its reputation. In this event, the Company reserves the right to take appropriate action.

		
	c)
	You agree to notify the Company immediately of any changes to your original answers to the Personal Information Form, which relate to the Financial Services and Markets Act 2000.

		
	18.
	Intellectual Property

		
	a)
	Subject to the Patents Act 1977, all intellectual property created or developed by you during the course of your employment (whether alone or in conjunction with any third party) ("Intellectual Property") shall belong to and be the absolute property of the Company. You consent to waive any moral rights relating to any existing or future works created by you.

		
	b)
	You undertake to disclose to the Company full written details of all and any Intellectual Property immediately following the creation or development of the same.  You agree not to disclose any Intellectual Property to any other person, firm or organisation without the prior written consent of the Company.

		
	c)
	You shall both during the course of your employment and afterwards at the request and expense of the Company supply to the Company all such information, data, drawings, and assistance as may be required by the Company to enable it to exploit the Intellectual Property in such manner as it shall see fit and execute all such documents and do all such acts as the Company considers necessary or desirable to register any designs or patents or to obtain other protection for the Intellectual Property in the Company's sole name in any part of the world and to vest all right, title and interest in and to the Intellectual Property in the Company absolutely.

		
	d)
	You shall at the request and expense of the Company execute a deed irrevocably appointing the Company to be your attorney in your name and on your behalf to execute, sign and do all such instruments and things and generally to use your name for the purpose of giving to the Company or its nominee the full benefit of the provisions of this clause.

		
	e)
	If any Intellectual Property is not as a result of the Patents Act 1977 the property of the Company, the Company shall subject to the Patents Act 1977 have the right to acquire for itself or its nominee your rights in the same within 12 months after disclosure to the Company of the relevant Intellectual Property on fair and reasonable terms to be agreed or settled by a single arbitrator appointed by the Company.

		
	f)
	You shall notify the Company immediately if you become aware of any unauthorised use or disclosure of the Intellectual Property or any other intellectual property belonging to the Company.

		
	19.
	Disciplinary and Appeals Procedure

		
	a)
	The Company's Disciplinary and Appeals Procedure applicable to your employment is set out in the Citigroup Employee Handbook. This procedure is not contractual, except to the extent required by statute.

		
	b)
	The Company reserves the right to suspend you on full pay pending the outcome of any disciplinary action. In exceptional circumstances suspension may be without pay.

20. Grievance Procedure

If you have a grievance relating to your employment there is a formal process through which problems can be raised and resolved quickly. This process is called the Grievance Procedure and is described in detail in the Citigroup Employee Handbook. This procedure is not contractual, except to the extent required by statute.

		
	21.
	Data Protection

By signing this contract, you agree that the Company, any Associated Company and/or third parties may in connection with your employment (during and after its termination), hold, use and otherwise process, firstly, personal data relating to you and, secondly, sensitive personal data (as this term is used in the Data Protection Act) relating to you as set out in paragraphs a) to e) below.

The approach that the Company takes to data protection is as set out in the European Human Resources Data Protection Policy in the Citigroup Employee Handbook. This policy is not contractual and may be varied from time to time.

The Company and/or any Associated Company is permitted under the Data Protection Act to process personal data, where that data is necessary for the performance of your employment contract, for compliance with its legal and compliance obligations and for the purpose of its  business and other legitimate interests.  In relation to sensitive personal data, the Company and/or any Associate Company may process such data where necessary to exercise or perform any legal right or obligation or to protect your vital interests (life and death).  The processing carried out by the Company and/or any Associated Company may include, but will not be limited to:

		
	a)
	the storage of such data in any medium including paper form and/or electronically;

		
	b)
	the processing of your personal data and sensitive personal data by third parties for the purpose of providing benefits to you;

		
	c)
	the disclosure or transfer of your personal data and/or your sensitive personal data outside the European Union to Citigroup companies and benefit providers;

d) the disclosure or transfer of your personal data and/or your sensitive personal data to other employees of the Company, other Associated Companies, any other persons or entities as may be reasonably necessary, or as otherwise required or permitted by law;

e) the processing of personal data and sensitive personal data including details of your physical and mental health, gender, race and ethnic origin, religious and other beliefs (and any other data relevant for the purpose of monitoring or furthering the Company's equal opportunity policy).

Citigroup may also facilitate your participation in non work-related schemes such as the Citigroup Volunteer Program or other similar programs. The provision of such  programs to employees means that your personal data and other information related to your participation in such programs may from time to time be transferred to and processed by Citigroup affiliates and third parties involved in the administration and operation of such schemes, which may be located outside of the EU.

		
	22.
	Collective Agreements

There are no collective agreements affecting your terms and conditions of employment.

		
	23.
	Variation of Terms and Conditions

The Company reserves the right to amend your terms and conditions of employment from time to time. You will be notified in writing of any changes.

24.  Miscellaneous

All clauses capable of surviving termination of this contract shall continue to apply after this contract is terminated, for whatever  reason.

25. Definitions

For the purposes of this contract Associated Company means a company which is from time to time a subsidiary or a holding company (as those expressions are defined by Section 736 of the Companies Act 1985 as amended prior to the date hereof) of the Company or a subsidiary (other than the Company) of a holding company of the Company.

26. Jurisdiction and Applicable Law

This contract and the documents it refers to should be governed by and construed in all respects in accordance with English law and the parties hereby agree to submit to the exclusive jurisdiction of the English courts.

SIGNED:  /s/ Chrissie Nagy
Chrissie Nagy 
Director
Capital Markets, EMEA

DATED:  2-8-2007
For and on behalf of Citibank N.A. (the "Company'')

I acknowledge receipt of my Contract of Employment and confirm that I have read and understood the terms of my Contract of Employment. I accept employment on the terms outlined in this Contract. Additionally I have received the following documents and accept employment on the terms and conditions outlined in them:

		
	1.
	Offer of Employment Letter

		
	2.
	Contract of Employment

		
	3.
	Citigroup Employee Handbook

		
	4.
	Compliance Documentation

		
	5.
	Guidelines for Renting a Property in the UK

NAME:      Francisco Fernandez-De-Ybarra

SIGNED:      /s/ Francisco Fernandez-De-Ybarra 

DATED:      09/08/07

	
	
	

Dear Francisco Fernandez-De-Ybarra,

I am writing to confirm that you are eligible to receive a Role Based Allowance increase subject to the terms and conditions set out in this letter and your previous communications you have received on the subject. Please acknowledge your understanding and acceptance of the amendments to your contract of employment set out below (and in particular to acknowledge and accept the agreement we have reached that the payments described in this letter will not be counted in any assessment of your entitlement to benefits) using the following attestation tool no later than 28 August 2019.

General

1.    Effective from 1 May 2019, you will receive a Role Based Allowance increase of GBP 876,000 taking your yearly Role Based Allowance to GBP 4,478,000.

2.    The monthly instalment of the increased Role Based Allowance will be paid in cash via the normal Company payroll at the earliest opportunity following receipt of your attestation (the “Payment Date”). The first payment will include an additional sum representing a backdated amount to 1 January 2019. Thereafter you will receive the Role Based Allowance in equal monthly instalments on the usual pay date.

3.    The Role Based Allowance will only take effect if you are not under individual consultation, not under notice of termination of employment and in employment on the Payment Date. If following consultation your role is not made redundant the Role Based Allowance will be confirmed but should you take up an alternative role within the Group whether you get a Role Based Allowance or not (and if so, the amount of such Role Based Allowance) will depend on your new role. The terms and conditions of your Role Based Allowance remain unchanged from those set out in any previous communications that you have received on the matter.

Termination of employment

4.    The Company will cease payment of any outstanding instalments of the Role Based Allowance if your employment terminates or if you commence any period of garden leave.

Impact on Benefits

5.    The Role Based Allowance will not be taken into account when calculating any contractual or Citi discretionary salary-related benefits or payments which you may be eligible to receive at any time (including but not limited to payment in lieu of notice, payment in lieu of accrued holiday on termination, discretionary redundancy pay, Pension Allowance or life assurance benefits, Group Income Protection or any other contractual or discretionary benefit you may be eligible to receive from any member of the Group). Furthermore, the Role Based Allowance will not be considered part of your Select Reference Salary and will therefore not impact on any Select benefits you may be eligible to receive.

6.    In particular, you expressly agree for the purposes of any Citi pension plan of which you are or will become a member (the “Plan”) the Role Based Allowance will not be taken into account when

- 1-

assessing your salary and your entitlement to any benefits under the Plan, notwithstanding any contrary provision in the Plan rules and that the intention of this letter is (to the extent necessary) to over-ride the terms of the relevant Plan rules.

Deferral of incentive payments

		
	7.
	Given this increase in your fixed pay, the percentage of your variable remuneration which is deferred going forward may be increased in order to ensure that an appropriate portion of your total remuneration remains subject to deferral. The deferral rate may vary from year to year at Citi’s discretion and will depend on the amount of fixed, variable and total remuneration you receive.

		
	8.
	You will be notified subsequently of the precise deferral structure for this year, as well as the post- vesting "retention period" during which a sales restriction continues to apply. Please note that Citi’s deferral arrangements may vary from year to year at Citi’s entire discretion. We will let you know the deferrals applicable for this year when we are in a position to do so.

		
	9.
	The previous year’s deferral structure for Material Risk Takers can be found here. Please note that this structure may be subject to change by Citi and is also dependent on ongoing regulatory requirements and overall levels of total remuneration.

Miscellaneous

		
	10.
	By attesting to this communication, you agree to keep its existence and terms strictly confidential save where disclosure is required by law or to your legal or professional advisors.

		
	11.
	The Role Based Allowance is offered by the Company on the understanding that it is in compliance with current regulatory requirements governing the remuneration of material risk takers. It is also offered on the understanding that the Role Based Allowance constitutes fixed pay within the meaning of the Pay Regulations.

In the event that:

		
	a.
	the Company becomes subject to rules or guidance (issued by any relevant competent regulatory authority) that indicate that the Role Based Allowance does not comply with the Pay Regulations, or will not constitute fixed pay; or

		
	b.
	any relevant competent regulator notifies the Company that the Role Based Allowance increase does not comply with the Pay Regulations (or does not constitute fixed pay),

then the Company reserves the right to terminate or amend the terms on which the Role Based Allowance is paid so far as the Company considers reasonably necessary.

		
	12.
	Please check your updated payroll information and if for any reason you consider you have been paid an incorrect amount, you should contact your local HR.

		
	13.
	Please note that the Role Based Allowance is only paid while you hold your current role and organisational responsibilities and should you change role or your organisational responsibilities change significantly the Company reserves the right to cease the Role Based Allowance with immediate effect.

		
	14.
	For the purposes of this letter:

		
	•
	"Company" means the member of the Group by which you are employed or engaged from time to time; and

		
	•
	"Group" means Citigroup Inc. and any holding company or companies of Citigroup Inc. and any subsidiary or subsidiaries of Citigroup Inc. or of any such holding company.

		
	•
	“Pay Regulations” refers to CRDIV, the EBA Guidelines on Sound Remuneration Practices, and any local regulations implementing these.

		
	15.
	All other terms and conditions of your employment remain unchanged and in full force and effect.

Sincerely, Kieron Lumb
EMEA Head of Compensation
For and on behalf of the Company

Citigroup Centre,
Canada Square
Canary Wharf
London E14 5LB
United Kingdom 

22 April 2020

Francisco Fernandez-De-Ybarra, 
Citigroup Global Markets Limited
  

Dear Paco, 

I am writing to confirm that your employing entity has been changed since your 2007 employment contract was issued, and I can confirm that your employing entity is Citigroup Global Markets Limited.

Yours sincerely

Louise Bushby 
EMEA Head of Reward & MobilityExhibit

Citigroup Inc.
Deferred Cash Award Plan  
Award Agreement
Summary

Citigroup Inc. (“Citigroup”) hereby grants to [NAME] (the “Participant”) the award summarized below pursuant to the terms of the Discretionary Incentive and Retention Award Plan, as amended and restated effective as of January 1, 2015 (“DIRAP”). The terms, conditions and restrictions of your award are contained in this Award Agreement, including the attached Terms and Conditions (together, the “Agreement”). Deferred cash awards granted under the Deferred Cash Award Plan, as amended and restated effective as of January 1, 2015 (“DCAP”), are summarized, along with additional information, in the 2020 Deferred Cash Award Plan brochure dated [Date]1 (the “Brochure”) and the DCAP plan document. 

For the award to be effective, you must accept below acknowledging that you have received and read the Brochure and this Agreement, including the Data Protection Statement.  If you do not formally accept the terms and conditions of this award within the time period prescribed by Citigroup, the award summarized below will be withdrawn and canceled.

Summary of Participant’s 20__ Deferred Cash Award (the “Deferred Cash Award”)

	
		
	Award Date
	[Date]

	Principal amount
	[ ]

	Notional interest rate (compounded annually)
	[ ]%2

	Vesting dates (and percentage vesting)
	January __, 20__ (25%)3
January __, 20__ (25%)
January __, 20__ (25%)
January __, 20__ (25%)

Acceptance and Agreement by Participant.  I hereby accept the award described above, and agree to be bound by the terms, conditions, and restrictions of such award as set forth in this Agreement (which includes the attached Terms and Conditions) and the Brochure (acknowledging hereby that I have read and that I understand such documents, which includes the Data Protection Statement), and Citigroup’s policies, as in effect from time to time, relating to the administration of Citigroup’s incentive compensation programs.

___________________________

1  Brochures are typically dated as of the Award Date, which is typically during the month of February of the year following the applicable performance year.

2  The notional interest rate is set in the October preceding the Award Date, and has been set at 120% of the long-term Applicable Federal Rate, compounded annually for that October.  The notional interest rate for a Deferred Cash Awards granted in early 2020 were set at 2.23% and are expected to vary from year to year.  As a result of European Banking Guidelines currently in effect, notional interest will not be paid on Deferred Cash Award granted to Material Risk Takers in the United Kingdom or the European Union, or elsewhere as contemplated by local regulations (“MRTs”).  If permitted under applicable local regulations, MRTs may be granted a supplemental deferred cash award (a “Supplemental Award”) to compensate them for notional interest that will not be paid on their Deferred Cash Awards.  The Supplemental Awards granted to these MRTs will have similar terms and conditions as their Deferred Cash Awards. 

3  Pro-rata vesting over four years with the first vesting date beginning in January of the year following the year in which the Award is granted.  Pro-rata vesting over three years with the first vesting date beginning in February of the year following the year in which the Award is granted (subject to post-vesting requirements) is applicable to MRTs.

CITIGROUP INC.    PARTICIPANT'S ACCEPTANCE:

By: ________________________    __________________________
[Name]    Name:
[Title]    GEID:

2

CITIGROUP INC.
2020 DEFERRED CASH AWARD PLAN
AWARD AGREEMENT
TERMS AND CONDITIONS
    
The Terms and Conditions below constitute part of this Agreement and relate to the Deferred Cash Award described on the preceding Summary page. All references to a Deferred Cash Award in this Agreement will include any notional interest accrued thereon. Except as otherwise provided herein, the “Company” means Citigroup and its consolidated subsidiaries.  The “Committee” means the Personnel and Compensation Committee of the Citigroup Board of Directors and any person with authority directly or indirectly delegated from the Committee.

1. Participant Acknowledgements.  By accepting the Deferred Cash Award, Participant acknowledges that:

(a)He or she has read and understands the Brochure and these Terms and Conditions.  Participant acknowledges that the official language of these documents is English, and that unofficial translations of program documents to a language Participant understands have been made available to Participant upon request to aid his or her understanding of the official English-language versions. 

(b)Participant understands that the Deferred Cash Award and all other incentive awards are entirely discretionary. Participant acknowledges that, absent a prior written agreement to the contrary, he or she has no right to receive the Deferred Cash Award, or any incentive award, that receipt of a Deferred Cash Award or any other incentive award is neither an indication nor a guarantee that an incentive award of any type or amount will be made in the future, and that the Company is free to change its practices and policies regarding incentive awards at any time in its sole discretion.

(c)Because the Deferred Cash Award is intended to promote employee retention, among other interests, the Deferred Cash Award will be canceled if vesting conditions set forth herein are not satisfied or if a clawback provision is applied. 

(d)Any actual, anticipated, or estimated financial benefit to Participant from the Deferred Cash Award (or any other incentive award) is not and will not be deemed to be a normal or an integral part of Participant’s regular or expected salary or compensation from employment for any purpose. Participant hereby agrees that neither the Deferred Cash Award nor any amounts payable in respect of the Deferred Cash Award will be considered when calculating any statutory, common law or other employment-related payment to Participant, including any severance, resignation, termination, redundancy, end-of-service, bonus, long-service awards, pension, superannuation or retirement or welfare or similar payments, benefits or entitlements.

(e)A Deferred Cash Award is an unsecured general obligation of any Employer that employed Participant during the deferral period applicable to an Award and, until paid in accordance with its terms, is subject to the claims of such Employer’s creditors. The currency in which Participant’s Deferred Cash Award is denominated and/or paid and any required tax withholding and reporting will be in accordance with Citigroup’s policies, as in effect from time to time, relating to the administration of Citigroup’s incentive compensation programs. 

2. Vesting Conditions.  Vesting of the Deferred Cash Award is conditioned on Participant’s continuous employment with the Company up to and including the scheduled vesting date, unless otherwise provided in this Agreement.  If the conditions to vesting are not satisfied as of the applicable vesting date(s) (including circumstances in which vesting occurs after termination of employment), the unvested portion of the Deferred Cash Award will be subject to cancelation as set forth in this Agreement.  

(a)    Performance Vesting Condition and Clawback Applicable to Deferred Cash Awards.

3

(i)    Participant’s Deferred Cash Award are subject to the following condition (also a “Performance Vesting Condition”).  The Committee may cancel all or a portion of an unvested Deferred Cash Award if it determines, in its sole discretion, that Participant has had significant responsibility for a material adverse outcome for Citigroup or any of its businesses or functions.  The Committee has the exclusive discretionary authority to determine and define “significant responsibility” and “material adverse outcome” and all other undefined terms in this Agreement.

(ii)    Participant’s Deferred Cash Award are subject to the following clawback condition (the “General Clawback”).  The Committee may cancel all or a portion of an unvested Deferred Cash Award if it determines, in its judgment, that (1) Participant engaged in behavior (i) constituting misconduct; (ii) constituting the exercise of materially imprudent judgment that caused harm to any of the Company’s business operations; or (iii) that resulted or could result in regulatory sanctions (whether or not formalized) to the Company and/or the Participant; or (2) Participant failed to supervise or monitor individuals engaging in, or Participant failed to properly escalate, in accordance with the Company’s policies, behavior (i) constituting misconduct; (ii) constituting the exercise of materially imprudent judgment that caused harm to any of the Company’s business operations; or (iii) that resulted or could result in regulatory sanctions (whether or not formalized) to the Company and/or the Participant.

(iii)    The Performance Vesting Condition and General Clawback described in this Section 2(a) and other terms of the Award do not change during the deferral period of the Award, regardless of Participant’s status as an active or terminated employee or other change in employment status. This Performance Vesting Condition and General Clawback are not modified solely because Participant transfers employment within the Company or terminates employment with the Company. 

(b)     Citi Clawback, EU Clawback, and CRD4 Clawback.4 

(i)Any unvested portion of a Deferred Cash Award will be canceled or forfeited if the Committee, in its judgment, determines that (1) Participant received the Award based on materially inaccurate publicly reported financial statements, (2) Participant knowingly engaged in providing materially inaccurate information relating to publicly reported financial statements, (3) Participant materially violated any risk limits established or revised by senior management and/or risk management, or (4) Participant has engaged in “gross misconduct” as defined in Section 3(f) hereof (the “Citi Clawback”).

(ii)In addition, if Participant has been designated as a “MRT” (a “U.K MRT” or an “EU MRT” as defined in Section 2(b)(iv) below), and the Committee determines (1) there is reasonable evidence that Participant engaged in misconduct or committed material error or was involved in or was responsible for conduct which resulted in significant losses in connection with his or her employment or failed to meet appropriate standards of fitness and propriety, or (2) the Company or Participant’s business unit has suffered a material downturn in its financial performance or a material failure of risk management, the Committee in its sole discretion may determine that any unvested shares in a Deferred Stock Award and/or the unvested portion of a Deferred Cash Award will be canceled or the cash payment that is or may otherwise become distributable or payable to Participant pursuant to this Agreement will be reduced (the “EU Clawback”). 

___________________________
4  Agreement language may be updated as needed to comply with or otherwise respond to changes or anticipated changes in law, regulation, or regulatory guidance or in Company policy.

4

(iii)    If Participant has been designated a “U.K. MRT” (as defined in Section 2(b)(iv) below), or was an employee of Citibank N.A. Italy branch during 20__5 (an “Italy Branch Employee”), and the Committee determines (1) that Participant participated in, or was responsible for, conduct which resulted in significant losses to Citigroup, (2) that Participant failed to meet appropriate standards of fitness and propriety, (3) there is reasonable evidence of employee misbehaviour or material error, (4) Citigroup or Participant’s business unit has a material failure of risk management, or (5) in the case of an Italy Branch Employee only, there is reasonable evidence that the Italy Branch Employee’s behaviour was in breach of a provision of Legislative Decree no. 385/1993 (the "Consolidated Banking Act") or any regulation promulgated under the Consolidated Banking Act that applies to the Italy Branch Employee, or there is reasonable evidence that the Italy Branch Employee’s behaviour was in breach of Citi Remuneration Rules as applicable in Italy, the Committee may, in its sole discretion, require repayment or otherwise recover from Participant an amount corresponding to some or all of any Award at any time prior to the seventh anniversary of the applicable Award Date set forth in the Award Summary on page 1 (the “CRD4 Clawback”).  In determining whether to exercise the CRD4 Clawback, the Committee will take into account the factors it considers relevant in its sole discretion, and where the circumstances described in the preceding clause (4) arise, it will consider Participant’s proximity to the failure of risk management and his or her level of responsibility.   

(iv)    For purposes of this Agreement, (1) a “U.K. MRT” means an employee who has been designated by the Company as a “material risk taker” in accordance with the European Banking Authority Regulatory Technical Standards for identifying Material Risk Takers (the “EBA MRT Standards”) and the relevant rules of the Prudential Regulation Authority and the Financial Conduct Authority, (2) an “EU MRT” means an employee who has been designated by the Company as a “material risk taker” in accordance with the EBA MRT Standards and applicable country rules within the EU, and (3) a “MRT” means an employee who has been designated by the Company as either a U.K. MRT or an EU MRT.

(v)    If Participant has been designated a “U.K. MRT” (as defined in Section 2(b)(iv) above) and is performing a senior management function designated by the Prudential Regulation Authority, the period during which the CRD4 Clawback applies may be extended from the seventh anniversary to the tenth anniversary of the Award Date upon notice by the Company to Participant, which shall be given no later than the seventh anniversary of the Award Date; provided however, no such notice shall be given to Participant unless the Company has commenced an investigation into facts or events which it considers could potentially lead to the application of the CRD4 Clawback were it not for the expiry of the clawback period or it has been notified by a regulatory authority that an investigation has been commenced into facts or events which the Company considers could potentially lead to the application of the CRD4 Clawback were it not for the expiry of the clawback period. 
 
(c)     Hold-back Period Applicable to MRTs.6 If Participant has been designated as a MRT, each portion of a Deferred Cash Award that vests pursuant to this Agreement will not be payable to Participant until the end of the period set forth in the Award Summary on page 1 of this Agreement that begins on the applicable vesting date, or, if earlier, the date of Participant’s death. Notwithstanding the foregoing, if the Company is required to withhold any tax upon the vesting of a portion of the Deferred Cash Award, the Company will withhold from the vested portion of the Deferred Cash Award to the extent permitted by applicable law, and the net after-tax amount will be payable when the vested installment is paid.  If Participant’s employment is terminated pursuant to Section 3(f) of this Agreement, any portion of a Deferred Cash Award that is vested but unpaid pursuant to this Section 2(c) as of Participant’s termination date will be canceled.  

__________________________

5  Insert performance year.  For awards granted in early in 2020, the performance year was 2019.

5

6  Agreement language may be updated as needed to comply with or otherwise respond to changes or anticipated changes in law, regulation, or regulatory guidance or in Company policy.

(d)    Notional Interest.7  Participant acknowledges that the Deferred Cash Award does not provide for actual interest payments but, if and when paid, includes an additional amount calculated with reference to an interest rate. This notional interest on a Deferred Cash Award will be calculated at the rate indicated in the Deferred Cash Award Summary on page 1 of this Agreement.  The payment of a vested installment of a Deferred Cash Award will include the accrued notional interest on the value of the installment that vests after all conditions to vesting are satisfied.

(e)    Additional Conditions.  

(i)    Once all applicable conditions to vesting have been satisfied, Participant’s vested Deferred Cash Award will be distributed as soon as administratively practicable, except as may be provided elsewhere in this Agreement.  Vesting and payment in each case are subject to receipt of the information necessary to make required tax payments and confirmation by Citigroup that all applicable conditions to vesting and distribution or payment have been satisfied.  

(ii)    Notwithstanding anything in this Agreement to the contrary, the Committee will suspend the vesting and payment of Participant’s Deferred Cash Award pending an investigation into whether there are circumstances that would prevent Participant’s Deferred Cash Award from vesting under the general vesting conditions, or subject the Deferred Cash Award to forfeiture pursuant to a clawback provision that is applicable to Participant’s Deferred Cash Award.  

(iii)    If it is subsequently determined (whether following an investigation or otherwise) that vesting conditions are, in fact, not satisfied with respect to any outstanding Award, the Award may be reduced or canceled. If it is subsequently determined (whether following an investigation or otherwise) that vesting conditions were, in fact, not satisfied with respect to an Award that should not have been paid or vested, Participant will be obligated, pursuant to Section 5 of this Agreement, to return or repay to the Company any improperly vested amounts.

3. Termination of Employment and Other Changes in Status.  If Participant’s employment with the Company terminates or is interrupted, or if Participant’s status changes under the circumstances described below, Participant’s rights with respect to the Deferred Cash Award will be affected as provided in this Section 3.  If Participant’s employment with the Company terminates for any reason not described below, the Deferred Cash Award will be canceled.   

(a)    Voluntary Resignation.  If Participant voluntarily terminates his or her employment with the Company and at such time does not satisfy the conditions of Section 3(j), (k) or (l) below, vesting of the Deferred Cash Award will cease on the date Participant’s employment is so terminated; the unvested portion of a Deferred Cash Award will be canceled and Participant will have no further rights of any kind with respect to the Deferred Cash Award.  For purposes of this Agreement, a termination of employment by Participant that is claimed to be a “constructive discharge” (or similar claim) will be treated as a voluntary termination of employment, unless otherwise required by law.

(b)    Disability.  The Deferred Cash Award will continue to vest on schedule subject to all other provisions of this Agreement, including, without limitation, the Citi Clawback and the General Clawback, during Participant’s approved disability leave pursuant to a Company disability policy.  If Participant’s approved disability leave ends in a termination of Participant’s employment by the Company because Participant can no longer perform the essential elements of his or her job, Participant’s unvested Deferred Cash Award will continue to vest on schedule subject to all other provisions of this Agreement, including, without limitation, the Citi Clawback and the General Clawback.

6

__________________________

7  As a result of European Banking Guidelines currently in effect, notional interest will not be paid on Deferred Cash Awards and Supplemental Awards granted to MRTs.
(c)    Approved Personal Leave of Absence (Non-Statutory Leave).

(i)    The Deferred Cash Award will continue to vest on schedule subject to all other provisions of this Agreement, including, without limitation, the Citi Clawback and the General Clawback, during the first six months of Participant’s personal leave of absence that was approved by management of Participant’s business unit in accordance with the leave of absence policies applicable to Participant (an “approved personal leave of absence”).  The unvested portion of a Deferred Cash Award will be canceled as soon as the approved personal leave of absence has exceeded six months, except as provided in paragraph (ii) below.

(ii)    If Participant’s employment terminates for any reason during the first six months of an approved personal leave of absence, the Deferred Cash Award will be treated as described in the applicable provision of this Section 3. If Participant satisfies the conditions of Section 3(k) before the approved personal leave of absence exceeds six months, an unvested Deferred Cash Award will continue to vest on schedule subject to Section 3(k).

(d)    Statutory Leave of Absence.  An unvested Deferred Cash Award will continue to vest on schedule subject to all other provisions, including, without limitation, the Citi Clawback and the General Clawback of this Agreement during a leave of absence that is approved by management of Participant’s business unit, is provided by applicable law and is taken in accordance with such law and applicable Company policy (a “statutory leave of absence”).  If Participant’s employment terminates for any reason during a statutory leave of absence, the Deferred Cash Award will be treated as described in the applicable provision of this Section 3. If Participant satisfies the conditions of Section 3(k) during a statutory leave of absence, an unvested Deferred Cash Award will continue to vest on schedule, subject to Section 3(k).

(e)    Death.  If Participant’s employment terminates by reason of Participant’s death, or if Participant dies following a termination of his or her employment the amount, Participant’s unvested Deferred Cash Award will vest upon Participant’s death and will be paid to Participant’s estate as soon as practicable, provided, however, that if a clawback provision applicable to Participant’s Deferred Cash Award has been triggered by circumstances existing at the time of Participant's death, Participant’s unvested Deferred Cash Award will be reduced or canceled accordingly.

(f)    Involuntary Termination for Gross Misconduct.  If the Company terminates Participant’s employment because of Participant’s “gross misconduct” (as defined below), vesting of the Deferred Cash Award will cease on the date Participant’s employment is so terminated; any vested but unpaid portion of a Deferred Cash Award will be canceled as of the date Participant’s employment is terminated and Participant will have no further rights of any kind with respect to the Deferred Cash Award.  For purposes of this Agreement, “gross misconduct” means any conduct that is determined by the Committee, in its sole discretion, (i) to be in competition during employment by the Company with the Company’s business operations, (ii) to be in breach of any obligation that Participant owes to the Company or Participant’s duty of loyalty to the Company, (iii) to be materially injurious to the Company, or (iv) to otherwise constitute gross misconduct under the Company’s guidelines.

(g)    Involuntary Termination Other than for Gross Misconduct.  If Participant’s employment is terminated by the Company involuntarily other than for gross misconduct, including under a reduction in force or job discontinuance program, an unvested Deferred Cash Award will continue to vest on schedule subject to all other provisions of this Agreement, including, without limitation, the Citi Clawback and the General Clawback.

7

(h)    Transfer to Non-Participating Subsidiary.  If Participant transfers to a subsidiary that is a member of the “controlled group” of Citigroup (as defined below), the unvested Deferred Cash Award will continue to vest on schedule subject to all other provisions of this Agreement, including, without limitation, the Citi Clawback and the General Clawback.  If Participant transfers to a subsidiary that is not a member of the “controlled group” of Citigroup (as defined below), the provisions of Section 3(g) will apply to the Deferred Cash Award. For purposes of this Agreement, “controlled group” has the meaning set forth in Treas. Reg. § 1.409A-1(h)(3). 

(i)    Employing Company is Acquired by Another Entity (Change in Control).  If Participant is employed by a company or other legal entity where the Company ceases to own at least 50% of the voting power or value of the equity of the employing entity (hereinafter, a “change in control”), an unvested Deferred Cash Award will continue to vest on schedule subject to all other provisions of this Agreement, including, without limitation, the Citi Clawback and the General Clawback.  For purposes of this Section 3(i), “Company” means Citigroup and its consolidated subsidiaries.

(j)    Voluntary Resignation to Pursue Alternative Career.  If Participant has not met the conditions of Section 3(k) and Participant voluntarily resigns from his or her employment with the Company to work in a full-time paid career (i) in government service, (ii) for a bona fide charitable institution, or (iii) as a teacher at a bona fide educational institution, and/or otherwise satisfies the alternative or additional requirements (including written management approvals) that may be imposed by then applicable guidelines adopted for the purposes of administering this provision (an “alternative career”), the unvested Deferred Cash Award will continue to vest on schedule subject to all other provisions of this Agreement, including, without limitation, the Citi Clawback and the General Clawback, and the applicable guidelines (or until such earlier date on which Section 3(e) applies); provided that in the event of resignations described in Sections 3(j)(ii) and (iii), Participant remains continuously employed in the alternative career (or a new alternative career) until each scheduled vesting date and Participant provides by each subsequent vesting date, if requested by the Company, a written certification of compliance with the Company’s alternative career guidelines, in a form satisfactory to the Company. If an acceptable certification is not provided by the relevant vesting date, the unvested Deferred Cash Award will be canceled. 

(k)    Satisfying the “Rule of 60.” 

(i)    Except as provided in Section 3(k)(ii) below, if Participant (1) meets the Rule of 60 (as defined below), and (2) is not, at any time up to and including each scheduled vesting date (or until such earlier date on which Section 3(e) applies), employed directly or indirectly, by a Significant Competitor of the Company (as defined in Section 3(l) below) the unvested Deferred Cash Award will continue to vest on schedule subject to all other provisions of this Agreement, including, without limitation, the Citi Clawback and the General Clawback. For purposes of this Agreement, Participant will meet the Rule of 60 if Participant is (A) at least age 50 and has completed at least five full years of service with the Company and Participant’s age plus the number of full years of service with the Company equals at least 60, or (B) under age 50, but has completed at least 20 full years of service with the Company and Participant’s age plus the number of full years of service with the Company equals at least 60 (the “Rule of 60”).  Participant’s age and years of service will each be rounded down to the nearest whole number when determining whether the Rule of 60 has been attained.

(ii)    If at the time of Participant’s voluntary termination with the Company, Participant satisfies the requirements of Section 3(k)(i) and (1) Participant’s work location is in Massachusetts or (2) Participant is a Massachusetts resident, Participant will be required to sign a separation agreement, in connection with Participant’s termination of employment that contains the Significant Competitor provision described in Section 3(l) below. In the event the Participant does not sign the separation agreement, or rescinds it within seven business days after signing it, the Deferred Cash Award will be canceled under Section 3(a) above.

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(l)    Definition of “Significant Competitor;” Certification of Compliance.  

(i)    For purposes of this Agreement, a “Significant Competitor” of the Company means any company or other entity designated by the Committee as such and included on a list of Significant Competitors that will be made available to Participant and which may be updated by the Company from time to time in its discretion. Employment by a Significant Competitor includes service on a board of directors or similar governing body of any Significant Competitor (including subsidiaries or affiliates) that is also listed in the full “Compensation Peer Group” in Citigroup’s most recent annual Proxy Statement.  For purposes of this Section 3(m), “Company” means Citigroup and any of its subsidiaries.

(ii)    Whenever a Deferred Cash Award continues to vest pursuant to Section 3(k) or (l) following a termination of employment, the vesting of the Deferred Cash Award will be conditioned upon Participant’s providing by each subsequent vesting date, if requested by the Company, a written certification that Participant has complied with the terms and conditions of Sections 3(k) and 3(l)(i) in a form satisfactory to the Company and the companies listed in the full “Compensation Peer Group” in Citigroup’s most recent annual Proxy Statement at the time Participant terminates employment with the Company will apply to such certification. If an acceptable certification is not provided by the relevant vesting date, vesting of the Deferred Cash Award will cease as of the date that is immediately prior to the vesting date, the unvested portion of the Deferred Cash Award will be canceled, and Participant will have no further rights of any kind with respect to such Award. 

(m)    Suspension of Employment.  If the Company suspends Participant’s employment (with or without pay) during an investigation, then all vesting of any Award will likewise be suspended pending the outcome of the investigation.  If Participant’s employment terminates for any reason during or after such investigation, then the termination of employment will, for purposes of the Award and vesting related thereto, be effective as of the date of the suspension. 

4. Transferability.  

(a)    An unvested Deferred Cash Award may not be sold, pledged, hypothecated, assigned, margined or otherwise transferred, other than by will or the laws of descent and distribution, and no Deferred Cash Award or interest or right therein shall be subject to the debts, contracts or engagements of Participant or his or her successors in interest or will be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law, by judgment, lien, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy or divorce), and any attempted disposition thereof will be null and void, of no effect, and not binding on the Company in any way. Participant agrees that any purported transfer will be null and void, and will constitute a breach of this Agreement causing damage to the Company for which the remedy will be cancelation of the Deferred Cash Award. During Participant’s lifetime, all rights with respect to the Deferred Cash Award will be exercisable only by Participant, and any and all payments in respect of the Deferred Cash Award will be to Participant only. The Company will be under no obligation to entertain, investigate, respect, preserve, protect or enforce any actual or purported rights or interests asserted by any creditor of Participant or any other third party in the Deferred Cash Award, and Participant agrees to take all reasonable measures to protect the Company against any such claims being asserted in respect of Participant’s Deferred Cash Award and to reimburse the Company for any and all reasonable expenses it incurs defending against or complying with any such third-party claims if Participant could have reasonably acted to prevent such claims from being asserted against the Company.

(b)    Citigroup may assign the legal obligation to pay Participant’s Deferred Cash Award to Participant’s employer without the consent of Participant.

5. Repayment Obligations and Right of Set-Off.  

(a)     Repayment Obligations.  If the Committee determines that all conditions to vesting and payment of the Deferred Cash Award (or any portion thereof) were not satisfied in full, the Committee will 

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cancel such vesting and immediately terminate Participant’s rights with respect to such Deferred Cash Award (or improperly vested portion thereof).  If any such Deferred Cash Award (or improperly vested portion thereof) has already been paid, Participant agrees, upon demand, to pay the Company the amount of any cash paid in settlement of the vesting of such Deferred Cash Award (or improperly vested portion thereof), without reduction for any amounts withheld to satisfy withholding tax or other obligations due at the time such payment that is subsequently determined to have been improperly made.  
 
(b)    Right of Set-Off.  Participant agrees that the Company may, to the extent determined by the Company to be permitted by applicable law and consistent with the requirements of Section 409A of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), retain for itself funds otherwise payable to Participant pursuant to the Deferred Cash Award or any award under any award program administered by Citigroup to offset (i) 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 Participant was the subject; or (ii) any outstanding amounts (including, without limitation, travel and entertainment or advance account balances, loans, repayment obligations under any award agreement, or any obligations pursuant to a tax-equalization or housing allowance policy or other expatriate benefit) that Participant owes the Company or its affiliates. The Company may not retain such funds and set-off such obligations or liabilities, as described above, until such time as they would otherwise be payable to Participant in accordance with the Deferred Cash Award terms. Only after-tax amounts will be applied to set-off Participant’s obligations and liabilities and Participant will remain liable to pay any amounts that are not thereby satisfied in full.

6. Consent to Electronic Delivery.  In lieu of receiving documents in paper format, Participant hereby agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that Citigroup may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, brochures, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms or communications) in connection with the Deferred Cash Award and any other prior or future incentive award or program made or offered by Citigroup or its predecessors or successors.  Electronic delivery of a document to Participant may be via a Company e-mail system or by reference to a location on a Company intranet or secure internet site to which Participant has access.

7. Plan Administration.  The Deferred Cash Award described in this Agreement has been granted subject to the terms of the DCAP plan document.  The Committee, and its delegates, including the Plan Administrator (as defined in the DCAP plan document), has the exclusive discretionary authority to make findings of fact, conclusions, and determinations regarding the interpretation of this Agreement or the DCAP provisions or the administration of the Deferred Cash Award (including but not limited to determining exchange rates for Deferred Cash Award settlement), and will have the exclusive and final authority to determine all calculations of Deferred Cash Award amounts, including notional interest. The Committee, and its delegates, including the Plan Administrator, has the exclusive authority to establish administrative procedures to implement the terms of the Deferred Cash Award.  Any such procedure will be conclusive and binding on Participant.

8. Taxes and Tax Residency Status.  

(a)    Compliance.  By accepting the Deferred Cash Award, Participant agrees to pay all applicable taxes (or hypothetical tax if Participant is subject to tax equalization or tax protection pursuant to a Citigroup Expatriate policy) and to file all required tax returns in all jurisdictions where Participant is subject to tax and/or an income tax filing requirement. To assist Citigroup in achieving full compliance with its obligations under the laws of all relevant taxing jurisdictions, Participant agrees to keep complete and accurate records of his or her income tax residency status and the number and location of workdays outside his or her country of income tax residency from the date of the Deferred Cash Award until the vesting of the Deferred Cash Award. Participant also agrees to provide, upon request, complete and accurate information about his or her tax residency status to Citigroup during such periods, and confirmation of his or her status as a (i) U.S. citizen, (ii) holder of a U.S. green card, or (iii) citizen or legal resident of a country other than the U.S. Participant will be responsible for any tax due, including penalties and interest, arising from any misstatement by Participant regarding such information.  

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(b)    Deferred Cash Awards.  To the extent the Company is required to withhold tax in any jurisdiction upon the vesting of a Deferred Cash Award or at such times as otherwise may be required in connection with a Deferred Cash Award, the Company will withhold from the vested portion of the Award to the extent permitted by applicable law, or withhold hypothetical tax pursuant to a Citigroup Expatriate policy, and Participant will be paid the after-tax amount. If a tax the Company is required to withhold is due prior to vesting and withholding is prohibited by applicable law or regulatory guidance, Participant will be required to pay the amount of the applicable tax due to the Company.  The Award will be subject to cancelation if Participant fails to make any such required tax payment. 

9. Entire Agreement; No Right to Employment.  The plan and program documents, the Brochure and this Agreement constitute the entire understanding between the Company and Participant regarding the Deferred Cash Award and supersede all previous written, oral, or implied understandings between the parties hereto about the subject matter hereof, including any written or electronic agreement, election form or other communication to, from or between Participant and the Company.  Nothing contained herein or in any incentive plan or program documents will confer upon Participant any rights to continued employment or employment in any particular position, at any specific rate of compensation, or for any particular period of time.

10. Adjustments to the Deferred Cash Award.  

(a)    Modifications.  The Committee retains the right to modify Participant’s Deferred Cash Award if required to comply with applicable law, regulation, or regulatory guidance (including applicable tax law) without Participant’s prior consent.  Citigroup will furnish or make available to Participant a written notice of any modification through a supplement to the Brochure or otherwise, which notice will specify the effective date of such modification.  Any other adverse modification not elsewhere described in this Agreement will not be effective without Participant’s written consent. 

(b)    Adverse Consequences.  Neither the Committee nor Citigroup will be liable to Participant for any additional personal tax or other adverse consequences of any adjustments that are made to a Deferred Cash Award.

11. Section 409A and Section 457A Compliance.  

(a)    Tax Liability. Participant understands that as a result of Section 409A and/or Section 457A of the Code, if Participant is a U.S. taxpayer he or she could be subject to adverse tax consequences if the Deferred Cash Award or the DCAP plan document is not administered in accordance with the requirements of Section 409A or Section 457A.  Participant further understands that if Participant is a U.S. taxpayer, and a Deferred Cash Award is considered to be a “nonqualified deferred compensation plan” and Participant’s employer is considered to be a “nonqualified entity” (as such terms are defined in Section 409A and/or Section 457A of the Code), Participant could be subject to accelerated income recognition or other adverse tax consequences with respect to all or a portion of the Deferred Cash Award. In such circumstances, Citigroup may, but will not be required to, modify or amend the Deferred Cash Award, as provided by the DCAP plan document. However, Participant acknowledges that there is no guarantee that the Deferred Cash Award, or any amendment or modification thereto, will successfully avoid unintended tax consequences to Participant and that the Company does not accept any liability therefor. 

(b)    Specified Employees.  If a Deferred Cash Award is subject to Section 409A of the Code, this Agreement may not be amended, nor may the Deferred Cash Award be administered, to provide for any payment to occur upon any event that would constitute a “separation from service” (within the meaning of Section 409A of the Code) if Participant is a “specified employee” (within the meaning of Treas. Reg. § 1.409A-1(i)(1)) at the time of such Participant’s “separation from service,” unless it is provided that the payment will not be made until the date which is six months from such “separation from service,” or, if earlier, the date of Participant’s death and that during such six-month deferral period, 

11

Participant will not be entitled to interest, notional interest, or any compensation for any loss in market value or otherwise which occurs with respect to the Deferred Cash Award during such deferral period.  
  
12. Compliance with Regulatory Requirements.  The Deferred Cash Award is subject to the applicable law (including tax laws) and regulatory guidance in multiple jurisdictions, and will be administered and interpreted consistently with such law and regulatory guidance, including but not limited to Section 409A and Section 457A of the Code.

13. Arbitration; Conflict; Governing Law; Severability.  

(a)    Arbitration.  Any disputes related to the Deferred Cash Award will be resolved by arbitration in accordance with the Company’s arbitration policies. In the absence of an effective arbitration policy, Participant understands and agrees that any dispute related to the Deferred Cash Award will be submitted to arbitration in accordance with the rules 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, Participant may not participate as a class or collective action representative, or as a member of any class, representative or collective action, and will not be entitled to a recovery in 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.

(b)    Conflict.  This Agreement will control in the event of a conflict between this Agreement and the Brochure. In the event of a conflict between this Agreement and the DCAP plan document, the DCAP plan document will control. 

(c)    Governing Law.  This Agreement will be governed by the laws of the State of New York (regardless of conflict of laws principles) as to all matters, including, but not limited to, the construction, application, validity and administration of the Company’s incentive award programs. 

(d)    Severability.  The terms of this Agreement will be deemed severable so that if any of its provisions will be held void, unlawful, or unenforceable under any applicable statute or other controlling law, the remainder of this Agreement will continue in full force and effect, and will be construed and enforced in accordance with the purposes of the DCAP plan document as if the illegal or invalid provision did not exist.

14. Disclosure Regarding Use of Personal Information.  

(a)    Data Protection Statement and Use of “Personal Information.”  

(i)    Where the General Data Protection Regulation (2016/679) (“GDPR”) applies, please refer to the Data Protection Statement attached as Schedule 1.8 

(ii)    Where the GDPR does not apply, the following provisions apply:

In connection with the grant of the Deferred Cash Award, and any other award under other incentive award programs, and the implementation and administration of any such program, including, without limitation, Participant’s actual participation, or consideration by the Company for potential future participation, in any program at any time, it is or may become necessary for the Company to collect, transfer, use, and hold certain personal information regarding Participant in and/or outside of Participant’s country of employment.  

The “personal information” that the Company may collect, process, use, store and transfer for the purposes outlined above includes Participant’s name, nationality, citizenship, tax or other residency status, work authorization, date of birth, age, government/tax identification number, passport number, brokerage account information, GEID or other internal identifying information, home address, work 

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address, job and location history, compensation and incentive award information and history, business unit, employing entity, and Participant’s beneficiaries and contact information. Participant may obtain more details regarding the access and use of his/her personal information, and may correct or update such information, by contacting his/her human resources representative or local equity coordinator.

Use, transfer, storage and processing of personal information, electronically or otherwise, shall be for the performance of this Agreement and the Company’s internal administration of its incentive award programs, and in connection with tax or other governmental and regulatory compliance activities directly 

_______________________________

8  Agreement language may be updated as needed to comply with or otherwise respond to changes or anticipated changes in law, regulation, or regulatory guidance or in Company policy.
or indirectly related to an incentive award program, including the prevention, detection and prosecution of crime or other grounds of public interest. In accordance with the Company’s personal information and data policies and standards, personal information may be stored in, or accessed from or transferred to countries where data privacy laws may not be as protective as those in the country from which the personal information was provided.  Participant agrees to the processing of personal information as described herein under confidentiality and privacy terms to the same standard set out herein.  For such purposes only, personal information may be used by third parties retained by the Company to assist with the administration and compliance activities of its incentive award programs, and may be transferred by the company that employs (or any company that has employed) Participant from Participant’s country of employment to other Citigroup entities and third parties located in the United States and in other countries. Specifically, those parties that may have access to Participant’s information for the purposes described herein include, but are not limited to, (i) human resources personnel responsible for administering the award programs, including local and regional equity award coordinators, and global coordinators located in the United States; (ii) Participant’s U.S. broker and equity account administrator and trade facilitator; (iii) Participant’s U.S., regional and local employing entity and business unit management, including Participant’s supervisor and his/her superiors; (iv) the Committee or its designee, which is responsible for administering the DCAP; (v) Citigroup’s technology systems support team (but only to the extent necessary to maintain the proper operation of electronic information systems that support the incentive award programs); and (vi) internal and external legal, tax and accounting advisors (but only to the extent necessary for them to advise the Company on compliance and other issues affecting the incentive award programs in their respective fields of expertise). At all times, Company personnel and third parties will be obligated to maintain the confidentiality of Participant’s personal information except to the extent the Company is required to provide such information to governmental agencies or other parties.  Such action will always be undertaken only in accordance with applicable law. 

(b)    Participant’s Consent (not applicable where the GDPR applies).  BY ACCEPTING THE DEFERRED CASH AWARD, PARTICIPANT EXPLICITLY CONSENTS (I) TO THE USE OF PARTICIPANT’S PERSONAL INFORMATION FOR THE PURPOSE OF BEING CONSIDERED FOR PARTICIPATION IN FUTURE EQUITY, DEFERRED CASH OR OTHER AWARD PROGRAMS (TO THE EXTENT HE/SHE IS ELIGIBLE UNDER THE TERMS OF SUCH PLAN OR PROGRAM, AND WITHOUT ANY GUARANTEE THAT ANY AWARD WILL BE MADE); AND (II) TO THE USE, TRANSFER, PROCESSING AND STORAGE, ELECTRONICALLY OR OTHERWISE, OF HIS/HER PERSONAL INFORMATION, AS SUCH USE HAS OCCURRED TO DATE, AND AS SUCH USE MAY OCCUR IN THE FUTURE, IN CONNECTION WITH THIS OR ANY OTHER DEFERRED CASH OR OTHER AWARD, AS DESCRIBED ABOVE.

***

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SCHEDULE 1- DATA PROTECTION STATEMENT (APPLICABLE WHERE THE GDPR APPLIES)

	
		
	Data Controller
	Citigroup Inc.

	Data Protection Officer
	EMEA Chief Privacy Officer 
[Contact Information Intentionally Omitted]

	Purpose and grounds for data processing
	Implementation and administration of DIRAP and DCAP, including, a participant’s actual participation, or consideration by the Company for potential future participation, in any similar or equivalent award plan or program.
Data processing is necessary for the performance of this Agreement to which you, the data subject, are party, or in order to take steps in connection with the Company considering you for any future participation in any similar or equivalent award plan or program.

	Retention period
	The Company will hold your personal information on its systems for the longest of the following periods: (i) as long as is necessary during your participation in DIRAP or DCAP; (ii) any retention period that is mandated by law; (iii) the Compensation Planning retention periods set out in the Company’s Retention Management Policy which are measured from maturity or from DIRAP or DCAP being superseded as follows:
Lithuania staff:  6 years 
Malta and Romania staff: 10 Years
All other 25 EU countries: 7 Years
US Persons: 6 Years

	Categories of Personal Information
	Participant’s name, nationality, citizenship, tax or other residency status, work authorization, date of birth, age, government/tax identification number, passport number, brokerage account information, GEID or other internal identifying information, home address, work address, job and location history, compensation and incentive award information and history, business unit, employing entity, and Participant’s beneficiaries and contact information.

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	Recipients of Personal Information
	(i) Human resources personnel responsible for administering the award programs, including local and regional equity award coordinators, and global coordinators located in the United States; 
(ii) Participant’s U.S. broker and equity account administrator and trade facilitator; 
(iii) Participant’s U.S., regional and local employing entity and business unit management, including Participant’s supervisor and his/her superiors; 
(iv) The Committee or its designee, which is responsible for administering the DIRAP and DCAP; 
(v) The Company’s technology systems support team (but only to the extent necessary to maintain the proper operation of electronic information systems that support the incentive award programs); and 
(vi) Internal and external legal, tax and accounting advisors (but only to the extent necessary for them to advise the Company on compliance and other issues affecting the incentive award programs in their respective fields of expertise).

	Details of transfers outside the EU
	Participant’s personal data may be transferred to the United States or another country that has not been certified by the European Commission as offering equivalent or "adequate protection" to the EU country of your last employment (or current residence). Information that is transferred between Citigroup and its affiliates is done in accordance with the Company’s Binding Corporate Rules. Where personal data is transferred to non-affiliated organizations (for the execution of investments, payments or any other transactions), the Company shall procure that such non-affiliated organizations agree to a similar level of protection as is provided under the Company’s Binding Corporate Rules.

	Individual rights
	Under the General Data Protection Regulation (EU) 2016/679 individuals have data subject rights including the right to access and correct personal data for data processed by or on behalf of any entity affiliated with the Company in the EU/EEA. You may exercise these rights by sending a written request to the EMEA Chief Privacy Officer identified above.

	Right to complain
	If you are unhappy with the way the Company has handled your personal information or any privacy query or request that you have raised with the EMEA Chief Privacy Officer, you have a right to lodge a complaint with a competent supervisory authority, in particular in the Member State of your habitual residence or place of work, of an alleged infringement of the GDPR. 

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